All Forum Posts by: Mike Kooser Sr

@Harjeet Bhatti Thank you for the response.  Waiting 6 months to cash out would be fine with me.  Im just looking for ways not have 20% of my money tied up into the loan and trying use the 20% in the form of building equity and cashing out.  I hope that make sense. 

Do you know a way a can research bank in Maryland that offer the second processed you mentioned?

I recently started looking at auctions of rental properties that have tenants in place.  If I were to buy a house using bank financing for 80k but it would appraise for 100k I know I have to put 20% down.  

My question is if I can put a light rehab on the house and get it to appraise for 120K and refinance to get the 16k cash out to repeat the process.  

Would it be best to use bank financing for the first purchase or should i look into hard money(13%) then bank for the cash out refi.

These are just example figures to make round numbers im looking at properties of less cost/value.

Im trying to figure out the best way for me to acquire deals but not having to tie my money up restricting me to move on to the next 

Are there any templates of letters for this out there?

The carpet was brand new.  3 years they lived there and there hundreds(not exaggerating) of cigarettes burn holes in it  and muiltiple places where they cut huge squares out, I suspect they actually caught it on fire.  But they destroyed it to say the less.  They left 9 truck loads of junk, fleas and bed bugs, holes in the sheet rock and more... 

I have their new address where they bought a house, most likely Ill have to take them to small claims and try to get a wage garnishment.  I've never done this before.  

My tenants who moved out last month left the place in rough condition.  I'm just now finishing up getting the unit back to rentable condition.  I wanted to send them a certified letter to their new home ,job and email me. Explaining to them the cost of the damages and giving them the option to start a payment plan and skip the embarrassment of being served by the sheriff at their jobs.  If not I'll be taking them to small claims court to try and recover the $3500-$4000.  Do any of you have a sample letter that you have used ?  The husband works for a family owned company and I know does not want his boss to find out about the way they left the house.

I had tenants living in a house and I found them moving out Monday without telling me. They told me they would be moved by yesterday , I went to the house yesterday and the front door is wide open with no one there. I have no idea where they moved too and they wont return and emails or calls.

Chijioke at 8:53, Aug 17:

In what Maryland county is your legal issue?

You at 8:53, Aug 17:

baltimore city

Chijioke at 8:53, Aug 17:

How can I help you today?

You at 8:53, Aug 17:

Since they are moved and I can not contact them can I go in and change the locks to secure the property

Chijioke at 8:54, Aug 17:

yes

You at 8:54, Aug 17:

What about anything left behind

You at 8:55, Aug 17:

Can I call and have a police officer walk in with me

Chijioke at 8:55, Aug 17:

you can, I am not sure if they will

You at 8:56, Aug 17:

What about items they have left behind ?

You at 8:56, Aug 17:

If there is anything of value I can put it in a room and email them about it then remove it if they do not answer?

Chijioke at 8:56, Aug 17:

that is your call

Chijioke at 8:57, Aug 17:

you can do that or trash them

You at 8:57, Aug 17:

great

You at 8:57, Aug 17:

thank you for your help have a great day

Chijioke at 8:57, Aug 17:

you too

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I chatted with a lawyer this morning from https://www.peoples-law.org/cat/housing/landlordtenant

They told me I have the security deposit to get the place ready ... cleaning it out , cleaning the carpets, and other damage.  I was great to them and repaired everything they ever asked as a matter of a fact the night before they moved i asked them to rate me 1- 10 and they said a 10 the best landlord theyve ever had ... but then they moved out with out telling me ... very strange .