A couple of questions I get is when we do the payout and how you get paid your funds.
I do the payout on the 10th of every month. And I also do another payout usually about two weeks after that depending on how the month lays out. A lot of the tenants we deal with get paid bi weekly. A lot of them are very good about paying their rent on time. However, sometimes life has some unexpected bumps that make it difficult to stay on track. So instead of doing the one payout, I do a late payout as well. My gowal is to make sure that all of your funds are in and accounted for in the month they are due.
When I do the payout, I have two different kind of payments. The first and easiest is an ACH payment. It is not a wire and there are no fees to the owner to do so. All we need is the routing number and the account number for the desired checking account and it goes right in. I tell everyone to expect two business days for the funds to post but it usually takes about 24 to 36 business hours.
The other way is Bill pay. Similar to how you would pay bills on your personal online banking. Sometime an actual check is sent sometime it is placed directly in the bank. It also allows us to make comments on the check. This is especially good for a lot of owners who have retirement accounts they have used to by their rental properties. A lot of the companies only have one account an need notes on where to apply the funds.
Either way as soon as I do the payout, I email the statement out to you so you can see what funds you can expect and answer any questions. The same applies for the late payout. Only the last statement will be uploaded to your Owner Portal. It will be a summary for the entire month and will be available to you whenever you want it.
I you have any further questions regarding the payout, please feel free to contact me at any time.