LEASE INCOME

9 Months Ended

Sep. 30, 2021

Lease Income

LEASE INCOME

12. LEASE INCOME

The Company generally rents its SFRs under lease agreements with a term of one year. Future minimum rental revenue under existing leases on our properties at September 30, 2021 in each calendar year through the end of their terms are as follows:

2021	$	143,025
2022		273,826
Total Future Receipts	$	416,851

Property Management Agreements

The Company has entered into property management agreement with the property managers under which the property managers generally oversee and direct the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. The Company pays its property managers a property management fee of $90 per month per property unit and a leasing fee equal to one month of each lease’s annual rent. For the three months ended September 30, 2021 and 2020, property management fees incurred by the property managers were $4,640 and $0, respectively. For the nine months ended September 30, 2021 and 2020, property management fees incurred by the property managers were $7,380 and $0, respectively. For the three months ended September 30, 2021 and 2020, leasing fees incurred by the property managers were $33,330 and $0, respectively. For the nine months ended September 30, 2021 and 2020, leasing fees incurred by the property managers were $47,805 and $0, respectively.