All Forum Posts by: Marcin C.

Welcome @Jason Barker  to BP! 

I am looking for someone to do my taxes or doing it myself on like TurboTax. I have a rental property and I keep very good records, what do you do? Do you do your own taxes, go to Liberty Tax (or similar service), or have a C.P.A. Help you with your return?

There are a few ways you can collect the judgment. I bought a property when I was 18, DIDNT screen the tenant, and he stopped paying rent. I got a money judgment from him for over $5000. Since I knew where he worked at from the pay stubs I collected from him, I started to garnish his wages from his job. I collected about $2200 this way. Also, I started an income tax garnishment which I hope will bring me close to a $1000. The only problem with the income tax garnishment is that you can't go after their federal refund, only their state refund. I'm not too familiar with giving the judgment to a collection agency but if they took 33%, it sounds worth it. 

Hello everyone, I came across a few articles where landlords said they use a 10% late fee for rent, is this too high to be upheld in court if it came to it? I also read somewhere that judges won't uphold excessive late fees in court. I live in Michigan and I don't know if it's the same across all states or if there is anywhere I can find out if a 10% late fee is excessive. The rent I currently charge is $850 per month making the late fee $85 if the tenant is late on rent. If anybody could help with this question it would be much appreciated! Thank you BP!

Thanks for the explanations everyone!

Thank you for the reply Mr. Wise, that makes sense not to be able to collect double rent. Mr. Kevin Perk wrote an article just recently, 5 Ways Landlords Can Achieve Better Tenant Stability, and in the third 'way' he mentions that the tenants will owe the full amount ($12,000) even if they decide to move before the lease is over. I'm still a little confused on this as would this be considered double rent?

Hello everyone, I read on BP that if the tenant stops paying and leaves the property I can get a money judgment for the full $12,000 (assuming $1000 monthly rent). Is this true if you have to evict the tenant? Can I only get a money judgment for the past rent due and utilities for example or can I get a money judgment for the rest of the months that they didn't pay too?