Collect Back Rent

One of the unpleasant aspects of being a landlord is chasing after your rent money after the tenant has taken advantage of you and your rental property. Ever had that happen to you? I have, and I know many of you who have been through it too!

Recently, I've had the pleasure of getting to know a couple of the country's leading experts in the process of obtaining Bench Warrants and Judgments against delinquent ex-tenants. Cynthia and Gary Schmidt have bee Landlords for over 20 years, and have acquired 90 satisfied judgments and actually collected over $200,000 in back rent!

When I heard that, I thought about all the money I've been beaten out of over the years. I can envision some my ex-tenants sipping drinks while watching the sunset on a cruise paid for with my money!!!

I think we can all benefit from learning about how to collect back rents. All states have a Statute of Limitations which gives you time to go after money owed by a tenant, even after a few years may have gone by. Check out Cynthia and Gary Schmidt's website and Free Webinars.

Collecting Back Rent and Security Deposits

1) All landlords of residential property requiring security deposits prior to occupancy are required to deposit all tenants' security deposit in an account used only for that purpose, not to be commingled with a personal account. Prospective tenants shall be informed of the location of the separate account.
2). Within 10 business days after vacating rental unit, the landlord has to compile a listing of any damages and then the tenant has the right to inspect. The landlord and tenant must sign agreement.
3) No landlord shall be entitled to retain any portion of a security deposit if it was not deposited in a separate account or a final damage listing is not sent to the tenants' last known address.

If the tenant doesn't supply you with a forwarding address, we would suggest sending it to the rental that was vacated and write "Please Forward". If the letter comes back to the landlord, the landlord can prove that they exercised the Tennessee State Law 66-28-301 of serving the "last known address". For more information, Cynthia and Gary are having a live webinar August 21st 7:00-8:00 pm EDT Registration link: https://attendee.gotowebinar.com/register/8032040536931577344 or visit CollectBackRent.com

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