I don’t know if anyone has experience here, but my company liquidated our multifamily portfolio up north (Chicago metro area). We had a few non-payers (I’m talking a year without paying rent for some people—this was all on account of COVID, and we had evictions, others just left after papers were served). But I preserved in court orders that we could still go after them for back rent for the cases that actually went to court. I know I could sue these people for unpaid rent, but I think (cont’d)

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It would more economical to sell these claims to a collection agency. Does anyone here have experience with this? I’ve never done this before and would greatly appreciate any pointers.

Spoke to someone in the business. For major credit card debt, it’s usually 10-15 cents on the dollar. For the claims we have, more like 1 cent. He gave some numbers of people to. Call though and explained things about the debt collection business I didn’t know/never thought of. I think I’ll start with sending demand letters from my own law firm and go from there. Given that is was class b/c multifamily, and that I seized the security deposits prior to the sale, this may be a fool’s errand.

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