Financial/Money management for duplex
Hey everyone! Just started out and bought my second property, I’m looking for some information in regards to money management. I bought and renovated 2 properties (duplexes) and turned them into excellent rentals. Now I’m just trying to figure out how to manage my money properly.
Should I keep rent money in new separate bank account or just keep track or what I get? Should I create a ‘business’ account? How much money should I be putting aside and for what? Do I keep letting the money in rental account increase over the years and use that for repairs/upgrades? Is there a excel spreadsheet template that I should be using to keep track of expenses on a month to month basis? Is there apps for my phone I should be using that I just don’t know about?