Updated about 10 years ago on . Most recent reply
Opinion on Cash for Keys?
I work in the Detroit market (no not the surrounding areas, actually in Detroit), and cash for keys always seems like a 50/50 shot. Just wondering what other landlord/property managers have experienced with it.
Whats your opinion on cash for keys?
Has it worked for you/backfired?
How did you proceed with it?
Most Popular Reply
- Rental Property Investor
- Baltimore County Maryland and Tampa Florida
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I think it could be a good option if done right.
You offer whatever amount you are comfortable with and makes sense to you. Put it in writing and state that they have until X date to move out COMPLETELY and return the keys in order to receive the payment. You both need to sign the agreement. The payment will be made via money order. Not cash. I wouldn't give back the security deposit. They're already getting cash to leave fast.
The date shouldn't be long. Give them a week. Not a month.
At the same time, go ahead and start the eviction process. This way, if they don't take the offer or they end up not moving out upon the agreed date, you have at least not wasted time and the eviction process has already started. You can always cancel an eviction.