(this is usually NOT the best course of action)All the attorney will do is hire a collection company that has more bark than bite and rarely collects any money.The other option is to use a judgement recovery company.They usually pay the court costs and filing fees and then split 50/50 of whatever they recover.Sometimes they will buy the judgement outright for real cheap.In this case you get your cash right away and move on.Judgements depending on the smarts of the tenant can take 3 months to years to collect.Some tenants are judgement proof.This can happen when:1.The funds are retirement funds in a bank or social security where money can't be taken.2.The tenant works a job where their income is at a level where they cannot be garnished by Federal Law.Even when you can garnish you can only take 25% each time.If their are other judgements already garnishing then the 25% gets split up among the garnishments.85% of judgements never collect a dime because of the work involved.Even if the judgement company you employ chases the tenants for money the tenant may pay or they might just file BK if they have other debts.A chapter 7 costs thousands so it would depend on their other total debts and how much your judgement is for.This is why it is important to carefully screen tenants.They need to have good credit,a good job with long work history,etc. or something where you know you can collect if they default.If you have multiple tenants staying in one place and they all make minimum wage it will be hard to collect on them later versus one person showing great income.Hope it helps.

Better quality properties attract better quality tenants and your vacancy rate drops.

We all know that tenants use the highest quality labor, materials, and techniques when fixing our properties...hahhahahhahahhahahahah

Go up to the top of the screen and mouse over "resources"; choose FilePlace.Or just click here: http://www.biggerpockets.com/files/category/contracts

My thinking is that if we make the same disclosures to the non-accredited investors as we would with them investing directly in the fund and we keep the quality to fewer than 35 we should be okay.

While most other sites would opt to boost their post count, we feel that the quality of post is far more important.So . . . hiring some VA to spin content or write original content that is pure garbage is definitely one of the worst things you can do.BTW - I caught a national REI guru pulling the same thing here as well a few months back.

Whether you say ethics or any other BS in the real world these REO kings and queens have a list of buyers ready to purchase with cash where the REO broker can double end a deal.If the offer is close to what the asset manager wants then the bank doesn't care about double ending.How you level the playing field is to tell the listing agent they can keep all the commission so they will push your offer with all things being equal.It is a classic mistake I see brokers and agents make time and again.The REO broker is only getting a tiny fee on their side and having to cover a bunch of costs listing the REO so getting the other side is huge for them.If you are flipping you will save the commission on the sell side as an agent and you can put 4% co-op to get buyers agents in droves and still save 2%.The price has to be competitive and the rehab quality for the area as always.You can't just offer a higher co-op and then list high to compensate for it.That is another classic seller mistake.good luck

You have a very good opportunity to build a quality portfolio without risk of your capital.Good luck

How quick can you close kinda screens them, but ask them how they're going to pay, and you separate the real deal from the imitators almost every time.

I am really glad this forum is starting to gain some traction and we are raising the quality of the discussion!