I’m back with another my 101 cashflow accelerators. And one of the things that is very important in having a successful real estate business is paperwork management. Sorry guys. This is a detail-oriented business. The paperwork does matter. Finding the paperwork absolutely matters and it’s important that you always can put your finger on it. One of the things I developed over time, you know, if you think about it, once you get into a real estate transaction, it can be quite thick over time and you’ve got the have different segments, uh, to be able to find things quickly and easily. So I found these six part olders that uh, pretty much just show you what you can do with each one of these segments. So if you look at that one section, and if you start with this section over here, uh, that’s the first section.
This is my buying section. This is where I put the contract, all the purchase documents, everything related to the initial purchases here. The second section I do teach trusts, land trusts and personal property trusts. And so we have the trust documents in this next section. The third section is the property taxes and insurance section. So anything related to that would be pinned into this section. The fourth section is the asset itself, the details about the asset itself. Uh, and you know in any information about that property layouts for the property, surveys, appraisals, anything related to the property. And the final section is selling once we sell the property purchase and sale agreement, everything related to it. Well, so over time I discovered what we needed in each one of these sections. So I created a system called business management where we actually give you a cover sheet for each one of these sections.
And each section has its own divider, its own relative information in there. And with the list that’s in that section, you simply check off what’s related to that. Now like we have that for you on a performs this, I’m going to see if I’ve got business management right here. And sure enough, there it is. And this, this was, this is a work of art. Let me tell you, it took me two years to write this, uh, business management baby. And this is where we have been able to put together how to lay out your office, how the layoffs, your files, your file folders, your step by step processes, your procedures, setting up your business, right means you will have paperwork, sanity and an a business with a lot of paperwork going on. That’s very important. Now the second thing that we have is a resident file.
So each one of our residents, there is a file assigned to them. So if you say, well this is the asset file that has the six sections in it, this is the resident file. Now in the resident file on one side, I would have all the information about that particular resident on one side. And on the other side I would have their rental agreement and everything relative to the current relationship that we have with them. So at any time, a resident might move out, well at least we’ve got a full file on that particular resident. Their name doesn’t change, but who lives in the property does change. So that’s why we separate these two out. Even have two separate file cabinets or the asset versus the residence. So hopefully that gave you some insight. All of the paperwork, the cover sheets, the step by step processes and procedures are all laid out in my business management system. You can find that by going to street smart, investor.com and click on tools and then click on volume seven business management. I hope this has been valuable to you. Paperwork. Sanity is incredibly important in this business and we’ve learned how to do that and share that with you. If you like this, click like click love, share this and definitely subscribe. I hope to see you soon.