I have been buying and selling investment properties for the better part of ten years. Donald Trump I am not but I do know that if you want to succeed in the business, you have to, one, find good properties, two, find property at good prices, three, find good tenants, and four, stay organized.
Organization is the key to this business and for me was the hardest part to master. In fact I am still fine tuning my skills but I can give you what has worked for me this far.
GET A FILING CABINET
The first thing I did was buy a filing cabinet. This is very important because without it your paperwork will be all over the place, and as you may know all you have to do is buy one piece of White label crowdfunding software Singapore real estate and suddenly you have more paperwork than you have ever seen in your life. Now multiply that paperwork by two or three when you start buying more property and you will easily see that without a filing cabinet you will get disorganized really quickly.
There are a variety of software packages out there today both online and offline. You will invariably choose one that is bests for they type of investing that you are doing, but for me it is Quicken’s Rental Property Manager. It handles everything I need for my residential investing. It is low cost, and keeps all of my tax items neatly arranged so that at the end of the year when tax time rolls around I simply hand the paper to my accountant and it is all done.
This is easy with one property but once you start managing 3 or more properties it can get out of control quickly. To keep good records on which tenants pay and which do not (hopefully you will never see that end of it ‘wink’ ‘wink’), copy the check or money order they send you and attach that copy to a copy of the invoice that you sent them. Mark on the invoice copy when you received the payment. Then put that into the tenant’s file located in the filing cabinet which we know you already own. I do not recommend accepting cash from tenants. It can get messy and it is too time consuming to go pick it up. Make them mail you a check or money order.