What doucmentation do you keep?

Question

Would anyone care to share exactly what documentation you keep from the time you rent a property until the time it becomes vacant? For example, Rental application, lease, move in checklist, move out checklist. I know that documentation is important. Id like to make sure that I keep adequate documentation to protect myself as a property owner.

Lisa Phillips · Answer

I also have learned to keep estimates for work completed. Sometime I have contacted different contractors for estimates. 2 years later, its nice to have that on hand to bargain with them to get work done. Ive learned its best to stay with the same people for the same house.

Also, upload and scan to pdf. When I do, I have this naming convention:

11202013_Estimate_RotoRooter

You can add whatever, but TRUST ME - when you have to go back in time, you remember approximately the date, this is a big help!

Kenneth Stuart · Answer

Andy, I'm fairly new at this myself.  I have experience managing a single property that was rented out to college students room-by-room.  I am sure someone with more experience can provide more info, but here is a start.

The information I kept was:
 - original signed application & lease (tenant received copy)
 - signed completed move-in checklist
 - records of exact date and payment amount from each tenant
 - signed complete move-out checklist

I kept all this information for several years after the tenant left to property.

Having learned more since that time, I would also keep
 - records of all maintenance requests from tenants
 - records of exact date and payment for all maintenance items