SM newb here with Rental Property.
Hi all, appreciate insights / help into how to correctly set this up. I recently found out that I can pay my rental expenses using my HELOC (newb I know).
My current setup is that I have all rental property rent and expenses coming out of my primary TD bank account. Same account as I have my regular pay cheque going into and also the accoount I use to also pay my primary mortgage and primary house expenses out of.
Can I withdraw money from my TD HELOC to this same bank account as long as the amounts match some of my rental expense I.e. the amounts I pay for property taxes on the rental property plus other rental expenses?
Or do I have to be set up a separate chequing account to pay my rental expenses out of and replenish it with using the HELOC. I was using the primary account just so it always ensured I had money in that account from my employment.
Thanks and please let me know if you need more information.