Budgeting owner occupied rentals

[Lance La Croix]

Hello! Being a personal finance coach, I am very experienced in writing and following budgets that have my best interests in mind. That being said, I am brand new to real estate and I am unsure the best way to manage the finances of our soon-to-be owner occupied duplex. Taxes, mortgage, and utilities are all part of our personal budget however, part of these expenses will be covered by the tenants rent. 

Generally, when coaching a business owner, I advise them to have 100% separation between business and personal finances. How does one do that if they are living in their business? 

Any words of wisdom would be appreciated!

[Lance La Croix]

@Mark S.

What qualifies me to be a financial coach is the same thing that likely qualifies you to be a real estate investor: continual education and improvement. I am certified as well but in all reality, holding a certification is not what makes a quality professional in most fields.

My clients are generally in their early 20s to mid 30s and are realizing they cannot go through life without a plan. I teach them how to develop a zero-based budget and how to eliminate consumer debt. I also help them set their financial goals and chart a map to get there.