Is a home equity loan on an investment property a good idea?

[Steven Virgil]

Good morning. We are looking at buying our first investment property in the near future and were surprised to find out that banks are very reluctant to mortgage investment properties under $120k. We have the cash to purchase our first property ($50-$60k) however with rates still low we would like to finance if possible. I'm wondering if it makes sense to purchase the house cash then go back and take out a home equity loan on the property instead of doing a personal loan. We both have ~790-800 credit scores so our rates should be pretty low.