How do you structure you paperwork? Put it in a box, or scan and have online?
Im chasing an easier way to organize my papers.
I have one excel spreadsheet set up – it has a separate page for each IP.
I capture the income and expenses of each property once a month. I keep all receipts in an envelope for each FY.
If I had more time, I'd scan and electronically file all receipts/invoices.
I also have a hard copy file for each IP – which holds all paper correspondence. Again, if I had more time this would all be electronically captured.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Same as Jamie i got a spreadsheet for all properties so i can monitor monthly, quarerly etc profit and losses. I can send you a copy if you would like? also all paper goes into folders
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
The volume of transactions in owning property is low, the value of some documents is high, therefore most systems, as can be seen from the responses here, are likely to be excel (because you can share calculations) and manila folder (because you have documents your would not shred even if you scanned). The more significant part of your system is better to be: (a) Managing building repairs and services, (b) Investment selection, and (c) Influencing location price drivers.
It appears this system is a common theme – I also have a simple spreadsheet that records rental income and expenses per month (is good to see which months are high and low for future budgeting). My accountant gives me (for each property) a folder with sleeves in it for the hardcopies of rental statements, rates, strata, repairs, 'other', bank statements etc. This keeps all the property expenses 'evidence' organised for EoFY, and allows me to keep a hanger in the file for all the 'other stuff' related to each property.
On each spreadsheet, I also record what type of lease is in place (fixed or periodic), when the fixed lease will expire, when the last inspection took place, and any other notes the might be relevant (so I don't have to reply on memory what's happening when, where).
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
I scan but then place documents up on the net, but to be honest with you the only value I have extracted so far from that is getting a phone number of a plumber I had used when out and about. Though if you need to be audited having docs in electronic form might be able to extract some efficiency – I wouldn't know.
What is more important is your system for your investment selection. What data sources do you use for rents, property values, planning decisions, and demographics?
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