Where do you store your files and property data for easy reference?🗂️

[Noah Bacon]

As a real estate investor, there are so many different type of records that you never know if you'll need to reference in the future! What platform do you use to store your files/records?🗂️📁  

Were' talking: Inspection Photos/Reports, title documents, loan docs, leases, contracts, invoices, HOA docs, tax assessments just to name a few!

[Pat L.]

I scan in everything & back it up on several external hard drives, including all rehab/major repair pics.

My wife insists on the last 4 years in file boxes for quick reference.

Last April 2022 I was blessed with my 2nd IRS audit that started with 2019 & went back to my last audit 2012. The entire audit was 2 months of 2-3 hr phone calls & emails. The backups on drives came in handy as I emailed close to 2000 pages to the IRS agent justifying a myriad of expenses, property sales, resales, seller financed deals, title search docs & compete bank ledger entries by property.

The audit was initially triggered by the $3,500 cost of several commercial property security systems (required by the Town Fire Dept) & subsequent cost for the also required 1st responder WiFi hookups. All of which had been claimed for several years without comment.

Then she just kept digging & digging, dwelling on inane small time expenses, yet skipping over large Sect. 179 complete truck/equipment write-offs. She finally gave up & I was free & clear, but she did say 'you certainly keep detailed records'. 

You bet I do !!!!