Once rent payments have had time to settle, you will receive a monthly income statement between the 15th and the 18th of each month for your property indicating income, expenses, and the net value for your draw. Your draw is the amount of money that is paid out to you monthly.
Your first month’s rental income, and sometimes the second depending on the point of move in, will be used to pay leasing fees and any maintenance needed to bring the property into rentable condition. The maintenance department will be in touch, in conjunction with your Leasing Agent to discuss any work we feel the property needs in order to be rented, and we will work with you to determine a payment plan or to allow time to complete the work yourself if you prefer to do so. For this reason, we strongly urge our owners to consider getting one to two months’ ahead on any mortgage payments. This will allow for the above activities, and also to allow for the timing of payments from us each month to avoid falling into arrears. This also gives you a buffer should a tenant ever fail to pay on time, or if eviction should become necessary or the time of year not lead to a quick lease.
Direct Deposits/E-Payments take 2-3 business days to clear your bank and are initiated at the point each portfolio is processed. To receive your funds as quickly as possible we offer e-payments. Your Client Relations Specialist is happy to walk you through the process to set this up.