Like millions of landlords in America, buying that first rental property is probably one of the most difficult decisions that you will ever make. Reason being there are so many factors out of your control that can determine profitability or foreclosure. In 1998, I purchased my first property in Long Island, NY. Within 5 years I owned over one dozen (2-5 units) investment properties in NYC, Miami and Atlanta, with over 65 tenants. Unfortunately, as the number of units increased so did the delinquent tenants.
I have probably heard every reason why a tenant is late with their rent from loss of employment to a death in the family, and like millions of landlords nationwide, I have always tried to work with my tenants, to help them get past their difficult time. However, let me be the first to tell you, it doesn’t matter how much you work with your tenants they will NEVER appreciate it. In fact, most tenants will interpret your kindness for weakness. Especially in the cities where the laws are pro tenant (New York City). In my first few years of being a landlord I got so frustrated with the housing court system in NYC, that I found it less stressful and ultimately less expensive to just say leave, at times with thousands in back rent owed.
My tipping point came one day when I ran into one of my former delinquent tenant at a ball game, who just two years earlier had lost his job, going through a divorce and probably on the brink of suicide. I worked with him for as long as I could till I realized his debt was getting larger with no end in sight. At that point I just (pleaded) with him to leave because I knew the courts would only give him more time. The sad part at the game all he talked about was how well he was doing, the new condo he purchased and the new car he is going to buy. Unfortunately, the only thing going through my mind was (don’t you remember that you owe me $4,500.00 in back rent). Most disappointing was this tenant never even acknowledged the debt or even thanked me for working
with him for as long as I did.That night I began to calculate all my tenants past & present that have outstanding rent balances and the total reached over $40,000.00. I almost had a heart attack. The next day I reached out to 10 Collection Agencies to see if they can help me go after my former tenants for past due rent. In every case I realized my business was not the kind they wanted, especially when most of the debt was over 1 year. At that point I realized I had no choice but to go after them myself. Fortunately, I was a full time landlord and had the time and most important the resources to go after these delinquent tenants (who had NO intentions of ever paying me back). The key for me was not only finding these tenants but ultimately taking them to court, and most important receiving judgments in my favor which in New York is valid for 20 years, with interest. Therefore, if my ex-tenant doesn’t have the money now they will definitely pay me later, with interest.
Within months I began helping family, friends and anyone who had delinquent tenants, collect on owed rent. I soon realized I was not alone and this is a problem that will affect every landlord sooner or later. The crazy part is when talking to other landlords I realized most landlords ignore the debt from delinquent tenants because they are ashamed or embarrassed that a tenant was able to get over on them. Well landlords you don't have to worry no more because I have been in your shoes, the sleepless nights, the emotional and financial stress, the ongoing lies and false promises. You don't have to take it any more...
Call Landlord Recovery Services, Inc. today and start the process of bringing your money back home where it belongs.
888-41TENANT OR
(888-418-3626)
Atlanta 770-659-2883
