Deal closed, but not sure about financing.

[Sant S.]

Hello all,

I closed on one of two multifamily properties below in late 2013. I wanted another set of eyes to look at the deal numbers and give me some feed back on one of them. After reading this posting I am wondering if I made the right financing decision.

http://www.biggerpockets.com/forums/49/topics/83899-30-year-of-15-year-refinance

A little background. I hold this property along with 3 others on the side while working full time. My income from my job helps out with any shortfalls in cash flow.

Property: 4 family in Jersey City. C / D Area. Purchased Vacant as seller died prior to closing, so filling it with tenants wasn't his main goal. His kids sold property to me.

PP: 235K

Financed 176k @ 4.125 over 15 years

Taxes are 7800 / year.

Heat: 4 seperate boilers. I pay for common lights. roughly $50 a month

Insurance: $1900 / year

Property Manager: 10% + broker fee of 1 month rent for placed tenants.

4 units are rented for total rental income of $3900 / month. two section 8's and two non section 8.

I also had to put in roughly 15k to get this property ready to rent. Walls to create extra bedrooms & closets in 3 units, painting, updated kitchens... ect Too long to detail but it was money needed to be spent.

First wanted thoughts on the overall deal and if it made sense to do a 15 year mortgage instead of 30 year. I was offered a 30 year @ 4.625. There was a difference in payment of ~$400.