Bank accounts needed for house hack

[Matt Burgess]

Hi everyone,

At the end of July, my girlfriend and I successfully purchased our first house hack! I am now looking for advice on how to structure my bank accounts to properly separate my personal expenses from any expenses surrounding my house hack. After reading through old forums, I believe this is my best option....

I am planning on opening another personal checking account, and getting a personal credit card. I am going to have my tenant pay rent online directly into my new checking account. I will pay for all of my expenses with the credit card and then pay off the card at the end of the month with the checking account. I will also pay my mortgage with the new checking account. However, unfortunately rental income does not cover all of the mortgage on this property, so I will also have to transfer money in from my personal account to the new checking account.

I hope that explanation made enough sense to follow. If you see something wrong with this system please let me know. If you have any tips on how to make it better, please include those as well.

All feedback is greatly appreciated!


 

[Hayden Burns]

Hi Matt,

I'm in a similar situation as you were and wondering how this strategy worked for you or if you found any better ways to organize the finances for the house hack without the rent covering the mortgage?

Thanks for your post!