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Updated over 7 years ago,

User Stats

13
Posts
1
Votes
Scott Hraska
  • New York, NY
1
Votes |
13
Posts

Owner occupied rental question -What if the account has no money?

Scott Hraska
  • New York, NY
Posted

All,

In the next few weeks I'll be closing on a 4-family house, and my 1st owner occupied rental property. I read the forums and a few books and understand that keeping business and personal finances seperate is key. I'll be opening up a seperate checking/savings account for all rental property income and expenses. 

 If I end up needing to spend some money on the property before I have enough in the account to cover it, can I write a check from my personal account and call it a "loan" and then pay it back when the rental property account has enough money in it?

Thanks in advance!

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