Delayed Financing / Cash Out Refinance

[Patrick A.]

Hey BP World,

NEW TO THIS REAL ESTATE WORLD....BUT we are looking to buy a house and may not be able to get pre-qualified for mortgage due to work history with current Non-Profit (Self-Employment) not being established for over 2 years.  We are looking to buy in the Kansas City, MO area and would like to purchase before mortgage interest rates or housing prices go up over the course of this next year. We will have the cash to buy a house in our price range $160k (max) but we would like to be able get the majority of that back to invest elsewhere and I was told that it's possible through "Delayed Financing". I was hoping to get help on how that process works and what the interest rates may be with doing that? Any pro's or cons on this or general advice in regards to this line of thought for purchasing a home?

Thanks!

[Patrick A.]

@Brent Coombs, I will not be established for over 2 years by the time I would apply for delayed financing. So you're saying that I would run into the same problem applying for delayed financing with my work history....got it. The house that we would like to buy for $160k would not be an investment, but move in ready for our family - then I thought with the cash back I could invest in 2 or so SFH or Duplex rentals by putting 20% down for each. Thanks for you feedback!

@Andrew Postell, Thanks for sharing the other options out there with portfolio/commercial loans. Something to look into! I will search the forums via your suggestion. Thank you!

@Larry Fried, I appreciate your feedback. 

Maybe just keep renting and start investing with the money now???