Defaulting Tenant

Hi Terry,

Sounds like the crew you lined up for 15% is far and away your best option. I believe with Steve, spending a few hours on it is worth it-if it comes off you have made $1000 per hour and with minimal worry.
I have had court orders placed on tenants to pay and I am always apprehensive about throwing good money after bad by spending more money on collection agencies or baliffs. Even if the court has judged in your favour, often people doing runners have no other assets and no fulltime employment. If they are not full-time employed, you cannot touch them-however the order does stand for 10 years so any time during that time -that they become fully employed-you can approach them for repayent. Default of payment puts automatically puts them on the poor credit risk which means they will not be able to access a loan until they have paid their debt.
I have only ever been succesful a couple of times and that is when the court places a guarnashee on their wages-giving you guarantee of payment.
This case, and there are plenty of them, shows the other side of the investor argument. If there are investors out there taking advantage of their clients, there are also clients out there taking advantage of the investor. Hence the need to make the monetary risk worthwhile.

I hope you succeed-please keep us posted!

Cheers

jmn