Claremont, CA · Member since 2020 · 23 posts · 8 votes
Hey guys,
Was just curious if anyone has had experience with doing cash for keys in the San Pedro/South bay area.
1. Are there any restrictions on doing a cash for keys agreement in terms of legality? I heard there was a distinction between doing a cash for keys type agreement in California rent controlled areas vs specifically LA rent controlled areas. Are there specific legal requirements I have to uphold outside of a standard cash for keys agreement?
2. Would love to get a poll of what people would offer for a 2 bedroom/1ba that had a market rent of 2000 but was being rented for 1000.
Rental Property Investor · Seattle, WA · Member since 2013 · 2k+ posts · 1k+ votes
5y
I can't speak to your local area, but wanted to chime in. There are many vocal folks on this site opposed to cash for keys, but it is a great tool to get possession of a unit back faster and cheaper than traditional avenues. You probably won't find a set amount, we have found that it varies by each tenant. Create a form with a space to fill in the agreed to amount, talk to them to find out what they need to move, and write in the amount on a case by case basis. The local tenant-landlord laws should cover what is and isn't allowed, I suggest reading them for guidance.