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[quote=Anonymous]We did something similar that we had the money to finance without the bridge loan and still ended up not being able to sell the first property. (That house was also on the busiest street in a very desirable neighborhood.) Whenever I mention my choice on DCUM, people line up to tell me how completely stupid we were and how they would *never* buy before selling. Kind of interesting how few people have piled on the OP considering.

Anyway, OP, I would think long and hard about this. If you have a ton of equity (50% or more) in the old house it could work. If you can live with renting the old house out at a loss for several years, it could work. All I'm saying is plan for the worst possible disaster - if you can't hack that, don't do it.

FWIW - the house we bought was a foreclosure in a stellar neighborhood. It has great kitchen/bath, but a giant backlog of repairs as it had been a rental. We've spent two years as DIY'ers and are within shooting range of 20% equity (from less than 3%). We're also on a 2 1/2 year plan to get above water on the first place, but we're essentially broke until we sell and then it will be years more before we have savings again. Given our options at the time, I still think we made the right choice, but if you can't handle a scenario like this, I suggest you rent until you sell.[/quote]

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