Should I try going after the tenants for money owed, or cut my losses? : ezLandlordForms

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Should I try going after the tenants for money owed, or cut my losses?

Theresa P

started a topic almost 4 years ago

Hey everyone, I am preparing for a small claims court(https://www.balatidislegal.com/practice-areas/small-claims-paralegal-mississauga/) with a tenant in Toronto. I'm wondering if text message conversations will be accepted as evidence, or should I start using email to communicate with the tenant. My tenants stopped paying rent last October. They strung the property manager along with a serious of empty promises about hardship loans. They've been hit on their credit report for about $10K in back rent and repairs. I'm being told that I can have the property managers take them to small claims court, but it will cost me an additional $1K. The property is mostly a break-even situation; the rent gives me an extra $200/mo, but I figure that covers repairs, etc. Should I try going after the tenants for money owed, or cut my losses? I figure they're probably getting ready for bankruptcy. Any thoughts or advice will be appreciated. Thanks in advance.

4 Comments

Theresa P

said almost 4 years ago

https://www.balatidislegal.com/practice-areas/small-claims-paralegal-mississauga/

Lori G

said almost 4 years ago

are the tenants still living there? you didnt say one way or the other. If they are gone then you have stopped the bleeding and that's the best news. I have faced this question before and I have not invested another penny in what I cant be certain of collecting. If they are still there then I would be getting them out of there immediately. Good luck

John P

said almost 4 years ago

Cut your losses. Especially in this pandemic, sympathy is often going to go to the tenant.

Mark M

said over 3 years ago

It would be better to cut your losses