| Getting reimbursed for your out of pocket expenses is | | | | reimbursement the following month for expenses this |
| important when handling REO listings. Your expenses | | | | month. |
| can mount up to thousands of dollars per month, | | | | Having an accounting system for reimbursement is |
| depending on the volume of listings you take. | | | | important. Some use accounting software, QuickBooks |
| Expenses you can expect to cover are re-keying | | | | is such a program. Personally, I'm horrible at accounting |
| doors, repairing broken windows, electrical bills, janitorial, | | | | and I've noticed most agents aren't good book |
| minor city violations and trash outs, which are the most | | | | keepers. They're more about moving forward to the |
| common. At times you will have to cover cash for | | | | next deal, than the details. That's usually why we have |
| keys agreements and repairs which are usually a | | | | some sort of transaction coordinator. Learning how to |
| higher expense. Getting reimbursed for all these | | | | use QuickBooks wasn't for me either. For us its been |
| expenses is critical to your business cash flow. | | | | great help to have someone do this for us. The cost |
| Lenders don't give you much room for error when it | | | | of having that support has more than covered its |
| comes to reimbursement of your expenses. Being that | | | | expense. Tracking each expense for each property is |
| you're doing them the favor of managing the property | | | | a job in itself. We don't miss a reimbursement this way |
| for just the fee of selling it, is something I've never | | | | and as I mentioned before, they add up. Others use |
| understood. Regardless, that is the way the business | | | | the envelope system for each property, with two |
| runs. You're more of a property manager now, paid as | | | | envelopes per property, paid expenses and submitted |
| an agent. | | | | for reimbursement. |
| You'll usually get written instructions on how and when | | | | A final suggestion is to look for talent at your local |
| to submit for reimbursement with your assignment | | | | college or university. You can usually find students with |
| instructions. Not all lenders follow the same guidelines. | | | | the skills required for the job at a fraction of the price |
| Pay close attention to each lenders process. Not doing | | | | of an accountant. Its a win-win situation. You get the |
| so can leave you without reimbursement for that | | | | task done by a qualified person and they get work |
| month and you are not allowed to collect | | | | experience. |