 Paper vs digital records (by DJ [VA]) Jun 23, 2022 12:51 PM
 Paper vs digital records (by hubba hubba [CA]) Jun 23, 2022 1:03 PM
Paper vs digital records (by Jason [VA]) Jun 23, 2022 1:31 PM
Paper vs digital records (by Robert J [CA]) Jun 23, 2022 2:19 PM
Paper vs digital records (by WMH [NC]) Jun 23, 2022 3:15 PM
Paper vs digital records (by Doogie [KS]) Jun 23, 2022 4:00 PM
Paper vs digital records (by David [MI]) Jun 23, 2022 4:01 PM
Paper vs digital records (by Robert J [CA]) Jun 23, 2022 4:10 PM
Paper vs digital records (by mike [CA]) Jun 27, 2022 12:49 PM
Paper vs digital records (by DJ [VA]) Posted on: Jun 23, 2022 12:51 PM
Message:
I've been working (& making some progress) on digitizing stuff.
For the two who have gone as far as applying for my current vacancy:
I have digital download of my online app & the documents they uploaded.
I've scanned into my computer the showing checklists & application processing checklists - with my handwritten notes.
Everyone who had completed the pre-qual questions & requested a showing, I have that info in the property's file, too.
Nothing saved for the other several hundred who just clicked buttons or never returned the pre-qual questionnaire, or failed the pre-qual. Those responses are all in a spreadsheet (thank you Jason!)
Y'all think I need to keep anything else - or anything actually printed out on paper?
I'm planning to transfer the files to a thumb drive for this(each) property, so it won't be lost if my computer crashes.
GOTTA CYA!!
--68.229.xxx.xxx |
Paper vs digital records (by hubba hubba [CA]) Posted on: Jun 23, 2022 1:03 PM
Message:
You may want to consider some sort of off premises storage for your digital files.
Theft and fires happen. --157.131.xxx.xx |
Paper vs digital records (by Jason [VA]) Posted on: Jun 23, 2022 1:31 PM
Message:
Instead of a thumb drive, save a copy of everything onto your Google drive account. This would defend against ransomware and hardware failures. (And you’re welcome). --172.58.xxx.xxx |
Paper vs digital records (by Robert J [CA]) Posted on: Jun 23, 2022 2:19 PM
Message:
For those who had a major audit by the "Tax Man", original documents such as a invoice, estimate, cancelled checks, lease, utility bills and so on are a "MUST".
I purchased a run down apartment building taking 9 months to re-hab before putting it into service and renting the vacant units.
The IRS put down their foot that I was pocketing over $50,000 in rents. How do you "Prove" you didn't receive Rents? Simple, I produced the following documents:
1. Ad listing the unit for rent
2. Rental application from the tenant
3. Credit Report on the tenant.
4. Payment for the Credit Check
5. My utility turn off and the applicant/tenant turn on service for their Gas, Power and trash.
6. Copy of tenants move-in fee's (Rent/Deposit.
A flash drive or a computer generated print out wouldn't have cut it. I would have been challenged.
It's okay to have "digital files", but I have to keep paper documents for a minimum of 20 years. --47.156.xx.xx |
Paper vs digital records (by WMH [NC]) Posted on: Jun 23, 2022 3:15 PM
Message:
Robert, the IRS *does* accept digital copies. In fact as you know, all tax returns must be digitally filed these days if done by a professional. You might have had those issues early on but not these days. --71.115.xx.xxx |
Paper vs digital records (by Doogie [KS]) Posted on: Jun 23, 2022 4:00 PM
Message:
100% paperless here. I talked to the CPA before I went to this for Robert J's very reason. Was advised it used to be this way, but no longer. Digital scans are just as good. I even have applications and leases digitally now. I have 1 bankers box from before I went digital that I probably should throw out, but it's not taking up that much room. The rest is on a drive slightly bigger than a credit card with a backup in the cloud. --70.179.xxx.xxx |
Paper vs digital records (by David [MI]) Posted on: Jun 23, 2022 4:01 PM
Message:
having a copy in the cloud is great for being able to access everything on the go. From dropbox, I can open any app, lease, receipt, etc, from my phone , anywhere in the world. I would only need my laptop if I wanted to do major editing of a lease. --50.4.xxx.x |
Paper vs digital records (by Robert J [CA]) Posted on: Jun 23, 2022 4:10 PM
Message:
It's good to be corrected. --47.156.xx.xx |
Paper vs digital records (by mike [CA]) Posted on: Jun 27, 2022 12:49 PM
Message:
i'm with robert...i still keep copies of the stuff i think i need. maybe not invoices for carpet or appliances that have been swapped out but bank statements and deeds seem wise.
really, it ain't that hard --75.80.xx.xx |
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