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Updated about 5 years ago on . Most recent reply

Blake Stewart's profile image
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Blake Stewart
  • from Dallas, Texas
  • Member since Dec 30, 2017
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Starting Out

15yr or 30yr mortgage

Blake Stewart
  • Dallas, TX
Posted

New to REI looking to purchase first rental property. I am not sure on the mortgage part do I get a 15yr or 30yr or does it just matter on the individual property. I know the 15yr is going to be a higher monthly but lower interest long term but maybe no cash flow.

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Jerry Padilla
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  • from Rochester, NY
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Jerry Padilla's profile image
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Jerry Padilla
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  • from Rochester, NY
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Jerry Padilla
#5 Classifieds Contributor
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  • Rochester, NY
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Jerry Padilla
#5 Classifieds Contributor
  • Lender
  • Rochester, NY
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@Blake Stewart

I would recommend a 30 year mortgage for investment properties. You will have a lower DTI than if doing a 15 year mortgage and holding long term, you will want some cash flow for repairs and in case the property goes vacant. You can always pay more towards the mortgage if you would like to.

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