In this week’s episode we’re talking about how to collect on tenant debts. This is a tough task and Steve shares years of experience working in the debt collection industry.
Discussions in this episode:
Intro –
0:50 – Facebook group question on collecting funds
2:30 – Steve’s past business on collections
3:00 – Recovery rates, 20% for a Dentist,
4:15 – Day 120 is when it goes to a debt collection agency
5:00 – 9% is the debt recovery for property managers
7:00 – Starting July 1st judgments will no longer have any impact on credit reports
10:09 – Who actually makes verification calls to previous landlords?
14:30 – Collection agency will be the only way to impact a renters credit
15:00 – Remove yourself by hiring a collection agency or chalk it up to a loss
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