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Updated over 8 years ago,

User Stats

47
Posts
26
Votes
Ralph Miller
  • Investor
  • Virginia
26
Votes |
47
Posts

How to Pay Myself

Ralph Miller
  • Investor
  • Virginia
Posted

Hello BP Community!  

I recently started renting out 2 of the 3 rooms in my house to tenants.  I also created a business account for myself where I put their security deposits and monthly rent.  I calculate out the utilities and whatnot then I split it three ways and then my tenants write me one big check for rent+utilities per month.  I then pay off the utilities and internet using my personal credit card and then I write myself a check from my business account equal to 2/3 of the utilities and internet. I'm wondering if that is an acceptable practice or is that a conflict of interest by using my personal credit card to pay for the whole amount of the utilities...should I change my practice?  

Thanks for your future advice!  I love this forum!

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