Jack and Landlords is the tenant paid protection of the landlord that’s tax deductible to the landlord, increases renewal rate, and profitable for the landlord. Security deposits are the antiquated way of leasing. Jack and Landlords contracts with landlords to cover up to the tenants’ first month rent amount. Why use Jack and Landlords?:
The cost is just 65% of your tenant's 1st month's rent paid over 12 equal payments. After the twelfth payment, payments drop off and your guarantee stays effective until your tenant terminates their lease. Your guarantee covers up to the full amount of your tenant's 1st month's rent.
Payments are due when you receive your tenant's rent each month that includes the cost of the guarantee. Landlords complete their own addendum with tenants for adjusted rent to include guarantee cost. There is no due date each month.
Jack and Landlords Is The Business Smart Way to Lease
I advise all my Landlord clients to not collect a security deposit.
As the ordinance now exists, Windy City landlords must pay two times the deposit and interest as well as cover any legal fees incurred by their tenants if the deposit repayment is off, sometimes by as little as one cent.