STEP 1: Submit Request Form

Owner will complete this form: Inactivate a Property

STEP 2: Cancel or Complete Work Orders & Pay Vendors

Maintenance Coordinator will:

1. Complete or cancel Work Orders. Coordinator will either have contractors or laborers complete Work Order or cancel other Work Orders based on the type of work needed and the amount of work started/completed.

2. Follow up on outstanding invoices from contractors. FYI. Many contractors don't send invoices for 30-60 days, so you may find bills on this statement for work competed a few months ago.

3. Audit bills to confirm all recent maintenance labor, material & subcontracted work have been paid correctly.

4. Answer owner questions about maintenance and the cost thereof. Call if needed (731) 410-7777.

Standard Hourly Rates Apply​​​​

STEP 3: Move Out Tenant

The tenant may or may not be physically moving out. This is part of inactivating a property in appfolio. We must move-out the tenant to release the security deposit before we can inactivate the property. The Security Deposit will flow to the owner during the owner disbursement unless it must be used to pay for any fees due to Manager as outlined in this agreement, maintenance & repair, utilities, or any other expense billed to the property. Finalize the Move-Out in Appfolio. Hide the tenant. Attach a PDF of the current lease to Documents tab in the owners Appfolio account. We cannot email for privacy reasons. Text the code to the lockbox that is attached to the property and contains keys to the property. We do not have other copies.​​​

STEP 4: Distribution One

Positive balance

If there is a positive balance, after all fees & expenses billed to the property have been paid:

1. Turn off Management Plan so that your subscription will not bill starting next month.

2. A Journal Entry will be created in appfolio to transfer the tenant's security deposit to the owner (less any outstanding bills due from owner or tenant).

3. Issues an owner distribution for all funds remaining on the property, less the Property Reserve (Default amount is $500.00 unless owner requested a larger amount). The Property Reserve is held back to cover hourly expense in case the tenant, property owner, or any person or entity under the property owner's direction contacts us about the property. The Property Reserve cannot be reduced during Inactivation.

4. The following day, the bookkeeper will publish an Owner Statement in Appfolio.

Negative Balance

If there is a negative balance, after all fees & expenses billed to the property have been paid:

1. We are not able to turn off the Management Plan Subscription since there is still work to do on the property.

2. The tenants security deposit & the Property Reserve will be used to pay the Management Plan Subscription and any other expenses incurred by the property.

3. If there is a negative balance applying the Security Deposit & Property Reserve to the outstanding balance, the bookkeeper will:

   1. Issue an Owner Statement in appfolio to itemize the debits & credits.

   2. Text a reminder to owner to sign into appfolio to make an Owner Contribution.

4. If not paid within 30 days:

   1. A Mechanics Lien will be filed by our Coordinator. Standard hourly rates apply.

   2. Owner will be submitted to Hunter Warfield Collections.

   3. The owner portal will be dialed.

STEP 5: Distribution Two

After 60 days, if the property is truly inactive (meaning that the owner has been no activity on the property), we will issue notify the bookkeeper to issue the final distribution.

The electronic payment can take a week or two to be issued based on bookkeeper availability.

GOAL

The goal is to inactivate the property as quickly as possible with the least amount of expense billed to the property.

Time Expense:

• The Processor & Bookkeeper are responsible for all clicks listed below in the Inactivation Procedures, except Maintenance and the billing thereof. The property is not billed for the time the Processor & Bookkeeper spend performing the procedures below. Any other bookkeeping related time is billed at $300 per hour.

• Maintenance Coordinator is responsible for inquiries related to maintenance, and the billing thereof. Standard hourly rates apply.

• The Management Consultant is not involved in the Inactivation Procedures. Therefore, the property will not be billed for Management Consulting time, unless YourRentalHome.com receives correspondence from from owner, attorney, the BBB, dept of real estate, etc. in which case as we bill hourly for all time spend responding to those complaints and inquiries.

Monthly Plan Fees​:

Management Fees are charged each and every month until the property is inactivated in appfolio as described below.

Balance due

If there is a negative balance on the property at any time, the owner is required to sign into appfolio and make an owner contribution. If balance is not paid in full within 7 days:

• A lien will be filed on the property,

• The cost to file the lien will be charged to the property and,

• The account will be sent to collections.

Reactivation​

If we are contacted for anything about the property after the Inactivation, The property must be reactivated, so we can document, respond to the request for action, and bill for the work. Billing will commence and the owner will be notified of the requirement to sign into appfolio and make an owner contribution.

Standard hourly rates apply