New Member, Cash Buyer Question

[Richard Davis]

Good Afternoon, My name is Richard and I am a new member here. 

By far my most nerve racking question is should I use my own cash to purchase properties?

I like the idea of using my cash as leverage to obtain a great deal. In turn do I turn that purchase into a loan. The bank that I deal with, you must wait 6 months after you purchase the property in order to refi and use the appraisal. They loan 80%. If i was to turn the cash purchase into a loan before 6 months they will use the sale price or appraisal whichever is lower which doesnt help me. So is it ok to wait the 6 months?

As far as my portfolio, would you recommend a flip first? Buy and Hold first? I understand they are two different scenarios for two different positions. I guess my question to the experienced investors would you have both in your portfolio?

Thanks for your time!!

Richard