I am new to this site but have been investing in rental property over the years. We recently sold a property and needed to reinvest.
Me and my partner lost our jobs during Covid so loans are not possible but we own our current home where we live. Is it wise to do all cash purchase only for the rent? What else should I look at? The cash on cash ROI is only at about 2.5% considering all expenses.
Consider transitioning to commercial investing. Banks lending commercial funds for mutlifamily acquisitions have fewer restrictions on the situation with your W-2.
Otherwise stretch your money by marketing for distressed sellers. You might be able to buy a house on the cheap, rehab it and have cash left after renting it. OR you could flip.
If you know how to invest in real estate, a W-2 may ultimately be a hindrance to growing the business you were meant to have. Best of luck!