Melvin Feller MA Looks at the Best Filing System for Real Estate Investing Files

Melvin Feller MA Looks at the Best Filing System for Real Estate Investing Files

Melvin Feller is known as “The Entrepreneur’s Mentor” because Melvin walks his talk. Melvin Feller has been there and done that and more importantly, Melvin Feller knows how to transfer the skill set for success. This is main reason that he has been the sought after coach to hundreds of small business owners, entrepreneurs, Realtors, Real estate investors and service professional internationally. Melvin Feller’s main talent is to show you how the step by step process to build and enjoy a successful 6-figure plus business while having a balanced life. Melvin Feller maintains an office in Texas. Melvin Feller is currently pursuing another graduate degree as an MBA.

Real Estate Investing Files by Melvin Feller MA

You can setup files for each property (rental or flip) using Classification Folders with 2 interior partitions. They are made by Global-Weis, which are available at Office Depot or Office Max. Letter or legal size is a personal choice. You will also need a two-hole punch to utilize this method. Your Property Files will be kept separately from your other files like General Business Expenses. Each partition within the folder will be for used for one of the following sections.

Acquisition Documents

HUD1, Purchase Contract, Deed, Appraisal, Title Insurance Policy, and Personal Notes to show your intent for the property. All documents from closing — Seller’s Disclosure (CYA), Land Trust, Contract for Deed, Power of Attorney, Letters to the Attorney or Title Company showing your intent and other correspondence.

Lender & Insurance Documents

All documents from lender & copies of all forms required for you to complete like applications, disclosures, Insurance documentation and amortization schedules. Include your username and password in this section to access the lender’s site online to pay mortgage payment online.

Tenants

Application, Credit Report, Screening Sheet, Personal Notes, Payment Schedule, Copies of envelopes, Copies of payments, Move-in & Move-out photos and checklists.

Real Estate Investing Files by Melvin Feller MA

Receipts for Improvements (Capitalized Expenses)

Receipts for all improvements & renovations (capitalized expenses).

Receipts for Expenses

Receipts for items that were expensed for this property or asset.

Selling Documents

HUD1, Purchase Contract, Deed, Appraisal, Title Insurance Policy, Copies of Check from Closing
This system works great because it provides easy access to the key information when preparing Tax Returns and for audits. Filing property expenses along with other expense items is cumbersome and those expenses can be hard to find.

Keeping receipts for the repairs & improvements with the property file is very convenient & your CPA will love you for it.

Melvin Feller MA Business Consultant, Business Owner, Entrepreneur, Melvin Feller Ministries and MBA Graduate Student Candidate

Melvin Feller MA is in Texas and in Oklahoma. Melvin Feller founded Melvin Feller Business Group and Melvin Feller Ministries in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes and a positive outreach with grace and as a ministries. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.