I own a .55 acre building lot on the back 9 of a golf course worth $125,000 I would like to know if I could barrow against that property somehow and use that money to invest in a triplex or multi unit property as a buy and hold ? Thx for your advice.
Talk to your local banks and credit unions. Some may allow you to have an equity line of credit (LOC) with that as your collateral. It will completely depend on the bank what kind of deal you can get, so shop around.
If you have a credit score of over 700 you can get a bigger personal line of credit than the amount you could get from the property. If you are set on getting the money from the land you have, then you might have to go to a credit union.
Thank you both for your input. I appreciate it. I didn’t even know where to start. I will go talk to some lenders and see what they can do for me. If I can’t barrow against it or get some type of loan I might sell it to have money to start investments other places.
I should mind my own business, but please do not sell the land. If you own it outright, it is an asset. You can use it as collateral as was mentioned before.