Soon to be 1st property

[John Spina jr]

Hello everyone at BP! My fiancé and I are getting married in 2 years but plan on getting the house this year. We're planning on buying a duplex and getting a 15 year mortgage. The plan is to contribute towards the principle along with the rent coming in to pay it off sooner. One question I do have is how can we purchase more rentals while paying off the first one because one duplex alone will not help us achieve financial freedom.

[Bram Spiero]

Hi @John Spina jr,

What's the reason for wanting to pay it off sooner?

Why are you taking a 15 year fixed rather than a 30 year fixed?

Does it cashflow without you have to sink additional money in it on a monthly basis?

With interests low and money cheap, a cashflowing property is a great kind of debt to have.

Consider saving the cashflow, which will be larger with a 30 year loan and whatever extra you were planning to put in it and investing that in your next property instead.

Good luck.

Bram