Hi guys,
I'm 4 IPs in now and just wondering if anyone has tips on keeping track of everything?
Paying bills is no problems as they're all done at the end of each month, so that's easy.
I have (hard copy) files for each property, and anything pertaining to the property goes in there. I also have a folder on my computer for each property, and anything which is emailed through is saved there (valuation reports, photos, agency agreements etc).
Some monthly statements are emailed to me and some are mailed so they're all over the place. I assume at the EOFY I will get a statement from each managing agent showing how much rent has been received for that FY??
I calculated cashflow before purchasing each property but haven't kept track of it since I've owned them (as I know they take care of themselves so I don't see the point in micro managing).
I've purchased all 4 IPs in the space of 8 months so haven't gone through a tax return yet.. I'm assuming at the end of the FY I can just print out all docs from my PC for each property, compile with hard copy docs, and then provide a tally for each expense/income category to my accountant? And then start new files for next financial year..
Am I missing anything?
Is there a better way to manage all this?
Also, I have 4 loan accounts plus I've drawn equity out of 2 properties so I've got 2 equity accounts as well, all with 2 different banks. Is there an easy way to keep track of all this? At the moment my photographic memory holds all the info I need but once I get more properties this may get harder..
Cheers
I'm 4 IPs in now and just wondering if anyone has tips on keeping track of everything?
Paying bills is no problems as they're all done at the end of each month, so that's easy.
I have (hard copy) files for each property, and anything pertaining to the property goes in there. I also have a folder on my computer for each property, and anything which is emailed through is saved there (valuation reports, photos, agency agreements etc).
Some monthly statements are emailed to me and some are mailed so they're all over the place. I assume at the EOFY I will get a statement from each managing agent showing how much rent has been received for that FY??
I calculated cashflow before purchasing each property but haven't kept track of it since I've owned them (as I know they take care of themselves so I don't see the point in micro managing).
I've purchased all 4 IPs in the space of 8 months so haven't gone through a tax return yet.. I'm assuming at the end of the FY I can just print out all docs from my PC for each property, compile with hard copy docs, and then provide a tally for each expense/income category to my accountant? And then start new files for next financial year..
Am I missing anything?
Is there a better way to manage all this?
Also, I have 4 loan accounts plus I've drawn equity out of 2 properties so I've got 2 equity accounts as well, all with 2 different banks. Is there an easy way to keep track of all this? At the moment my photographic memory holds all the info I need but once I get more properties this may get harder..
Cheers