Equity or Cash flow position?
Sorry if this is in the wrong spot. Might have shot myself in the foot. I have a single family primary that I’m working to get rented out, I refinanced it on a 15 year a 2.375% because that dropped my total interest over $100,000.00 so it was kind of a no brainer to me. Ideally I was planning on just renting it for the mortgage cost which is doable easily in my area, letting it rent for as long as it pays for itself until I have $100,000 in equity and then sell it and distribute that into multiple doors. I’m kind of looking now though and wondering if maybe I should have done a 30 year at 3.000% so I could pocket a few hundred bucks per month? Have any of you went for strictly an equity position over cash flow? If I leave it on a 15 year, over $1,000 per month goes to principle whereas the 30 year only a few hundred bucks, I guess I just figured gaining equity faster was more important to me that a few extra hundred bucks per month.