Owner Newsletter

Owner Updates

Dates to remember…

Owner reports will be distributed November 15th-17th.

Please remember due to online payments some reports are delayed until funds are cleared for all residents!

Government Payment to Owner-If you are utilizing any government program that sends funds directly to you, please check your Government Payment to Owner line item on your owner statement to ensure that the amount is correct. This WILL effect your taxable income on your W9. I need all corrections no later than December 20th  2021. This applies to any owner that receives regular payments directly as well. The Paid to Owner category is at the bottom of your owner statement each month!

End of Year Financials-I will be sending a Summary report the first week of January to ensure all numbers are correct. I will need any corrections by January 10th in order to get 1099’s to my accountant.

Late Fees & Renewals

The Meridian Team is in the middle of doing rental increases for all properties that are under market rent. Our intent was to start these increases in January of 2020, and obviously that was delayed. Please be patient as there are many factors with increases. We must take into consideration lease terms (we want to end leases in a favorable time of the year), the condition of the home and how the resident is maintaining the home. We will be doing walk through inspections before signing long term leases and will be sending over punch lists for approval for properties that have had deferred maintenance. Please budget accordingly!

Fall Maintenance

We hope to start our interior inspection program again starting this month. An inspection includes changing the furnace filter, batteries in the smoke detector, checking thermostats and a full inspection of the home with pictures and a punch list of any concerning situations. The cost for a vendor to perform this inspection is $75. Please contact the office if you would like your properties to be in this program.

*Please note that Meridian does interior inspections as needed to ensure residents are not neglecting the home. We do not however check mechanicals or structural issues.

  • BID APPROVALS - We ask that you please check your owner portal to ensure that you have funds to cover any approved work. If your cash flow is not going to cover the approved bid, then please make arrangements with our office to properly fund the work. Most of our vendors accept credit cards (with a fee). The owner’s portal allows you to make an owner contribution with a small $2.95 fee. The maximum amount of a distribution per day is $5000. The bid must be fully funded before the work can start. Vendors require 50% up front and 50% upon completion.
  • CONTRACT TERMINATION - Meridian budgets their operation off of 12 month contracts with investors. Your contract auto renews each term unless either you or Meridian gives notice. If you are planning on selling your property, please keep this in mind as you will be billed for the remaining months of the contract.
  • ADDITIONAL SERVICES - To assist a sale is not a part of the Meridian contract. Financials, lease agreements and all documents pertaining to your properties are available to you via the owner portal and your Dropbox file. Meeting inspectors, appraisers, or potential buyers can be arranged at an additional fee. Please contact Crystal for that information.