Buying my first rental this month - need suggestions to keep organized

[Gregory Massi]

Hey Everyone.

I am buying my first rental property this month and would like to hear some ways to keep my paperwork organized. I plan to use my filing cabinet but was unsure of how many different sections i would need..do i need to create a new section for each year... etc

[Jerry W.]

Hey @Gregory Massi , since I have several I don't know if I will be much help.  I have a current file for each property and usually the rest are kept in one older master file, but some get more than one old file.  The current file usually goes back to the previous tax year and keeps the lease and any renewals or changes.  We usually have a separate file for property taxes, expenses, etc., but if you only have 1 property one file might work.  We keep a file for the bank records and income taxes as well.  Some folks get an expando file and keep records by month.  Good luck.