Having a problem with a Brrr Refinance

[Ryan Kinley]

Hello all,

I have a small problem and was hoping to hear back from anyone that can help. I am trying to buy a triplex ( which im going to convert back to a duplex) and behind this triplex is a single family home (for 50 k cash and I am going to fix up). I checked with the bank to see if I can refinance to get some of my initial investment back and he (this bank btw works with a lot of investors refinancing) told me I cannot and it would be very difficult because this type of property does not comply with Fannie May and Freddie Mac. I believe it does not due to the SFR behind the duplex on the same lot.

He told me to look for (or google) a "portfolio Investment Property bank".   I am in northeast Ohio so I was hoping to find one within the Cleveland area or Ohio.   If not that is fine also but I am trying to see if anyone can suggest a company that would be able to refinance this style property and how much higher the interest rate would be.

I want to pull the trigger but want to make sure I can refinance this after some time with not problems.

Thanks for your feedback in advance!

Ryan