Creative Financing Ideas Welcome

[Justin Mast]

I left my corporate job almost 2 years ago to move closer to home (family), and saw this as an opportunity to learn the contracting trade working with my cousin who operates a construction business. Fast forward a bit, now I'm a licensed realtor, and have taken small jobs with my newly acquired contracting license, however I feel as though I've dug myself a hole that I'm needed some advise how to get out of. 

My seed money to start buying flips/ rentals is tied up in a piece of bare land zoned farm/forest without a dwelling on it. This land is likely to take a specific buyer which I haven't connected yet. I could leverage this property as collateral, but banks want improvements in order to pull equity out. 

I don't meet lending requirements so money seems to be frozen. I have great credit and a degree in real estate finance, but am clueless as how to get started. I have looked to partner on deals, but hate to mix family with money. I would love to be able to do things myself if possible. 

Thanks for taking the time to read/ respond to my dilemma. 

[Zoran Stanoev]

I think patience and getting clear on your goals and strategy may help. It sounds like you want things to move quickly but things aren’t in alignment. You bought vacant land, which not only made you cash poor but now you can’t sell it or even leverage it. That seems inconsistent with wanting to buy your next property quickly. I think saving some money while you try to sell the vacant land to get more cash is a good next step. There’s no downside because the longer you hold the land, the more you continue to save.