Landlord Blog: Cash for Keys

Landlord Blog: Cash for Keys

Mr LL Cash for Keys [MI]

I am wondering something. I have an upcoming court date to evict a tenant for lease violations. # 1 is her deadbeat BF, who now seems to be staying full time, now that the Court paperwork has been filed with the Court. My question is: She wants cash for the keys. Do you think this is a form of blackmail?

Cash for Keys [CA]
She’s probably done this before and been successful. Blackmail or not, it will depend on how much you want her (and the boyfriend) out of your house and life. I’d go for the cash option any day before I’d do another full court eviction with all the new restrictions. It could take months. If you aren’t in a hurry, just say no, but with my last crew, I just wanted them GONE. Worked out pretty well when I said I wouldn’t charge for the 3 extra days. Out of sight, out of mind.

Cash for keys [OH]
Offer what you think is fair after the unit is empty and cleaned very well – rent ready, not with food wrappers or food and/or leftover stuff in unit, if you are already on your way to court why not let the judge bless this event and give you a 10 day move-out, I don’t know if John-MI is still active here, he has demonstrated up2date expertise in MI tenant eviction documents. Have you been following the MI court paperwork already?

Cash for keys [PA]
Sometimes it works. Consider how much damage a fired up tenant can do.

Cash for keys [WI]
If you don’t go to court, she is not evicted and it is not on her record and she gets away with it again.

Cash for keys [MA]
In years gone by I wasn’t a fan of ever doing “cash for keys”. Now that I’m an older & perhaps wiser LL, I just look at it as a business decision. Now I go with whichever option is going to take the least amount of time & resources (including money) to accomplish what I want. Of course during our negotiations, I never reveal that the tenants will be receiving a 1099 NEC for any & all of the funds they receive.

Cash for keys [GA]
Dee in our state just filing the dispo places it on their records. If offering cash for keys I would hope court papers would be in the works– prior to that?
I’ve done cash for keys 2 times. Once Feb 2019 on a foreclosure I had— gave 1K for signed deed in lieu of and house keys in front of Sheriff. Second one was about 4 months ago– 650.00 for keys — only because court was closed. (still is) Think those were solid decisions now.

Cash for keys [NC]
Does she think she gets cash before she moves out? Make sure she knows it doesn’t work like that! She moves out, leaves the place SPOTLESS and you pay her X by CHECK or electronic service so you have a record of it.
Cash for Keys is a biz decision, as noted above. We’ve done it once. Filed for eviction, tenant shows up in court, Judge decides he was not properly served by the Sheriff. Judge would not count the actual day he was served, so not enough days to make it legal or some carp like that. Even though he was in court with the summons so proof positive he WAS served! Anyway he continued case for 10 more days. We offered Tenant cash for keys to be out by end of weekend and he took the deal.
We were not suing for rent due, we were suing for other lease violations so maybe that colored the Judge’s decisi on.

Cash for keys [IN]
If I’ve already filed, I figure I may as well go the court route. I have paid cash for keys before and was satisfied with that decision. Depends on how quick you want them out.

Cash for keys [MO]
May feel like BMail. But it may be a smart option for you. Ask the tenant how much cash they want. $1000? Say some like I’ve already paid the lawyer$500. Will you be out by Oct 1st return a clean house, and accept $500? Then stay quiet. Otherwise proceed to court. What is a clue to other LL is that you had to file. And you get your house back.

Cash for keys [WA]
In my state or maybe just county, we are now not allowed to offer cash for keys anymore. It was something about taking advantage of the tenant who doesn’t know her rights. Just make sure you are allowed to offer that -post COVID.

Cash for keys [IN
Have have offered Cash for Keys a few times but only once did it succeed.
I also provided 2 helpers with truck and trailer to haul the big items and paid the first month on a storage unit. I deducted all this from the deposit. I bought her 4 appliances for $100 each. Gotta be careful how it’s presented. Must have a deadline on the deal.
One time I offered it but the guy did not take the deal. A month later in eviction court he showed the judge my Cash for Keys email and applied it to the eviction damages. Good thing is was for only $300.

Cash for keys (by George [NY])
Several years ago, I had nightmare “professional” tenants I wanted gone. Their lease was ending. I had started eviction against them 3 times previously for non-payment, and they paid before the court date each time. I offered the cash for keys and they refused. Yet when my attorney offered them the same cash for keys deal, they took it. Either way they were gone, and I could begin repairs to prepare for a new and better tenant. Better screening policies would likely have prevented this situation. Wife’s credit was one point under my minimum, hubby had no credit score. Both were working, and they seemed like a nice couple. I accepted them with additional security deposit: bad move on my part. My new screening standard is for ALL adult occupants to meet a higher credit score requirement. In 20+ years as a landlord, I have found the credit score to be the one most accurate predictor of a good tenant. –67.250.xx.xx

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