🩺 Week 20: Your Landlord Financial Health Check™
Clean It Up, Lock It Down, and Plan Ahead
Too many landlords are still out here mixing personal, rental, and business money like it’s one big pot of gumbo—and when the tax man comes knocking or a lender wants to see receipts, they’re scrambling.
This week is about structure, compliance, and confidence.
You’re going to look ahead at tax obligations, build credit with intention, and finally put up the financial firewalls between your personal and rental income life.
Let’s break it down:
TAX HEALTH CHECK: Review State & Local Tax Deadlines and Payments
Federal deadlines are loud and well-known—but your state and local obligations? Not so much. Late filings, missing estimated payments, and city-specific rental taxes can sneak up and rack up penalties.
The benefit:
Stay ahead of tax compliance, avoid interest and late fees, and know what’s due and when—before the letters start coming.
Step-by-Step:
Confirm your business is structured correctly: LLC or Corporation, EIN, and a business bank account.
Check your business credit profile: Use Nav.com to see your business credit and monitor progress.
Start with Tier 1 vendors: Get Net-30 accounts that report to D&B, Experian Biz, and Equifax Biz (e.g., Uline, Summa Office, Crown Office Supplies).
Use it and pay on time: Make small purchases and pay before the due date to build payment history.
Track your reports: Recheck every 30-60 days and look for score movement.
Ready for more? Consider secured business credit cards or fleet cards based on your goals.
CASHFLOW HEALTH CHECK: Separate Personal, Rental, and Business Accounts—Fully
Mixing funds leads to sloppy books, missed deductions, and audit risks. If you’re managing your rental business with one debit card, it’s time to level up.
The benefit:
Clean cashflow, clear records, and financial credibility when it’s time to file taxes, apply for credit, or grow.
Step-by-Step:
Open three separate checking accounts:
One for Personal
One for Rental Property Income/Expenses
One for Business (if separate from rental ops)
Re-route all income and expenses:
Update tenants, vendors, and auto-pays with the correct account.Use the right cards/accounts:
Never pay rental property expenses with your personal debit card again.Use bookkeeping software or a spreadsheet:
Track each account's inflows/outflows weekly.Transfer only what’s needed:
Send yourself a set “salary” or owner draw from the business/rental account—don’t mix for spending convenience.
Your Financial Vital Signs This Week:
Know every deadline for your tax obligations before they cost you
Start building your business credit so it’s there when you need it
Separate the money lines so your numbers make sense at tax time (and beyond)
Landlord Tip of the Week:
Mixed money = missed money. Treat your rental income like the business it is.
💬 DM me “STRUCTURE” on Instagram or reply to this post if you need help untangling your landlord finances. Let’s get you clear and compliant.
Until next week,
Candace – Landlord Financial Consultant™
The Income Care Unit™ | Strengthening Your Financial Health for Homeownership and Beyond