Property Management for multiple parks - Should each park have its own credit card?

mobile home university
1

I just bought my 2nd park so am working hard to get my management system nailed down and straight. Should I be paying bills (paid by credit card) with the property management LLC and the credit card under that park?

Do I want a credit card per park?

2

Hi,

Congratulations on buying your 2nd park!

We always had two credit cards for each park, one for onsite management and one for offsite management. It helps us keep the accounting clean and allocate the expenses to the right areas by using the park credit card.

We don’t take credit card payments from tenants yet. However, Brandon Reynolds said you can easily set that up using paypal and accept any major credit card.

3

We definitely keep our expenses separate, but not on separate cards. We make notes as to what we are buying on credit cards (which is relatively little). 95% of what we buy is invoiced to us, and we go on-line to our various bank accounts and program in the checks to cut.

Best,

-jl-

4

Thanks Dallas and Jefferson.