Originally posted by @Andrew Caldieraro:
I would pay cash and refinance later. I feel like this may provide a little additional leverage to get the sale. I’d also consider offering a little less on the property if I paid cash. I have no problem with a larger than normal security deposit and competitive all-cash offer. The seller may get the impression that you mean business. Plus, getting all of the needed info to the bank (tax returns, previous months’ pay stubs, copies of all of your retirement account statements, etc.), getting the bank to move as quickly as possible, hitting all deadlines, etc. can be time consuming and frustrating.
Thanks Andrew - that’s what came to mind as well in terms of jumping on the deal quickly. Also it takes the timing pressure off so we can really make sure we do the rehab right (we can even do some demo ourselves).
Not having a mortgage payment kick in right away would feel like less pressure and if rehab costs started to get to high I could always mortgage the property later.
