Flip Instant guarantees that you'll get out of your lease within 30 days. We’ll take over the lease, market it, and find a new tenant to move in and pay the rent. We take care of making sure all remaining rent payments get to your landlord on-time, just as they always have.
Sound too good to be true? Here's how it works:
1. Give us access
We’ll clean, photograph and show your place to new tenants. Once we find someone, we will do what’s necessary to get them living in your apartment with your landlord’s consent.
2. Move out
You can move out right away or 1-2 days before the new tenant moves in.
3. Stop paying rent
Thirty days after we sign the agreement, you’ll be off the hook for your lease. If you pay rent beyond that, you'll be refunded for it.
4. Get your security deposit back
We will inspect the unit for damages as soon as you leave. Assuming there's no damage, you'll get your full security deposit at the end of the master lease.
Frequently asked questions
Will my landlord know?
Yes - we will get the replacement tenant approved by your landlord.
New York City: Right now we’re only offering Flip Instant in New York City. We hope to be in more cities soon! A few other things we take into consideration when taking on a lease:
Cooperative building: When you list, we'll cross check your address with our database of buildings to determine if their policies are friendly or unfriendly to tenants. If we've classified your building as unfriendly then we will not be able to accept your listing.
Consent clause in your lease: Most leases say that you can sublet or assign your lease as long as you get consent. Few and far between, you'll find a lease that outright prohibits any kind of changes to who's living in the apartment. If your lease has this term then you won’t be able to use Flip Instant.
Previous communication with your landlord: If you've already spoken with your landlord and they said that can't transfer the lease or sublet, or that they want to re-rent it themselves, then you won’t be able to use Flip Instant.
Other factors: In addition to the above criteria, we at times are unable to accept a lease due to other issues with the lease, building, or market forces.
If your lease is ineligible for Flip Instant for any reason, you are fully refunded immediately.
You can use Flip Instant for shared apartments, too. If you're leaving and your roommate is staying:
- You sign the same agreement with us that you would otherwise, freeing you from your obligations on the lease. Your remaining roommates co-sign the agreement, so we can be sure that they'll cooperate with our efforts to fill the room.
- Your remaining roommate(s) tells us if they have any criteria for the new tenant by customizing our roommate agreement. They'll then sign the agreement with the new roommate.
How much does it cost?
We charge a fee of one month's rent.
Who will you let live there?
We'll choose the most qualified tenant using the same methods we use to decide if someone's eligible for our rent guarantee. This means they have no criminal or evictions history and earn enough income to cover the monthly rent. We’ll only select someone that we know your landlord or management company will be okay with, using our database of building information to make sure they meet any and all of management's qualifications.
Once purchased, our team will determine if your lease is eligible for Flip Instant. If it is, you'll sign a legal agreement that requires us to cover your rent, gives us the right to represent you with regards to the unit, and lets us to show the apartment to applicants before you move out. If you do anything that interferes with our ability to do this, we'll refund your money and cancel the agreement. To use Flip Instant, you also need to be in good standing with your landlord, and if you have any roommates they need to have consented.
How do I buy it?
Start a listing, add your location and building details, and jump ahead to the step that says “Extras."