I have equity... But how do I use it to my advantage?
In a very long story short I came across a deal I could not pass up. One year ago I purchased 23 acres of land with a tax value of $292,000 for a price of $175,000, 3% interest rate, and it is owner financed. The 23 acres of land will (within a year) have a sewer line built on it that is for a project a few miles down the road. Also, the land has a 1700 square foot house that I am currently renting out. (Side note: I rent the house I live in now.)
I absolutely do not plan on selling the land because of the sewer line coming in will raise the value of the land.
My real goal is to own an industrial/commercial properties in a metropolitan area. Is there a way to use the equity already in the land/house to borrow from to purchase other properties? It is my understanding that banks will see my property as investment property and will not use that for collateral.
I am 28 years old and I have been told many times that I have time to take a few hits financially and still do well later in life.
How do I use what I have purchased to my advantage and continue to grow? Any constructive criticism is welcome.