» A Real Estate Investor’s Financial Filing Cabinet » Posted by Realestator
Any Real Estate Investor’s Financial Filing Cabinet has got to be a top priority. Some of you may never heard of that phrase before. So let me ask you:
- When’s the last time you balanced your check book?
- If someone asked you for your latest bank statement, paycheck stub or credit card bill, could you find it?
- Do you keep your mortgage statements if you have one?
- What about tax returns, insurance policies, living trusts, mutual fund and money market accounts?
- Could you immediately put your hands on any of these things, if you needed to?
No successful investor can afford to be caught searching for any of these things when asked. You will soon find out that time is money. Every precious minute you spend looking for a document or statement is time you could be spending researching or closing your next deal.
You don’t want to cringe every time you have to apply for a loan, or find a document for your tax strategist. And at tax time, the more organized you are, the more tax write offs you will have.
Also, all investors have current, up-to-date profit and loss statements that they analyze on a frequent basis to track their progress and their goals. How can you have a tight P & L if you don’t even know what your current bank or mortgage balance on your rental property is?
Tomorrow, I’ll go into detail on how to set up a working Financial Filing Cabinet for any successful Real Estate Investor.
For more real estate investing information, visit the realestator’s website at www.real-estate-investing-support.com
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