Financing Cheap Condos by Conventional Mortgage

[Keerthi A.]

I am planning to buy a rental property through cash from a 401K loan. It is hard to win a bid through financing in my area, hard to compete with cash investors.

So if I buy through cash, would I be able to finance it immediately.
Is it called 'cash out refi' even if the loan is closed recently.

Also most banks say it it hard to get a mortgage for low amounts.
Most banks have 60K or a 80K minimum loan amount.

I am looking at getting 3-4 properties in the 50K range.
One I am looking at is at 45K.

I do not want crazy high closing costs or every high interest rates. But I am ready to take a small hit if I can get financing easily.