Budgeting Rental Income
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
17 min
4 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How do Quint and Logan introduce the topic and listener question about rental income?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show. Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. DIY Money. What's shaking, Logan? What's shaking with you? You haven't been in in a while. I have been in a while. What are you talking about? Were you not here last week? I was on fall break with the family. You haven't been on the podcast in a while. Okay, yeah, yeah.
Yeah, I was on a family trip. Took the whole clan to Florida one year. Worst two weeks I've ever had in my life. The spell from the backseat was to unbearable.
Which, do you know about a family trip yet?
I do know about a family trip.
How come you know about a family trip?
Because I now have nieces. And when we go with Hannah's family, it is definitely a family trip.
Yeah, we had a family trip. There was some highlights. We went to Orlando, which means we stepped onto Disney property a couple of days. One day was just a mess. It was just rainy. It was miserable. It was gross. Another day was beautiful. It was awesome. We had a really good time, and I have a 15-year-old who loves to do all the rides, and I'll do all the rides, and then my 14-year-old and my wife don't like all the rides, so they kind of do their own thing. So it was really nice. I also got to play a little bit of golf with my 15-year-old. He beat me twice. Really? He's a stick. Wow. Yeah, I wasn't playing great, but he was playing really well.
You said he had his first birdie.
He had his first birdie, crushed it. Yeah, I mean, it was a lot of fun. But a family trip, for those of you out there that have children, know this is not like getting away and relaxing, reading a book, sitting by the pool. Hence trip and not vacation. Exactly. So I came back and I was like, oh my gosh, get me to the office so I can take a break. So I can take a breather. So yeah, but it was good. It was fine. Let's go right into it because we've got a lot to cover today. This is a great question, but let's first take a break for our wonderful sponsors. Okay, and obviously, as always, our premier, premier sponsor, Jewel Financial. Visit us on the web, joulefinancial.com. We have so many new listeners. We thank you for those, for your new ears checking out the podcast.
Why don't you send us a question? Send us a question. Jump on your iPhone, hit the voice memo, record a question, and then email it to podcast at diymoney.org. That's podcast at diymoney.org. And if we use it on the show, bam, $25 Amazon gift card. Just like Ronnie did from Hawaii.
Who wants to go to the beach? Me! Who wants to start drinking?
Me! Ronnie, what do you got? DIY!
Hello from Hawaii, DYI Money Team. We just received our annual escrow account disclosure statement showing a shortage and deficiency due to an increase in property tax and home insurance premium. Working this new increase into our budget, we still have a margin, but it's significantly smaller. We do have rental income that we do not work into our personal budget because we would like to know that we're able to pay the mortgage with or without tenants. With the rental income, we save about half for future repairs and home projects, and the other half we pay off unexpected budget overages, taxes or emergencies, and the rest goes into paying off extra principal. We would like to pick your brains on how to approach the situation.
We love your show. I hope to see you in Hawaii one day. Mahalo.
Oh, Ronnie, fun fact. I have a family member that lives in Maui. I'm going in like three weeks.
There you go.
Booyah, I'll be in Maui, Hawaii, Hawaii. I wonder what island Ronnie is on. I'm sure he will email and tell us. I love Hawaii. It's a tough trip to get there, though. That's a long flight. Yeah, it's a long flight. It's a long flight. I'm going to use points, and I'm going to sit near the pilot. It's going to be fun. That's awesome. Okay. I want to approach this a variety of ways. I like, first and foremost, how you are separating out the business, because that's what it is.
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Chapters
3 chapters
1
How do Quint and Logan introduce the topic and listener question about rental income?
0:02–10:18
2
What is the listener’s rental income situation and why does it matter to their personal budget?
10:18–15:27
3
Why do the hosts recommend separating rental business finances from personal finances?
15:27–17:45