All Forum Posts by: Matt Treece

I recently worked with a small town bank to secure financing for a deal. I owned a property outright, used it as collateral to purchase another property and cash out equity in the first. I didn't talk specifics with the mortgage lender as I ASSUMED (shame on me) that it would be a 30 year conventional loan. Like I had secured for investment property from a different lender last year.  Fast forward to closing and its a 20 year amortized loan with a balloon at 10 years. 

So my question is do I bite the bullet and refinance now to a 30 year conventional loan? or just roll with what I have. Obviously a 30 year payment plan would decrease the monthly amount. about 200$ if I am figuring correctly. The future of both properties is not sealed right now. may sell, may hold long term. 

If I was expecting a significant amount of cash out of the deal I would have halted at closing and sourced out new funding. 

@greg h. Thats what i am going to do. Post a notice to vacate, give 3 days, then empty it out.

@jason boulay, i have entered the premisis, and the only thing in there is some food and a mattress. I am certain they have left. Another tenant in a connecting unit told me they had a huge fight and left with most of their belongings. 

Hey Kenneth, 

I am local here in Killeen. The MF scene is pretty decent. I think the 4 plex apartments are a little more volatile than the duplexes in the area. I just bought a 4 plex and did some rehab then sold it. They are here, and another good thing is the transient military population always bring in new renters.  

New investor troubles. 

I have a rental property that the tenant has vanished. It has been about 10 days since I have heard from them and the rent has not been paid for this month. Oct. Is the only way to deal with this situation an eviction? Can I post a letter of abandonment on the property with a timeline? I have been unsuccessful at contacting the tenant or anyone they put as a reference. State of Texas.