I had my doubts but after using this last year and then repairing 5% missed or poorly prepared all I can say If you prep the cracks/holes so you can let them dry well before painting and then after a good day or two of drying apply a second coat which has repaired (sealed) 95% of the wet cracks in my half of my basement . The wall too, but even there he seems to be working on most of the cracks in the stone/cement wall about two feet thick.
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