Cold feet purchasing 2nd property

[Patricia C.]

Hi all- I would like some advice.

I found a nice condo. 2 bedroom, 1.5 baths in Norwalk CT. Listing price was $350k, but I offered $380k and they accepted. It needs work to be done but overtime, I am comfortable with that.

I am putting 10% down- $38k plus closing costs will probably be around $10k. So total cash out of pocket is $50k.

I’m very nervous and getting cold feet because of the payment , out of pocket cash and the high mortgage rates right now.

( I do have another condo in Greenwich CT that I rent out right now.) this new Norwalk property will be my primary residence for 1-2 years- then my plan will be to rent it out and purchase another property. I’m nervous. Please talk me on or off the ledge…


I close in 45 days from today. 

[Samuel Eddinger]

I always advise my investor clients that as long as you buy a property that you are comfortable holding forever, you will make money in real estate.  It seems like that is the case for you, so I'd probably purchase the property.