Re: Importance and Explanation of Reserve Funds (This is a requirement and not optional.)
Where the $500 Reserve Will Be Held:
- The owner's funds will be held in the Pellego Brokerage Operating Account.
What is the Use of $500 Reserve:
- Ensure efficient payment of utilities on behalf of the owner when the property is vacant.
- Timely payment of maintenance bills as they arise.
- To effectively address any property-related costs.
- Vendors expect payment within seven days of service to maintain good relationships.
Reserve Name Appeared As on Homeowner Statement:
Important note about the $500 Property Reserve:
We would like to emphasize the significance of the $500 Property Reserve as a crucial component of the home onboarding process. It is imperative that this amount is submitted as soon as possible to ensure our efficient management and care of your property.
The homeowner's bank account balance consistently maintains the $500 threshold. This requirement is reflected in the accounting statement, with the starting balance set at $500 and the expectation that the ending cash balance also remains at $500.
How to contribute the$500 reserve for the property as a homeowner?
Make a Homeowner Contribution
The homeowner can make secure monetary contributions via credit/debit card or eCheck (ACH) to the property of their choice.
Log into your Owner Portal(AppFolio) and click the Transactions tab on the left-side menu of the portal and click Make a Contribution.
Select a property, enter an amount ($15,000 max), select a payment method, and click Continue. Transaction fees apply when paying online. You are notified of the fee amount before you submit the payment.
Enter the bank account or card details and click Continue.
Review your payment information and click Submit.
Balance of the Homeowner's Account:
It is essential for homeowners to maintain a positive balance in their accounts. It is important to note that Next Brick does not offer loan or credit options for any negative balance. In the event of anticipated expenses, it is imperative that homeowners contribute the required payment promptly. Failure to do so may result in delays or inability to carry out necessary work. This includes significant repairs or replacement of home equipment. In such cases, we will contact homeowners and request additional contributions to ensure compliance with state law and fulfill the necessary obligations.