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Updated over 1 year ago,
Best way to use equity to buy land
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