I recently closed on my 10th property in Las Vegas (which is where I live).
I own all 10 of them free and clear - so cash flow is very good with all of them being rented at the moment.
I hate mortgages (because it's too risky for me), so I usually buy properties straight up with cash (I know not everyone can do that).
I also wanted to avoid scenarios where tenant leaves, property stays vacant and I'm forced to pay a mortgage every month. With buying them straight up I only worry about the monthly HOA fee, for the most part, when vacant.
I also remember how some of my friends who are investors, and did mortgages instead of buying with cash, lost their portfolios when the Vegas market crashed a decade ago. They were charging top dollar rent on some of their homes and were still losing hundreds per month.
Based on what happened to them, I always do cash.
I try to save up money and buy at least 1-2 new properties per year.
I only buy condos and townhomes in high demand areas with good equity increases.
Prices are really shooting up. Three condos that I bought in 2018, near Boca Park, for around 142-145K each - are now going for 165-185. Another I got for 170K in 2019 is now going for 200K with the same floor plan.
My real big concern at the moment are year to year increases in HOA fees.
But I do agree with cash flow not being the best if buying properties with 20-25% down.
Recently, I really wanted this 3 bedroom townhome that I liked and considered doing a mortgage as I didn't have enough money to buy it straight up with cash - but after doing the math, even with a 40% down and 30 year mortgage, I would either break even or make, at most, 175 bucks profit after expenses (and that's if no unforeseen expenses came up).
That's not enough profit for me, not when I make 1200-1400 a month in profit on some of my properties. It was just too much risk.
So I decided to back away from that townhome and instead bought a property at a lower price point, straight up with cash, a very nice 2 bedroom condo in Summerlin (with an existing tenant).