Refinancing vs. Fannie Mae delayed financing? More profit?
A little bit of information regarding this deal,
I am under contract for a duplex at $148,000.00, each side is rented at $850 per side with section 8 tenants. Both tenants want to renew but one lease ends the end of May and the other ends the end of June. This property must be bought cash because it is through a whole saler and now I only have 1 week until the closing. I don't want to lock up so much cash in this because I rehab homes on the side and need the funds.
The appraisal was just ordered yesterday so I see that at this point I will not be able to do the delayed financing within a few days of closing cash.
So, my question is has anyone done delayed financing, is there a big chance itll fall through? Should I look into refinancing,even though I dont want everyone pulling my credit at once and throwing off my delayed financing in case it does work?
Another aspect of this is that I already have a mortgage on a rental property and am a realtor/investor so it is generally a harder for me to get a mortgage as I have other houses ...
Please help!