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\nRelated:<\/strong> The 3 Major Benefits of a Highly Organized Landlording Business<\/a><\/em><\/p>\n
Amendments, addenda, and riders<\/h3>\n
Make sure you keep any additions to your core paperwork, in case you need to refer to them. It\u2019s easy for addenda and riders to get lost in the shuffle when they\u2019re introduced at a later date.<\/p>\n
Seller disclosures<\/h3>\n
In addition to your purchase agreement, you may have a seller disclosure to worry about. Make sure you keep these documents together.<\/p>\n
Home inspection results<\/h3>\n
Home inspections are vital in the purchasing process, as they inform you about virtually everything that\u2019s wrong with the property. You may need to refer back to this document if and when you decide to make upgrades, or if you notice something wrong with the house that should have been caught during the inspection, so you can hold someone accountable for it.<\/p>\n
Title insurance policy<\/h3>\n
Title insurance is designed to protect both buyers and lenders from title-related problems during transfer of ownership. Documents related to your policy are important to keep on hand.<\/p>\n
Lease agreements<\/h3>\n
If you\u2019re renting the property to tenants, you\u2019ll also want to keep track of your lease agreements\u2014as tenant disputes can, and probably will arise.<\/p>\n
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Tips for Efficient Organization<\/h2>\n
You\u2019ll also want to follow these tips to stay efficiently organized:<\/p>\n
Store physically and digitally when possible.<\/h3>\n
Some of the documents you\u2019ll complete will need to have physical copies; for example, you\u2019ll probably want a physical copy of the lease agreement, signed by your tenants by hand. However, it\u2019s important to have a digital copy as well. Digital copies can be stored redundantly in the cloud, and are much easier to share and manage. By that same token, it can be valuable to print out your digital files and have a paper copy available to view, in case you need a quick reference without an internet connection.<\/p>\n
Related:<\/strong> 6 Steps to Master Organization in Your Investing Business<\/a><\/em><\/p>\n If you\u2019re storing your files on a cloud-based app, you\u2019ll be able to give and manage permissions for who can access which file, and share those files with the people who need them. Learning how to manage these sharing settings<\/a> is crucial for both your security and your efficiency. For example, if you\u2019re investing with a partner, you\u2019ll want to make sure they\u2019re able to access whichever documents are relevant to their decisions and responsibilities. If you\u2019re sharing a lease agreement with a tenant, however, you\u2019ll want to make sure they can view it without being able to change the contents within the document.<\/p>\nManage permissions.<\/h3>\n
Have multiple backups.<\/h3>\n
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