All Forum Posts by: Nick E.

Thanks, Ashish, that makes sense! I was trying to avoid booking it as income, but you're right that's going to be the least complicated thing to do.

Cheers! -n

Hi, I do my own bookkeeping and am trying to figure out the proper way to book a refinance on an investment property.

The refinance was a zero-cost refi with a huge credit of -0.75 points (on a $1.6M loan). This covered all closing costs, prepaid interest, initial escrow, AND left me with a $5k check after close.

Normally when you pay points you amortize them over the life of the loan, but I'm having trouble finding information on how to book negative points. Do lender credits get treated the same way? In other words, debit the lender credit to a "Loan Fees" Non-Current Asset account? Doing this would result in a negative balance, which would imply I have to amortize this as income (or deduct against interest expense) over the life of the loan.

Any CPAs out there that know the "right" thing to do here? Thanks in advance! :)

Hi, I'm looking for recommendations for property managers in the Charlotte, NC area. Who would you recommend and why?

@Jack Knochel, just off Union St near downtown. PM me if you want to know more.

Thanks for the info about the REIA meetup! I won't be able to make this month's, but June is definitely a possibility.

I've got 32 doors across Charlotte, Gastonia and Concord. My latest (and biggest) acquisition was a 24-unit in Concord, which I'm working on renovating and bringing rents up to market rates. I'm based in NYC, but would like to attend some local meetups in Charlotte soon!

Hi Kelly,

I'm in a similar situation as a new investor in Brooklyn looking to get in to Charlotte. I also have close friends there which isn't the primary motivation, but it certainly helps to have an additional reason when you have to travel.

So far I've found areas around Plaza Shamrock and Briar Creek to have some good opportunities. There's also a lot happening on the West Side.

All in all I think there's some great deals to be had, especially compared to our crazy-overpriced corner of the country.

Well that was excellent. Kudos to Damon for organizing! And great meeting all of you :)

Thanks, Dawn!

Hi BP-ers!

I'm an investor based out of NYC, and I've selected Charlotte, NC as my first "remote" city to invest in. I'm in the process of putting together a great ground team there, so I'm looking for recommendations for RE agents—bonus points for agents who are investors themselves.

Also looking for great contractors and property managers.

Thanks!

Hey BPers!

I'm in contract to sell a SFH in FL, and the inspection came up with major roof problems that have now scared the buyer to the point that he's afraid the house is uninsurable. The roof was actually replaced 10 years ago, so this was very surprising to me, and I'd like to have a qualified contractor give me their opinion on what really needs to be done.

Does anyone have a recommendation for a licensed roofing contractor in Palm Beach County, FL? Alternatively, any suggestions on how to proceed in this situation?

Cheers,

Nick