I try to have this conversation with my borrowers when i see finished basements on the scope of work.

Typically you can get a window egress installed for $3k-5k.Not aware of a Metro Detroit city that will allow the conversion of a SFR to 2-4 units in an R1 zoned area.- You can improve your search by only looking in R2+ zoned areas.- Will still be challenging to acquire a SFR at a low enough price to justify the cost of any conversion.Regarding Michigan property taxes, we have a one-page explanation document we'll share if you DM us. - The challenge in Detroit is that the city is "deliberately" keeping SEVs low to not scare investors away over property tax increases.

I know this is an old thread but I wanted to see if you were able to get more knowledge on this basement conversion and what you ultimately decided?

I do not seek these people out to talk about this specifically, but bring it up in casual conversation.

I recommend you do a google search for "real estate seller financing" and educate yourself through some blogs, then have a conversation to see if the two of you can agree on terms that work for everyone.Be sure to use an attorney to draft the documents, not the same one the seller uses.

Thank you again for the response I look forward to farther conversation!! 

Hey @Johnny Smith, ask your CPA how you would be able to apply losses to your W2 to get the conversation going.

Whether it's about deals, property management, or anything in between, I'm all in for a good conversation!

I like to use AI when communicating with sellers/agents to keep an up beat tone to the conversation.

It's not conversational.