Real Estate Information: Landlord & Tenants Beware; Pre-Judgement Interest,...

Real Estate Information: Landlord & Tenants Beware; Pre-Judgement Interest,...: John says to tenants, "You're better off paying what you owe". He says to landlords, "It's usually worth filing a claim in court to get wha...

Landlord & Tenants Beware; Pre-Judgement Interest, Post Judgment Interest, Court Costs and Other Fees Can Add Up to A Lot of Money $$$!

John says to tenants,

"You're better off paying what you owe".

He says to landlords, "It's usually worth filing a claim in court to get what is owed you."

Little is known by many about the pre-judgement interest and post judgement interest. This is money in the form of interest that is added to a claim, it adds up during the time it takes to process the claim. Post-judgement interest is what adds up after the claim has been awarded but hasn't been paid off. It's important that rental applications and contracts spell these fees out clearly. In the unfortunate event that a landlord has to take a tenant to court, these fees can make a big difference.

This is what the form looks like that a person uses that is owed money in Linn County in the State of Oregon.

A person can go on line to

www.courts.oregon.gov\linn

to get copies of forms for court for Linn County, Oregon.

Most tenants want to be good tenants and most landlords want to be good landlords. Sometimes financial matters can't be resolved and the court has to help with resolution.

When this happens, it's always best for both parties to be prepared ahead of time with a detailed, signed rental application and rental agreement.

Real Estate Information: Does Someone Owe You Money? Landlords and others, ...

Real Estate Information: Does Someone Owe You Money? Landlords and others, ...: At a young age, John Holbrook was taught the lumber business by his mother and father, Lucile and Burnell Holbrook, who owned lumber yards i...

Does Someone Owe You Money? Landlords and others, PROMISSORY NOTE, One of your most important tools!

At a young age, John Holbrook was taught the lumber business by his mother and father, Lucile and Burnell Holbrook, who owned lumber yards in Oregon. When a customer wasn't able to pay their bill at the lumber yard, Lucile would prepare a promissory note for the balance due, the terms to pay it (the amount of the weekly or monthly payments plus the date it was due) and have the customer sign it and date it.

This technique translates to landlords and tenants.

A tenant may get a month behind in rent or owe money for something that occurred while they rented. (Maybe a bad check).Most people are willing to sign a promissory note for what they owe, especially if they agree to the terms of payment, which should be discussed with them before they are asked to sign the note. A landlord, or for that matter anyone who may need to collect money, should sit down with the person who owes and discuss what they can realistically pay each month to pay off the debt.

Even if it's only $10 a month.

That would be written into the note. If the person with the debt does not make a payment as they agreed, the landlord goes to the court house and files a claim against them. This is done because by this point, it becomes clear that the person with the debt is not planning to pay.

With the signed promissory note in hand, the landlord shows up for court.

It becomes clear very quickly to a judge that the signed note is good and the tenant definitely agreed that they owe the money, so if they argue they don't; the note pretty much proves they do. Wages can be garnished and eventually the landlord will usually get the debt paid.

Hopefully, you never get to the point where someone owes you money, but if you do, keep the promissory note in mind.

What Does Clean Mean?

John walked through a unit that the tenant moved out and "cleaned". Walking through he noticed the refrigerator, stove, carpet, walls and yard were dirty. Has the definition for clean changed in the last few years?

Attended Robert Allen Seminar ... Amazing!

Amazing! That is how John and Laura Holbrook would describe the four days spent at the Robert Allen Multiple Steams of Millions. Not only was it great networking with people who are excited about writing books, creating seminars and other forms of income, but learning at the feet of one of the greatest wealth builders was an honor. Both John and Laura came home with new visions of their next projects, including writing a book and preparing to share it with others.