Cash for keys reddit. Under N12, LL owes tenant 1 months rent.

Cash for keys reddit I've read online that the cash for Keys is non-taxable and its considered the same tax wise as primary residence appreciation. Cash for keys is a legitimate mediation tool, and if landlords start stiffing deadbeat tenants on the payment, the concept of cash for keys would disappear, and landlords would be stuck going through the long and expensive eviction process, without any option of As many of you are aware, this community has been participating in the ongoing Reddit protest. $3000 sounds like an overly generous offer to start with. It’s not the morality of it. If you don't want to pay them to leave, you can just say no. Rather, it’s a euphemism for paying someone in exchange for ending their tenancy. "just under $9500"? I'd bet dollars to donuts the property management was offered $10 000 to try to get you out. This is usually so that the landlord does not have to go through an expensive eviction process, and the tenant gets some cash and does not get an eviction in the records, which might make it hard to rent in the future. Cash for Keys Agreement – The tenant had not paid rent for four months. So yes if it backfires they may end up on open room. If the tenant moves now, they immediately start paying double the rent for less house. com Mar 15, 2025 · My eviction process went like this: 1. Rent: $1100/month Current market comparable: $2300-$2500/month How to calculate an appropriate amount to request as compensation from the landlord? Thank you. They agreed and signed the paperwork. I waited a month and said I'd take 40K and 3 months free of rent and detailed the move out date. the person clearly said if it backfires. Cons: Cash for keys is much more costly than an N12. If they wait for a hearing, they save a year's increased rent. You should also stop talking to your tenant about your financial situation, this is not going to help you. “Cash for keys” isn’t literally handing them a bundle of cash and they hand you the physical keys (although I suppose that could happen). That's from the LA Housing Dept. They may get more if they get cash for keys but the owner also gets more selling unoccupied. They want me out in approx. At least 12 to 15000 dollars. its "cash for keys" not "months of rent for keys". I provide all of the necessary paperwork with the tenant and offered them a cash for keys deal to be out of the unit by this Friday just passed. If they're not far from market start at 3 months. Cash-for-keys is more typically about one month's rent. Cash for keys question for a friend: His landlord wants to do a "cash for keys" because he wants to sell the property without occupants. [Click… There's a cash for keys calculator tool I used (it might have been from LA Housing Department). Landlord and Tenant Board backlog others view as fair compensation View community ranking In the Top 1% of largest communities on Reddit. Maybe with NY tennant friendly laws, it might require more, but still. See full list on ipropertymanagement. I’m fully aware of how tense the landlord/tenant situation is throughout Ontario right now… and that many landlords are resisting the notion of “Cash for Keys” to regain vacant possession of a residential unit. In the meantime my tenant verbally agreed to a cash for keys deal. Need to draw up the paper work and see if she actually signs! Right, the "cash" is the fact he doesn't have an eviction on his record & you won't billback the filing fee. If it's drastic start at 6 months rent and go up to 8-10. I am genuinely curious… for those who are against “Cash for Keys”… what exactly do you disagree with about it? Reading through some reddit threads, I heard about cash for keys was a method that landlords can take to just encourage bad tenants to just leave. I have a rental unit that I sold and the deal closes mid-Sept. If you want to make it extra appealing, give him $500 if he can be out & give you keys in two weeks ish (and get that all in writing "LEASE AMENDMENT: END DATE AGREEMENT - Tenant agrees to be out on (date), including all personal property, and Landlord will provide a one-time money What is your personal “Cash-for-Keys” value? Housing In some of the other subreddits I follow their have been a number of comments and conversations about offering or accepting Cash in exchange for vacating or terminating a rental lease in the situation where the landlord wants then out but has no grounds to legally evict them. They did the math and realized they could skim off the top if they phrased it that way. We have an L1 application in with LTB but we all know how long that will take. 3 months and have offered me 2 months rent compensation. If you're offering a tenant cash for keys obviously you want to mitigate costs, but you need to weigh how much below market they're paying. timelines at Tribunals Ontario are improving and currently around 4 months for a N12, so your ability to hold the property hostage is limited and accordingly the "cash for keys" amount is capped by this reality a decision against you at Tribunals Ontario is public record and can impair your ability to obtain rental housing in the future They're being unreasonable. Building owner countered again and I just stopped replying. Under cash for keys, typical starting point is 5-6 months rent. She was a divorced nurse from Nov 27, 2024 · use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example. In my experience, cash for keys starts at one month rent and goes up from there. Let's not put thise "cash for keys" etc etc terms more popular for the slumlord millionaires to get bolder and bolder so that everything is just a naked profit or loss. If Tenant doesn't vacate after an N11 for cash for keys, LL can file for ex-parte eviction which is very quick even under LTB. If they take it to ltb they will end up on open room. . This subreddit has gone gark beginning June 12th to protest Reddit killing 3rd party apps. Under N12, LL owes tenant 1 months rent. I don’t give a shit about a deadbeat tenant. Due to the extreme circumstances of this situation, I would be prepared to offer the equivalent of six months of rent or more to the existing tenants. My thinking is the cash equivalent to first and last at a new place, 5 additional months of the difference between my current rent and what I’d be paying for a similar place, moving expenses, mail forwarding costs, fees to change my services, cost of a paralegal to draw up a proper contract for both our protection and for the various So per the above quoted bulletin, the amount paid to a tenant to cancel a lease (aka a cash for keys deals) counts as the proceeds as the disposition of their lease holder interest, which is treated in the usual manner based on the fact that the property was used primarily for the tenant’s personal use which also qualify as the tenant’s 131K subscribers in the Landlord community. Discover how this approach can streamline property reclamation while maintaining respect and fairness for all parties involved. This should be about your rights as a human to live in a place where you and the other party agreed as long as you want to. They have asked me to sign a cash for keys agreement and a N11 form. Cash for keys: Some tenants who face eviction demand thousands from landlords amid tribunal delays What some see as taking advantage of Ont. As Reddit Administrators have failed to adequately address the issues that have been brought to their attention and continued to disregard concerned raised by Moderators, especially concerns about accessibility by blind moderators and users, as well as have refused to work with 3rd party app I have a six unit apartment building i am planning on selling soon. My landlord is selling and has offered me cash for keys. If I understand correctly could I give 100k to two family member tenants as cash for keys ? Thanks Cash for keys is a voluntary private contract - there is no 'allowed' or 'prohibited', since this arrangement wouldn't be regulated by the LTB/government. I am not in a term anymore, I am month to month lease (lived here for nearly 4 years). For those of you who have accepted a Cash For Keys offer, can you explain how the process went for you? Did you get any legal help to ensure a smooth and safe process? Some concerns I have are: If we agree to this offer, can they back out or withhold the money for any reason? 4. We exchanged keys and cash on Friday, place was empty. Agreed, you will inevitably be evicted through a legal process but the language is clear in the city guidelines, you are not obligated to take the offer in the case of tenant buyout which is my interpretation of Cash for Keys. Cash for keys just means that the owner and tenant have agreed to terminate the lease because the landlord is paying the tenant. The whole reason for offering cash-for-keys is to provide an incentive for them to vacate. Cash for Keys gone very wrong (NJ Tenant) I moved into a beautiful condo townhouse with two Looking to make a “cash for keys” deal with non paying tenant. If a cash for keys back fires it means that that OP asked for too much, house is sold anyway, and the new owners send an N12 to evict them. Really the max is "at what point is paying them no longer worth it" as you know what drives you. com Jul 15, 2024 · Explore the controversial yet effective “Cash for Keys” strategy, a pragmatic solution for landlords navigating tenant evictions. Has anyone done this and can walk me through the steps to have a successful cash for keys agreement? lol work on your reading comprehension. susw dxxcj ggsqq fzjsuc yrfm mwzdci uckfsf mdt ryhkr twng kogmttk qgejdd jmogr umactq efp