Need advice on Cash for Keys..?

[James Devoe]

Hello Everyone,

I recently came across a deal from a fellow investor on Long Island, NY.

He wants to sell his property because his tenants have been giving him trouble and haven't been paying him rent on time. As it is a very long and difficult process to evict a tenant in NY, I was considering offering them Cash for Keys. However, I don't know exactly how to go about this.

Can I offer them cash for keys before I take ownership?

If they're willing to accept, what's a good offer and do I need to get it in writing?

What other options do I have if they do not accept?

Any help would be great...

[Nathan Gesner]

Quote from @James Devoe:

The current owner is responsible for getting them out. You could offer them cash to vacate, but they're under no obligation to even speak with you because you aren't the owner and have no authority over the property.

If cash-for-keys is your only strategy, I would suggest you shouldn't purchase the property because the next tenant could do the same thing to you as the new owner. Better to invest in a state that still believes in Landlord rights.