Collection Agency Referrals for Tenant Judgment

USCTrojanMan29 · 12-05-2014, 11:49 AM

Do any of you guys have any collection agencies that you can refer me as I'm interested in selling the judgment that I got against one of my former tenants who I evicted recently? Any referrals are appreciated.

ejheverest · 12-06-2014, 09:41 AM

Last tenant i evicted claimed bankruptcy so it was illegal for me to sue her in small claims court for any monetary damages.
Claimed a loss on taxes and learned a big lesson I will never forget.

Maestro · 12-08-2014, 11:20 AM

^ I have to agree, the collection company will only pay a fraction of what you were awarded. The lose is probably worth more as the write off than you would get from a collection agency. Talk to your accountant if you use one they can tell what is worth more doing.

wrickem · 12-09-2014, 12:37 PM

As a landlord, sometimes you just have to let things go. It sucks, people are a-holes, but it's the risk of letting somebody else rent you property.

UncleWede · 12-09-2014, 03:20 PM

My dad's formula for determining the price of a new piece of rental property is to figure out what the going rental rate in the area is. Then he multiplies by 10 (no, not 12) to determine how much he will have a year to spend on mortgage, taxes, etc. IF 10 months won't cover it, it's too expensive.
That builds in enough leeway for deadbeats not paying, him spending time/money on eviction, and clean-up after they leave.

It's why I don't have any rental property until I take over the family trust when mom and dad shuffle off this mortal coil.

12-05-2014, 11:49 AM	#1
USCTrojanMan29 Captain 37 Rep 898 Posts Drives: Purple People Eater Join Date: Nov 2007 Location: Around iTrader: (2)	Collection Agency Referrals for Tenant Judgment Do any of you guys have any collection agencies that you can refer me as I'm interested in selling the judgment that I got against one of my former tenants who I evicted recently? Any referrals are appreciated.
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12-06-2014, 09:41 AM	#2
ejheverest First Lieutenant 29 Rep 395 Posts Drives: E90 SG 330i Join Date: Nov 2006 Location: Mass, NH, Maine, Virginia iTrader: (0)	Last tenant i evicted claimed bankruptcy so it was illegal for me to sue her in small claims court for any monetary damages. Claimed a loss on taxes and learned a big lesson I will never forget. __________________ SOLD......E90 SG, ColdWeather Pckg, Sport Pckg, Logic7,H R Sports, Rogue Ikon, M sport shift knob/boot
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12-08-2014, 11:20 AM	#3
Maestro Major 1083 Rep 1,268 Posts Drives: 2007 335i Sedan, 2021 X3 Join Date: Nov 2006 Location: Philadelphia iTrader: (0)	^ I have to agree, the collection company will only pay a fraction of what you were awarded. The lose is probably worth more as the write off than you would get from a collection agency. Talk to your accountant if you use one they can tell what is worth more doing.
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12-09-2014, 12:37 PM	#4
wrickem Should be working 2206 Rep 3,816 Posts Drives: What he wants to Join Date: Mar 2006 Location: lambertville nj iTrader: (0)	As a landlord, sometimes you just have to let things go. It sucks, people are a-holes, but it's the risk of letting somebody else rent you property. __________________ ______________________________________________ Currently hoarding cars - '24 840, '19 911, 07 M6 , ‘23 Bronco OBXluxsquatch, ‘24 Bronco Heritage
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12-09-2014, 03:20 PM	#5
UncleWede Long Time Admirer, First Time Owner 18650 Rep 9,438 Posts Drives: G01 X3 M40i Dark Graphite Join Date: Jun 2005 Location: Oxnard, CA iTrader: (0)	My dad's formula for determining the price of a new piece of rental property is to figure out what the going rental rate in the area is. Then he multiplies by 10 (no, not 12) to determine how much he will have a year to spend on mortgage, taxes, etc. IF 10 months won't cover it, it's too expensive. That builds in enough leeway for deadbeats not paying, him spending time/money on eviction, and clean-up after they leave. It's why I don't have any rental property until I take over the family trust when mom and dad shuffle off this mortal coil.
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