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Reporting bad debt to credit bureaus

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  • Reporting bad debt to credit bureaus

    Has anyone ever done this for someone who hasn't paid and you auctioned off their unit?

  • #2
    I got all wound up on my first one where I lost a few hundred bucks, but never followed through.

    I came to two conclusions:
    1 - Life is too short. If the unit is empty and I can rent it to someone else, that is a win. COllecting anything meaningful on the auction is a bonus.
    2 - I auction delinquent units as rapidly as possible to minimize loss and maximize the chance that they will actually pay before the auction. This makes a big difference. Don't let them get too far behind and there is a lot better chance you get paid.

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    • #3
      Originally posted by Steve_hajewski View Post
      I got all wound up on my first one where I lost a few hundred bucks, but never followed through.

      I came to two conclusions:
      1 - Life is too short. If the unit is empty and I can rent it to someone else, that is a win. COllecting anything meaningful on the auction is a bonus.
      2 - I auction delinquent units as rapidly as possible to minimize loss and maximize the chance that they will actually pay before the auction. This makes a big difference. Don't let them get too far behind and there is a lot better chance you get paid.
      Good points! Thanks!

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      • #4
        And, if you've ever ignored what a tenant owes just to get them to move out, and you have their SSN, you can fill out an IRS form for a "Forgiven debt". The IRS treats it as taxable income and will send them a bill for it.

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        • #5
          Originally posted by Robert View Post
          And, if you've ever ignored what a tenant owes just to get them to move out, and you have their SSN, you can fill out an IRS form for a "Forgiven debt". The IRS treats it as taxable income and will send them a bill for it.
          DEVIOUS!!! I like it.
          I was born to be wild, but only until about 9:00 pm.

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          • #6
            Don at Universal Credit in San Diego (he does nationwide collections, he's very easy to work with) works with you to get your money. Last I knew he took a percentage off the top of what was owed.
            I was born to be wild, but only until about 9:00 pm.

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