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RDU Irish

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Based on all this additional info - I am confused at wtf you are estimating for materials to get to $7000. Sounds like all the expensive stuff is largely done? HVAC, electric and plumbing in place then I would think you should be able to get this done for maybe $10k easy with decent finishings.

NEVER assume that a license means a contractor knows wtf they are doing. If they do not speak knowledgably about moisture they don't let them anywhere near your basement.

If it were me, seal up the walls as well as possible before putting anything over it, consider acid wash/color floors and area rugs instead of any permanent coverings, dehumidifier as mentioned by someone else and bathroom single switch for the light and fan - any time the light is on the fan is on. Only way to make sure a tenant EVER vents.

Also, LOL at the rent snobs. ANY place and EVERY renter is a PIA risk. In many cases lower rent can attract more frugal, respectable people than those who may over extend themselves. Also very hard to predict how someone will behave if they come on hard times - just because they have not had adversity before does not mean they won't get hit for the first time while under your roof.
 
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koonja

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Lolz. The landlord association I'm in has a comprehensive list (updated weekly) of every eviction and tenant judgement in my county. I run a criminal background check, credit check and call references for every tenant. Between my grandpa's rentals and mine (34 properties) we do an eviction roughly once a quarter. So I find it amusing when someone is like "nah, it's all good cuz I personally hand pick my tenants".

Good luck with that.

I don't need it.

You have an 11% eviction rate (4 time a year/34 units)? That's really good actually for a larger operating business/association that can't discriminate against renters that pass background/credit/criminal. I hand pick mine so I just don't have any concerns about renters, so I'd rather talk about what a bad idea it is, structure wise, to add a 5th bedroom and 3rd bathroom for ~ $15K than how I'm going to find bad tenants.
 
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koonja

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Based on all this additional info - I am confused at wtf you are estimating for materials to get to $7000. Sounds like all the expensive stuff is largely done? HVAC, electric and plumbing in place then I would think you should be able to get this done for maybe $10k easy with decent finishings.

NEVER assume that a license means a contractor knows wtf they are doing. If they do not speak knowledgably about moisture they don't let them anywhere near your basement.

If it were me, seal up the walls as well as possible before putting anything over it, consider acid wash/color floors and area rugs instead of any permanent coverings, dehumidifier as mentioned by someone else and bathroom single switch for the light and fan - any time the light is on the fan is on. Only way to make sure a tenant EVER vents.

Also, LOL at the rent snobs. ANY place and EVERY renter is a PIA risk. In many cases lower rent can attract more frugal, respectable people than those who may over extend themselves. Also very hard to predict how someone will behave if they come on hard times - just because they have not had adversity before does not mean they won't get hit for the first time while under your roof.

I asked them to go middle of the road for all items: shower, toilet, sink vanity, carpet, trim, paint, etc. They are itemizing every cost and providing me the details today or tomorrow. From there, I can pear back into lower costs ones if I want, but I asked for not high end stuff, but middle of the road to start with. I'm sure I'll go from a $1,000 shower to a $600 shower, for example, but I want to see what it is with nicer stuff first.
 

wizards8507

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Also, LOL at the rent snobs. ANY place and EVERY renter is a PIA risk. In many cases lower rent can attract more frugal, respectable people than those who may over extend themselves. Also very hard to predict how someone will behave if they come on hard times - just because they have not had adversity before does not mean they won't get hit for the first time while under your roof.
I'm not a rent snob. I lived in Marmain Apartments my junior and senior years at Notre Dame. It was $440 per month and included all utilities. It was a half step above homelessness.
 
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koonja

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I'll post my itemized bid when I get it. It'll show the detail of every cost. Good for anyone else to see if they're considering any remodeling themselves.
 

RDU Irish

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I don't need it.

You have an 11% eviction rate (4 time a year/34 units)? That's really good actually for a larger operating business/association that can't discriminate against renters. I hand pick mine so I just don't have any concerns about renters, so I'd rather talk about what a bad idea it is, structure wise, to add a 5th bedroom and 3rd bathroom for ~ $15K than how I'm going to find bad tenants.

You already have that risk, adding another revenue source for the same building actually makes it less impactful if one of your renters goes rouge. Seems silly to me to think the basement troll is so much riskier than the upstairs folks.

Resale and rental wise, sounds like a good investment - all aside from the post topic of finishing old arse basement space. Hard to imagine you don't get that money back out since it is halfway there already.

What is the quote on the egress? That was the messiest part of our basement remodel years ago - cutting concrete is messy stuff. Be sure to tape off upstairs and vents when that project is going down. Even then the f-ing dust will get everywhere. Block should be cleaner than the solid concrete we had cut.
 
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koonja

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You already have that risk, adding another revenue source for the same building actually makes it less impactful if one of your renters goes rouge. Seems silly to me to think the basement troll is so much riskier than the upstairs folks.

Resale and rental wise, sounds like a good investment - all aside from the post topic of finishing old arse basement space. Hard to imagine you don't get that money back out since it is halfway there already.

What is the quote on the egress? That was the messiest part of our basement remodel years ago - cutting concrete is messy stuff. Be sure to tape off upstairs and vents when that project is going down. Even then the f-ing dust will get everywhere. Block should be cleaner than the solid concrete we had cut.

Bingo. I've only been given a 'rough estimate of materials' by the independent contractor that was 7K where I again, asked for middle of the road everything and will likely pear back.

The company that's getting my itemized bid to me today/tomorrow was given the same request - and I'll post that when I get it.

Egress - for the independent guy, he said ~$400. IDK yet what the company will say, but I'll share.
 

woolybug25

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I don't need it.

You have an 11% eviction rate (4 time a year/34 units)? That's really good actually for a larger operating business/association that can't discriminate against renters that pass background/credit/criminal. I hand pick mine so I just don't have any concerns about renters, so I'd rather talk about what a bad idea it is, structure wise, to add a 5th bedroom and 3rd bathroom for ~ $15K than how I'm going to find bad tenants.

Haha... Ok... I know I have a good eviction rate, and that is with significantly more information than you. But I'm sure you're right, your gut is probably better than all of that information and the 60+ combined years of rental experience my grandpa and I have... You're tenants will be different, as they are "hand picked".

It's a bad idea structurally as well. I'm not sure I understand the dying need you have of turning your grandmother's lovely home into a hostel. But whatevs.
 

wizards8507

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Haha... Ok... I know I have a good eviction rate, and that is with significantly more information than you. But I'm sure you're right, your gut is probably better than all of that information and the 60+ combined years of rental experience my grandpa and I have... You're tenants will be different, as they are "hand picked".
Kind of like BoA "hand picking" Koon for their tuition reimbursement program. :wave:
 
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koonja

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Haha... Ok... I know I have a good eviction rate, and that is with significantly more information than you. But I'm sure you're right, your gut is probably better than all of that information and the 60+ combined years of rental experience my grandpa and I have... You're tenants will be different, as they are "hand picked".

It's a bad idea structurally as well. I'm not sure I understand the dying need you have of turning your grandmother's lovely home into a hostel. But whatevs.

I'm renting to grad student and young professionals that I have beer with before they sign anything. The group I will be renting to in Sept, one guy is paying me the entire year's rent as a lump sum on day 1.

I'm not renting to your renters. You can continue to talk about how it's a bad idea going from 4 renters to 5 (lol, that 5th is a killer!), but it's futile. This rental is in the best neighborhood in the twin cities and I have too many applicants to choose from.

Every calculated out a simply ROI? The small loan would cost me $450, I could fill that space with a renter for $600 tomorrow. And by the way, go from a 4 bed 2 bath to a 5 bed 3 bath when I sell, adding 400 square feet of liveable space. On paper it's a no brainer - I'm just here to talk estimates and bids, so if you have thoughts on that subject, I'm listening.
 
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wizards8507

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I'm renting to grad student and young professionals that I have beer with before they sign anything. The group I will be renting to in Sept, one guy is paying me the entire year's rent as a lump sum on day 1.

I'm not renting to your renters. You can continue to talk about how it's a bad idea going from 4 renters to 5 (lol, that 5th is a killer!), but it's futile. This rental is in the best neighborhood in the twin cities and I have too many applicants to choose from.

If you think it's a bad idea structurally, I'm listening.
If you have too many applicants to choose from, then your rent is too low.
 

Monk

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I know in NY you have to have a point of egress in the bedroom. I don't know if you also have to have one in the living area.

I had someone come in and finish my basement (500SF) and it cost around $18k. I got 3 quotes 14k, 16k, and 22k. The forth guy I called said he was not going to send someone out if I was not willing to spend $30k+. One thing to take into consideration is how you are going to heat this area and how thick the insulation board will be to retain the heat. Depending on your location you will most likely be required to put up a specific thickness of insulation board. I added batt insulation for better overall R value.

Is the link you have on a previous post your basement? It looks like there is water at the perimeter of the slab. That would terrify me if I did not correct that issue prior to installing insulation and sheetrock. Someone mentioned earlier that you may have to dig around the outside of the foundation and install a perimeter drain. Obviously as many people have said, moisture control is the most important issue. My basement had zero signs of water or moisture on the walls/slab, but we run a dehumidifier year round at 45%. To give you an idea of how much moisture can be in a basement, even with no signs of water intrusion, the dehumidifier needs to be emptied every other day in the summer.

Obviously you know the area better than myself or anyone else who doesn't live there, but the height of the ceilings would concern me as well. Seems like that person is not going to want to live down there. Are they expected to stay in the basement as their home or do they have free rein of the house along with the other tenants?

One last thing. You have said many times in your previous post you "assume" the contractor is thinking about certain problem or incorporating a service/solution into their price. If they are not telling you they will do it and have it written down in the contract, they will not do it or will ask for more money to do it. I also ask for a copy of their insurance for my own piece of mind.
 
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RDU Irish

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Haha... Ok... I know I have a good eviction rate, and that is with significantly more information than you. But I'm sure you're right, your gut is probably better than all of that information and the 60+ combined years of rental experience my grandpa and I have... You're tenants will be different, as they are "hand picked".

It's a bad idea structurally as well. I'm not sure I understand the dying need you have of turning your grandmother's lovely home into a hostel. But whatevs.

Rather than being petulant why not make a valid point that evictions are a necessity of renting - anyone who has not had to do it is probably lucky and/or has a small sample set. If you are not prepared to evict people, financially, emotionally, efficiently and legally - then best to run the other direction from rental real estate because it is just a matter of time until you lose your ass on a renter. Financially you better be able to eat the cost not only of eviction but fixing the place up after someone trashes it and the loss of rental income for months.
 
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koonja

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I know in NY you have to have a point of egress in the bedroom. I don't know if you also have to have one in the living area.

I had someone come in and finish my basement (500SF) and it cost around $18k. I got 3 quotes 14k, 16k, and 22k. The forth guy I called said he was not going to send someone out if I was not willing to spend $30k+. One thing to take into consideration is how you are going to heat this area and how thick the insulation board will be to retain the heat. Depending on your location you will most likely be required to put up a specific thickness of insulation board. I added batt insulation for better overall R value.

Is the link you have on a previous post your basement? It looks like there is water at the perimeter of the slab. That would terrify me if I did not correct that issue prior to installing insulation and sheetrock. Someone mentioned earlier that you may have to dig around the outside of the foundation and install a perimeter drain. Obviously as many people have said, moisture control is the most important issue. My basement had zero signs of water or moisture on the walls/slab, but we run a humidifier year round at 45%. to give you an idea of how much moisture can be in a basement, even with no signs of water intrusion, the dehumidifier needs to be emptied every other day in the summer.

Obviously you know the area better than myself or anyone else who doesn't live there, but the height of the ceilings would concern me as well. Seems like that person is not going to want to live down there. Are they expected to stay in the basement as their home or do they have free ran of the house along with the other tenants?

One last thing. You have said many times in your previous post you "assume" the contractor is thinking a certain problem or incorporating a service/solution into their price. If they are not telling you they will do it and have it written down in the contract, they will not do or will ask for more money to do it. I also ask for a copy of their insurance for my own piece of mind.

I only need one egress in the bedroom, both bids said so.

No, there's no water damage (that's visible at least) in my basement, just giving an idea of the structure and what it looks like.

Free reign to the house - the ceiling isn't attractive, and why the bedroom would go for so cheap ($600). I'd charge ~$150 more if it were an 8' ceiling.

That's a good idea, I'll ask them to sign for the design they're selling me. They're insured up to $2 million, but I can ask for paperwork.
 

Armyirish47

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I've got a couple projects working on my house, I'd love some feedback too. With the unexpected arrival of co-worker #3 in July we added a closet to make a bonus room #3's bedroom, and will turn the formal dining room into a guest room. Then we will close in the garage for home office/man cave, but I need storage/car port outside for vehicles, lawn mower, etc.

Any recommendations on storage sheds? I have a small push mower, all the yard tools house tools etc, and a few totes of gear and holiday garbage.

The car port will need to attach to the house so there is a covered walkway from vehicle to the new door, any guesses at price points, or recommendations on that construction? The drive way for all the construction is already concrete, flat, with no drainage into the garage.

Thanks!
 

woolybug25

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I'm renting to grad student and young professionals that I have beer with before they sign anything. The group I will be renting to in Sept, one guy is paying me the entire year's rent as a lump sum on day 1.

I'm not renting to your renters. You can continue to talk about how it's a bad idea going from 4 renters to 5 (lol, that 5th is a killer!), but it's futile. This rental is in the best neighborhood in the twin cities and I have too many applicants to choose from.

Every calculated out a simply ROI? The small loan would cost me $450, I could fill that space with a renter for $600 tomorrow. And by the way, go from a 4 bed 2 bath to a 5 bed 3 bath when I sell, adding 400 square feet of liveable space. On paper it's a no brainer - I'm just here to talk estimates and bids, so if you have thoughts on that subject, I'm listening.

YOU HAVE BEER WITH THEM FIRST??? Oh my... well then... you're in the clear then...

"My" renters are typically made up of families. Almost all of our rentals are in a 10 block neighborhood surrounding the high school. I charge between $750 - $1100 per month. My typical property is a 3 bdm, 1 bath home in a nice neighborhood. But you are in the part of town every young person wants to be in, right? I'm sure that young professionals that share beers with their landlord have a far less eviction rate, right? Especially when you don't background check them. You're right, Koon. What are the rest of us thinking.
 
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koonja

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YOU HAVE BEER WITH THEM FIRST??? Oh my... well then... you're in the clear then...

"My" renters are typically made up of families. Almost all of our rentals are in a 10 block neighborhood surrounding the high school. I charge between $750 - $1100 per month. My typical property is a 3 bdm, 1 bath home in a nice neighborhood. But you are in the part of town every young person wants to be in, right? I'm sure that young professionals that share beers with their landlord have a far less eviction rate, right? Especially when you don't background check them. You're right, Koon. What are the rest of us thinking.

You're right, I'm screwed and at serious risk in going from 4 renters to 5. I will lose my house for adding 1 tenant.

But for discussion purposes, let's hypothetically entertain the idea that I have zero worries about 4 to 5 so we can push this discussion about construction, bidding, and estimates forward.
 

Irish#1

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I only need one egress in the bedroom, both bids said so.

No, there's no water damage (that's visible at least) in my basement, just giving an idea of the structure and what it looks like.

Free reign to the house - the ceiling isn't attractive, and why the bedroom would go for so cheap ($600). I'd charge ~$150 more if it were an 8' ceiling.

That's a good idea, I'll ask them to sign for the design they're selling me. They're insured up to $2 million, but I can ask for paperwork.

Dig out the floor a foot and a half to get 8' ceilings and an extra $150.
 
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koonja

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Building walkout deck this summer from a sliding door in the dining room. I'm in the process of creating the permit request, or seeing if I even need one.

Minneapolis does NOT require a permit if the deck is 30" or lower from the ground, and is detached.

My deck will be 27" off of the ground, but will be a walk out, so I always envisioned detached. But in talking to someone, they think I may be able to 'detach' it like 1" from the house, and as long as it's not physically connected to the house, it'll fly as a detached and I won't have to go through with a permit and inspection. However, I can find nothing on 'what does detached really mean' in the city of Minneapolis. Anyone have any insight on what's considered detached, or gone through a similar situation with getting a permit?
 

GowerND11

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Building walkout deck this summer from a sliding door in the dining room. I'm in the process of creating the permit request, or seeing if I even need one.

Minneapolis does NOT require a permit if the deck is 30" or lower from the ground, and is detached.

My deck will be 27" off of the ground, but will be a walk out, so I always envisioned detached. But in talking to someone, they think I may be able to 'detach' it like 1" from the house, and as long as it's not physically connected to the house, it'll fly as a detached and I won't have to go through with a permit and inspection. However, I can find nothing on 'what does detached really mean' in the city of Minneapolis. Anyone have any insight on what's considered detached, or gone through a similar situation with getting a permit?

I don't know much about anything, but my gut says to just go ahead and get it attached. I have a feeling that whenever you try to sell the house or it is inspected at some point, that will be a "point of controversy" for the buyers/inspectors. It just seems like one of those things where someone could come and say this is "dangerous" because of that 1 inch gap between the house and deck.
 

IrishLion

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The way I understand it based on what my in-laws did a few summers ago, detached just means that the deck is not built into the structure of the actual house. You can butt it up right against the house, but it's still considered detached if they do not share structural supports.

BUT I'm not a landlord, and I lack the experience that others around here have. So maybe wait for Wooly to check in haha.
 

woolybug25

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Building walkout deck this summer from a sliding door in the dining room. I'm in the process of creating the permit request, or seeing if I even need one.

Minneapolis does NOT require a permit if the deck is 30" or lower from the ground, and is detached.

My deck will be 27" off of the ground, but will be a walk out, so I always envisioned detached. But in talking to someone, they think I may be able to 'detach' it like 1" from the house, and as long as it's not physically connected to the house, it'll fly as a detached and I won't have to go through with a permit and inspection. However, I can find nothing on 'what does detached really mean' in the city of Minneapolis. Anyone have any insight on what's considered detached, or gone through a similar situation with getting a permit?

This is a real question that you couldn't find an answer to?

Weird... Cuz google goes right to it.

Let me google that for you
 

GowerND11

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The way I understand it based on what my in-laws did a few summers ago, detached just means that the deck is not built into the structure of the actual house. You can butt it up right against the house, but it's still considered detached if they do not share structural supports.

BUT I'm not a landlord, and I lack the experience that others around here have. So maybe wait for Wooly to check in haha.

This makes more sense for being detached. But yeah, definitely wait for someone like Wooly to check in.
 

Irish Insanity

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I don't know much about anything, but my gut says to just go ahead and get it attached. I have a feeling that whenever you try to sell the house or it is inspected at some point, that will be a "point of controversy" for the buyers/inspectors. It just seems like one of those things where someone could come and say this is "dangerous" because of that 1 inch gap between the house and deck.

To go along with this, some Realtors or buyers won't be thrilled with a deck being built but no permit being pulled. Needed or not. Because to them it's essentially some do it yourself hack job throwing it up. Even if it wasn't.
 
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