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Best term length for rental property?
My wife and I are currently working on closing our first duplex. We have quotes for mortgages on the property for 15 years & 30 years. Since this is our first rental property we need advise on which term length is best. We know that our cash flow will be better with the 30 year, but with the 15 year we will have the mortgage paid off much sooner. What is yall's advice for us new real estate investors?
Thanks,
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Originally posted by @Dana Hendrix:
My wife and I are currently working on closing our first duplex. We have quotes for mortgages on the property for 15 years & 30 years. Since this is our first rental property we need advise on which term length is best. We know that our cash flow will be better with the 30 year, but with the 15 year we will have the mortgage paid off much sooner. What is yall's advice for us new real estate investors?
Thanks,
Whats your goal? Thach in the podcast he's on says he puts all of his properties on 15 year mortgages for rest of mind. However other investors will do 30 years and refinance into another 30 year every 10 years to regain the equity!