HowTo Managing documents across several properties?

HowTo Managing documents across several properties?

Developer · Member since 2023 · 73 posts · 43 votes

I'm finding it a bit overwhelming to manage the documents with our handful of MTR/LTR properties. Insurance, tax, tenant info, leases, applications, listing/marketing docs, water, notices, repairs, logs of maintenance and tenant damage, etc. I get a number of physical docs but also have many other docs in digital format. 

I have a physical folder for each property and year (purchase/closing, insurance docs, ...).

I have a digital folder for each property, a tenant folder for the tenant(s) of each property.

A digital general property management folder with applications, leases, marketing, etc.

I'm trying to use sheets to log repairs/maintenance/ToDo

Scanning every doc into digital would seem like a huge waste of time, so I imagine I need to keep physical files.

Anyone have a better system for managing physical/digital docs?

Love to hear what works for others.

Thanks!!!

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
2y
Quote from @Matthew Banks:

I address this in my book, which I hope to release this summer.

Get rid of paper as much as possible. Buy a solid scanner like this one:  https://www.amazon.com/Fujitsu-Scansnap-Document-Scanner-PA0...

Spend an hour creating a solid filing system. Try to keep it from being 54 levels deep! Create a standardized naming system so that you can still find files with a search function, even if they are placed in the wrong folder.

I name my files: YYYY-MM-DD - address - tenant - purpose

Example: 2024-02-01 - 123 Straight St - Alex Jones - Lease Agreement

This works with 350+ rentals. If you only have a few rentals, you can probably get by with a dumbed-down version: 2024-02-01 - 123 Straight St - Lease

Then organize your files:

Properties

    - 123 Straight Street

         - Photos

                - Marketing pictures and video

                - Inspections

                      - Jones Out

                      - McKenzie in

                      - McKenzie inspection

                      - McKenzie out

                      - Brown in

         - Tenants

               - McKenzie and Elsbury

               - Jackie Brown

         - Maintenance

     - 456 Jones Ave

         - Photos 

         - Tenants

          - Maintenance

The DIY Landlord Book4.7247 Reviews
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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    2y
    Quote from @Matthew Banks:

    I address this in my book, which I hope to release this summer.

    Get rid of paper as much as possible. Buy a solid scanner like this one:  https://www.amazon.com/Fujitsu-Scansnap-Document-Scanner-PA0...

    Spend an hour creating a solid filing system. Try to keep it from being 54 levels deep! Create a standardized naming system so that you can still find files with a search function, even if they are placed in the wrong folder.

    I name my files: YYYY-MM-DD - address - tenant - purpose

    Example: 2024-02-01 - 123 Straight St - Alex Jones - Lease Agreement

    This works with 350+ rentals. If you only have a few rentals, you can probably get by with a dumbed-down version: 2024-02-01 - 123 Straight St - Lease

    Then organize your files:

    Properties

        - 123 Straight Street

             - Photos

                    - Marketing pictures and video

                    - Inspections

                          - Jones Out

                          - McKenzie in

                          - McKenzie inspection

                          - McKenzie out

                          - Brown in

             - Tenants

                   - McKenzie and Elsbury

                   - Jackie Brown

             - Maintenance

         - 456 Jones Ave

             - Photos 

             - Tenants

              - Maintenance

    The DIY Landlord Book4.7247 Reviews
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    @Matthew Banks we agree 100% with @Nathan Gesner!

    GO PAPERLESS!

    Then you can work from anywhere:)

    We use Dropbox as it's the most flexible, although we use Google Docs/Sheets for some collaborative projects.

    Here's our folder structure:

    Portfolio Name
       01) Management Info (we use the 01 so sorts to top of folder list)
       Main_W_123 (property folder. We put street name first as easier to find!)
          01) Property Info
             01) Insurance (at top as most important)
             02) Property taxes
             03) Deed & Title
    04) LLC Docs (if any)
             05) Purchase-Sale Docs
          02) Utilities
          03) Maintenance
          04) Leases
             Lease Name Folder
                Application Docs
          05) Advertising
          06) Rental Licensing (required in most of metro Detroit)
          07) Inspections
          08) Appliances & Mechanicals

    Logical Property Management4.9454 Reviews
  • Jake BakerBusiness Member
    Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 695 votes
    2y

    @Matthew Banks

    I also recommend to go paperless. Here are the tools I use:

    Bookkeeping - QuickBooks Online Plus

    File Storage - Google Drive

    Rental Software - Stessa (free with BP Pro)

    All of my documents can live in google Drive. My receipts in QBO. My PM docs in Stessa.

    BookkeepingRE - Bookkeeping for Real Estate & Service-Based Businesses58 Reviews
  • Investor · Vermont and New York · Member since 2023 · 308 posts · 309 votes
    2y
    Stessa
    Buildium
    AirTable
    Docupilot
    PropertyMeld
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