What is the correspondence log used for?

What is the correspondence log used for?

If you ever get audited by the IRS, and you need to prove that you are actively involved in managing your properties, then you'll need to show them a log of the conversations you've had with your property manager, insurance company, contractors, etc. You should keep track of every time you call your property manager and what you discussed. When you're called in for an audit by the IRS, simply print out this log and bring it along.

CONTACTS > CORRESPONDENCE LOG
    • Related Articles

    • What apps does REAL ESTATE TOOLS provide for income property investors?

      PROPERTY TRACKER - PropertyTracker.com is a web-based service that helps you evaluate potential properties before you buy and track the mortgage, income, and expenses for properties that you already own. The first 30-days are free and clients are ...
    • How many contacts can I enter per property?

      You can enter as many contacts as you want. Just click the ADD NEW CONTACT button on the CONTACTS > LIST page to add more contacts. CONTACTS > LIST http://propertytracker.com/viewcontacts.php
    • Local vs Long Distance Real Estate Investing

      CW 1131 - Listener Question - Local vs Long Distance Real Estate Investing Jason takes a question from Mike who is a longtime Creating Wealth listener and income property investor in Phoenix regarding Mike's hesitation to invest in real estate ...
    • How can I track my property performance?

      Real Estate Tools offers a suite of programs to help you manage your portfolio of income properties. Property Tracker is a web-based monthly service that helps you evaluate potential properties before you buy, and track the properties that you ...
    • What is Private Mortgage Insurance (PMI)?

      PMI stands for Private Mortgage Insurance. This is insurance to protect the lender when you have a small amount of equity in the property. PMI is typically charged when you put down less than 20% when buying a property. PMI can be removed when your ...