Banking and Accounting for Single Family Home House Hack

[Kyle Roberts]

Hi Everyone!

I recently purchased my first property, a single-family home in Richmond, VA and am planning to house hack. I'm trying to figure out how to set up the banking for managing the property. I've heard it's best to get a separate bank account from your personal account. However, do I need to pay my mortgage through this account? What about repair and maintenance expenses for the property, as I've read online you need to split those based on what is for the "rental" portion of the house vs the primary residence portion of the house. Can anyone who's managed a SFH house hack provide insight on how they managed the finances of the property?

Thanks in advance!

Kyle 

[Peter Mckernan]

@Kyle Roberts I would put it in one account and they use that for expenses and mortgage, and have checks come to you in this account as well. This is what would be the best action for getting the right balance of cash in and cash out along with doing the book keeping for it. The same with utilities, bill pay of utilities and then pay through the account as well.