Pay cash and Refi, or start with Mortgage?

[Xela Batchelder]

I am trying to figure out if I should offer cash, and then refinance, or get a mortgage upfront. The properties I'm looking at are not BRRRs. (I am doing that with a BRRRR, and the advantages of cash than a refi is much more obvious in that situation.) The appraised value won't probably go up much, as I won't be putting a lot of work into them. For me,+ the disadvantage would be doing only one deal at a time, but if cash to refinancing season isn't too long, that wouldn't be a huge problem. I am wondering if the advantages are no points, better interest rates, and better-negotiating power. Would I be able to get better rates long term on a refinance? Would fees and points be lower on a refinance?

Details: Properties I'm considering are in the $130,000 to $180,000 range. I probably have to use my HELOC to have enough cash (though it is about half the % of the mortgage rates I'm being offered for investment properties). The properties are SFH or Duplexes. I will not be owner occupying the properties (which seems to be causing a lot of the issues with poor rates).

Some helpful suggestions I could use - companies and suggestions for refinancing companies with great rates and short seasoning time periods, or mortgage companies with better rates for investment properties (I've been prequalified by a few, but rates are in 5.9 to 6% rage - is that high?

Thanks for any suggestions or help!