The Organized Real Estate Investor
How do you keep all of your investment properties straight? This is a question I get asked the most. I have a simple system for organizing my property. The answer is: Classification Folders. I prefer folders with six page inserts.
On the first page I attach closing documents and place the HUD-1 or Settlement Statement. On the second page I attach a copy of the insurance policy. The third page is where I attach receipts for remodeling and repairs. The fourth page I attach paperwork pertaining to the lease of the unit. I keep on the fifth page all bills regarding utilities gas, water, electric, association. The last page I reserve for the sale documents. When the property has closed I attach the HUD-1 or settlement statement to this last page. I now have a complete file with all documents required for accurate and easy accounting. Give it a try! It has worked great for me the past 10 years.
Thanks Christian this is very helpful.
My pleasure Jason. Glad you are reading the blog. Keep one file for each property. I have also started files for each tenant. So, one file for the property and then one for the tenant.
Try buying yourself a nice scanner. I have been paperless for the past 2 years and scan everything in as Adobe .PDF files. I set up directories in my computer similar to you, by property by expenses, insurance, income, leases, etc. I back up every week or so to a flash drive. It’s nice when you are away from your main computer and a question comes up about a property. Just pop in your flash drive into nearest computer and you have your whole library of documents at your fingertips. Of course, try not to lose your flash drive and use encryption.
It’s also nice when bankers request leases, taxes, etc. Just push print.
Erik- I do use a Scansnap scanner and do exactly the same thing. Only problem with scanning and keeping doc’s electronic is the IRS always wants to see paper copies in an organized format. I just went through an audit on my investment properties and they required everything in paper. Glad I had these folders. Government is a bit slow adapting to technology!
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