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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!

      Comment


      • #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 want buns of steel.
          I also want buns of cinnamon.

          Newcastle, WA

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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 want buns of steel.
            I also want buns of cinnamon.

            Newcastle, WA

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            • #7
              After an auction, if the unit doesn't sell we add the cost of disposal and clean up to the amount owed and document how we dispose of it ( donated to Goodwill, taken to the dump- get the receipt for it) and we give the tenant 30 days to make payment arrangements.If they don't, then we send it to collections.We hold on to that paperwork for several years just in case.
              You Laugh, I laugh. You cry, I cry. You take my coffee...may God have mercy on your soul....

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              • #8
                We do not report to collections agencies. I don't say that to tenants. I tell them I will report.
                "Never let the inmates run the asylum!"

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