Dear Dave,
I’ve been out of college for a few years, and I have no debt. I’d like to start investing, so I’m thinking about buying a triplex, living in one of the apartments, and renting the other two. Should I get an interest-only loan for this?
Chad
Dear Chad,
Never, ever get an interest-only loan! If you can’t make this idea happen on a 15-year, fixed-rate mortgage that takes no more than 25 percent of your take-home pay, then you can’t afford this project.