All Forum Posts by: Mark Wilson

I have the opportunity to buy a house in a great area from a willing seller, as long as they can continue to live in it after the sale. I am thinking I would try to use some flavor of seller financing but unsure how to structure the deal. The house is worth ~$500k, the owner's existing mortgage is ~$220k. I know seller financing is better if the owner owned the home outright with no mortgage, but still curious how I might structure seller financing over, say, 5 years at which point I would refinance the home? Any other creative financing ideas that wouldn't involve a bank loan?

Sorry, I was incorrect: ceiling will be 6’8”

...but still too low for code. So what I’m hearing is a finished basement is a finished basement. Code or not, a master suite in the basement won’t add sq footage and be considered a 3rd bedroom and 2nd bath. Appraisers, please correct me if I’m wrong?

What approx addtl value (%) could I expect a finished basement w master suite will add to total home value? 

@Jonathan Larkin Probably looking at a height of roughly 6' to 6'2". 

I've looked through a few posts but not seeing exactly the answer I'm looking for... I have a 2bdrm 1 bath bungalow (buy and hold) in a nice area of Denver. Thinking of finishing off the basement to include a master suite (1bdrm+full bath) as well as a decent size entertainment/living area. (FYI - I will also add an egress window in the bedroom)

Two questions:

1. I hear mixed views on how appraisers view this: After completing the basement, will it just be appraised as a "2bdrm, 1bath, plus furnished basement" or will it be appraised as a "3 bdrm, 2bath"?

2. Is it worth trying to squeeze in another small bedroom in the basement to make this a 4bdrm, 2bath house? Or better to leave more living area in the basement, rather than fill it up with a fourth bedroom?

Thanks @Toan Hoang. It isn't a walk out, unfortunately but I've chatted with a couple contractors and will need to enhance/build current windows into egress windows. Both potential basement bdrooms will have closets as well.

Great thread! Piggybacking on this a bit more... I have a 2bdrm 1 bath bungalow (buy and hold) in a nice area of Denver. Thinking of finishing off the basement to include a master suite (1bdrm+full bath) and a decent size entertainment/living area. 

Two questions:

1. I hear mixed views on how appraisers view this: After completing the basement, will it just be appraised as a "2bdrm, 1bath, plus furnished basement" or will it be appraised as a 3 bdrm, 2bath house?

2. Is it worth trying to put in another small bedroom in the basement to make this a 4bdrm, 2bath house?

Thanks for the responses and clarity  @Justin Windham, @Brian Eastman, and @Dmitriy Fomichenko! I'll reach out as I dig into this approach a bit more in the coming months. 

Great thread. I have some additional questions I'm hoping someone can answer:

1. If I am self employed, open a Solo 401k, buy a property using my Solo 401k, then end up getting a W2 job... what happens to my Solo 401k if I am no longer self employed? What happens to the property? 

2. Is profit from rental income considered a contribution when it goes back into the Solo 401k? What about sale of the property? 

3. Can I use funds from a HELOC I have on another property (non Solo 401k) as a contribution to my Solo 401k, and then use that money to renovate a property I own through my Solo 401k? Or is this not permitted?

Hi all! I'm hoping someone can point me to a realtor that knows/invests in Idaho Falls, ID? Thanks much! 

-Mark