Calvin Brock, a former commercial real estate leasing agent, business owner, and world wide known former professional boxer and Olympian, founded Jack and Landlords. Although Brock’s experience was in commercial leasing, Brock discovered that on the residential leasing side that security deposits, which were equivalent to approximately one to two months of rent, were barriers for many employed prospective tenants seeking to have a place to live. And with prospective tenants being unable to provide a security deposit (the jack), many landlords were left with a number of vacancies. So Brock created Jack and Landlords to help both tenants and landlords bridge the gap to occupancies.
Landlords of multi-family dwellings and residents world wide no longer have to require security deposits to be secured of damages. Instead of requiring a security deposit, landlords can choose to contract with Jack and Landlords, who in turn issues a guarantee to pay for any loss of rent or property damages up to the first month's rent. Through the arranged contract, the tenant is responsible for paying the guarantee cost, in addition to their monthly rent, to the landlord. The landlord, in turn, pays Jack and Landlords. Landlords using Jack and Landlords still qualify prospective tenants using their normal practices.
The guarantee price is just 65% of the first month's rent, which is paid over a 12 month period by the tenant. Once the guarantee price is paid, there are no more payments to be made to Jack and Landlords, and the guarantee stays in effect until the tenant decides to move, with no costs to the landlord, ever.
22 Jan
05 Feb
