Wow... REI can be a wild ride!

[Tami R.]

I originally made an offer on a two-bedroom, big lot (no garage) house assessed at $29k and got it for $12k.... not the best side of town and it needed $12k-$15k in repairs so you would be looking at $27k total into it. Based on comps it would rent for $450 or you could list it at $42k and most likely get around the $38k for it. We were supposed to sign on the 13th of October but they have been working on cleaning the title up and we withdrew from the house (not because there's no potential but there was a better house on the market with great location)

The house that we got that's in a great lcoation (2 blocks from teh elementary school) is assessed at $49k - needs about $4k-$8k in repairs. We bought it for $28k - comps in the neigborhood are going from $60k-$100k. Rent for 2 bedroom is going for $575-$625 . My mortgage (ins. and taxes not included) is $202 per mo. for 15 years.

So now we are supposed to close on the 3rd of December with the new property. Has this happened to anyone before. This was our first deal... and it was hard withdrawing the from the other house (I kind of got attached to "our" first investment property... even though we never officially bought it!). The only expense I had to pay on the house we withdrew from was $165 in legal fees.

Thoughts?>