Questions and Answers
Q. Who’s eligible for J&L?
A. All single and multifamily landlords/property managers.
Q. What are the lease requirements?
A. Landlords determine the lease requirements and lease rates as usual.
Q. How much does J&L cost?
A. Sixty five percent (65%) of the first month's rent amount paid over 12 months.
Ex. Rent - $1000
Guarantee Price - $650 ($1000 x .65)
Monthly cost = $54.17
Q. Who pays the premiums?
A. Tenants pay the premiums added in their monthly rent to their landlord/property manager. The landlord/property manager then pays the contracted premium to Jack and Landlords via their online member portal.
Q. How does J&L get paid?
A. J&L contracts with the landlord and gets paid from the landlord.
Q. Are payments refunded at the end of the lease if there are no loss rents or damages to the unit?
A. No, no refund is given. Funds are kept to insure payments to landlords for damages.
Q. What if a tenant defaults on rent before the 6 month payout period?
A. J&L is an alternative option for low turnover landlords that lease to low to medium risk tenants. To avoid the risk of becoming insolvent due to a large volume of high risk tenants defaulting after a few months, only after six months of payments will Jack and Landlords pay for tenant default on rent payments.
For More, SeeTerms