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The Rental Realist - Treat Your Rental Property Like A Business

Treat Your Rental Property Like A Business

03/04/20 • 10 min

The Rental Realist

Your rental property is a business, it requires effort, planning, a customer, vendors, and creates an income. So as an investor, you need to set it up like a business, so it can be ran like a business. Mixing rent income and expense in your personal bank account just creates confusion and frustration. When set up in a separate account, this creates clarity and keeps business, business, and personal, personal. Businesses also have operating reserves, well so should your rental property. Expense and unexpected things will inevitably come up, so have the proper reserves to handle any situation that might come up through owning rental property.

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Your rental property is a business, it requires effort, planning, a customer, vendors, and creates an income. So as an investor, you need to set it up like a business, so it can be ran like a business. Mixing rent income and expense in your personal bank account just creates confusion and frustration. When set up in a separate account, this creates clarity and keeps business, business, and personal, personal. Businesses also have operating reserves, well so should your rental property. Expense and unexpected things will inevitably come up, so have the proper reserves to handle any situation that might come up through owning rental property.

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