writing up minutes

[lizzie]

having take a good hard look at my paperwork i have finally spent the last two days writing up minutes covering purchases and offers made since 2004! yep, had to do a lot of scouring through old files to piece together what occured. the reason i never wrote them up before is that some ideas run and become reality but many many other falter or fall by the wayside and, as one is never sure which the end result will be, i just let them run unaided.

anyhow, question is ... how detailed do you believe the minutes need to be?

i've written up the offers i've made and what i would do if the outcome of my offer was successful (max price i would pay, financing, plans for property etc). i've written about major decisions such as builder choice and disbursement of funds after refinancing and one at the end of each financial year outlining the trusts (my) goals for the coming financial year.

... but what else do i need to write minutes on? do i need to also write up what actually happened after an offer was accepted, ie, offer was accepted at $XXX, which was then financed thru abc bank at 0.0%? or is it sufficient that these details would be in the file for each property i was successful in purchasing?

 

[WBG Redcliffe]

Great question, I am doing the same thing at the moment and look forward to reading the responses

WBG

 

[DaleGG]

Hey guys!

There is no one size fits all answer here.
The trust can have very detailed minutes if that is what you want to show that you are in the buisness of property. Or, it can just show the successful purchases if you want to keep your paperwork to a minimum.

Personally, I keep all of my paperwork to a minimum for my sanity's sake....

Dale

 

[lizzie]

thanks dale - that was the kind of reply i was after, and from someone who knows what the tax office looks for then i will be satisfied with my minutes.

although, i think i will put a followup minute in for every succesful purchase, ie, that it is financed thru abc bank and rented for $X