How Did You Negotiate Cash For Keys?

[Joey Gorombey]

Has anyone done this? It's looking like I will need to, with a tenant lease expiring 30 days after the 60 day FHA move-in period. What do you typically offer to get them to leave? How did you ensure they would leave before you bought the property?

[Joe Splitrock]

Originally posted by @Joey Gorombey:

Has anyone done this? It's looking like I will need to, with a tenant lease expiring 30 days after the 60 day FHA move-in period. What do you typically offer to get them to leave? How did you ensure they would leave before you bought the property?

You can't get an FHA loan if the lease is past the 60 day mark. You will need to have the current owner negotiate a new lease that has the tenant leaving in less than 60 days. The first step is just asking them if they are willing to leave one month early, but the owner needs to do that. You can't contact the tenant until you have ownership of the property.