Delayed Financing Question

[Alex Ng]

Hi I am looking to buy my first rental property. I have about ~150k to work with. I wanted to use delayed financing where I can buy a property in cash first at a discount and then refinancing it later, pulling out my money and reinvesting it. My agent told me I can only refinance and pull out about 60% of the property's equity. Is this true? I read online how I can pull out 75%. Has anyone done delayed financing?