Priority Owner Program
We have some owners who need the current month’s rent to pay that month’s bills. We also have owners who don’t want to wait for the rent to become available to them. Even if the tenant pays on the first of the month, our owner may not be able to access these funds for a week or two. Let me explain. Let’s say the first of the month falls on a Friday and the tenant pays rent with a check.
- Friday the 1st: Banks require a five business day hold on this type of payment.
- Friday the 8th: The funds would be considered “good” on the 8th of the month (Friday).
- Monday the 11th: If it takes us another business day to process the payment, we would send out the rent proceeds.
- Thursday the 14th: The bank puts a two day hold on electronic funds transfer, so this owner would finally be able to have access to these funds.