Updated almost 6 years ago on . Most recent reply
What year limit should I get for a mortgage?
I'm under contract for a 3bedroom/2bathroom in Cincinatti, OH that can bring in rent for $1,000/month. Mortgage is about $1,000/month for a 10-year limit. This means that the property may not cash flow immediately in its first year because I still need to pay for repairs & closing costs. Do you recommend that I get a 15-year or 30-year mortgage in order to get more cash flow or should I focus on paying off the 10-year mortgage as quickly as possible while getting ZERO cash flow for 10 years? I'm a beginner at this. This is my first property.