All Forum Posts by: Mary Winter

Quote from @Michael Lipari:

Question I have that I can't seem to find a clear answer on:

I am going to finish renovating a property this spring, and would like to immediately sell and flip it using a 1031 exchange into more units. The renovation took place from late last year into this year. The property has not had any tenants / been rented out. The property was bought under my LLC.

Is there any Legal Consequences I may run into by attempting this?

Thanks in Advance.

Your action most likely does not meet the requirement of a 1031 like kind exchange. To qualify for a 1031 like kind exchange, both properties must be held for use in a trade or business or for investment. In Private Letter Ruling 8429039, the IRS stated a minimum holding period of 2 years. It appears you hold the property less than a year in this case. 

Also check out the IRS Fact Sheet FS-2008-18. 

Quote from @Theresa Harris:

Rip it up. You have no idea what the floor looks like underneath....then again if it an old house there may be asbestos tiles under the linoelum...in which case see how strong the subfloor is and listen to your contractor.

 Thank you for your time and your response! That's what I thought too! 

I don't believe there is tile underneath because this was put in by the builder.

After the LVP is installed, do you how many hours I should wait before walking on it? I need to schedule a time to have some repair the bathtub... 

Hello BP community! 

I attached a picture of the damage. You can't see it clearly but it is bucked. The flooring is linoleum. This is in the upstairs bathroom. There was a water overflow from the bathtub last year and it leaked through the flooring to the first floor. 

Since it is damaged, I would like to install waterproof LVP in the bathroom. My contractor said to just install the LVP on top of the current water damaged linoleum flooring. He would screw down the buckled part. I am concerned about this plan because the flooring is water damaged already. I prefer to have him rip out the old flooring and install the LVP. 

Any advice you can provide would be greatly appreciated!  

Quote from @Colleen F.:

@Mary Winter  Yes, it is the cosmetic aspect that would peel so if you were coating the whole tub. I would favor someone who doesn't want to spray the whole tub.

 Thanks for the clarification. I can sleep tonight knowing it won't leak in the future lol it is small enough to just spray that area. 

Quote from @JD Martin:

Quote from @Mary Winter:

Quote from @Colleen F.:

@Mary Winter  We did the epoxy repair that @JD Martin mentioned and it worked well. We used an epoxy spray just on that patch after but not sure how expensive that is.  I believe we had it because it was a marine product. I would say if you are paying an outfit to do it to look at the repair vs replace cost.  Usually a respray in a rental unit will last less than 10 years depending on the quality of the tenant. If you have water drips I have mostly seen peeling around the tub drain.     Some things I ask how did they actually break that. 

Thank you for your time and input. When the patch starts to peel, will that cause leaks? The tub is on the second floor and I want to minimize damages down the road. 
The previous tenants damaged the whole place before they moved out. It looks like they used a sharp object to hit the tub in two places. I am also fighting my old PM because he said the fix will only cost $150. 

 The patch shouldn't fail at all. It's the spray paint that flakes or wears off. It's hard to maintain painted surfaces that are constantly exposed to water. For where your cracks are you're not going to have flooding problems if you patch this with epoxy. They're not below the water line - in fact they're so far above the normal regular water exposure zone that you could probably put a piece of gorilla tape on there and it wouldn't leak. 

This repair doesn't require a full entire tub refinish unless you just want to.

 Thank you so much for the detailed explanation! You just made my day! I was so worried about future leaks. It sounds like it would not be a problem if it is done right. 

Quote from @Colleen F.:

@Mary Winter  We did the epoxy repair that @JD Martin mentioned and it worked well. We used an epoxy spray just on that patch after but not sure how expensive that is.  I believe we had it because it was a marine product. I would say if you are paying an outfit to do it to look at the repair vs replace cost.  Usually a respray in a rental unit will last less than 10 years depending on the quality of the tenant. If you have water drips I have mostly seen peeling around the tub drain.     Some things I ask how did they actually break that. 

Thank you for your time and input. When the patch starts to peel, will that cause leaks? The tub is on the second floor and I want to minimize damages down the road. 
The previous tenants damaged the whole place before they moved out. It looks like they used a sharp object to hit the tub in two places. I am also fighting my old PM because he said the fix will only cost $150. 

@JD Martin Thank you so much for your time and input! I am going to hire a professional to repair it. The previous tenants trashed the place and damaged the bathtub. The security deposit is not enough for all damages. 

This is above the waterline. I circled where the cracks are in the picture below. Even if I hire a professional, it will only last 5-8 years? 

Quote from @Jose Jacob:

Quote from @Mary Winter:

Quote from @Jose Jacob:

Quote from @Mary Winter:

Hello BP Community!

I really need help with this! I attached a picture below. The cracks are on the soap holder portion of the bathtub. It is a one piece bathtub located on the second floor. It was installed by the builder prior to building the bathroom.

Can this be fixed? I am worried that it could cause leaks down the road. Any assistance you can provide would be greatly appreciated!

 Is this a ceramic or plastic tub ?  You can contact a handyman person and they can fix it for you.  There so many if you google it.  Again compare the cost to repair or replace it.  It may break again if you don't fix it properly

Thank you so much for your time and input! 

 Believe it's acrylic. The builder put it in before the bathroom was built. I agree with you, which is why I want to find the best way to fix this. I can use that to find a qualifying handyman. 

I saw some people used Bondo fiberglass kit to patch the hole and the cracks and applied resin over the top. Do you know if this would be a permanent fix? 

 Are you planning to rent the property or fix and flip ?

 Rent. The previous tenant damaged the bathtub before they moved out. I want to fix it and rent it out. However, I want to make sure it won't leak in the future while tenants live in the property. 

@Brad Collins Did you file the complaint and did it work? 

I am in a similar situation and want to file complaint against my PM. Any assistance you can provide would be greatly appreciated! 

Quote from @Jose Jacob:

Quote from @Mary Winter:

Hello BP Community!

I really need help with this! I attached a picture below. The cracks are on the soap holder portion of the bathtub. It is a one piece bathtub located on the second floor. It was installed by the builder prior to building the bathroom.

Can this be fixed? I am worried that it could cause leaks down the road. Any assistance you can provide would be greatly appreciated!

 Is this a ceramic or plastic tub ?  You can contact a handyman person and they can fix it for you.  There so many if you google it.  Again compare the cost to repair or replace it.  It may break again if you don't fix it properly

Thank you so much for your time and input! 

 Believe it's acrylic. The builder put it in before the bathroom was built. I agree with you, which is why I want to find the best way to fix this. I can use that to find a qualifying handyman. 

I saw some people used Bondo fiberglass kit to patch the hole and the cracks and applied resin over the top. Do you know if this would be a permanent fix?