Hello,
I have been stuck in this situation and can not find out how to get to the next level. I own a LLC that has been in business over 2 years. I have several cc. in my LLC's name. Bank of America, AE, Discover, and a couple more. My business is realestate. I own 6 single family properties which I rent. I also own my primary residence. We built our house last year and did a 80/20 loan. In all my properties I have about 200,000 of equity. I have about 50,000 liquid. I want to purchase in upstate NY, Properties under 50,000, so cash would be the way to go. Our debt to income is high. How do you tie the equity in one property to buy another? I am up to the limit with equity lines on investment properties. So...What do I do. I owe 1.1 million, and property is worth 1.3 million. How do I get more money to buy more properties? Someone on this board once suggested land trust to me, but I have researched and do not understand. Please someone help me get to the next level.
I have been stuck in this situation and can not find out how to get to the next level. I own a LLC that has been in business over 2 years. I have several cc. in my LLC's name. Bank of America, AE, Discover, and a couple more. My business is realestate. I own 6 single family properties which I rent. I also own my primary residence. We built our house last year and did a 80/20 loan. In all my properties I have about 200,000 of equity. I have about 50,000 liquid. I want to purchase in upstate NY, Properties under 50,000, so cash would be the way to go. Our debt to income is high. How do you tie the equity in one property to buy another? I am up to the limit with equity lines on investment properties. So...What do I do. I owe 1.1 million, and property is worth 1.3 million. How do I get more money to buy more properties? Someone on this board once suggested land trust to me, but I have researched and do not understand. Please someone help me get to the next level.
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