You should always keep certain files for all your activities. Here are some recommendations:
■ Keep a file just for potential deals that you can go back through, and back through, and back through, with your property acquisition sheets.
■ Keep a folder on each property with the address on the top and a picture.
■ Keep all of your incoming and outgoing bills separate, so you know what to pay and what’s going in and out.
■ For every closing that you do, make sure you receive all the paperwork. Have a checklist so that you know you are getting the original filed closing statements, deeds, notes, and title insurance. Also make sure they give you amortization schedules, so you know what the loan balances are at all times of all the debt that you or your partners may have. Being organized now will help you tremendously in the future.
■ Keep a file just for potential deals that you can go back through, and back through, and back through, with your property acquisition sheets.
■ Keep a folder on each property with the address on the top and a picture.
■ Keep all of your incoming and outgoing bills separate, so you know what to pay and what’s going in and out.
■ For every closing that you do, make sure you receive all the paperwork. Have a checklist so that you know you are getting the original filed closing statements, deeds, notes, and title insurance. Also make sure they give you amortization schedules, so you know what the loan balances are at all times of all the debt that you or your partners may have. Being organized now will help you tremendously in the future.
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