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

Related posts:

1. About The Property Managment Checklist Planning on keeping any properties as rentals or offering your properties on a rent to...
2. Tracking Your Rentals – The Importance of Monitoring Your Escrow Accounts Unless you own all of your rental properties free and clear, chances are that you...
3. About The Absentee Owner Postcard Checklist Use the Absentee Owner Postcard Checklist to send out postcards to absentee owners. Absentee owners...
4. Do I need to collect the payments on loans I make? In today’s continuation of the private lending FAQs, I answer the question of: Do I...
5. How To Pay Someone To Buy Houses For You I’ve been sharing with you some information about how I am hiring what I am...
6. Real Estate Investing As A Business and Backing Up Your Records If you are treating your real estate investing as a serious business, which I recommend...
7. Introduction to Federal Employment Taxes and Setting Up Your Payroll System Earlier today I had the opportunity to interview Jassen for the Introduction to Federal Employment...
8. Partial Payment Of Rent Checklist It is bound to happen eventually if you have rental property: a tenant tries to...
9. Business Resources The following are some of the general business members only password protected websites that we...
10. Buying Properties On A Land Contract or Contract For Deed Yesterday, I shared with you a download about buying houses Subject To as part of...