The Rental Realist
If you own residential income properties, then you came to the right place! Tyson is a licensed real estate broker, owns and operates a successful property management company, and loves investing in real estate. He has a wealth of knowledge in the residential income property sector and shares his tips, insights, and strategies in this podcast. There will be interviews, rants, stories, Q&A sessions, and much more that will improve your rental property game!
The Rental Realist
Treat Your Rental Property Like A Business
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Tyson Hill
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Episode 22
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.