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Updated about 8 years ago,

User Stats

8
Posts
2
Votes
Mark McNutt
  • Philadelphia, PA
2
Votes |
8
Posts

Need quick veteran advice about Mortgage option!

Mark McNutt
  • Philadelphia, PA
Posted

Thank you for taking the time to read this! 

Heres the fast version of my question. Im 24, Im a complete beginner and I own no properties. After reading the book 7 years to 7 figure wealth, I want to try to follow that path. My question is this: Is it better to get a 15 yeah fixed mortgage or a 30 year for that particular strategy?'

Heres the slow version. I didnt even know anything about real estate until last month. I just read a random article and found it fascinating and i kept reading until now Im sure this is what i want to do with my future. The reason im asking is with a 15 year mortgage, The monthly cost goes way up. If I'm planning on profiting as much as possible on these properties and then sell them to trade up anyway, wouldn't it be better to do a 30 year for the lower monthly expenses even though it may kind of tank my equity when it comes time to trade up? It seems to make sense to do the 30 year but I dont trust my judgment on this seeing as i have virtually no experience. Any advice that you deem would be helpful would be greatly appreciated. Thanks!

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