Buy cash or use Mortgage??

[Pillar Jane Lagrito]

Me and my husband have refi'd our house for the purpose of reinvesting the cashed out money from the refi. We are looking into buying our second rental, and first out of state investment. With the current trends right now, where interest rates are high, and the market is unstable, would you advice buying a house in cash or using a mortgage? If we buy in cash, we plan to lowball and do cash out refinance when the rates get better, and use the money again to buy another house.. But if we buy with a mortgage, we can probably get 3 houses with the cash we have on hand.

[Pillar Jane Lagrito]

Quote from @Sergey A. Petrov:

It sounds like you not buying with cash. You are buying with the borrowed proceeds from the refinance. What is the interest rate on that? Can you get a better rate with a traditional mortgage on the new property? If you can buy 3 with currently borrowed funds, how many can you buy if you used those funds as a 20-25% downpayment towards new acquisitions?

Its refid from our 1st rental which is cashflowing really well, so its basically free money now. Refi rate on that one is 3.5%, so having a mortgage now would  have higher interest. We can probably buy 3 for 20% down. Asking the question coz i'm thinkibg we might be able to lowball some offers due to having a cash transaction, then refinacing it to buy 2nd, and 3rd