OWNERS CHECKS & EXPENSES

When do owners get their money?:
Owners checks are completed initially on the tenth of each month. Some owners have their checks mailed directly to their bank or have the payments electronically deposited. 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. 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 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.