All Forum Posts by: Chris Dengel

Cozy definitely makes the process easy. It really is worth a try if you haven't used it. We have been using it for a couple years with out any problems. I just got the first zillow CC/ BG check and it appeared to be fine. Some missing data was the DTI ratio and income, but income appeared on the employment page.

Thanks for the replies. The original purchase price was 850k in 2018. But delays pushed one building out to 2019, making purchases 450k in 2018 and 400k in 2019. I had one company price me upwards of 15k for a cost seg, which is a little hard to justify if my CPA and I can do it for a fraction of the cost. I think one of the majors parts of this equation is the apartments are furnished. Their analysis says I could potentially realize 100k per building. 

@Michael Pease Do you think your clients decision to use the software was well justified?  I have to have this conversation with my CPA as well. 

@Christopher Smith I agree. However, what I’m thinking is if i were to work on this project and do the research, could this software potentially save me 10 hours of digging the internet of potentially useless information. I think that would be worth the $600. IF it works.

@Yonah Weiss The two separate reports was a deal breaker for sure. Thanks for the link. Looking at the info, this is what the software claims to provide. Do you have an example of something that doesn’t conform to the IRS standards? 

I was wondering if anyone has actually used Titan Echo cost segregation software. I have recieved quotes to do a cost-seg  from a specialist on a pair of FURNISHED 16 unit apartments.  However, the way the deal worked out we closed one in November  2018 and the other in January 2019 and could no longer justify the price. Even at 32 units it was not cost efficient enough to make the “juice worth the squeeze”. However, if this software works well it could be easily worth the $600. Any thoughts?

Thanks all. I @Ron S. is correct, authorized 3rd party is the correct term.  I  am waiting on a response from the bank. Im not worried about my credit being affected. Other than my name, none of my personal info was given. 

Thanks, I appreciate the info. If the property was even close to being a good deal I'd probably go ahead and take my chances, but this place needs a miracle. I'd need a $40,000 discount to make it worth the while and I seriously doubt the bank would go for that initially. I am pretty confident that when they foreclose, the price will come down significantly and I'll get a fair chance.  I've have been waiting 4 years for this place to come available and I dont want to blow it the last minute. 

I'm trying  to acquire a property after  I saw the owners moving, and they said they're letting the bank have it back. I call the bank's loss mitigation department and they said to get any info or begin the negotiations, I need to be added as an authorized user. I am concerned about being black listed from purchasing it in the future or being tied to/obligated to the mortgage of a delinquent account.  Can some one shed some light on this process? Or has anyone successfully purchased a property this way?

Spelling correction....ROCKITE for Anchoring and Patching.  Commercial Grade QUIKRETE Hydraulic Water-Stop Cement. 

I came across this post and thought id chime in, even though it is a couple years old. 

There are  two products I reccomend. They are ROCKTITE and QUIKCRETE hydraulic cement. The ROCKTITE is more liquid and fluid, great for pouring in cracks and holes on flat concrete. It stays liquid for about 10-15 minutes, then suddenly hardens up in a matter of a minute or two. 

QUIKCRETE hydraulic cement is better for holes in walls and block, broken or missing corners and such. The hydraulic cement is thicker and can be applied with a scraper or putty knife. 

Both are easily mixed with water in a bucket. Simply wipe area with a damp rag to smooth and remove excess. 

Maybe one of these products will work for you, along with a sealer or paint. They are excellent for repairs and small jobs. I have not tried them on such a large area, but may be cost effective in some situations. I am curious to see what you decided to do. Best of luck!

I've tossed that idea around myself, and went with financing. I wanted to leverage my money the best I knew how at the time. Looking back, I do wonder what if I had bought properties  straight out. If you buy with cash, you can refinance if you need your money back. If you finance, you have cash to do whatever you think is necessary. I guess you should consider the cost of your money, how long it would take to get more money should you pay cash, and your goals as an investor. I'm still learning, but I think that is a very good question with many answers. Good luck either way!

Welcome to BP Tim! Look forward to seeing you around. I believe there is a meet up soon. Here is the info and link    Also feel free to contact me for anything also.

Time of Event: 04/21/2016 at 06:30PM
Location: 101 Bullitt Ln., Suite 110, Louisville, KY 40222
Fee to Attend: Free

https://www.biggerpockets.com/forums/521/topics/294663-louisville-kentucky-meetup?page=1#p1913500