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Updated almost 4 years ago,

User Stats

8
Posts
2
Votes
Erin Glosson
  • New to Real Estate
  • Milwaukee, WI
2
Votes |
8
Posts

Owner-occupied duplex with separate bank account

Erin Glosson
  • New to Real Estate
  • Milwaukee, WI
Posted

I am getting ready to close on my first duplex in which our family will occupy one of the units. The rent from the tenant will not cover all of PITI, so we will need to pay a portion ourselves. My question relates to bookkeeping. I am setting up a bank account for the property to keep the finances separate from our personal finances. When it comes to paying PITI, should I transfer personal funds into the property's account so that I can pay the entire sum from the there? Or is it better to somehow pay a portion from the property's account and the remainder from our personal account? Thanks!