My wife and I are still looking for our first deal. We own a piece of raw land free and clear that should be worth $70-75k. It is 21.5 acres in a very rural community. Selling it is not an option. (family) Is there a way that we can leverage that equity? Is there a such thing an equity line on raw land? We were just brainstorming about ways to be able to do a cash purchase on an investment property and maybe get a better deal by being able to close quickly. We could then apply the BRRRR method. We already have an equity line on our current home.
Any good ideas?
As far as I understand there would be no motivation for a bank to lend you money. If you take the money and run off they are left with a useless chunk of land where they would need to develop it at a high cost.
You could attempt to airbnb the chunk of land for hunters or star gazers but I'm not sure what would pull them there. You could also attempt to rent the land as cattle grazing land but then you're looking at a multiple year lease and you unable to enjoy it yourself.