Updated about 8 years ago on . Most recent reply
Cash for keys for owner occupied duplex
So I'm closing on a duplex in Northwest Arkansas in a week or so. Both sides leased month to month, and we plan on moving into one side. We're taking the side that is worse off to allow us to fix it up, but I need the guy there to leave. I know I only need to give him 30 days, but my concern is his actually leaving and the condition the unit will be in. He was at the property when I looked at it with my realtor and STRONGLY expressed desire to stay (just shy of begging.) I would never have rented to him in the first place, plus from some of his own admissions, he wouldn't currently qualify for our lease. I don't want a trashed unit, so I considered offering cash for keys, and even a daily incentive (like an extra 10 bucks for every day less than 30 he's there). And of course, returning his deposit if the place is in order. Any thoughts or advice? Thanks.
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@Jonathan Boyd Have you just tried talking to the guy first? He knows he is on a month to month lease. If you treat people kindly they "usually" respond well. If it were me. I would just meet with him and be up front, and tell him that you bough this condo as an investment and you need to live in the side that needs the most work in order to make improvements to your investment. And you are required to live in one side based on the financing you have. This way he can see that you aren't putting him out because he is a bad tenant or because you don't like him. Its just business.
Then if that approach didn't work, or I got the feeling he wouldn't go easily, THEN i would offer cash for keys. But you may be able to save yourself some money, by just having a genuine polite conversation.
Just a thought.