Im 55 just signed for my first rental property.. should I finance it at 10yrs or longer. Even at 10 yrs will have a small positive cash flow of 200$...my question is being my age should I drag out the loan 20 yrs to have a larger cash flow using that money to cover repairs and possibly invest in more properties or pay for it as quick as possible
BP Podcast 259: Old School Investing Wisdom...with Mike Anderson gives good advice on this question. Mike compares different situations of when you want to cashflow as much as possible vs. when you want to pay off your debt faster.
I’m 55 as well
Personally I would look for a better property to make more than $200/mo net
Thank you guys..Im going to listen to that podcast