2
Aug

Arizona Investment Rental Property Management Records To Keep

It is important as an Arizona investment rental property owner to have access to all your information in case you need it for any future reference. This is essential for financial and legal reasons. Even if a property is now vacant, it doesn’t mean you might not ever have a cause to deal with any vendors or individuals that pertained to the property in the past. Whether it’s for future loan applications, legal issues later down the road, or taxes, it is important to keep your records.

What Records Do I Need To Keep?

All records pertaining to:

  • Payments received and made
  • Insurance
  • Tenants
  • Personnel
  • Legal and audit documents

How Long Do I Keep These Records?

Different types of records are kept for different amounts of time. Below are the standard periods:

One Year:

  • Any purchases made
  • Employee applications

Three Years:

  • Bank records
  • Insurance policies
  • Any correspondence you’ve had with tenants, real estate agencies, and vendors

Seven Years:

  • Accounts payable  and receivable documents
  • Bank records
  • Accident reports
  • Expired contracts and leases
  • Employee records
  • Invoices
  • Payroll records
  • Purchase orders

Keep Permanently:

  • Incorporation Documents
  • Audit Papers
  • Information on property purchases
  • Taxes
  • Deeds
  • Mortgages
  • Year-end financial statements
  • Licenses
  • Permits
  • Property appraisals

Keeping all these records for your Arizona investment rental property doesn’t have to mean cluttering up your office. Many of these records listed above can be kept electronically. Although, it is important if you decide to keep them stored on a computer, you should have a backup in case of a computer crash.

Leave a Reply