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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Cash for Keys Posted by Kristine-CA on May 06, 2009 at 7:30 AM In Reply to: Cash for Keys posted by Tom on May 06, 2009 at 6:23 AM I made a few mistakes in the beginning with CFK. One time we paid two moving guys, rented a van, and rented storage space only to find at the end of the day that the tenants weren't going anywhere. There is more going on than money for tenants that won't leave. Some of them have such bad credit and other problems that replacing a place to live isn't worth money. Also, some run home business that need home bases. You know, the kind that when the neighbors come to visit they are carrying their purses and wallets. So, it won't work every time. And it needs to be arranged so that the house is empty, you meet at a designated time and place away from the house. One person is there with the money. Another person is back at the property, checking to make sure they are gone and changing the locks. I've gotten some properties back in pretty good condition. I'd say 3K would do it in most situations in my farm. But the rents are really low ($600 or so) and the neighborhoods pretty bad. I would expect to pay more elsewhere. I've never had to make a deal with a foreclosed owner. I'm guessing the emotions and issues are different. : What's your formula for determining the cash for keys amount, and what amount do you find that works? Although I didn't directly get into PM issues from my experience cash for keys usually doesn't work (maybe 30% of the time), as the squatters usually figure they can buy more time by holding the fort than taking the $$ (true). If their credit was already shot, they usually didn't care. They were usually as or more destitute than the former owner. We'd usually pay up to $3,000. Follow Ups: They get the cash after they're loaded Tom 1:51 PM, 05/06/09 (2) Re: They get the cash after they're loaded Kristine-CA 4:51 PM, 05/07/09 (0) My experience is... Rick, the Probate Guy 7:36 AM, 05/07/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I made a few mistakes in the beginning with CFK. One time we paid two moving guys, rented a van, and rented storage space only to find at the end of the day that the tenants weren't going anywhere. : There is more going on than money for tenants that won't leave. Some of them have such bad credit and other problems that replacing a place to live isn't worth money. Also, some run home business that need home bases. You know, the kind that when the neighbors come to visit they are carrying their purses and wallets. : So, it won't work every time. And it needs to be arranged so that the house is empty, you meet at a designated time and place away from the house. One person is there with the money. Another person is back at the property, checking to make sure they are gone and changing the locks. I've gotten some properties back in pretty good condition. : I'd say 3K would do it in most situations in my farm. But the rents are really low ($600 or so) and the neighborhoods pretty bad. I would expect to pay more elsewhere. I've never had to make a deal with a foreclosed owner. I'm guessing the emotions and issues are different. : : What's your formula for determining the cash for keys amount, and what amount do you find that works? Although I didn't directly get into PM issues from my experience cash for keys usually doesn't work (maybe 30% of the time), as the squatters usually figure they can buy more time by holding the fort than taking the $$ (true). If their credit was already shot, they usually didn't care. They were usually as or more destitute than the former owner. We'd usually pay up to $3,000. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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