We will discuss the ultimate rental property bank set up. If you're interested in real estate investing or thinking about becoming a real estate investor, then this topic is important for you. Having the right banking system in place is crucial for rental property owners, and not all banks offer the same features when it comes to chequing accounts.
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Hey, everyone, in this video, we're going to talk about the ultimate rental property bank set up. If you are a real estate investor or thinking of becoming one, this is going to be an important topic for you. My name is Koukun and I'm a real estate investor and I run a real estate team here in the Niagara region. If you're interested in learning more about what we do, check out our Free Beginners Guide to Investing in the Niagara Region in the description below.
So why is there an ultimate rental property bank set up? Well, as someone who has invested in ten rental properties over the past decade, I can tell you that not all banks are created equal when it comes to having a checking account. One of the first things I wanted was to have separate checking accounts for each property. This is something I highly recommend as it makes bookkeeping a lot easier by separating the income and expenses for each and every property. But some banks don't allow you to have multiple checking accounts, and those that do usually charge a whole bunch of monthly fees transaction fees, a minimum balances to waive fees and so on. That's why I was excited to discover Simplii financial. They have some great features that make them the ultimate rental property bank.
What I've actually done is I've nicknamed each account the address of each property so that I easily know which account is which property. And the maximum number of checking accounts you can open is actually 99. They also have an auto deposit feature that allows you to set up five email addresses each to a separate checking account. So if you do accept rent via e transfers, you can set up separate email addresses for each property and have it automatically deposited into its respective bank account to sort of automate that process. And if you need to write checks for big expenses like a renovation, they offer free checks with each checking account. So you can actually get a check book for each property and have all the expenses come directly from that property account. This is essential especially if you own a few properties.
The best part Simplii is one of the banks that has no monthly fees, transaction fees. You transfer fees, minimum balances to any fees it is completely free. There's a few online banks now that are similar where they don't have these type of fees, but Simplii has all of those other features. I mentioned while being free, which makes it the perfect rental property bank account. So for those of you who don't know, Simplii Financial is an online bank that is actually owned by CIBC. So in a sense, you're still banking with one of the big five banks, even if it's under this separate division, and they have the same CIC deposit insurance up to $100,000.
Now, I personally use Simplii financials for a very long time for some of my rental properties, but I've had, you know, a few bank accounts with different banks. If you are interested in setting up an account with Simplii check out the link in the comments where you can get up to $150 by signing up and depositing $100 in the account. It is a referral link, so you will be supporting this channel by signing up through it.
Now let's talk about the downsides of Simplii first creating bank drafts can take up to two business. So if you're purchasing a property, you will likely need to provide a deposit within 24 hours of acceptance of your offer Simplii does not have bank branches that you can walk into to get a draft on the same date. Second, Simplii cannot receive wire transfers from lawyers specifically, but if you do receive a check, you can do a mobile check deposit. Lastly, and this is the most unfortunate part. Simplii, it only has personal bank accounts. If you own a property in a corporation, you cannot open a corporate bank account through Simplii financial.
So in conclusion, being able to set up multiple checking accounts, having auto deposit free checks and no monthly fees makes Simplii financial the ultimate rental property bank account.
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