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If you have tenants that are not paying: approach them. Explain to them (not in writing) that you can no longer make payments due to lack of rent - and the bank
by ransom1538 5y ago
If you have tenants that are not paying: approach them. Explain to them (not in writing) that you can no longer make payments due to lack of rent - and the bank could foreclose and seize the home. Offer to pay them 2X monthly rent cash to sign a contract to leave the place clean in 30 days plus free rent. Have a lawyer draw up paperwork (~$500/2hrs) and explain you and the tenant agreed to the terms.
Once the place is vacant sell the property or re-rent with short term rentals.
- kyleee 5y agoHow do you enforce if they still don't leave after 30 days?
- ransom1538 5y agoThey wont get the money - and you are in the same position. So you lost nothing. It wont work all the time. But it is hard for tenants to resist all that cash.