Monthly rent for your entire sublease can be guaranteed by Flip if your tenant qualifies for the Rent Guarantee. When the Guarantee is on, you will get paid rent on the last day of every month no matter what.
How it Works
Step 1: Rent payments are automatically transferred from your tenant's account to your acccount on the last day of each month.
Step 2: If your tenant has insufficient funds we will attempt to debit their secondary account. They can setup a credit card or a checking account (ACH transfer) for the primary and secondary payment sources.
Step 3: If both of their accounts fail then Flip will transfer the funds to you by the end of the day
To be eligible for the rent guarantee, you must:
- Accept your tenant's application on the Flip website or mobile app
- Setup automated rent payments between you and your tenant
- Sign a legally-binding lease agreement with your tenant
To be eligible for the rent guarantee, your proposed tenant must:
- Connect their bank account on the Employment section of their profile. We access their account using a third party API to determine monthly free cash. Find out out more here about how Flip qualifies renters for the Rent Guarantee.
- The total amount of rent that they are liable for must not exceed $10,000. For example, if the rent is $2,500 and the lease lasts for 6 months, then we would only cover 4 of those months. In practice we would ideally find you a new tenant if your tenant failed to pay rent on the second month so it would be unlikely that this would even occur.
Rent Guarantee FAQ
Q: What if my tenant is going to pay rent directly to my landlord and not me?
A: In this case, your landlord will need to setup rent payments and upload the relevant legal documents to Flip.