My wife and I have purchased 3 rental properties in the last 3 months. All properties were purchased with cash and are tenanted. However we are quickly finding it difficult to manage the paperwork organization. This will only get worse as we acquire more properties over the next few months and years.
Can anyone recommend a method, or software product for managing:
- When a tenant lease is about to expire,
- Insurance is about to expire,
- Tracking when taxes are due so they can be paid on time,
Just basic paperwork management and organization. We’ve tried using Podio but it’s been pretty challenging.
Any advice would help greatly!
there are tons of topics on that on here, so it would be helpful to go through a few...
here's what i do....
1. basically my google calendar is full of repeating events....
- garbage day on an empty house
- taxes due for city X, city Y
- water payment, who owes how much
- text Tenant DUM to remind him the rent is due
- that tenant that said he'll pay late needs to pay the fee on Nov
- call FPL to transfer utilities
- drop off the monsters at daycare
- pick up the monsters from daycare
- get a haircut, you bum!
- try to go to the gym for once this year
- pay daycare
- home depot kids events
btw, those ARE actual events on my calendar, i am not joking.
set up a file structure in the computer and keep it UP TO DATE.
you have to update it often
get Quicken Prop Manag, it will remind you when the lease is about to expire
set up auto payments for everything.
tag me if you have questions.
i have 35 and do everything for them.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing