Treat Your Rental Property Like A Business

03/04/20 • 10 min

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.

Previous Episode

The Worst Tenant I Ever Had!

If you have owned rental property for lengthy period of time, you likely have had your share of tenant stories. Most tenants are wonderful and never cause any issues, but the 1 percenters can certainly make owning a rental a challenge! I share the story of Charles and how he made my life miserable for a few weeks. I share what can be learned from this experience with how you should move quickly to remove a bad tenant, protecting your liability at all times. and just how crucial tenant screening actually is.

Next Episode

Covid-19: 120 Day Eviction Hold- Stimulus Package Impact

The C.A.R.E.S Act, aka the 2.2 trillion dollar stimulus package was signed March 27th and this has a huge impact on landlords and renters. In this episode I discuss what this means and how landlords are going to be impacted and how to navigate through such uncertain times.