I have recently started purchasing IPs and not sure of the best way to set up bank accounts to keep accountant happy. I have 2 LOCs to funds deposits, interest and expenses. Accountant advises to run 2 new properties (all details identical – purchase date, loan, purchase price etc) through LOC 1, and run a third property through LOC 2. What happens when I purchase further properties? All of my equity is tied up in the 2 LOCs. Do I need to keep future properties separate? Do you end up with a separate LOC for each new property or should the accountant be able to calculate each property’s expenses if they were all running through the same LOCs. Does anyone know an accountant in Noosa area who is clued up on property matters?
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