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 moved in to 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:
Flip Instant is currently available in New York City, Chicago, and Los Angeles for many studios and one bedroom apartments. We're accepting larger apartments on an extremely limited basis. We're unable to accept individual rooms.
The price of Flip Instant varies by apartment. Typically, it is somewhere between 100% and 150% of one month of rent. To get an exact quote, submit a request here. Be sure to input your gross rent. If you'll receive a free month concession in the future, please note that in your request.
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
Your master lease
If your building is one of Flip's partner buildings, then your master lease will be assigned to our company when you purchase Instant and we will make sure you get your security deposit back at that point.
Otherwise, your name remains on the master lease until it's end. But this is just a technicality: the takeover agreement you sign with us holds us responsible for all your lease obligations. Including, of course, paying your rent.
Paying your rent
We will start paying your rent for the next calendar month (and bill you for any days before our takeover date) unless you purchase Flip Instant in the last ten days of the month. In this case, you will pay next month's rent and we will reimburse you for the days after our takeover date.
Here's an example: Flip offers to take over your lease as of April 15th. You accept the offer on March 15th. Flip will send your landlord a rent payment for all of April and charge you for the first fourteen days of April rent.
We will pay your rent on the day we said we'd start paying your rent even if your apartment is still vacant. We understand that we're assuming that risk, and your price offer increases or decreases based on how difficult we think it will be to find a new renter to live in your apartment.
Move out and security deposit
You can move out right away, wait the full thirty days or anytime between. 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.
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!