Is refinancing a deal realistic?

[Mike Medina]

I hear a lot on these podcasts how they use hard money loans and investor money to buy a deal and once they rehab it or add value they refinance and pay back loans. Now I've asked banks about refinancing or even getting a loan on a property I bought for cash and they all say if it's not a primary residence they won't do it. Maybe I'm missing something here. Anyone share their experience or give insight into this. 

The idea of using someone else's money to buy a deal and then refinance cashing them out without using your money is a great idea.