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Updated over 3 years ago,

User Stats

7
Posts
3
Votes
Derek Young
  • New to Real Estate
  • Massachusetts
3
Votes |
7
Posts

Rental Finance organization help

Derek Young
  • New to Real Estate
  • Massachusetts
Posted

Hi all!

Brand new to this and just starting to get my feet wet. Will be renting my personal residence out soon to grow my money and enter the world of tea estate investing. What is the best way to separate my finances in your experience 

-my gf and I will be looking money together to buy another property together to take advantage of her first time homebuyer status. Should a joint savings work?

- for the cash flowing in from my unit should I just keep a general checking account so it’s separate from my bills, personal funds, etc.? This account would be used to pay the mortgage, utilities and save the profit. Is this ok where it’s my only house right now or should I do something else? 

-When you have more than one investment property, how do you separate your income, expenses, cash flow ROI?

For right now I’ll have just one place working for me but want to make sure my money isn’t getting unorganized. Is hiring an accountant worth it at this stage or can I figure this out easily. Apologies for the long question and appreciate any responses!!

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