I need some "Creative/Sound Advice"

[Chance Cooper]

Ok so here is the scoop...My wife inherited a piece Commercial Land in the city of our hometown (Its paid for). I am in the Military and do not plan on building on it, it would just be to much of a headache...We contacted a real estate agent and she said that the property was worth $175,000 and that is what she would list it at...Right up the street from ours a lot sold for $180,000 and it was no where near a better lot than our, thats what she states...

I put it on Craigslist and just have not had any bites on the land...I hate to sell it for next to nothing, and will just hold on to it before I do that. With that being said, since the land is paid for, can I go down to the bank and draw money on the land and use that money to go out and use as my 20% down on a couple of houses?

Lets say I can get $50,000 from the bank because the land is worth that, that would be at least two more houses I buy and start receiving cash flow. Right now the land is not making me any money. I am trying to find a creative way to use this land without selling it if I dont have to...

Any sound advice would be great.

[Rick H.]

Well, first of all, remember that you don't own it; your wife does (unless she's you on title, too).

I suggest you focus on doing what you do well. If that's SFR's, let a professional list and sell the land, get a 1031 exchanger involved to handle the proceeds, and purchase replacement property(ies) that suit your investment portfolio growth objectives.