Q and A
Questions and Answers
Q. Who’s eligible for J&L?
A. All tenants who meet the landlord’s qualifications.
Q. What are the lease requirements?
A. Landlords determine the lease requirements, lease rates, and security deposit amounts 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 cost and premiums?
A. Tenants pays the cost and premium added in their monthly rent. Tenants are informed by the landlord of the guarantee cost in the landlord's lease addendum.
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, just like private mortgage insurance, 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 hight 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, See Terms