Acquired first FHA owner occupied duplex...now what?

[Barbara Engels]

Rent from inherited tenant will cover most of mortgage payment. Open new acct and transf to personal? Or deposit into personal directly? Not sure how to set it up...

Thanks!

[Brenden Mitchum]

Hey @Barbara Engels, welcome to the BP community!

Congrats on the first deal! 

Please clarify, are you asking where to deposit the rent? If so, definitely deposit the entire check from them in a separate account that is only used for that rental. Since you'll be using the full amount for the mortgage payment you can pay it out of that account after adding some padding from personal funds. Then you'll just need to pay that account every month for the amount that you still have to pay for the mortgage. Just be aware that since you are not cash flowing you should be setting aside some reserves from your personal accounts for money. This can be in a separate account or if you are disciplined enough can just be kept track of in a budgeting spreadsheet.

Hope this helps a bit and I apologize if I misunderstood your question. Please, feel free to message me anytime if you have other questions.