A commonly asked question from our owners is “when can I expect to receive owner draws”?
An owner draw is the amount sent to the owner by the Cape Coral Rental Management company after rents have been collected and all bills for the property/portfolio have been paid.
The sort answer, the 15th or before on any given month… however a number of variables come into play here. Rents are due on the first and late on the 3rd with fees typically accruing for the tenant from this point forward. We post 3 day notices to pay rent or surrender posession on the 5th of each month if the resident has not contacted us in advance on the situation. Provided rent is recieved on time, it must clear our bank before we can pay bills, this takes 3 business days to be sure (often checks and even ACH payments show as deposited but are then called back for NSF a few days later). On roughly the 8th-10th of each month it’s now safe for the Cape Coral Rental Management company to pay bills on behalf of the portfolios and the distribute proceeds. We have an internal deadline that ensures owner direct deposits and all manual checks are send on the 10th unless this is a weekend day.
Depending on where you are in the county and what bank you use you can expect 3-4 business days from the date we process ACH or check payment before you receive the funds. Though electronic payments are convenient and out preferred method for sending owner draws (don’t worry, we’ll send you a check if you prefer) they still take 3-4 business days to process through the banking systems as they are not wires, but work more like a direct deposit which is slower, but does not cost $27 in wire fees per transaction!
Of course, you’ll always receive your monthly owner’s statement via email if you’re paid electronically or via mail with your check if your a paper person. Current and historical statements are available 24/7/365 via your owners portal as well or by request from your Cape Coral Rental Management company.
