After a good stretch in real estate, I’ve found that the best deals often come from great conversations.

Now we have to submit the plans and apply for a permit and have an inspector come out to review the conversion from 30+ years ago

When you convert to a rental, the basis for depreciation becomes the lesser of the fair market value or adjusted basis on the date of conversion.

Mid-year conversion from LTR to STR does not work.5.

I know in March mortgage rates were discussed, but there still seems to me lots of conversations right now with with recent cut.

I'm starting a conversation with another local bank but I have a feeling it won't go anywhere.

It's just not going to drop dramatically overnight.I love this topic and insight into the conversation!

I have also seen some garage conversion ADUs get valuations below ground up construction.  

I've been in massive debt before with a house remodel, addition, and ADU conversion.

I can justify any price (and some high fee syndicators are still doing so), if I just play with assumptions, prepay and buy down my interest rate, and hope that sub-5% cap rates will be returning in the next few years.But if you know your market and market cycle, have an idea where interest rates may be going (this is an educated guess for all of us), and then have your assumptions, you can certainly have the conversations you reference with brokers and see what their take is on pricing and if it is worth writing.Finally, I have said this before and will continue to say it, whether we are talking single family homes or 400 unit apartment complexes, off-market purchases do not make something a deal.