railfanron
Minister of Fire
The hole you're proposing to cut in the joist is an absolute no no. If you're going to have it inspected it will not pass. The hole in the concrete is the better option.
From your pictures the joist run left to right which tells me the left and right walls are bearing. Could you locate the stove on a left or right wall? If so then you can vent in between joist spaces and would only be going thru a band board that ties into all of the joist ends. You could rent a medium sized hammer drill and a long bit. Most poured foundations are 8" thick. Draw your circle and run around it drilling holes and then knock out the chunk in the center with a hammer and chisel. That would be a bit of a chore but could be done. Most hammer drills also have a chipping hammer mode and misc. bits to chip out the piece you want out also.
Have you considered other install locations. I changed my 1st choice with some persuasion from the wife. It has actually worked out much better and she is happy.
Sorry Alt heat, just noticed you suggested the hammer drill rental! I have one I'll let you borrow but you will have to bring it back to KY.............Ha!
Oh yes, the nights of slim to no sleep. I remember those days x 3. LOL! I saw you were in MI and was giving you grief about the loaner tool.
That will be much easier and the way most basement installs I have seen are accomplished. Get a hole saw or multi tool and cut away.
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