15 vs. 30 year mortgage?

[Jeff Ausdemore]

Hi Everyone,

My wife and I currently have our primary residence and our investment property on a 15 year note, and I love the fact that we'll be paying it off much sooner, WITH a substantially lower rate. However, as we are shopping for a second investment property, I'm wondering whether or not it makes sense to do so again? Running some very broad numbers are showing me approximately $450 between the two each month. Should I look more at positive cash flow (30 yr. mortgage) or try and pay it off with a 15 yr note?

Thanks in advance from this new investor from Dallas/Fort Worth, TX!

JA

[Travis Christl]

I agree with many of points already made but will add one more to consider. Do you want to buy more rentals in the future? How is your debt to income? I made the mistake of taking out my primary and 1st rental on 15 year mortgages. This increased my DTI ratio and made more difficult to get next loan. Since that time always do 30 year and gladly pay the extra 1/4% for the flexibility. I do pay most on 15 year schedule still