Greetings, fellow landlords and investors. My name is Kyle and I own a rental property from which I recently evicted my tenants, took them to conciliation court for the rent that they never paid and the damages to property that they caused, and now I need to find out how to collect the judgement on what they owe me? Does anyone know how this is done? Has anyone done this before? Does anyone know of anyone who specializes in assistance with this specific topic?
My graces for your responses - Appreciation abound.
Hate to tell ya but Your money is lost ,it’s gone ,I’m sorry but the reality is you’ll never see a penny of it . Getting a judgment on them or going after them through collections or small claims court will only result in you losing more money .
What @Dennis M. said...a judgment makes their lives more difficult, but collecting on a train wreck is really hard.
@Kyle Baron you can write off the judgement.
I believe in MN judgments are valid for 10 years, my suggestion is to renew it before the 10 years are up and hopefully it will haunt them into paying you someday because it will hold up future credit opportunities for them. I have used a couple of collection companies in MN but that's exactly the same thing they do and if they get paid you get less.
On the bright side, I have had tenants come back and pay judgments 3 times in the past 7 years. But pursuing them is a waste of time.
The reason many of us don't pursue these very often is that it is hard to collect from people who don't have any money or property that a judgement can be placed on. As mentioned I believe your judgement is good for 10 years but in MN I don't believe you can garnish wages or really take any collection action aside from trying to ask them to pay or have someone bother them on your behalf. If they owned property (ie RE) the judgement would attach to that property but what are the odds they they are going to purchase a property and sell it within 10 years? And you also remembering to renew...
My father used the term "throwing good money after bad." I haven't had any major problems with tenants but to try and chase them for a small amount isn't worth my time.