Equity on paid off investment properties
Hey guys I have 30 paid off single family and townhomes. I am thinking to use the home equity line on it to purchase land that I can build a townhome community on to sell.
The road block I am coming across. The banks are saying I can’t do that with investment properties.
I do not want to take a loan on it due to I will be paying more interest vs equity line of credit.
Any suggestions ?
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What state is the land located? Do you live in the same state?