I am in a unique situation where I purchased my first real estate property (primary residence) for cash ($70k) in a MCOL city. The house is approx 15% of my total assets, will be more once fully renovated.
In the last several months, I have been working closely with a successful RE investor and have essentially created a job for myself in their company. I would be taking a significant paycut to do this, with the upside being learning how to run a successful multi-million dollar real estate company, and potentially uncapped earnings.
My original plan was to complete the reno of the house, refi, get a roommate, and repeat. However, if I don't get a mortgage on this property right now, my cost of living would be so ridiculously low that it would allow me significant economic freedom and a bit of a safety net in case this whole thing doesn't work out. I am just so focused on re-investing the cash back into the market or other higher earning opportunities that it's hard for me to ponder the benefits of a free living situation.
Question is, has anyone been in a position where they've purchased a house or apartment for cash to allow you the flexibility to pursue new or different opportunities? How has it worked out?