BRRR, 2 houses 1 lot? Refi issues?

[Daniel Parrella]

Hello!  As I'm searching for my next deal in Cleveland, OH, I've come across a couple where there are two separate houses on the same lot.  

Whatever I end up with, I would like to BRRR, both I've seen would qualify. The question I have though, is does anyone foresee problems getting your money back out of that style property? I had a conventional lender once tell me those are always difficult to lend on for them, and wondered if that was the same across the board for most lenders. Will I have trouble refinancing something like that? Or should it be pretty cut and dry?

Any input or a link to some good lenders that could help would be much appreciated!

[Victor Vella]

@Daniel Parrella

I’ve come across a few of them and my understanding is you need a commercial lender.

Remember you also will need to exit the property at some point meaning someone needs to buy the house.... meaning you’ll either need to wait for a cash buyer or most of your buyers will have trouble financing. The buyer pool becomes much smaller if financing is an issue and my understanding is it is.