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All Forum Posts by: Bonnie Griffin Kaake

Bonnie Griffin Kaake has started 5 posts and replied 601 times.

Post: Buying second multi-family

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Michael Hutchinson  Many people leverage cost segregation studies to get extra cash-flow to purchase additional properties. You can usually count on 6% to 8% of your purchase price in taxes you don't have to pay until you sell or postpone if you do a 1031 exchange. There are many creative ways to leverage your current property, it just takes exploring. Some do cost segregation studies and get loans on equity. If I can help, let me know. 

Post: Coin opearted washer/dryers

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Alex Jacobson  I agree with @Colleen F. in that you would be best off with commercial machines since they will hold up to the use in an apartment complex. Having these available will increase the attractiveness of your property as well. No tenant likes to go out in snow and ice to go to a laundromat. I am also in Colorado. I have done many site reviews and cost segregation studies on multi-family properties. The tenants I have had the opportunity to talk to, love this feature. They can help you with your taxes as well.  

Post: Cost segregation study in Minnesota (MN)

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367
Quote from @Spencer Perron:

Hi all  -  I'm looking to do a cost segregation study on a 4-plex and maybe duplex that I own in St. Paul, MN in the next month or two. Does anyone have any leads on professionals or services in the St. Paul area to help complete the analysis?

Thanks in advance!


 Hi Spencer, 

You don't need a cost segregation person in your own area. Most of the best companies have reps (some better than others) in some states or all 50 like we do. The studies are done at their corporate offices. The estimates are at no cost and give you the information you need to make smart financial decisions for your specific situation. Using a CPA will most often get you far less than using a company that uses the IRS' preferred methodology, engineering-based. It is your call but if your property was purchased for at least $250K, I would go for a company that stands behind their studies at no cost to you if you are ever audited. Let me know if I can be of service. 

Post: Roof leak, or maybe not. Need a good commercial GC in Houston

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367
Quote from @Courtney Nguyen:

@Bonnie Griffin Kaake yes, I am aware of that.  However, this building is pretty new (only 4 years old) and still has 20+ warranty on it.


 That is terrific! Go after that warranty! 

Post: Roof leak, or maybe not. Need a good commercial GC in Houston

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Courtney Nguyen  You sound like you could use some good news. Are you aware that "replacing" a roof can often be expensed? I know that is not what you want to do but if it is needed, you may have some benefits available. 

Post: Building a Multifamily Team

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Joe Lee  You will also need a reliable engineering-based cost segregation company. Whatever you do, don't go by price alone. You need a company that has been around for many years and stands behind their work if the IRS comes calling. Let me know if I can answer any questions you have about tax benefits available to investors in commercial real estate or residential rentals. 

Post: Cost Segregation FAQ

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Swathi Vangari and @Josh Lifton  There are companies out there that do true Engineering-based Cost Segregation Studies that will let you sleep at night. In addition, they are reasonably priced and will pass an audit with no extra cost to you. If you haven't done a study, you are likely leaving a considerable amount of money on the table that could be getting leveraged into another property. As the IRS is gearing up with additional auditors, the low hanging fruit are depreciation schedules. The cost of an audit and lost opportunity for extra cash-flow, will cost you much more than the IRSs preferred methodology for a cost seg study. 

Post: Orthopedic Surgeon Investor Update

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Franky Davis  Not all CPAs or accountants are aware or familiar with these specialty areas of tax and cash-flow benefits for RE investors. If you want moe information, let me know. I am here to help. 

Post: Cost Segregation FAQ

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Josh Lifton   There are several things to consider, as Julio Gonzalez mentioned above. Also, you will want to consider what you paid for the property and if it is enough to warrant a study. Then, you need to know that the year you turned it into a rental is the year your able to do a cost segregation study. Your best bet is to get a quality engineering-based study estimate before deciding if it is going to be of value based on your specific tax situation. One more thing, you need to get it done for your 2022 tax filing so you don't incur an extra charge for the IRS form 3115 to Change from Straight-line to expedited depreciation. 

Post: Denver egress window rules - In each room???

Bonnie Griffin Kaake
Posted
  • Real Estate Consultant
  • Denver, CO
  • Posts 613
  • Votes 367

@Bob Foglia  Yes, you need egress windows in any basement room used as a bedroom. To not put them in is a liability issue that could cost you much more than putting in a window that meets code. I recently had 3 done on basement rentals. This is not just an international building code issue. I am in Jefferson County, CO and each county has codes as well and they can be quite different from county to county. What passed as an OK basement window for a bedroom years ago, will not today. The building inspectors will not pass a remodel for occupancy if this is not done. CYA and get it done on any below grade room that could be used as a bedroom. It will also help your house sell down the road.