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Updated over 5 years ago,
All cash purchase or should I get a loan?
Hello Folks,
I am interested in purchasing a home and am trying to figure out if I should purchase it all cash, and then refinance after rehab, or if I should get a loan. This is an investment property, and I thought since I have the cash, I can benefit from an all-cash purchase and hopefully get a lower price.
My questions are:
1) Does it make sense to buy with all cash, and refinance in a few months, knowing i will pay closing costs twice?
2) Is it more difficult to get a mortgage on an investment property even though i would own it free and clear?
I do not want to tie up all my money in the investment, so I will definitely be getting a mortgage on it, but I want to get the benefits of being a cash buyer.
Thanks!