Help me figure out how to use my Equity to build!

[Nick Burkhardt]

Hi all,

I own a single-fam worth $450K (owe $300K @ 3.5%) and a triplex worth $775K (still owe $318K @ 3.25%) in Scarborough ME. I am looking for some creative ideas or combination of loan types to put me in a position to buy land (maybe owner finance?), subdivide into 3 lots, build 2 duplexes and a single-fam for myself. Willing to sell, refi or HELOC my current Single-fam, but am not willing to sell my triplex, only access the equity. My wife currently stays home with our 3 children and I work a mid-level corporate job ($76K salary), so my DTI ratio is high.

I have identified 30 properties in my area that are either vacant land or are occupied but make some sense to slice off 7-12 acres for this move. The idea is to understand how to make the financing work on my end and come up with some budget then start approaching land owners with a set plan/offer to see if any of them are willing to sell.

Need some creative ideas from some experts to help me understand how I could make something like this happen. Thanks so much!