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Forums » Rental Property Questions & Landlording Issues » What do you all do with escrow

What do you all do with escrow Subscribe to What do you all do with escrow

8 posts by 5 users

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Steve Might

Real Estate Investor · Fenton, Michigan


Forum_avatar_avatar-kuzushi

Jul 02 '11, 08:44 AM

Do any of you have the bank take out escrow for property taxes and insurance or do you all cut checks for that directly?


Mitch Kronowit

SFR Investor · Orange County, California


Forum_avatar_avatar-planeguy67

Donor

Jul 02 '11, 08:54 AM

We have escrow accounts for all but one of our properties. Still not sure which way I prefer.


Kevin C.

Real Estate Investor · North of Dallas, Texas


Forum_avatar_avatar-capncav

Jul 02 '11, 09:44 AM

I don't escrow with any of the properties I have.


Steve Might

Real Estate Investor · Fenton, Michigan


Forum_avatar_avatar-kuzushi

Jul 02 '11, 11:04 AM

I just re-financed, and they charged me for property tax on the HUD AND they increased the balance of my loan. Whenever I question anything they just say "oh that is escrow." I think I want to take over those payments myself rather than leave it to the bank's accounting.


Ryan B.

Real Estate Investor · -, Illinois


Forum_avatar_avatar-bigbubba

Jul 02 '11, 02:04 PM

My properties are split, half have escrow accounts and half do not. Personally I think I like the escrow better, but again that us just a personal preference. Mine are split as one bank does escrow accounts and one does not.


Steve Might

Real Estate Investor · Fenton, Michigan


Forum_avatar_avatar-kuzushi

Jul 03 '11, 05:20 AM

So how do you keep track of your escrow withdrawals and the eventual payments to the insurance company and the city? It seems that whoever takes out my escrow has greatly over estimated payments.


Ryan B.

Real Estate Investor · -, Illinois


Forum_avatar_avatar-bigbubba

Jul 03 '11, 06:09 AM

Steve,

The bank that does use escrow accounts sends me a statement each time a disbursement is made by them. It never fails that I ususally end up getting a check at the end of the year for about $200 - $300 as they have overestimated my escrow and there is a balance left in the account.


Sharad M.

Real Estate Investor · Chicago, Illinois


Forum_avatar_avatar-baruchmax1

Donor

Jul 03 '11, 06:33 AM

Steve,

I agree with Ryan that you should be getting a year end statement from your bank showing disbursement statement. You can always verify the disbursement against the County's tax bill and Insurance company to make sure the numbers look right.




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