Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago,
Need Help Cash For Keys
Hey everyone,
So I have a situation where my tenant is currently late on her rent right now. I served her the 10 day notice on the 7th. So she have till the 17th to pay or I file for eviction. But at the time I called her on the 5th on why she didn't make her rent payment yet she gave me a story about her not really doing good financially & that she really not in a position to have an eviction on her record because no one can help her. So I told her I might can have another way to avoid eviction and I'll let her know about it.
So before I even start to say what I proposed to her let me just say the story she told me is not the only thing that got me thinking about this Cash For Keys strategy I took that from a lot of forums & different podcasts saying its better to just get them out vs paying the eviction fees and waiting and such.
So I told her if she could moved all her stuff completely out the unit by the 17th & returned the keys to me that we could sign an agreement to break the lease and she get her security deposit back less any remaining balance & fees after 30 days. Also less any damages to the unit.
So my first question for everyone is Am I dumb for doing this? and why
2. Do I have to go to an attorney to get the form to break the lease or is it something I can get off google?
3. Would you have done this? & if you would how would you have done this differently