Cash for keys

7 Replies

How much do you pay for keys? A percentage of tenant rent?

I'm thinking no more than $300 to get them out in 4 days.

Well that's a pretty tight idea. I was thinking you did that in addition to cash lol 

@Rosston Smith  It came out in the face to face negotiation.  He knew he was in violation and needed to leave (3 day notice was served.)  I offered '$300 cash if he could turn the key in to the property management office by Friday'.  He asked for another weekend.  I asked him what he needed to make it happen.  He said that he needed a way to move his boxes.  It came down to the u-haul arrangement.

Originally posted by @Kathy Henley :

@Rosston Smith  It came out in the face to face negotiation.  He knew he was in violation and needed to leave (3 day notice was served.)  I offered '$300 cash if he could turn the key in to the property management office by Friday'.  He asked for another weekend.  I asked him what he needed to make it happen.  He said that he needed a way to move his boxes.  It came down to the u-haul arrangement.

 Oh that's neat! I like it.

Kathy....good idea.

In the past I've been hesitant about the cash for keys deal.  But just lately Bill and I have been talking more about this.  Why?  Because of the length of time it's now taking to get through the court system.

Case in point (true story; in court last week).

1. Tenant doesn't pay rent in September.  Rent is due on the 1st, late on the 3rd,  3 Day Pay or Quit notice would go out on the 4th but this is a Sunday and the 5th was a holiday so it goes out on September 6th.

2. Filing on the 9th.

3. Tenant served on September 15th.  Has 7 days to respond if she wishes.

4. Responds on the last day (the 22nd) saying she is sending the rent/late fee/filing fee out that day. 

5. Her response initiates a court hearing which is scheduled for almost a month later (October 19th).

6. No rent received for September or October.  Remains parked at the rental.

7. Calls on October 17th and tells me she's moving out on Friday October 21st.  Wants her security deposit used for September rent.  I tell her she's on a month to month tenancy, needs to provide a 30 day WRITTEN notice and needs to pay what she owes and no, I'm not using her security deposit for September rent.

8. Before the court hearing still wants to be out by Friday.   Then asks to stay until the end of the month.  NOPE!   Then asks for time until Sunday.  Doesn't want an eviction on her record.

9.  At the hearing it's decided she needs to be out by Sunday; if not, I'm to contact the judge first thing Monday morning and he'll grant an immediate eviction order.  He gives me his private number to let him know what is going on.  Normally, in granting an eviction order I'd have to contact the Marshal's office and they would need to schedule the actual eviction which typically takes several weeks.

Point is...even initiating the process early on it's now taking up to 2 months (or longer) to complete this in my county.    Meanwhile the renter continues to remain in the rental unit.

The idea of either paying for a rental truck or offering them half the amount of their rent to be out by the end of the weekend sounds like an increasingly enticing offer for a landlord to consider.

Gail

Paying cash, extortion, is hurting our industry. Every time a tenant is paid extortion money and walks away scot free, rather than going through the eviction process, that landlord has set the next landlord up to be s*****d.

Thanks a lot to all you landlords that only care about themselves and don't give a d*m about the rest of us. 

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