|
|
OWNERS CHECKS & EXPENSES
|
When do owners get their money?:
Owners checks are completed initially on the tenth of each month.
A second round of checks are mailed on the 20th for those tenants
that were under the eviction gun and paid late. Some owners
have their checks mailed directly to their bank. Most owners
have their funds sent to them. Since 9/11, it seems that regular
mail has slowed down considerably. It seems that we have one
instance a month where a check is delayed up to 2 weeks in the
mail. Every time the owners finally get their checks we have
them verify that it was sent on time. Since relying on the post
office is never a good thing, we always advise our owners to
keep their mortgage payments on their rentals paid at least
one month in advance.
|
We will send funds to anyone or anywhere you would like. However,
we are required to report the income to the IRS under the owners
Tax ID number. When partners own a property we can divide the
payments and tax liability according to your partnership agreement.
We will need a copy of the corresponding documents for the property
file.
|
The amount an owner will receive could vary each month depending
on the type of property, when the tenants pay, and the amount
of expenses that have occurred. We deduct all expenses first
prior to sending an owner any excess funds.
|
Owner's Statements:
We normally send out statements even if there isn't a check.
Sometimes a tenant hasn't paid yet. Other times your statement
will include an invoice or two for repairs made. If you stop
and read the reports and invoices, usually you will be able
to easily determine what has transpired in the property. When
you still have a question we hope that you will take a moment
to research our web site in "Understanding
Reports" before calling and asking questions that are
already explained on this web site. Of course, if you still
need additional help please give your property manager a call
so they can explain it to you. Sometimes, it may require a little
research on their part to get you the correct information and
they will need to call you back after you have outlined your
initial inquiry.
|
Replacement Checks:
In the event that a check doesn't arrive that was mailed, and
it happens about twice a year, you may request a stop payment
be placed on the item and a new check will be issued. The cost
is currently $30.00 (subject to change), which is what the bank
charges for the stop payment. We tried just sending a replacement
check in the past, but one owner decided to cash both checks
once the first one finally showed up. Consequently, we will
require a stop payment be issued and the bank fees be covered.
|
| |
|
