Typically, this is due to open payables on one of your properties that needs to be fulfilled or multiple Owner accounts where payment needs to be distributed.
The amount disbursed in your Owner Distribution will be the result of your rental income less any open payables. In the majority of cases, your rental income will not match your Owner Distribution due to one of the following most common open payables:
- Unpaid invoices from repair or utility bills (plumbing, HVAC, water, trash, electric, etc.)
- Recurring maintenance fees (lawn care, pool maintenance, etc.)
- Management fees
- Placement fees
In other cases, where an Owner has multiple properties managed by Great Jones, you may frequently see monies transferred between different units in your portfolio to cover the costs associated with other units in your portfolio. Think of this like Overdraft Protection for your home’s expenses.
Read more about the types of Owner Contributions for details on how this works and how to identify if this is the reason your Owner Distribution does not match your rental income less your open payables.
Additionally, in instances where an Owner shares ownership of their properties with other Owners and their payments are split between multiple accounts, you will notice that your Owner Distribution amount is equal to the percent ownership you defined during in your Onboarding form. This means that the Owner Distribution amount visible on your monthly statement will be equal to the percent ownership you defined of your portfolio’s rental income less your percent ownership of open payables.