I live in Los Angeles (Actually Santa Monica) with our draconian rules on getting people out of buildings and the high costs of buying them out, just curious how this would effect me in Bakersfield/Kern County.
What's a normal buyout amount? if needed...
Not sure about the rules in your City or State but when we have done cash for keys prior, I always ask the tenant for their number. Typically it is much less than what I would be willing to spend. I would also have them sign some type of lease termination letter (ask you RE attorney).
@Charles Carillo thank you! I’m looking to buy Q2/3 of 2021 and doing homework.
Looks like getting tenants out in KERN is a LOT cheaper than in Los Angeles.
In Portland, you get an exemption from no-cause eviction if you/immediate family will be moving in.
Check on the local rules.
Yes this would require a payout, check the LA rent stabilization ordinance website. Take the required payoffs with a grain of salt, the spirit of the law often outweighs the letter of the law if it goes to court. Out of court your are usually looking at $8-20k per tenant depending on how long they have been there and family composition.