I'm Getting Cold Feet...What Do You Think?

[Sinco Pare]

Well I never thought this would happen, but I am considering backing out of a deal. ANY OPINIONS ARE WELCOME!!!!!

Am I repeating my mistake?

I have a house I've owned for 10 years. I moved out 2 years ago and foolishly rented it instead of selling. Now the renters just moved out, and I found someone to buy the home...but they have theirs to sell. I agreed to buy theirs, which cost about half of mine (240k vs 110k). I can cash flow well on theirs ($300/month), but mine doesn't cash flow on a 30 year anymore.

I guess my fear is that I am just trading the pain to another house. I'm basically paying them market rate for theirs and they for mine.

Shouldn't an investor be purchasing at a discount (I know that answer)?

Should I just buck up and get the debt down, or back out of this thing, sell that house and move on to profitable deals?

[John C]

Without knowing many more details its hard to give advice but I would say that going from an investment property that does not cash flow into one that does is a good move. But there are many other variables you need to consider