Loan with Lake Lot as Collateral

[Brent Causey]

I own a lake lot outright that will appraise for around $50k. This lot is on a high demand lake and lots/houses are scarce, as most lots and homes never make it to market - they are sold through word of mouth. 

I am wanting to get my first rental and I want to use that $50k asset as collateral. What %of that $50k asset can I get in cash, as a general rule of thumb. 

[Andrew S.]

Originally posted by @Brent Causey:

So, Here's what I am doing per CPA. Personally getting LOC/Loan against Lot in my name, personally. Personally loaning money to LLC. LLC will repay my personal loan. Land not at risk. Worst case scenario and LLC gets sued, I'm out the money that was borrowed by LLC.

How is your land not at risk if the bank takes it as collateral for your loan? If you fail to pay back, they'll take your land. The bank doesn't care whether you lend the money to a LLC or whether you go to the casino and gamble it away - they do care about getting paid though.