Document Everything Or Pay The Price
The need to document in real estate investing is something that every serious investor must do. If you are doing a handful of transactions each year you are in a position where you are exposed to different conflicts that can come up in the future. The only way to resolve a conflict or remember it is by documenting everything. For example - If you have a rental property that a tenant moved into a year ago and now they are moving out, do you have an accurate account of their security deposit charges? Do you have pictures before move in, signed documents confirming the condition and a lease that details everything that needs to be completed upon move out? Imagine that you don't have any of this. If you don't have those items documented, you will lose money because you will be handing back a full security deposit and paying for any repairs that may or may not have been caused by your tenant. Multiply this situation by 30 or 40 units and you will find yourself in a financial crisis. Document every part of your real estate business and be sure to keep very clean email trails of everything. Emails are a blessing with today's technology so take advantage of their ability to archive and record keep.
Ian Walsh
215.839.3271
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