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- Jan 10, 2008
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- 1,033
http://http://engagedinvestor.ca/wp-content/uploads/2010/12/buried-alive.jpg`You are way too organized`` those words are burned in my memory hearing it almost every day from my business partners. I'm not obsessive, it`s just that I like systematized, organized `workspaces`. It`s even MORE important today running your Real Estate business with the information you need to be able to retrieve and keep up to date.
This is one area that WILL stress me out; not being able to find something I know I have. I hate to be searching for hours through email, paperwork or computer files looking for information.
When you are investing in Real Estate, it is VERY crucial to have information at your fingertips, for the bank, your broker, accountant, tenants & your joint venture partners as some examples. You do not want to be digging through mounds of paperwork to find a mortgage statement or a tax roll number or something like that.
CREATE OR ADOPT A SYSTEM
First things first ` find and adopt a system that works and then adjust it to how you feel comfortable. Because every one of us works differently, we need to make sure our retrieval of information is easier and uses a system that will file it correctly and routinely.
I chose to follow the simple color coded folder system taught by REIN (the real estate investing network). It`s very simple: each property will use five color coded file folders for specific items related to it tucked neatly away in a file cabinet. (yellow ` miscellaneous, red ` tenant stuff, blue ` legal, green ` receipts, white ` due diligence)
With this system, you are able to retrieve pertinent information about a property relatively quickly. I like the color coded system but use a property binder instead of file folders in a filing cabinet.
This does a few things for me:
[list type=decimal]
[*]The positive VISUAL impact of seeing all my properties neatly lined up is always encouraging and a constant reminder of my success to help me press forward.
[*]They are neat. When I have to look over information from a property, it`s all in one binder instead of having separate folders.
They are easy to find and use. Lastly, the binder system is easy for someone other than me to retrieve information. This is extremely important for systemizing your business for your future so you can step away for a week or two and not worry about the 'little things'.
[/list type=decimal]
And here`s a MINDSET tip:
If you do not yet own a property, that's ok; go out and buy a few binders & put them on your shelf. This daily reminder will seep into your subconscious encouraging you to `fill` them. It`s all about positive universal attraction isn`t it?
r: #0000ff;">DIGITIZE
I can`t stress how important and convenient digitizing your information is. Not only can you have instant access to forward an email, but it is an extra layer of security backup for your paper files. You are able to store information off site as well in case of disaster such as fire.
On my computer, I have duplicated my property binders the same way using the same system and `folders` as the physical binder. No guessing.
The most challenging part of this is to scan all the documents when you close on a property, but once you have those digitized, there is very little to scan in order to keep up your digital property binder.
All in all, this system works for me ` my partners (joint ventures) love the fact I can call up anything in a second or two and my finance team is amazed at how quickly, up-to-date and information packed my banking binder is. You may want to adapt other retrieval systems into your own office as there is a complete section in your local bookstore specific to this subject alone. The point is you need to do it so you can concentrate on other stuff during your Real Estate investing.
I`ll be talking more about my business structure in later posts. But if you have any questions about setting up your organizing, feel free to post them here!
This is one area that WILL stress me out; not being able to find something I know I have. I hate to be searching for hours through email, paperwork or computer files looking for information.
When you are investing in Real Estate, it is VERY crucial to have information at your fingertips, for the bank, your broker, accountant, tenants & your joint venture partners as some examples. You do not want to be digging through mounds of paperwork to find a mortgage statement or a tax roll number or something like that.
CREATE OR ADOPT A SYSTEM
First things first ` find and adopt a system that works and then adjust it to how you feel comfortable. Because every one of us works differently, we need to make sure our retrieval of information is easier and uses a system that will file it correctly and routinely.
I chose to follow the simple color coded folder system taught by REIN (the real estate investing network). It`s very simple: each property will use five color coded file folders for specific items related to it tucked neatly away in a file cabinet. (yellow ` miscellaneous, red ` tenant stuff, blue ` legal, green ` receipts, white ` due diligence)
With this system, you are able to retrieve pertinent information about a property relatively quickly. I like the color coded system but use a property binder instead of file folders in a filing cabinet.
This does a few things for me:
[list type=decimal]
[*]The positive VISUAL impact of seeing all my properties neatly lined up is always encouraging and a constant reminder of my success to help me press forward.
[*]They are neat. When I have to look over information from a property, it`s all in one binder instead of having separate folders.
They are easy to find and use. Lastly, the binder system is easy for someone other than me to retrieve information. This is extremely important for systemizing your business for your future so you can step away for a week or two and not worry about the 'little things'.
[/list type=decimal]
And here`s a MINDSET tip:
If you do not yet own a property, that's ok; go out and buy a few binders & put them on your shelf. This daily reminder will seep into your subconscious encouraging you to `fill` them. It`s all about positive universal attraction isn`t it?
r: #0000ff;">DIGITIZE
I can`t stress how important and convenient digitizing your information is. Not only can you have instant access to forward an email, but it is an extra layer of security backup for your paper files. You are able to store information off site as well in case of disaster such as fire.
On my computer, I have duplicated my property binders the same way using the same system and `folders` as the physical binder. No guessing.
The most challenging part of this is to scan all the documents when you close on a property, but once you have those digitized, there is very little to scan in order to keep up your digital property binder.
All in all, this system works for me ` my partners (joint ventures) love the fact I can call up anything in a second or two and my finance team is amazed at how quickly, up-to-date and information packed my banking binder is. You may want to adapt other retrieval systems into your own office as there is a complete section in your local bookstore specific to this subject alone. The point is you need to do it so you can concentrate on other stuff during your Real Estate investing.
I`ll be talking more about my business structure in later posts. But if you have any questions about setting up your organizing, feel free to post them here!
