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I own some farm rental homes that I rent out . $350 per month
I have had three tenants , one recently and two past who quit paying rent and I had to evict them .
Each one was 3 months behind .
I know I can sue them in small claims court .
But I can not find them . They left without leaving a forwarding address .
Do I have to sue them or can I add this to their credit record ?
If I can just add it to their credit record , how do I go about doing so .
I live in Kentucky
Last edited by bigbonner; 02-22-2015 at 06:50 PM..
Reason: Left out location
Haven't had much luck with renting out property it seems..Were any of the previous renters even vetted..had background checks/financial checks?? IF not..you are a walking talking target for these shifty types!!
Maybe hire some one local to oversee the property and collect rent..and demand at least one month rent in advance..which is applied to their final month on a lease agreement ( 2 week notice to end lease)...only after you check your house for damages..Pre-rent documentation a must to have incase damages happen so you can prove it!
BTW~~ Your cost to have some real estate type person oversee is tax deductible as is your losses..SS# (verified) references (verified) also a must before you allow anyone to reside in/on your property....
Sounds like you are either a trusting person easily taken advantage of..you could it be your rent is so low..because it's under the table? Since you were able to evict prior tenants..I doubt you are doing my bolded ..
I wish you luck..But please do some homework on prospective tenants and let those that understand the pitfalls/risks cover you're investment property..
I own some farm rental homes that I rent out . $350 per month
I have had three tenants , one recently and two past who quit paying rent and I had to evict them .
Each one was 3 months behind .
I know I can sue them in small claims court .
But I can not find them . They left without leaving a forwarding address .
Do I have to sue them or can I add this to their credit record ?
If I can just add it to their credit record , how do I go about doing so .
I live in Kentucky
No, you can't report to the credit bureaus unless you are a subscriber to their service.
Perhaps you can find a collection agency that will buy the debt from you, or will search for them and try to collect the debts for a percentage. Or, you can hire an agency to find them.
They say they also report to the bureaus. So, you might get both - to get the collection on their report, and maybe eventually get some money back, too.
Haven't had much luck with renting out property it seems..Were any of the previous renters even vetted..had background checks/financial checks?? IF not..you are a walking talking target for these shifty types!!
Maybe hire some one local to oversee the property and collect rent..and demand at least one month rent in advance..which is applied to their final month on a lease agreement ( 2 week notice to end lease)...only after you check your house for damages..Pre-rent documentation a must to have incase damages happen so you can prove it!
BTW~~ Your cost to have some real estate type person oversee is tax deductible as is your losses..SS# (verified) references (verified) also a must before you allow anyone to reside in/on your property....
Sounds like you are either a trusting person easily taken advantage of..you could it be your rent is so low..because it's under the table? Since you were able to evict prior tenants..I doubt you are doing my bolded ..
I wish you luck..But please do some homework on prospective tenants and let those that understand the pitfalls/risks cover you're investment property..
Rent is so low because it is rural and $350 is the going rates around my area . It is a 16 by 65 two bed room trailer . I live in a small town and money here is hard to come by .
I apply it to my farm taxes every year and every single dollar is accounted for .
Perhaps you can find a collection agency that will buy the debt from you, or will search for them and try to collect the debts for a percentage. Or, you can hire an agency to find them.
They say they also report to the bureaus. So, you might get both - to get the collection on their report, and maybe eventually get some money back, too.
I keep good rental records and have SS numbers from when they moved in . I verify references , But that is a joke as most people just say's good and not tell the truth .
It is amazing how tenants can disappear after they move , no forwarding address to locate them .
I just don't know what to do by not being able to locate the old tenants to serve small claims court papers to .
I have had some of the best renters in the past and present . I give too much lead way to some at times .
Thanks for all the help . I will check the sites out and see what my options are .
That rent recovery site looked promising. They will track them down and they can report the debt to the bureaus, too.
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