What is Flip Instant?

Flip Instant guarantees that you'll get out of your lease within thirty days. Wondering how we manage that? It's simple. While you pack your bags, we find a great tenant and get them living in your apartment with your landlord’s consent.

There's no confusing fine print, we swear, but you might be wondering about some of these details:

Eligibility
Communication with your landlord
The takeover agreement
Paying your rent
Move outs & security deposits
Tenant selection

Eligibility

As of early 2019, Flip Instant is only available in New York City. We mainly accept entire studios and one bedroom apartments, but can accept larger apartments or individual rooms in some instances.

Communication with your landlord

If you haven't yet brought up your departure to your landlord and you aren't sure what they'll say, it's almost always better to let us do the talking. We've gotten lots of sublets and lease takeovers approved by all different types of landlords, and we know just how to remove risk from the equation.

Once you receive your price quote and confirm you want to move forward, our team will review your lease and reach out to your building manager to make sure they are okay with your apartment being marketed by Flip. Don't worry, we'll always keep you on copy.

Our takeover agreement

You'll sign a simple legal agreement that lays out our terms:

  • We will pay your rent starting in 30 days - guaranteed
  • We can represent you and your interests for any relevant issues relating to your lease
  • We'll need access to your apartment up to eight hours per day to clean, photograph, or coordinate viewings
  • If your building management decides to charge any additional, unforeseen fees then you will be obligated to pay for these fees

Paying your rent

Flip sends the rent checks directly to your landlord on your behalf starting on the takeover date. If we takeover your lease in the middle of the month we'll send your landlord the full month of rent at the beginning of the month and issue a charge to you for the days that we weren't yet paying for. This is designed to keep as much cash in your bank account as possible.

Here's an example: Flip offers to take over your lease on April 15th. You accept the offer on March 15th. Flip will send your landlord the full April rent so that it arrives on the first of the month. Afterwards, we'll charge you for the first fourteen days of the month.

Move out and security deposit

You can move out right away or wait the full thirty days. We'll send you a guide explaining what to do before you leave to make sure you get your deposit back from the landlord at the end of the lease.

We can only guarantee that you get your security deposit back in full if you carefully document the state of your apartment before you leave. If damage is incurred after you left - and your inspection form clarifies that it's new damage - we'll deduct the cost from the replacement tenant. If your landlord only sends you back a partial refund, Flip will reimburse you for the rest of the deposit.

Tenant selection

We'll choose the most qualified replacement tenant who applies to live in your apartment and who your landlord is sure to accept. If your landlord refuses our applicant we'll go back to the drawing board and find someone new.

We run a background check to ensure that applicants have no criminal or eviction history. We only accept applicants whose financials qualify them for our rent guarantee.

More questions? Drop us a line - we'll get back to you as soon as possible!


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