Are 30 year or 15 year mortgages better?

[Pete Frederick]

We bought a single family property 16 years ago and another 15 years ago using 30 year mortgages.  We paid too much for them and rented to the wrong people in the beginning...and lost a lot of money.  The last 5 years have been great.  We've figured out finding good tenants and rents have increased.  We are finally putting money away!  It's like we are starting over, though.

We are looking to refi to better rates and add to our portfolio.   It looks like 30 year loans will give us the cash flow we need to buy properties more quickly than 15 year loans.   (We'd like to have 15-20 properties eventually)

I'd love to hear more perspectives on this!