Had to choose between a 15 year fixed and a 30 year fixed on my first duplex in Cleveland

I went with the 15 year because the rate was 1.5% lower, but now my cash flow is so tight that one missed rent payment would wreck me, anyone else regret picking the shorter term for the lower rate?

3 comments

3 Comments

valw3628d ago

That lower rate on the 15 year is a trap if it leaves you with zero cushion for emergencies.

johnflores14d ago

My emergency fund is basically just my broken washing machine that I'm hoping holds out a little longer.

hayden70928d ago

Oh come on, it's really not that bad. You just need to stash a few grand somewhere for a rainy day and you'll be fine. People act like a tight budget is the end of the world but it's just part of being a landlord.