You can offer them cash for keys-give them money to move. Tell them they will get $X if they leave by a set date and the house is in good condition. Do not give them anything until they are out and you've checked on the place. Otherwise, tell your lawyer to get the paperwork filed, so you are in the queue.
You can offer them cash for keys-give them money to move. Tell them they will get $X if they leave by a set date and the house is in good condition. Do not give them anything until they are out and you've checked on the place. Otherwise, tell your lawyer to get the paperwork filed, so you are in the queue.
As Theresa said, you can offer to pay them money to leave. This is called cash-for-keys and is common in markets where eviction is difficult. I saw a Landlord in California pay $500,000 last year for a Tenant to leave!
Do the math and see what is reasonable. Let's say rent is $1,000 and you've lost one year of rent. The attorney costs $4,000. That's $16,000 lost. It may be easier to offer the Tenant $6,000 to leave and be done with it.
Unfortunately, many bad tenants have no fear of the legal system and they will continue to abuse this until you are run dry or the court finally forces them out. No matter what option you choose, it's going to cost you.
I recommend you get them out and then consider selling the property and investing in a State with fair laws and court systems.
I took over 2 duplexes with tenants that are not paying or barely paying. I asked the PM to offer cash for keys, but I am not certain what is going there as I am an out of state investor. I see letters have been sent requesting money and threatening eviction.
This is the 4th month with no rent.
Do 'cash for keys' offers have to come as an official letter from the PM?
I second that, NJ and NY are very difficult states to get tenants out AND THE TENANTS KNOW IT. It is all over the news. I would recommend offering the money to move.
No, they don't necessarily have to be "official" but it is more legitimate from the tenants point of view. I would actually recommend having a conversation. Most of the time it is difficult to get in touch with them because they know that there is a problem, and they will avoid. We normally try every form of communicating including door knocking and door postings
Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
2y
@Sara Emmanuelle Dube I would recommend have ALL of your documentation filed while at the same time offering cash. You don't want to waste time hoping that a tenant that has proven that they are unwilling to cooperate, just moves on their own.