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I'm often asked by clients how to they set up files to manage all the paperwork that goes with the purchase and maintenance of a property. Below is a list of what I consider the best way to manage all this aper and easily locate something when you need it. Purchase Property File You will need:
Outside the folder, write the full address of the property (address should be written either on a label or directly on the folder in bold letters along one side where it can easily be seen when it is filed or stored on a shelf). Inside the folder each area should hold all papers as follows:
Use the hole punch to punch holes in the top of each paper to be filed. Tip: Carefully align each page in each section so it does not interfere with the fold of the folder. Both the left and right side of each section have different alignments. This will ensure easy operation and will prevent papers from being creased along the side closest to the center of the classification folder. Setting-up Active Files in a File Cabinet/Drawer You will need:
Label the Pendaflex file with the name of the city where the property is located. Create 5 folders with the appropriate labels, using the street number of the property as the first part of the label. That way, if you have multiple properties you will be able to identify the file folder for that property. Example: If the property address is 347 Indian Way , Any City, Any State your files should be labeled: 347 Property Management Contract 347 Property Management Correspondence 347 Homeowners Association (for HOA CC&R's, Bylaws, Annual Reports, Correspondence) 347 Tenant Information/Correspondence 347 Monthly Reports Any City Information Spending a little time setting up your files correctly will save many hours of time in locating papers you need.
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