All Forum Posts by: Malik R.

Thank you all for your advice. The purchase fell through so we'll have to wait for the next opportunity.

It would be a 1031 exchange and for rental.

This may be a simple matter for many but with my limited knowledge, I can use advice from those in the know. If this is not the right forum for questions of this nature, please let me know and I'll move my question there.

My son owns a home out of state and wants to sell it and buy a replacement for about the same amount in state of his residence. He has found a property and is ready to make an offer but there are some challenges. The situation is:

His home is ready to be put in the market and will sell quickly however he does not have much money in his bank for a 20% down payment. The real estate agent is suggesting that having a pre-qualification letter from a lending institution will be helpful but I doubt such a letter can be obtained in his financial situation. I am willing to lend him full amount for cash purchase for the short term until his property sells.

What would be the best way to handle this and buy the new property without creating tax liabilities for any of us?

Just doing a rehab during tenant turn over in Charlotte. My approach is:

Carpet only (low profile) on the stairs, primarily for ease of installation and safety of residents,

Leave Linoleum in place in kitchen and bathrooms since it is in good condition without teas or peel off,

LVP in the rest of the house (bedrooms, hallways, living room, dining room, family room, totaling about 1,600 sq ft) for its semi waterproof qualities. Purchasing Lumber Liquidator's Tranquility Ultra click install 5mm thick, 7"x48" planks at $1.79/sq ft (on sale until 9/12). It has .5mm wear layer and comes with lifetime warranty (whatever that means). I am hoping this floor will not need replacement anytime soon. Could have been self install but I'm paying the installers about $1/sq ft.

My problem with Home Depot is that no matter how good Allure Ultra may be, HD flooring desk staff in this store are totally clueless about the product, its stock situation, and its accessories (transitions, stair nose, etc and couldn't care less about serving a customer. On the other hand the LL staff were knowledgeable and responsive to my needs.

Thank you both. I'll check them out. 

I have a single family rental property in Charlotte that was just turned over after 6 years of rental and am doing a little rehab, mainly paint and flooring. After reading much of forum posts it seems like luxury vinyl plank is the preferred choice. I need about 1,600 SF. I'm trying to choose between Allure Ultra from HD and TRQ XD 4mm click from Lumber Liquidators. Both come with long warranties but LL is short on specs such as wear layer thickness. Need to buy soon. Any other preferred local LVT flooring source? Please share your thoughts.

Please post the brand and model of gutter guards. There was no picture in this post.

Any recommendations on durable self closing elongated toilet seats?

Thank you. The only question remaining is "If I send a family member to travel there to manage the above repairs, can I expense their travel & car rental costs? This is the only purpose of their travel."