About The Bills Checklist

We break the Bills Checklist for property management down into two primary categories: automatic payments and manual payments.

Automatic payments include things that we have set up to automatically be paid like mortgage payments, property insurance and property taxes. We primarily confirm that these were paid and that the correct amount was paid for these. Once they are confirmed we log that it was done.

Manual payments are for most other bills that need to be paid manually. We may still use bill pay to pay them, but not an automatic, recurring bill pay service.

Once we have made the manual payments there usually is some logging to be done regarding the payment and that is included in our system for paying bills manually as well to completely document that payments were made and to keep our files organized for taxes and accounting purposes.

The system we have for paying bills is important, but becomes increasingly more important for real estate investors opting to work with private lenders and buying properties with owner financing or subject to.

Until my next post,

James

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