It can take up to 180 days after your move-out date to receive the cash out value of your Up&Up Wallet.
This is due to multiple factors:
1. Correctly documenting for your taxes - The wallet program provides tenants with a way to benefit from rental profits, which is why it is not classified as a normal security deposit. It’s essential to prepare tax documents carefully - we must ensure compliance and avoid any errors.
Filing these documents accurately requires time and attention to detail to make sure both our tenants’ and our team’s financial information is properly documented. This process includes double-checking all entries, understanding how each transaction impacts tax obligations, and following the latest tax guidelines in different states.
By taking the time to complete these tax documents expertly, we can ensure that everyone involved fully benefits from the program without unexpected issues during tax season.
2. Auditing missed utility bills - Up&Up must wait for Utility Providers to finalize any missed bills. It usually takes 60 days for these providers to get back to us.
3. Awaiting and itemizing invoices - An inspection of your home must be done to begin work on restoring the home for the next tenants. Up&Up must secure vendors, wait for the work to be done, and itemize these invoices. This can take anywhere from 60-180 days depending on the condition of the home.
4. Bank processing times - Once processed, it may take your bank up to 5 business days to receive the deposit.
As of July 2024, Our cash-outs team is experiencing delays due to our program's increasing volume. While we cannot achieve the 90-day goal, we will make sure to send out the wallet to you within 180 days, as stated in the contract.