When can I expect to receive my monthly distribution?
Although rent is due on the 1st of every month the tenants have until the 5th to pay without incurring a late fee. The time that we receive the rent payment from the tenant is when we begin the distribution process. It does take a couple of days to process the payment and make the distribution. The 8th – 10th of the month is a good guideline to expect to receive the distribution.
We also recommend, if at all possible, to use the current month’s rent to pay the following month’s expenses. (Ex: Use September’s rent distribution to pay October’s expenses) and not to rely on the current rent payment to pay the current expenses; such as the mortgage. By doing this it adds a level of protection for you in making your current monthly expense payments on time.
How do I receive my monthly distribution?
We offer 2 options in which you can receive your monthly distribution:
1.) A direct deposit into a bank account.
2.) Mailing a check to you.
How do I set up direct deposit?
If you would like to receive your monthly distributions via direct deposit please complete the Owner Monthly Distribution Form and return it to us via e-mail, fax or mail. You will then receive an e-mail every month with the Detailed Owners Statement, Owner Expense Detail Statement as well as when to expect the deposit.
If you receive a check in the mail for the monthly distributions, the Owner Detailed Statement and Owner Expense Detail Statement will be included with the monthly check.
How do Security Deposit Refunds Work?
Per State Statue security deposits must be refunded within 21 days of the lease end date or within 21 days of the mutually agreed upon lease end date. All funds of the security deposit must be disbursed. The security deposit funds are either disbursed to a vendor who did work to remediate damage caused by the tenant, disbursed to a municipality for an unpaid water bill, or disbursed to the prior tenant. All funds of the security deposit must be disbursed and accounted for within the State Statue guidelines of ATCP 134.06.