30 Year Mortgage vs. 15 Year Mortgage

[Armando P.]

Hello Fellow BP member. I’m a licenced real eatate agent In NY, and new real estate investor. I have a question that might sound silly and easy to some, but as a newbie I want to make sure I do my homework and make the right decision. Im about to purchase a duplex in an area that has a very solid and stable rental market, but homes don’t seem to appreciate as fast as other markets. My question is on the type of mortgage I should take out. At a 30 year i’ll obviously have a lower monthly payment, but more cash flow. At a 15, I’ll have less cash flow but will pay the home down in 1/2 the time. Knowing the appreciation in the area isn’t going to happen quick , should I go for the 30 or 15? My goal is buy and hold, and eventuelly build my portfolIo. Thank you