New Bank Account for House Hack?

[Jack Robinson]

I recently closed on my first house where I will rent out the spare rooms. As this is my first house, I’m using a first time home buyer loan which requires the house to be my primary residence for at least a year.

I want to know if I should start a new bank account and run all house expenses through that or if should charge house expenses to my personal bank account while tracking charges via excel.

Is anything effected if I treat my personal property like a business where I open a separate bank account for this house?

[Bruce Woodruff]

I would keep your personal bank account for expenses that are definitely not business related, and open a new 'Rental account' for expenses that are purely business. Some will be split (like buying a Costco pack of TP) and in those cases, you just write a check from one account to the other to settle the difference...