How to get your money owed by a tenant?

Have you ever evicted a tenant for non-payment of rent or you have been stiffed for the bill? You need not worry if such situation arises. You can collect your money even after years.

First, you need to get a court-ordered judgement after filing an eviction in court. This order will be signed by a judge that permits a constable to force the tenants to move out of property. You can also get a judgement against the tenant if

the tenant has been served with the court papers or

the eviction papers were mailed to the tenant

Security Deposits:

If you have got a security deposit, you can use it for the damage or the non-payment of rent. However you should inform the tenant about your intent of keeping the deposit. Even if you return the deposit, you can still get the money from the tenant for the damages incurred. You need not require a lawyer for it and you just need to file a claim.

Certain assets are exempt from collection by creditors. You need to find the easiest target to collect your money and cash in bank accounts would be the most preferred target. Its always advisable to keep a copy of the tenants' check to know where they are banking.

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Tips to find right mortage in real estate investment

Choosing a mortgage is a difficult task. Fixed rates, variable rates, deposit percentages and repayment plan options will make your head spin. Before entering ,check out these tips .

Right choice of Broker or Bank

A broker operates alonely from banks, and has right to access many lenders. A broker will originate your loan, process the loan and pass it along to the lender, who will then sell it to you for the negotiated rate.When an investor does not have perfect credit, and will likely have to shop around anyway, a broker is a good choice.

Plan wisely

Plan ahead and get pre-approved .This will protect the current rate when look around for a home. To do this, contact your broker or lending institution.

Find right home

The value of your home must provide financial security in the future, So choose your property wisely. Don't be practical about how much work needs to get done. If choosing to renovate, discuss the costs into a mortgage with your broker or lender.

Determine things to afford

Once you started loving your home, then start crunching numbers. Mortgage rates fluctuate, life situations changes but strapping yourself with debt may not always be the best move.

Consequences

Review your current mortgage situations before entering. Know about the penalities that can be afforded. Before you jump into a new mortgage, you must understand how your next move may affect any agreements you may currently have with other lenders.

Fixed Mortgage Rates

Fixed mortgage rate is the monthly mortgage payments on interest and principal balance that do not change. The interest rate is set for a period of time. A fixed rate is best for people who get very nervous. 

Decision making

Brokers and banks will not lead you in any one direction but they can only lay out the pros and cons of each option. You must try out either one for a year or two of mortage.

Relax

After home purchased, the mortgage arranged and the deposit paid, then relax and enjoy the ride.  You may also decide to engage in home renovations, buy a second property or move up - so keep the number of your broker or bank on hand!