Buying a property in cash at 21?

[Sarah Jenson]

Hi there, I'm 21 years old and interested in entering the real estate market. I currently have a substantial amount of money, totaling a few hundred thousand dollars, available in cash. However, I'm facing challenges when it comes to qualifying for a loan due to my lack of a traditional W-2 job, despite having good credit and being debt-free. My parents are experienced real estate investors who typically purchase properties outright using cash, often focusing on properties that require renovation. They consistently emphasize the benefits of cash purchases over leveraging through loans. On the other hand, various educational resources on real estate advocate for utilizing leverage when making purchases. I'm torn between the two approaches. Should I proceed with a cash purchase, or are there alternative options worth considering?