Collections (by Michael A Pace [NY]) Oct 22, 2020 12:49 PM
Collections (by Plenty [MO]) Oct 22, 2020 12:56 PM
Collections (by S i d [MO]) Oct 22, 2020 1:29 PM
Collections (by cjl [NY]) Oct 22, 2020 1:57 PM
Collections (by myob [GA]) Oct 22, 2020 2:31 PM
Collections (by Robert J [CA]) Oct 23, 2020 3:06 AM
Collections (by razorback_tim [AR]) Oct 23, 2020 7:48 AM
Collections (by myob [GA]) Oct 23, 2020 7:59 AM
Collections (by yvonne [KS]) Oct 23, 2020 1:09 PM
Collections (by Michael A Pace [NY]) Posted on: Oct 22, 2020 12:49 PM Message:
Is it worth it to turn your non paying tenants that moved out over to collections? What success rate did you have. Sometimes its worth it to send a threatening letter from an attorney. Any thoughts ? --172.58.xxx.xxx |
Collections (by Plenty [MO]) Posted on: Oct 22, 2020 12:56 PM Message:
It's a part of this business i started pursuing lesrning about appox 5 years ago. And yes it's been worth it. Need the judgement and if you dont havr that you habe to find out where they are to serve papers. That is where I'm getting stuck. --99.203.xx.xx |
Collections (by S i d [MO]) Posted on: Oct 22, 2020 1:29 PM Message:
Is it worth it to turn your non paying tenants that moved out over to collections? Yes, $1 collected is better than $0 collected.
What success rate did you have? Better than $0.
Sometimes its worth it to send a threatening letter from an attorney? No, and it could possibly violate the Fair Debt Collection Practices Act, Section 806.
You have nothing to lose and only something to gain sending your collections to a reputable collector. Try it.
--107.216.xxx.xxx |
Collections (by cjl [NY]) Posted on: Oct 22, 2020 1:57 PM Message:
I've never sent mine to a collector ... I have received a judgement that was filed and that's it.
I have been paid by an ex tenant due to that - even though the city marshal at the time stated "it's not worth it because there are others in front of you" ... and I said "do it anyway". This particular one DID end up paying about 5 or so years later.
I have another one that I highly doubt I will ever collect on as they are "system people" and "live off of the services of the system" but who knows ... maybe someday (I doubt it) they or someone will end up with some money and I will get paid. I wasn't even going to take these people to court - I just got the eviction and got them out. THEY SUED ME ... so then I counter sued and won. So it's the priciple of the matter now ... every once in a while I find out where they reside and send a letter to them "reminding them".
I have a feeling that it gets them riled up so that in itself is satisfaction to me :) --67.242.xx.xx |
Collections (by myob [GA]) Posted on: Oct 22, 2020 2:31 PM Message:
my success has been fantastic. It sucked when I let some other company do it (local guy) You are welcome to read my past posts here.
Here's a fact-- watch the penny's and the dollars will follow.
We LL's need to STOP saying it's not worth it. If you don't get a penny-- it's worth it. People who come into your property's and damage them willfully need to be known. The judgement last for years and when it POPs up in the credit report-- well how can they explain it?
When we started out our own collecting we had 400+K hanging out here. We may be down to 100K or 80K its hard telling since people do declare BK. We don't care that they do because that's not free either-- it cost. So our resolution is-- they can pay us-- or an attorney to file BK.
Just today we filed to collect on a default judgement. the amount was 2300.00. Yesterday he called and we made this offer-- pay 1000.00 post marked by the 22nd and we'll call it even. He's at the post office and mailed it. You can settle these if you keep in mind we get 15.00 per light bulb. 45. for dryer vent hose, yada yada yada. 15% interest and 25% collection fee-- yes we charge 25% on top of the debt to collect it and it's a bargain.
We collect a lot of 100.00 payments ever month and dribs and drabs of 8K or 6,5K to settle or lock out (blanket) a savings account for 8.500.00. --99.103.xxx.xxx |
Collections (by Robert J [CA]) Posted on: Oct 23, 2020 3:06 AM Message:
It goes something like this:
When I buy an apartment house who's previous owner wasn't a "real landlord" but instead an "investor", they had no concept of applications or screening a tenant and making sure they are "tenant material" I'm left with tenants needing to be evicted.
Yes I go after them for possession of the rental and a "money judgement"! But once they are thrown out by the Sheriff, I CONCENTRATE on getting the unit ready and re-rented.
After six months have passed and the "judgement" no longer be appealed by the tenant, I can go after them.
Either I can do a debtors exam, send demand letters or put a lien/garnishment on the x-tenants salary.
Also a debt collector is sometimes warranted when all else fails.
An x-tenant has to have a job, assets or money to collect on a judgement. Otherwise you are expending energy for no good reason.. --47.155.xx.xxx |
Collections (by razorback_tim [AR]) Posted on: Oct 23, 2020 7:48 AM Message:
My best collection results have been small claims judgments followed by garnishments. --70.178.x.xx |
Collections (by myob [GA]) Posted on: Oct 23, 2020 7:59 AM Message:
this is another great point. when you have the judgement-- kick back and relax. Let time be on your side. Our policy is minimum one year-- just let it sit.
Let that X-tenant start back up on facebook bragging about their new job or where they're living.
Give their new LL time to file the HIS none pay of rent action and you now have their new address.
Unless they die they generally stay in the area and at 15% interest on the debt--- it's just compounding.
We had a collection this year from 5 years ago-- a 4500 amount got to 8K in those couple of years. --99.103.xxx.xxx |
Collections (by yvonne [KS]) Posted on: Oct 23, 2020 1:09 PM Message:
We have successfully been using a collection agency for about 5 years now. Totally worth it - we get checks almost every month from our local collection agency. Better than getting nothing & hopefully the word is out that we will fully pursue former tenants for damages/ unpaid rent! --70.184.xxx.xx |
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