Landlord Tips: Using Collection Agencies
October 1, 2010
Send the following information to a collection agency for any tenant debt you want them to handle:
1. The rental application of the tenants and co-tenants
2. The tenant screening report, if you have one
3. The rental or lease agreement
4. Move-in/move-out inspection report
5. Move-out correspondence, showing final billing totals and application of security deposit
6. The rent ledger and other items, such as dishonored checks, letters of dispute, etc.
7. The current address, phone, employment, bank account of tenants and co-tenants, if you have them.
8. Legal notices which affect the amount owed
9. If the account is a judgment, a copy of the summons and complaint and a signed assignment of the judgment.
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.