Rental Property Investor · Rockledge, FL · Member since 2018 · 13 posts · 5 votes
What happens if you're doing an FHA loan, but all the units are currently full? There are many ways to go about this, but what would the timeline look like? Did anyone encounter this scenario?
Real Estate Investor · Springfield, MO · Member since 2017 · 1k+ posts · 2k+ votes
6y
Bribe someone to leave. "Cash for keys!" Find someone whose lease only has a few months left on it and offer them $1,000 to move early. Works best for folks who were already thinking about moving, and if they are good residents have the owner/manager give them a glowing reference.
Investor · Boston, MA · Member since 2019 · 61 posts · 36 votes
6y
In addition to what Erik said, you can make the move as easy as possible for them. First ask each tenant what their long-term plan is. Find someone who may be thinking of moving at some point in the future. Then think about the pain points in moving: 1) finding a new place, 2) moving effort/expenses, 3) $$ for a security deposit. If you know other landlords in the area, see who might have a unit available that's comparable in rent, condition and location to the one you're looking to occupy. Also, compiling a list of open apartments just from Craigslist or Apartments.com can make the process easier. In addition to cash for keys, you can offer to reimburse them for the Uhaul or give them a set amount for moving expenses. The more hurdles you can remove for them, the smoother the process will be.