Property Files

[Rixter]

How do You organise Your Property Files

Hi Investors,

Apart from my incomes & expenses software I keep a lever arch file for each IP I acquire to keep all my hard copy records associated with that property.

Im interest to know who else does the same and what subsections they divide their IP files up into? eg Bank Statements, Management Statements, receipts, acquistion paperwork , QS report, etc, etc, etc.

P.S The above method I use works fine - Im just getting ideas from others to see what you do, and to see if I can inprove and fine tune a system.

 

[DaveP]

Rixter...

I do the same....
Easier to track whats happening with each property...


Mind you I only have 3 IPs... so the files arent that big...

DP

 

[Rixter]

DP,

What subsections do you divide your file into?

 

[Donna L]

I use a ringbinder for each ENTITY which may hold three or four properties. I just have two divisions - incoming and outgoing because the computer software sorts it altogether by property for me, I don't need to do this in the ringbinder, everything is just in chronological order with a trace number to the computer software. For the capital acquisition stuff, contracts, QS reports, minutes of meetings etc I have a Marbig box file (heavy duty) for each property. Works a treat.

 

[Brenda Irwin]

I use an individual display folder for each ip, nowadays with so many, I color code them to each town.

Each financial year those files (complete with puchase info if bought that year) go into a box marked with the financial year along with a copy of the tax return. Then I start with new folders the next fin year.

If I sell an ip & need to find the purchase data I look in the tax year box that I purchased the ip.

All receipts are placed in a envelope marked with the expense, eg. Sundry or Maintenance and placed in one of the display sleeves. Thru the year I record receipts to computor & then pop them in the envelope. Hopefully by the end of the year all the reciepts in the envelope correspond with the putor entry.

 

[Robert]

Disclaimer: The product I use is also sold via Freestyler Events, however I am just explaing what I use as this is part of the thread. Also, the person who developed this product is also my accountant (Tony Commisso). Take it however you like....

I use a ring bound folder system called WYN Record Keeping System to maintain my documentation. However I keep each property I own over two files.
One is a pernament file for all the purchasing costs, capital expenditure, finance records (not statements), Inspection reports, research and a number of other sections. This first file is to maintain a proper account of Capital Gains and Capital Expenses which when I sell is used to offset the CGT I am to pay (I believe this has saved me lots in tax already from a number of properties I have sold recently).
The second file is the Annual file which needs to be renewed each year. This holds all the annual statements such as council rates, mortgage statements, rental statements. And receipts for things like travel costs, maintenance costs, investment courses and a number of other sections.
I hand the annual file to my accountant who can read through the file in 10mins and have all my figures worked out correctly, (saves me paying way to much for an accountant to sit there counting up figures of receipts) in order to finalise my End Of Year tax return...

Anyway, that is what I use and it works well for me, especially since I only need to spend 10mins on each property at the start of each month after I get all my statements.

Cheers
Robert