Winning the Paper War - A Proven Strategy to Buying Back Your Time

Tina Myrvang

Client Care Lead
Staff member
REIN Member
Log into your Member Back Office for the Masterclass: Winning the Paper War hosted by Jennifer Hunt.

Organization creates success. It puts investors in control of their businesses, not buried by loads of paperwork. Running a successful real estate investing business requires impeccable property and paperwork management. From property analysis forms to legal closing documents to monthly expense and income receipts, paper documents abound. As portfolios increase with more and more properties, so does the paperwork. If investors are not organized with their files, managing properties and keeping track of documents can quickly become overwhelming and they will inevitably find themselves in the paper war.
Implementing a few simple yet effective strategies will help investors gain control over their paperwork and thus win the paper war. As a result, investors will spend less time searching for necessary documents, save money on bookkeeping and accounting fees, streamline mortgage applications and more.
The more organized and systematic the paper flow becomes, the more focus investors can place on other areas of their business. This system is scalable, whether applied to three properties or 300, and will quickly and efficiently benefit investment goals. Additionally, organized and properly recorded paperwork, particularly receipts, is required by the Canada Revenue Agency. It advises: “Generally, you must keep originals of your paper documents. However, you can produce electronic images of these documents, known as imaging.” Therefore, it is prudent to have both physical and virtual files for critical business documents.
 
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