All Forum Posts by: Julio Gonzalez

Quote from @Alexandra Isenhour:

It’s harder than you think to find a local engineer to perform cost segregation study. Any recommendations on a Florida based company to perform this study? Thanks. 

That's fantastic you're looking into getting a cost seg study done. I have an article here all about how to find a great provider:https://www.biggerpockets.com/... If you have any questions, don't hesitate to reach out! 

@Kyle Winther Thank you for your insightful contribution to the discussion! Yes, 721 exchanges offer benefits, but there are also many considerations here. Your point about consulting with tax and legal professionals cannot be overstated!

Quote from @Heidi Fischer:

Quote from @Julio Gonzalez:

As others have mentioned, you can do as many cost seg studies as you want in a year. However, there are a lot of factors to consider when get a cost seg study to determine if the benefits outweigh the costs. If you are able to get REPS status, that would help tremendously. Have you obtained any detailed cost/benefit analysis quote? Most cost segregation study companies provide the quote for free. Is it a reputable company and will the documentation provided from the study hold up in an audit? If you need any help or have any questions, feel free to reach out!

Thank you-definitely I cannot get REPS status as I am a 40hr/wk W2. I’m literally burning candle at both ends preparing the STR and responding to guest messages. But yes I will need a cost seg for sure. How long do those take and how soon do I need it prior to tax season? Ty! 

Every property is different, but an engineered cost segregation study typically takes 4-6 weeks to complete. Doing the study in the same tax year allows you to take full advantage of accelerated depreciation right away. Feel free to reach out if you have any questions!

You’ve clearly put in the work and have a strong vision. I can’t wait to see it come to life. Welcome to the community, Ursula! 

-Julio

Thanks for sharing your story! It’s great that you’ve stayed active and intentional with networking. I'm curious to hear what group ends up being the best fit for you.

-Julio

This sounds like a solid long-term plan! Living in the property while running a business is a great way to learn hands-on.

Welcome aboard and best of luck investing!
-Julio

Glad to have you as part of this community, Christain! 

Love this intro, Eshe! You're speaking the truth, mindset really is everything. Wishing you big success on your journey!

-Julio

Welcome to BiggerPockets, Staci! 

Welcome, Ryan! Sounds like you’ve done your homework. I'm excited to see you take action and get that first deal soon!

-Julio