Tips on offering tenants cash for keys?

[Paul Brady]

I have found a multi family on market that I’m extremely interested in. The existing tenants are TAW and their rents are at about 1/3rd of market prices. It’s clear to me from speaking to the sellers that they are long term tenants that are very comfortable at the home. Also, they probably won’t volunteer to leave very easily and can’t afford a drastic rent increase. I live in Mass which is very tenant friendly, a simple non renewal of the lease will most likely turn into a lengthy eviction process.

The sellers have agreed to my purchase price but I requested the home vacant and vacating the tenants is not something the sellers are willing to try to tackle. So we came to an agreement that I have ten days to speak to the existing tenants about vacating and if they don’t play ball then I can back out of the deal. It seems to me that “cash for keys” would be the best route. Has anybody here had much success doing this? If so could you give me any tips on how you made this offer appealing to the tenants?