Frequently Asked Questions
Owner Benefit Program (OBP)
If I sign up for the OBP and after a month or two decide it is not for me – can I get a refund?Yes – any owner that signs up for the OBP and then decided to cancel within the first 60 days will get a 100% refund of the $49.50 per month fee. We do not want anyone to be unhappy with this program so are offering a 100% refund for the first 60 days.
What is Rent Advance™, and how does it work?Rent Advance™ gives owners up to 12 months of rent payments upfront, with no risk of repayment. Owners will receive an email offer during the period September 1 to September 10 with an exact dollar amount & a link to view the offer details. Follow the link to view additional features and accept the offer. Once the offer is accepted the owner will receive a confirmation email containing a request to verify the bank account for delivery of the funds.
How do I know if my property qualifies for a Rent Advance™?By accepting the Rent Advance™ offer, you will be agreeing to the following requirements:
- You must continue utilizing the current property management company for the duration of the agreement.
- You may not sell, mortgage, or otherwise take any action to the detriment of Upfront Rent Holdings LLC or its interests for the duration of the agreement without prior written consent from Upfront Rent Holdings LLC.
- You are required to make any necessary repairs, or provide payment to your management company, for any maintenance related issues that impact property habitability during the term of the agreement.
Does the Rent Advance™ offer expire?Yes, the Rent Advance™ offer will expire 7 days after it is generated and emailed to owners. If your offer has expired, please use the chatbot feature on the landing page that is accessible via the link in the offer email, to determine if another offer can be generated prior to the next offer period.
What happens if the tenant does not pay rent?Rent Advance™ is completely non-recourse to you if the tenant doesn’t pay. If the tenant stops paying, you will NOT be required to pay back the advance, nor will you need to extend the agreement, substitute a new lease, have your credit impacted, or anything else. When a tenant defaults on their rental payment obligations, property managers will start the eviction process in accordance with state and local laws.
Is the Rent Advance structured like a loan? If yes, what is the interest rate.Rent Advance is not a loan, we are purchasing the future rent receivables from the owner. The offer will be 90%-94% of the total amount the owner would receive over the period of time outlined in the offer. The biggest factors that determine the discount will be the Rent Amount and the Length of the Advance. The higher the rent amount and the longer the period of time, the lower the discount will be.
Would an owner be billed for monthly fees or are those taken out in advance? Is utility income still direct deposited?
Maintenance fees will be billed and paid as opposed to withdrawn from the rent?Monthly fees (mgmt. fees, tenanting fees, lease renewal fees, etc.) will be deducted prior to the advance offer being sent. See attached sample Transaction statement that is provided with every Rent Advance offer. Maintenance fees will be billed and paid by the owner as opposed to being withdrawn from the rent, that is correct.
If I opt in now, can I opt out at any point in time?You can opt-out within the first 60 days of enrolling. Once the 60 days has passed, you are able to opt-out each time the existing lease associated with your rental until expires.
If a tenant violates or breaks the lease, but I have already received the rent in advance, would I required to pay back the amount of rent owed from the tenant?No! Rent Advance is non-recourse and if you accept the Rent Advance offer, that money is yours to keep. There is no repayment obligation.