Real Estate Investing: Staying Ahead of the Paperwork

Real Estate Agent with Keller Williams Florida Partners
Real Estate Investing: Staying Ahead of the Paperwork
By : James Klobasa   zero times read
Submitted 2007-01-30 16:44:55
On some days the amount of bookkeeping and paperwork that needs to be done can seem almost unbearable. And if you're an investor who would rather be out on the job sight rather than stuck behind the desk, finishing this paperwork can be both a chore and a burden.

The best way that you can ease your burden and workload in the paperwork department is to stay ahead of the game. Don't let work and receipts pile up until it all becomes an indecipherable mess. If you allow this to happen, it will take you even longer to sort through the mess because you will have forgotten the purpose for half of the papers that you have stuffed away to be dealt with later. Instead, tackle your office chores quickly and efficiently always striving to stay ahead of the paper trail.

To do this you need to be organized. You may think that you have all of the tools necessary for real estate investing, but if you are lacking products in the office organization department, you need to do some shopping. Make sure that you have plenty of storage for receipts, invoices, contracts, order forms, payroll paperwork, etc. And proper storage does not come in the shape of a cardboard box that you can stuff all of your receipts into. Instead, file these away so that they will be easy to locate and decipher at tax time.

You should also have the proper books to record all of the income and expenditures generated by your real estate investing business. While these do not have to be expensive, they do have to be easy to maintain and read. For this reason, a columnar pad is a better option over a standard spiral notebook.

Now that you have all of the necessary organizational tools for your real estate investing business you need to formulate a plan to stay on top of the books and ahead of the paper trail. On most days, you are probably out on the road visiting job sights which is not ideal for doing paperwork. Throughout the day you likely collect various receipts, contracts, and invoices that need to be filed away. Don't just throw these in your vehicle somewhere. Instead, carry a small filing case with you so that you can neatly file these papers away until you get back to the office.

Choose a time that you can devote to your paperwork each and everyday. This time might come early in the morning before you head out on the road, on your lunch break, or in the evening before setting out for home. It doesn't really matter when you do your bookwork as long as you are consistent and get it finished each and every day.

Record income and expenditures as they occur instead of letting them pile up. If you do this, you will find that completing your paperwork only takes a few minutes of your time everyday, which is a much better option over spending a few hours on it each weekend.
Author Resource:- James Klobasa, once broke with no job and $20,000 in debt made a choice that changed his life forever. That choice was investing in Real Estate. With the founder of, The Little Building Co. you too, can learn at Real-Real Estate Investing
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