HELOC for cash purchase: Exit strategies?

[Account Closed]

Has anyone used a HELOC to make an 'all cash' purchase on a property? I think an 'all cash' purchase can often give you a better deal, but the last thing I want is to have a house on a variable rate given interest rates are so low,

What were your exit strategies?

Were you able to get a 30-year mortgage on the already purchased home?  I don't know how that would work...  Thanks!

[John Kuzan]

I used my Home Equity Line of Credit twice to purchase a buy and hold. After rehabbing and having income from the property, about a year, I was able to pull a 15yr conventional mortgage on the that property. The rental income/signed lease help to increase my debit to income level to secure the new mortgage. I was able to borrow 70% of market value which about covered the initial amount borrowed from my HELOC. Then I did it again.