15 vs. 30 year mortgage?

[Jeff Ausdemore]

Hi Everyone,

My wife and I currently have our primary residence and our investment property on a 15 year note, and I love the fact that we'll be paying it off much sooner, WITH a substantially lower rate. However, as we are shopping for a second investment property, I'm wondering whether or not it makes sense to do so again? Running some very broad numbers are showing me approximately $450 between the two each month. Should I look more at positive cash flow (30 yr. mortgage) or try and pay it off with a 15 yr note?

Thanks in advance from this new investor from Dallas/Fort Worth, TX!

JA