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I agree with Engelo. You want to keep all transactions relating to the property in the LLC from an asset protection standpoint. Do you have an EIN number for the LLC? If so you can easily get a business account set up within a week. It will only cost about $200. A property manager can pay rent to a personal account but it will defeat the purpose of having set up the LLC for asset protection and cause more complications when it comes to accounting and tax returns. I would suggest you make the effort to get a business account to go with the LLC.
Investing in the US can be extremely lucrative but I encourage Australians, or anyone that is attempting to purchase property remotely. Do you homework! I will post a topic with some tips in a later post but a $60,000 property generating $600 rent….. I would be interested in the actual location of the property. There are cities that offer extremely high returns on cash, but the risk is also higher. You want to consider your risk tolerance also before deciding on a particular property. Atlanta offers relatively high ROI but stable growth also. I like Central Florida also for both the returns and the stability. The demand for rent in these areas is high also. In that way your property will never be left vacant, if it is in good condition. I have been in these markets for years. Cash flow is the key, it is real and it is NOW. I have invested in Orlando during market peak and my cashflow never stopped. I have been making money, even though values decreased. Look out for SUBSEQUENT POST. I would like to give everyone a crystal clear picture of the US markets and also provide useful tips that would help you in your decisions when attempting to purchase a USA Investment Property. Regards, Josh. http://usproperty4less.com/
