How & When Do I Receive My Rent?
We have a portal that’s available 24/7 to both our tenants as well as our owners. In all of our leases, the tenants will pay rent on the 1st, and our owners will receive the rent anywhere between the 7th and the 12th. Every owner gets an online portal login where you can see what’s going on with your rental, you can see all your documents, and you never feel like you don’t know what’s going on. You can always call during work hours, too.
This allows the tenants to pay at any time. Once we receive the tenant’s payment and it has cleared, we will send the funds via direct deposit to your account. This typically happens before the 15th of each month.
Rent is due on the 1st. Tenants make payments. We have to wait for those payments to clear, but as soon as those payments are cleared, we try and get them to you. On the 6th and 7th of each month, our financial statements are processed, posted to an online portal you have 24/7 access to, and deposits are initiated.
We don’t hold onto your rents for longer than that. We try to get our owners their money as soon as possible. The 6th and 7th can vary maybe a day or two depending on weekends and holidays, but, again, our goal is that once those funds from the tenants have cleared, we want to give you your money as fast as possible.