cash for keys
let us say that one hypothetically owns a rental property, and the tenant refuses to pay rent/also refuses to move out. what is the most you would pay said tenant, hypothetically, to leave (as a multiple of monthly rent or pure $ value)?
Seen as low as $2500 and as high as $20K.
Does your state have shoddy eviction laws?
In CA here and I have seen as high as a year's worth of rent. This is from a HNW friend of mine who buys with very low leverage and is planning on never selling. Just hold forever. So upping the rent made that much more sense to him.
Sold 14 units two years ago here in San Diego. Horribly managed along with an inadequate owner. All but a few tenants were even paying at all. There were nine section 8 responsible for paying only $250mo of their $1400 rent (market was $1850). Nearly all section 8 were behind by a year.
We offered to waive the arrears, not report them to section 8 and gave them $1500 cashiers checks for the keys.
I rescued a tiny little cat that I paid to get healthy. Couldn't find any takers that would keep her indoors. Still got her today, lol.
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