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Updated almost 2 years ago on . Most recent reply

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Maurice Boston
1
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6
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Best way to use equity to buy land

Maurice Boston
Posted

I am trying to buy a piece of land for 44k to hopefully build another rental on. I'm trying to use equity from my rental property but my bank doesn't do home equity loan from rental properties. My home is valued at almost 400k and I owe 162k on it. I also have a duplex I rent out and live in as well that has equity of about 100k. I have equity but all I'm trying to borrow is 50k to cover land cost and closing. I don't know any good way of using equity from my homes to pay for this land I feel like I'm stuck. Asset rich cash poor. Any advice is helpful. Thank you 

Most Popular Reply

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6
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Lucas Caruso
  • Real Estate Agent
  • Greater Boston
1
Votes |
6
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Lucas Caruso
  • Real Estate Agent
  • Greater Boston
Replied

You could try a hard money loan and leave the equity in your home. 

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