All Forum Posts by: Carolyn McBride

Hi BP,

I've applied for the new 5% down multifamily primary residence loan option for a 3-unit property, but keep getting denied at the Automated Underwriting System (AUS) stage. 

I have good credit (690), 24 months of reserves, and something like 40% DTI... and the lenders I am working with are not sure why the AUS is denying my application with these specs.

I've heard 3-4 unit conventional/primary residence loans are more difficult to achieve with the new low 5% down payment option... I'm wondering if anyone has been successful at closing with this type of loan product and if so, what factors (credit/DTI/reserves, etc) were required for you to be approved? I'd like to understand which factors are weighed most heavily in the underwriting stage so I can try to get approved.

Hi there. I am a first-time investor interested in a small multifamily property in Cincinnati, Ohio. I'm aiming for a $100k-$200k price point, and can see these properties are available, but am not so sure about the neighborhoods or expected renter class associated with these lower-priced properties. I am open to doing light rehab but not complete renovations or large repairs. My husband is originally from Cincinnati, but has not been there in ten years and considers most neighborhoods "the hood". 

For those that are more experienced with the Cincinnati market, what are the up and coming (B/C graded) neighborhoods that have small multifamilies, a strong renter demand, and are likely to see appreciating rents? And I'm also curious are there any neighborhoods that could be especially popular with short-term rentals in the city?

Some neighborhoods with duplexes that seem particularly affordable are below. Are there any neighborhood-specific economic trends I should know about? 

- Price HIll

- Walnut Hills

- Avondale

- St. Bernard

- Norwood

- College Hill

I'm currently doing research to prepare for purchasing a multifamily unit in the Cincinnati metro area.

I'd love to start working with a property manager who can firstly guide and educate me on rental trends and microeconomics for each neighborhood (or even by block). And secondly who could manage the property after it is purchased and is made ready for the market. 

Any recommendations would be appreciated. Looking forward to connecting and learning more about the area!

Thanks Osazee. Interestingly I found out there is new jurisdiction in California prohibiting permit denials based on unpermitted work (SB897). We'll see how this pans out.

Purchased a home in Oakland in late 2022 which had a non-permitted garage-converted detached ADU in the backyard. All the construction for the ADU was unpermitted/undocumented and the previous owners were contractors themselves.

I want to apply to the Oakland Amnesty program, but one of the requirements is that they need proof of the establishment/construction and also occupation of the ADU prior to 2021.

Since I just bought the home in late 2022, what is the best way to go about the proof of establishment and occupancy requirement? I'm not even sure what type of evidence the city needs for amnesty, since the whole garage conversion was done unpermitted/undocumented by the previous homeowners. I believe unpermitted ADU's is extremely common in Oakland.

Does anyone have experience with the Oakland ADU Amnesty program? I'd love to get details on how easy the process was, as I'm concerned about the city forcing me to get rid of the whole unit itself.