All Forum Posts by: Asma A.

Thanks, @Jim Costa! I take it you prefer to save for the next property, rather than pay down principle.  

If you don't mind me asking, do you have more than 4 properties?  I saw on a couple other threads that getting financing tends to be much harder after the 4th.  This is only my 2nd, but I'm wanting to plan ahead by adjusting my purchase prices if need be.  

Thanks all! I decided to go with the 30 yr at 3.875%.  Looking forward to a little extra cash and focusing on acquiring good tenants.  That's an entirely different topic!

Appreciate all the valuable feedback and best of luck to all.  

This community is awesome, thanks for all the input!

To clarify, the CF difference is actually $175, as I was deducting the $50 additional in interest I'd be paying for the 30yr to round out to around $100. But as mentioned earlier, that additional interest amount is being paid by the tenant.  

Question to investors in response to the value of extra CF - assuming you opt for the 30 year, if the CF is so valuable, do you actually pay off extra principle each month or are you pocketing that CF? (this also would assume you dont have any major repairs pending) 

I'm getting the feeling that CF outweighs equity for most on here.   As a new investor, I had this vision that ultimate goal would be to achieve tons of equity across your properties.  

Thanks all for the input, really helpful.  Some additional info:

Monthly payment amounts include insurance, taxes, etc.   Managing property myself and tenant will pay all utilities.   Will rent for 1200 to be conservative (possibly 1250, 1300).  

Ideally, I'd like cash flow to get another rental under my belt, but if it's only $100 additional, it seems that I'd be better off paying down the mortgage and building equity.  My income will allow me to continue saving outside of this rental, though it's true that one can never anticipate maintenance issues.

correction - only $100 difference btw 15 and 30 year monthly payment

Hi all! I'm in process of closing on a 96k rental property and trying to decide btw 15 and 30 year mortgage.  Below are numbers:

Purchase price: 96,000
Down payment: 20%
Interest rate: 3.125% on 15 yr,  3.85 on 30 yr

Monthly payment on 15: $845
Initial portion towards interest: $208

Monthly payment on 30: $670
Initial portion towards interest: $257

I know the conventional thought is to always opt for the 30 year.  But with these numbers, does it make more sense to go for the 15 year?  Only about $100 once interest payment is deducted. Thanks in advance!

@Gene Rivas, I agree Gene.  Baltimore seems like a bit of a patchwork quilt to me though, and I'm still working to figure out the right neighborhoods, streets, even blocks! 

Have you done any investing in Baltimore?

Thanks @Cooki Karriem @Richmond Amos @Dmitriy Fomichenko! Will definitely keep all in mind.  I do need to set up some keywords, there is so much information here! What a great resource. 

Thanks, @Don Cote! Best of luck and congrats on expanding.  Sounds like a good move :-)

Hi @Daria B., haven't gotten any yet.  But will let you know if I do.  Good luck!