Cash Discount then Cash Out Refi??

[Jonathan Napper]

Is this plausible or am I out in left field?

If I am able to buy a 75K house for 50K because I am paying with cash, can I then execute a Cash Out Refi for 80% APV bringing 60K back in my pocket? The house is fine and comps are at 75K but I was able to get a nice cash discount. Does it matter if its a rental or owner occupied?

Thanks