Posted by Robby C (OH) on April 10, 2006 at 21:39:48:
SteveOh,
Hey man, I was told to drop my pursuit of someone who owed a sh**heap of rent ($5,100.) (for numerous reasons the rent went without being paid until me, the cat, came back into the picture.)
If the guy owes a but-tonne, get a good lawyer and go for it. I did, and went against those saying to drop it and move on.
Guess what? The turd forked out all back rent, late fees, and 95% of the atty fees. No kidding.
I think my case is the exception, not the rule. The monthly rent was $1,700 so it was worth chasing for even a month of rent, to me.
Not much besides forgiving the debt and reporting this debt forgiveness to the IRS.
The tenant will have to report this as regular income his 06 tax return.
You’ll find the right tax form to use on the IRS. website.
Posted by Rob Ricker on April 09, 2006 at 23:29:18:
You can take him to court and get a judgement against him for what he stiffed you. Then can try to collect that judgement by turning him over to a collection agency or tracking him down yourself, garnishing his wages, bank acct, etc. Probably not worth one months rent to go to all that trouble …but that’s your call.
Unless you’re a large company …no - Posted by Rob Ricker
Posted by Rob Ricker on April 10, 2006 at 11:37:27:
If you got a judgement and turned him over to a collection agency, the collection agency would probably report it. Honestly though, like the other guy said, it’s not worth the time …move on. Chasing a guy for one months rent makes no business sense whatsoever. Just make sure you select your next tenant’s credit out and get a good security deposit.
How much time, money and energy are you willing to invest in chasing this guy? Does he have assets you can reach?
This is a business. You need to think like a businessman. This guy did you afavor by vacating early. he could haev made you evict him, and he would have gotten another month or two free rent.
I have 65 tenants. Every year, I file 10-12 evictions. its part of the game. get used to it. as a general rule, tenants live paycheck to paycheck, hand to mouth. all it takes is an unexpected car repair, a bad night at the dog track, or some really good crack cocaine to blow the month’s rent money.