I need $30,000 to $90,000 mortgages Maryland

I need $30,000 to $90,000 mortgages Maryland

Annapolis, MD · Member since 2017 · 15 posts · 1 vote

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 in Frederick 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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Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
9y

I don't understand your problem.

If I was making $800K a year I wouldn't be looking to borrow money. 

I'd be paying cash and loaning money.

Sounds like you are doing well.

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  • Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
    9y

    I don't understand your problem.

    If I was making $800K a year I wouldn't be looking to borrow money. 

    I'd be paying cash and loaning money.

    Sounds like you are doing well.

  • Annapolis, MD · Member since 2017 · 15 posts · 1 vote
    9y

    Thanks for your response Bob. My goals are to get the best return on investment possible and that would be to finance the places without leveraging so much that it's to risky. Paying cash the return isn't as high 

  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    9y

    @Jesse Hoffman

    Nice job.  I can't help you, but nice job.

    Stephanie

  • Gaithersburg, MD · Member since 2014 · 44 posts · 15 votes
    9y

    Hi @Jesse Hoffman, congrats on that sweet portfolio! I would start looking for portfolio lenders at this point. You can leverage some of the properties you already own in order to acquire more, pay them off and repeat the process. 

    Good luck! 

  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    9y

    @Jesse Hoffman at your level you need a local or smaller bank to come a partner with you..meaning a partner in lending.  Based on your portfolio you should have a great case just to get loans in whatever fashion you need.  Most individuals probably can't recommend a specific bank based on what you described because most individuals aren't seeing these types of loans.  You are in rare company.  But there are plenty of banks that can create specific loans that will meet your goals here.  Anything from Lines of Credit to packaging the properties together in one loan.  Just be prepared to call a few banks or several (maybe get an employee of yours to do the preliminary calling) but you can certainly find a solution.

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