At what level of leverage can you sleep at night peacefully?

[James Park]

I am curious to know from the BP members at what level of leverage on your real estate investments do you feel that you can sleep at night peacefully?

One of the REI books I've read said that even if you have a mortage of a million dollar against your rental properties, if you have a million in cash, it is the same as owning your investment properties clear and free. This way you should be able to sleep at night as you know you can pay off the debt at anytime. Do some of you investors have a guideline that you use as to how much leverage you feel comfortable with? I am not sure if this is a good rule of thumb, but i try to make sure that my mortgage loans do not exceed the cash i have in hand. Is this being too conservative as an investor?

For those of you investing in rental SFRs, what type of rates are you getting from the banks for a 30 year fix with 25% down these days?