All Forum Posts by: Josh Bloomquist

Quote from @Account Closed:

Hey Isa - I agree with Mike to some degree. Also consider that in Michigan, basements are not counted as finished living space unless there is a walkout. It would improve the marketability but necessarily a huge increase in value. 

I may be wrong but wouldn’t an egress addition make the basement count as livable?  I own properties and live in Michigan and listings seem to count the (finished) basement space if there’s an egress🤷🏼‍♂️.  

As for the original question, perhaps calling an appraiser for their feedback would be wise, but in general if you’re adding a finished room to a property the value will go up.  The question is how much will it cost to add that egress. There are likely comps you could compare to get the estimated value of your property with and without an extra bedroom. Get those and then factor in the cost of the egress.  Just my thoughts.  Good luck!

Congratulations!  If you don’t mind sharing, what are you getting for rent and what neighborhood is the property in?

Congrats...hope all goes well with it!  

I’ve never been in the situation you describe so take my opinion with a grain of salt, but I would go with a title company.  That being said I would run it by a real estate attorney friend of mine to get his advice (I know he would point me in the right direction even if it meant he doesn’t get paid!). You may have already done this but what about calling a couple title companies and a couple attorneys to see if they give you advice you feel you can trust?

Agreed with above that flower boxes would be nice touch as well as front door contrast color (maybe yellow?).  Aside from those updates, perhaps you go with some green shrubbery in front of windows to give some depth (fully realizing this isn’t the best time of year to plant shrubs in Michigan!😄)

I don’t have a specific bank lead for you, but have you tried calling local credit unions?  I’ve worked with Lake Michigan Credit Union with good success, but it was a relatively straightforward mortgage loan. Good luck!

Hello @Michael B., thanks for staring this post! I've noticed there aren't a lot of Michigan posts also. I have a couple SFR's in Kalamazoo, MI. But I haven't made many efforts to expand my holdings in a couple years. Would love to connect with others in strategies to get active again!

I would also recommend Foremost.

@Donna Ragan  Congrats on your first purchase!  I just picked up my 2nd (buy and hold).  Where in Kalamazoo did you buy?  I've seen your name listed on the KARHA meetup so hopefully we can share our experiences at the next meeting!

Definitely going to try to make it!  Thanks!