All Forum Posts by: Davin Granroth

Cash for keys is probably a controversial approach, but I've used it successfully.

If it looks like eviction is in the future, you might consider a "cash for keys" offer in which you say something like, "Look, I know this is tough news, but we're headed towards eviction. I can offer you a better option. If you can be completely out by (date and time), we'll give you (some amount of money), and we'll go through our normal move out process and maybe add some or all of the security deposit too, depending on the condition of the place. But if you aren't out in time, we can't honor this offer and we're going to have to proceed with the eviction. Do you want to talk about this option?"

Of course, the date would be sooner than what you would get with an eviction and it ought to be smoother, and less damaging to your property, because the tenant is choosing to leave instead of being forced to leave by you and the court. 

Benefits are less stress and probably less unpaid tenancy or vacancy, and the tenant can get out without an eviction and with head held a bit higher. Plus extra money to help get into next place.

You'll be giving up money, but by speeding up the end of a bad situation it might be worth it. You'd have to judge that.

No doubt a search on "cash for keys" would bring up more on this approach.

We did this successfully with a tenant recently. We already had a (relatively) high trust relationship though.

Thanks John. I'll reach out.

I'm looking for referrals for real estate lawyers in Saginaw Michigan. Anywhere nearby is fine too, like Midland or Bay City. Or down in the Owosso MI area, which is where I work.

This isn't urgent, except that my wife and I are soon to acquire our 5th rental unit and I've been meaning to find a lawyer since our first.

Thanks in advance for any help.

Tom! I'll make it back to the meet ups some day. We just had our 2nd baby 2 weeks ago. Things have been hectic. We're also going to close on another rental unit mid-April, which will be our 5th unit in St Charles. We're learning some lessons for sure, and things are overall going well. Greetings to Jerry, too. Meeting with you guys gave us enough of a nudge to buy our first rental unit a year and a half ago or so.

Come and meet people interested in real estate investing. We welcome people with all levels of experience and interests. Whether you are interested in buy and hold, flipping, wholesaling, foreclosures—we would like to meet you and talk about your interests, location and to come and learn from each other.

We get together in the meeting room in the Biggby Coffee on Bay Road in Saginaw. We meet the 2nd Tuesday or Thursday of each month. RSVP on Meetup.com.