If you’re an investment property owner looking to boost your returns, receiving your rent lump sum can be a game-changer. (No kidding, Captain Obvious!) Even the most prudent property owner finds themself in a jam or facing a once-in-a-lifetime opportunity. Waiting for monthly rent payments to arrive on time won’t cut it. That’s why The Realty Medics came up with a solution: the Upfront Rent Program.
What is the Upfront Rent Program?
Owners who are clients at The Realty Medics and sign up for the program, will receive the entire year’s rent money upfront. Most see money in their account just days after lease signings. The process is simple and involves three easy steps:
- Determine Your Optimal Rent Rate
The Realty Medics will do a property assessment and market analysis to set the optimal rent rate for your investment property. We use a little bit of rocket science to set the right rent for your rental home.
- Sign Our Property Management Agreement
Once we share our data and you decide to move forward, you sign up for our management services. We’ll handle all the details of advertising, tenant interviews, and day-to-day tasks that come with ongoing property management.
- Receive 12 Months of Rental Income
Within days of tenants signing their rental agreement, you’ll get an entire year’s rental income in one lump sum. If tenants are late, fail to pay, vacate, or are evicted, you keep your cash and we handle the problem. We call that property peace of mind.
Ground Rules for Participation
There are a few ground rules for owners participating in the program. Most of them are common sense, but just in case there was any confusion.
- Payment when Tenant Signs Lease
You receive the upfront rent lump sum payment once tenants sign a lease agreement. After you sign an agreement with us, your rental may require some work to be rent ready. We work quickly to vet potential renters and get placed as soon as possible. Once the ink dries on the lease, we write the check to you.
- Remain Property Management Client
We must be your Orlando property management company for one year, the duration of the lease. No breaking your agreement.
- Pay the Mortgage, Taxes, and Insurance
If your rental has a mortgage, you still have to remit the monthly payment. The same goes for taxes and insurance due during that 12-month lease. Some people pay it from the rent lump sum, others make it up each month afterwards. Whatever you choose, you’re still on the hook.
- Ongoing Rental Property Maintenance
Just because you have your cash doesn’t mean you can forget all about the property. You must continue to support proper maintenance and repairs to provide a safe, habitable home for the tenants.
- Cannot Sell during Lease Year
If you plan to sell the rental property, you must maintain possession until the end of the lease agreement.
Does the Upfront Rent Program Make Sense for You?
We operate the Upfront Rent Program through Steady, a third-party financial institution. Steady charges 7-10% of the total rent amount as a transfer fee for their services.
Your investment should exceed the transfer fee amount to make sense for you. If you plan to use the funds as a down payment on another rental property or to pay off debt, you may want to take advantage of the program. If you plan to put the cash into a savings account or have no immediate use for the funds, you may want to pass.
Want more information? Contact us at 321-947-7653 or complete our online form to see if the Upfront Rent Program may make sense for you.
