James uses Dropbox for a variety of purposes in his business:
- Seller Property Information Files (and Property Files) that are:
- Automatically backed up in real-time
- Can be accessed from multiple computers that you designate as if the files were are stored locally (work from home or your office with the most up to date files all the time)
- Can be accessed as well from any computer with internet (want to check something when away from your normal office/home computer… now you can)
- Can be accessed from most smart phones including the iPhone (and the iPad) (easy access even when you are out buying and selling properties)
- Entire files can be shared with key Dream Team members that need access in a way that they can update, edit and delete stuff (but even if they delete stuff you can restore it to the state you had it in before you gave it to them if you decide to)
- Accept shared files from bird dogs and wholesalers you are working with
- Use as a Backup Service for important documents and files
You can use the free version or if you need more space you can always upgrade to a larger paid plan later. James uses the largest size plan.
Recommended Folder Structure When Setting Up Dropbox
When setting up your Seller Property Information File system in Dropbox, James recommends the following:
- Make a file called “Seller Files” in the main Dropbox folder system. This will contain all your Seller Property Information Files and allow you to share that entire folder to give key Dream Team members access to all your Seller Property Information Files like your Acquisition Manager.
- Inside the “Seller Files” folder, I recommend making the following and be sure to INCLUDE the number in front of the words as it allows the folders to stay in the correct processing order.
- 1. Initial Call Back
- 2. Research
- 3. Make Offer
- 4. Offer Made, Follow Up
- 5. Under Contract To Buy
- 6. Bought It
- 7. Dead or Inactive
This folder structure closely models the Follow Up Lead Status For Sellers.
Inside each of the folders listed above you would place individual Seller Property Information Files that are in that Follow Up Lead Status For Sellers.
Getting A Large Number Of Files?
If you start processing a large number of property files like I do, you may want to create a new folder within the folder above for the year. For example, within 7. Dead or Inactive you may want to include a folder named 2011 and store all the properties that have a Follow Up Lead Status For Sellers of Dead from 2011 in the folder called 2011. You can add these year folders as needed to stay organized. If you’re volume dictates you can even create more organizational layers and use either month like 05 (for May) or Q2 (for Quarter 2). This does make viewing what work you need to do a little more involved and probably should only be used in the high population folders like 7. Dead or Inactive and, less likely, but perhaps also 4. Offer Made, Follow Up.
Rental Property Files
Once you have purchased a property, we do change how we keep the file. See Setting Up Your Rental Property File™ for more information, but basically you should have two major folders for your rental properties:
- General Resources, Reports and Summaries
- Each Individual Property File
- Within the main “Each Individual Property File” folder, you will have each property in its own folder.
Then, keep the files recommended in Setting Up Your Rental Property File™ in each of those.