Advice needed on growth in Maryland

[Jesse Hoffman]

At this point I own 44 rental properties in Maryland and one beachfront condo in the Outer Banks NC. Most of these properties are condos ranging in price from $60,000 to $100,000 and each has a monthly condo fee between $190 and $230 per month. They are all currently rented for between $1000 a month and $1300 a month. I have been in business for 5 years and have strong relationships with local banks but Im looking to find a bank or private lender (maybe wealthy person) who doesn't require 20 to 25 percent down. The rents are so high compared to the mortgages I have been able to pay off several places in full in a few years as I do not spend any of the extra rent money each month I just use it to pay down more principle. My goal is to get a base of 10 to 15 places paid off completely and expand a great deal always keeping these places paid off in full to cover the monthly cost of the new places. The new places would also of course be rented out as well.

I also own a real estate sales team in which I'm earning between $400k and I expect to make around $800k or more this year. I could use this money to pay off 10 properties and have an income guaranteed in rent of over 100k a year. Basically these condos are almost 0 risk to a bank or lender in my situation. I sit on the board for the associations as well. My ultimate goal is to knock on doors and buy most of the neighborhoods.

Let me know if you know a bank or person who would finance these deals for me on 7 to 10 year loans. My goal isn't to really
Leverage a lot but to just be able to buy these places and pay them off quickly. The first year or mortgage payments to the lender would pay down the property more then 20 percent easy.

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