All Forum Posts by: Josh Cook

@John Woodrich thanks! I want to put in some sweat equity however this is all pretty new to me so I want to make sure it's done right and with the correct permits. 

Hi All,

I'm looking for a reputable contractor to finish off the basement for my duplex.  The basement is 850 ft^2, I want to add a bedroom with an egress window, finish the other off as a family room, and possibly add a bathroom depending on if I will have room for it in my budget. I also have to replace the existing gravity furnace and have the ductwork removed so that I can have space to finish off the basement. 

Can anyone recommend a solid contractor in the Twin Cities Metro Area who I can get an estimate from? 

I will be closing on my duplex on the 14th of December (next Thursday) and would like to be proactive about this so I can move into the duplex sooner than later. 

Thanks,

Josh

@David Ounanian I plan to get at least 4 bids, thanks!

@Jonathan Smith thanks! that helps, I just wanted to know a ball park range on what I should expect to pay to finish off an 850 square foot basement so I know I'm not overpaying.

Hi All, I have an unfinished basement that's Kng great condition I would like to finish off. I would like to remove a gravity furnace and install a new furnace and ac, a bedroom with an egress window and split the basement into a bedroom and family room. How much should I expect to pay for this? I can probably do the sheet rocking myself but plan to have a contractor do rest. I will be living in this bedroom. It's a side by side duplex I will house hack in St. Louis Park, MN. Thanks! Josh

Okay thanks everyone! 

Just to update everyone. I requested the seller drop the price of the house by 5k and fix the mold which is actually $800 and can be completed in one day. They countered by dropping the price of the house by $2500 and did not fix the mold. I decided to accept since I am getting the house at ~$12k under their asking price. 

If I could've got credits that would've helped a lot since that's just more cash I need to front right now which I would rather be putting towards the furnace or other safety issues. 

I see the point about the old components as an item to negotiate as part of the offer price instead of after the inspection especially since it still works (surprisingly since it's a gravity furnace from 1952), however I will have to replace it and it may or may not have asbestos and will be costly since the ductwork will need to be replaced as well.

Oh wow, so then the rate I'm getting is good since I'm putting 5% down?

@Pavel U., did you have a similar credit score and amount down?

Hi Everyone, I am finishing up the inspection period on a duplex in Minneapolis and there are a decent amount of health and safety issues including mold/moisture in the occupied unit. I got a quote to fix it and it's about $1000. There is a also a furnace from 1954 in one unit and 1986 in the other. What can I ask the seller to fix if I'm in a sellers market? Thanks, Josh

@Chris Mason, yes it is "no PMI." My lender did say the rate would be higher than if I had PMI but I didn't think it would be this high. However this gives me a lower monthly payment. Thanks, Josh

Hi Bigger Pockets Community, I am currently under contract to purchase my first duplex in Minneapolis, MN. I have a credit score of 795 (it was 800 but dropped after the credit inquiry) and a Fico score of 797 as of October 24th. I'm putting 5% down and getting a conventional fixed rate 30 yr loan and plan to house hack the duplex. The interest rate the lender gave me is ~4.6%. Is that rate way too high for my credit score? I thought I would get a lower rate of between 4-4.25% max. Please help!! Thanks, Josh