All Forum Posts by: Allen Tracy

@Sean Dawson yeah I’ve had a really good experience with them so far. How does it effect your bookkeeping getting the payments directly?

@Andrew Weiner I haven’t tried pushing to see if they would be willing to take the payments directly. I wanted to check with others first to see what is normal. 

@James Wise this is a huge property management company with over 1,300 properties, a huge staff, and I have access to everything through AppFolio.  I did a lot of due diligence before going with them but had no idea about the section8 payments and the different ways it could be processed.

@Bob Stevens I actually made a post about getting paid at the end of the month since I wasn't sure about that also and I received a lot of responses saying this was normal.  I like getting paid at the end of the month minus any repair/maintenance fees instead of getting paid right at the beginning of the month, then having to pay them back for any repairs/maintenance.  Less transactions and I have a healthy reserve so I'm not worried about it.  I do understand those who want to get paid early in the month though.

@Brian Garlington my properties are in Columbus. I use ERA Real Solutions. Sounds like I need to see if they will change the way they do things for me but they have over 1,000 properties so not sure how that will go. 

They actually work with section8 a lot and are the ones the recommended getting section8 tenants to me. 

Property management says I'll get two 1099s, one from them, and one from cmha/section8.

How do you typically receive your section8 payments?

My property management company is having section8 payments go directly to me rather than through them.  This is going to create so much more bookkeeping for me.  Now when I generate a rent roll or any other documents from my property management's online software it won't show the section8 payments.  My property manager pays me at the end of the month rents minus any fees/repairs/maintenance.  Now with the renters paying very little to the property manager and the majority of the rent payment going directly to me, I'll end up owing the property manager money at the end of the month from time to time.  So not only will I have to keep track of the money coming in, I'll have to keep track of it going out.

Their reasoning is that since they don't do payouts until the end of the month, some investors prefer to get their payments from section8 at the beginning of the month to cover expenses.  I'm really not a fan of doing it that way though since that's what reserves are for.

Trying to get a feel of how everyone deals with this.

Hey Simon, I'm also in socal and purchased two duplexes in Columbus earlier this year.  I plan on buying more next year as well.  Feel free to reach out if you have any more questions.

@Mikael Winkler my manager didn't give me the option for the payments to go to them.  The checks are made out to me so far and my manager said we'll soon be setting up direct deposit between them and myself.  I guess I better ask them about the option of payments going through them.

Almost forgot, like someone else mentioned, it took a few months before I received any payments from section8 as they're backlogged right now in getting every set up and paid out but I did receive all back payments (another reason to have good reserves set aside).  I'm not sure if it's the same for inherited tenants though.