Don't Mortgage. Leverage creates bigger upside and cash flows.
You work hard for your money. You have a 9-to-5 and everyday you wake up, you go to work, and you make it happen. Money doesn't come easy. So don't just sink it into a mortgage!
If you want to own one unit after 30 years of making payments, then definitely get a mortgage. It's comfortable, safe, and relatively worry free.
IF YOU WANT TO MAKE MONEY, you have to LEVERAGE.
Take your hard earned cash, borrow money from family and friends if you must, collect investor capital, go back to the bank, or a lending institution, and leverage your pool of money to get a much bigger, much more profitable property. You will cash flow if you have multiple units and the appreciation of the property means you can exit the investment in the near term future. No need for 30 years of mortgaging your life, waiting for one investment to come to fruition. That's too slow, get on the Upward Spiral, create your success, don't wait for it to happen to you!
The banks are currently asking for a 20% down payment and the best rate is fixed at 5 years. You see a property you like with a few units and you decide to commit. The property costs $3,500,000.
You have $0.00.
Step 1: Who can I approach for a loan? Family, friends?
Step 2: Who wants to make money with me and can provide further capital? Investors?
Step 3: Where do I take my big pool of capital to maximize earning potential? Bank?
Step 4: Present to the bank your pool of capital worth $700,000, collateralize the property you are buying, and ask them for $3,500,000.
Step 5: Invest, renovate, collect
By the way, this is what I did except I operated in Czech crowns and leveraged to 4.7 million.