Cash upfront; how hard is it to get financed after the deal is closed?
I have always done cash deals on flips. I am now looking at a potential buy and hold property. It's an online auction so I'd like to incentivize my offer by using cash but long-term want to finance the property. Obviously, I want to maintain as much liquidity as possible so I'll be ready when the next great flip deal is available.
So, since I have never used a bank (and quite frankly am quite intimidated by them even though my credit score is about 840) I don't know how hard it is to come by a cash-out refinance. I talked to my local bank one time on this matter and they acted as if that was practically unheard of. I've shied away ever since but don't think that I probably should.
Thoughts?