We have a tenant who just informed us that he can't pay his rent. I asked how much time he needed to vacate. His responce was " what the law allows". So I thought instead of going through time and effort, why not give him a few hundred to vacate by the end of the month? I'm thinking $ 250 / $300 to be out, and hand me the keys. If it works out, I could get the property 4 weeks sooner than working with the courts. Cost would be about the same. And this isn't the season for evictions. What are your thoughts?

Why do some people immediately jump to giving deadbeats cash as a first option?

The first thing I would do is to let him know just how hard it is going to be for him to find any decent place to live for the next several years with a for-cause eviction on his record. Let him know that if he can be out within a week that you will provide him with a letter of recommendation after he has vacated and returned keys. Then write him a decent letter without embellishment.

Cash for keys is one excellent tool to get a tenant motivated to move out quickly. However, this method sometimes won't work if the current tenant had poor credit, a lazy person, procrastinator and so on.

When I do a "cash for keys" agreement with my tenant, I have them sign a simple contract saying the following:

a) the property is in good shape and the landlord has always responded to repairs in a timely matter.

b) the tenant is moving out because of personal reasons, has nothing to do with the owner or property.

c) tenant agrees to move within 30 days

d) tenant will leave the property in the same good current condition

e) the tenant will remove all of his belongings

f) the landlord will meet tenant at the property for a final walk through.

g) the tenant will hand over the keys to the property and sign a letter that everyone has moved out and given over the property vacant.

h) Landlord, after inspecting the property the landlord will issue the tenant a check for the agreed amount, $500 (five hundred dollars). The check will be good.

i) any deposit left over, after deducting the balance due on rent and any extra damages caused by the move out will be refunded to tenant within 21 days.

This is just a basic outline. So if the tenant doesn't move out and you have to evict, this document will show the tenant agreed that you were a good landlord and keep things in working condition.

Gary of IL getting the property 4 wks earlier is not better than loosing a months rent PLUS added court costs. AND possible more delays beyond a month.

Well, I made the offer. Out by 12/1/18 and Half deposit in cash. He said, Keep the deposit and I'll be out 1/1/19. He will be posted in the morning.

Gary of IL, Unfortunately NOW this tenant does not understand there will be a judgement against them. They should have taken the cash for keys OH WELL...