Posted by Scott C on July 26, 2007 at 17:46:47:
Consider an exchange. You can exchange value for value. You would ask your lender to move the note from one property to another or you would have to refinance the property you are getting to pay off your existing financing. The other party involved would do the same. This transaction takes place simultaneously
The trick is to find somebody who has what you want who is willing to exchange for what you have.
Get creative…I have guaranteed rents at certain rate to make the trade work. I have subdivided property to create value. I have co-signed for the party who is taking my property in exchange.
Another possible way is to sell your property and carry a 2nd. Then use the 2nd as a down payment on your new purchase.
All of these are ideas that have worked for me in the past.