All Forum Posts by: Isadore Nelson

@Jonathan Greene to piggy-back on what your laying down here: 

I believe a core component of the "problem" is a gross over & mis use of "Cash-flow". 

If everyone would simply eradicate that from there vocabulary and replace it with "Realized PERFORMANCE". Than maybe with adjusting the vocabulary to REALIZED performance and UNREALIZED performance, we can start correcting understandings. 

There is realized gains & profits, and UN-realized gains and profits. As well as UN-realized expenses. And YES, far FAR too often I am seeing people stack up UN-realized expenses at a compounding rate, to give selves a false sense of "profit" on whatever monthly/quarterly capital there moving around. 

Remove "Cash-flow" from the vocabulary. 

Use Realized and Unrealized PERFORMANCE in place of such. 

Quote from @Isadore Nelson:

Give the expectation, a deadline, and a penalty. If she accepts the offer, make her sign and you both get a copy.

"You are required to vacate the home before 5:00 PM on December 31, 2024. The Landlord will verify that the rental is empty of all personal belongings and trash and that there is no damage beyond ordinary wear and tear. Upon verification, the Landlord will pay you $2,000 cash, and both parties will sign a receipt acknowledging that your account has been settled. If you are not out by the deadline or the property is damaged, this agreement will be void, and the Landlord will pursue legal means to evict and collect all unpaid rents, plus any other charges owed."

You should consider consulting an attorney.

Quote from @Isadore Nelson:

I'm sorry, but that's not true. It's good the tenant is talking to you, but I suspect she's just filling you full of excuses and you're lapping them up.

Cash for keys is what amateurs do when they don't know how to handle non-paying tenants. I manage hundreds of rentals, thousands of renters. I've only evicted a tenant through the court system three times in the last ten years, but I remove about a dozen tenants every year outside of the court system, all legally.

Any tenant can move out in two weeks. If you are going to offer cash for keys, put it in writing with specific expectations, and include a penalty if she fails. I would give her two weeks to move everything out and hand over the keys to an empty apartment. If she fails, I would go after her for every dime owed. The time and amount offered would not be negotiable.

Sorry to be so harsh, but she sounds like a scammer and you sound like a sucker. 

She was paying rent when there was a landlord that would file for eviction. Then as a REO property, she knows that she can slip through the system for a long time and she's stops paying rent to the bank. New landlord and she's still not paying rent probably because she knows she has a lot of time before you get everything together (proof of non-payment, copies of lease, etc), before you can evict her. However, if you pay her, she will leave. And you think that will take 6 weeks + hard work. 😂 Cash for keys can be done in an afternoon.

She's not your friend and you're not her caseworker. Get an attorney, have them file the eviction and be done with it. She will probably game the system for the next 6-12 months, but that's what you get buying a property with a non-paying tenant in place, in an anti-landlord city. 

This is a business. Run it like a business. 

No experience in Brooklyn but there are a lot of programs out there for rental assistance. Sometimes the tenant just doesn't know about them or their situation limits their ability to apply. If you are willing to do the work, the landlord can often be the first point of contact with housing assistance. I've inherited non-paying tenants before and assistance has paid their back rent almost every time, but it takes a long time and you will need patience and cash to wait them out.