Rental Property Investor · Columbia, SC · Member since 2010 · 1k+ posts · 2k+ votes
I'm interested in trading properties with another investor. We both have residential mortgages on our respective properties around 70-75% LTV. Doubt either of us could qualify with the other each other's banks because of how many investment properties we have on our credit scores, but we both have great credit. Any idea how we can do this? Or just how to trade properties in general?
Essentially because our properties are of equal value, but his a much more attractive from the investment side. I'm only able to get $1,350 per month and I could easily rent his for $2,000-$2,200 range. Both are in great areas, but his is much closer to the University and therefore commands a much higher rent. I think he's just trying to get out of the rental business altogether.
There are several ways to structure this, but I can't help you since I don't know what state you are in. Fill out your profile. State laws vary so where a sub-2 might be the way to go, it might be frowned upon, leasing to each other with an option, wrap them contract for deeds, whatever. Trades are closed as two sales back to back and an exchange of deeds. Other factors apply as well like are your lenders aware of your intentions? Just need more information......