Lease Lock is working to change the Rent Payments & Security Deposits hassle that have been a part of renting apartments forever.
Reichen Kuhl, the founder of Lease Lock, had plenty of money in the bank, but not enough income to qualify for a rental. Frustrated, he set out to create a solution for people in his situation.
His idea was to cosign for strangers who could not qualify based on their credit to rent an apartment. Were there other people like him who needed a cosigner to rent an apartment? Were Landlord’s willing to change their real estate investment strategy that required deposits?
He put up a website and tested his idea. On day one received 200 applicants. In three months, none of his clients defaulted and he proved there was a market for Lease Lock.
What is Lease Lock?
Lease lock provides a FREE insurance policy to landlords of 100 units and more. The landlord requires that the tenant to put up a deposit, usually equal to one month of rent. Or, the tenant can pay a non refundable fee to Lease Lock. The fee is usually less than half of the required deposit.
When the tenant is approved by Lease Lock, the tenant pays the fee to Lease Lock. The Landlord is provided an endorsement on their Lease Lock policy to protect them from loss caused by the resident. There is NO COST to the Landlord for this.
Challenge with Security Deposits:
- You have to Collect the deposit.
- Keep the deposit in a trust account for the tenant.
- When the tenant moves out, the landlord has to inspect the unit, account for the damage caused by the tenant, provide a full accounting to the resident and then return the unearned portion of the deposit.
With Lease Lock:
- Lease Lock provides a FREE insurance policy to the landlord.
- When the tenant moves out, there is no refunds nor accounting to the tenant.
- The Landlord can collect from Lease Lock for unpaid rent & damages up to half a month of rent.
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