Is a personal loan $20K to $40k a reasonable option for buying a lot to build on, one day?

I want to buy an undeveloped regular sized lot in a small town. I currently have a mortgage on my current home $225K and I also have an active investment property currently being used as an Airbnb, (got this property at a steal) 42k . My concern is I don’t really want to have a lean or go through with a long credit approval process or finding a lender to do a land loan. I would like to pick up this property and place a cash offer. And I feel like it would be like paying off a car loan.

I can give more information if needed on my finances.

I was also considering doing a cash out refinance based on the equity. This would be my least favorite option.

Any help would be greatly appreciated.

submitted by /u/Slow_Change_5779
[link] [comments]

I want to buy an undeveloped regular sized lot in a small town. I currently have a mortgage on my current home $225K and I also have an active investment property currently being used as an Airbnb, (got this property at a steal) 42k . My concern is I don’t really want to have a lean or go through with a long credit approval process or finding a lender to do a land loan. I would like to pick up this property and place a cash offer. And I feel like it would be like paying off a car loan. I can give more information if needed on my finances. I was also considering doing a cash out refinance based on the equity. This would be my least favorite option. Any help would be greatly appreciated. submitted by /u/Slow_Change_5779 [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!