All Forum Posts by: Lucien Gautreau

Hey all savy Investors!

Just wondering if anyone knows of any Portfolio Lenders (or other lenders) that work with Real Estate Investors for Refinancing properties?? Without going conventional. 

I've been real estate investing since 2007 with my career and just used straight conventional financing and hard money. However, one of my business partners asked me and I honestly don't know.. I never ran into to this. 

That said, he is well equipped to invest and owns in multiple states.. but thinking of transitioning jobs.. but doesn't want to stop or effect the exist tragedy of investing. Does anyone know of any lenders that is willing to refinance and make a loan on Single Family Homes or small mutli-family 2-4? 

I believe mostly Florida, Georgia and Arizona are the focused markets. But all sources of Lenders are welcomed! We'll call them all! :) 

Any help would be appreciated!! 

@Austin Neal

All great information! However, I’ve been in commercial real estate for 11 year. Just not lots of purchases. Again! Super good to hear feedback! Thanks @Austin Neal

Hi BP!

I am currently about to sign a contract after negotiating a deal on a RV Park. (40 Pads)

After reviewing the contact, I saw that the Earnest Money is $10,000 for a close to 300K purchase. Just seems a high in my opinion, is this because it's commercial contract? I always want to take into account the Earnest is not always 100% guaranteed back even if cancelling during due diligence. And it's my first RV park and I just want to be sure. 

Also, I am doing a seller financing contract. Which I am excited about and never done before. 
However, I am wondering opinions on "Typical or at least Good term examples on a 300K RV park. 

My offer for Owner Carry/Seller Financing: 
300K 
5.75% Int. Rate 
30yr Amortized (10 Yr Ballon payment)
15% Down (He won't seem to take less, I offered 10% at a higher price and the agent said the seller will be paying 10% in fees and all of that down will be going towards that and he needs money.) Never heard of 10% commission?? Is that normal? Does anyone see that in any states? Seems high comp. to 4-6% Im used to seeing and negotiating in residential even in commercial real estate. 

Any thoughts or advice before I sign the contract?? 

Anything I should be concerned about? 
Does this look like a good deal on the seller financing?

First time doing an RV Park and seller financing.

Thanks! Any help is appreciated!!

Hi BP!

I am currently about to sign a contract after negotiating a deal on a RV Park. (40 Pads)

After reviewing the contact, I saw that the Earnest Money is $10,000 for a close to 300K purchase. Just seems a high in my opinion, is this because it's commercial contract? I always want to take into account the Earnest is not always 100% guaranteed back even if cancelling during due diligence. And it's my first RV park and I just want to be sure. 

Also, I am doing a seller financing contract. Which I am excited about and never done before. 
However, I am wondering opinions on "Typical or at least Good term examples on a 300K RV park. 

My offer for Owner Carry/Seller Financing: 
300K 
5.75% Int. Rate 
30yr Amortized (10 Yr Ballon payment)
15% Down (He won't seem to take less, I offered 10% at a higher price and the agent said the seller will be paying 10% in fees and all of that down will be going towards that and he needs money.) Never heard of 10% commission?? Is that normal? Does anyone see that in any states? Seems high comp. to 4-6% Im used to seeing and negotiating in residential even in commercial real estate. 

Any thoughts or advice before I sign the contract?? 

Anything I should be concerned about? 
Does this look like a good deal on the seller financing?

First time doing an RV Park and seller financing.

Thanks! Any help is appreciated!!

Really looking forward to seeing everyone! :)

Come on out and make new friends, potential business partners or just chat and get general questions answered by others who have done perhaps a few more deals. This is a super relaxed atmosphere, come as you wish. Have a coffee or a bite to eat and get to know some people! 

Again, we're just Real Estate lovers that want to hang out, talk, connect and network with others (No Sales Pitch!). So whether you're a Flipper, Wholesaler, Lender, Buy N Hold, Newbie or just anyone who likes real estate, let's connect and increase our knowledge and

networks. It's really all about helping one another! 

Hope to see you there! 

Hi All,

I'm selling one of my duplex rentals that I've had since 2011. My question is, my agent on this particular property is saying on the Realtor (Listing Agreement) between us in the section that states (as an option on DocuSign) -
I DO or DO NOT agree to provide listing agent with Residential Property Disclosure and all information, withing my knowledge and control concerning the property.

He is placing the option where I need to sign my initials for I DO NOT agree.. So I reached out to him saying that I'd rather give it for full transparency and to prevent something coming back and nipping me in the butt.. (I've always provided it before with other properties).
His response was "Just sign the listing and you can fill it and we will give it to the buyer" and saying the reason why he chose the DO NOT vs. I DO option is because I don't live in the property.

Is this something that I should be concerned with? Or it's not a big deal.. I just want to make sure im safe. I understand I don't live in the property.. but shouldn't I still give full disclosure of it regardless if I live in it or not as the owner?? It just caught me off guard and as a little strange. But maybe I'm making a bigger deal of it than it actually is..

Agents or anyone who has knowledge on this I would definitely appreciate your Outlook on this. I will mention however, this property is in Canada (not that that should make a difference)

Thanks guys/gals!

Lucien Gautreau

Hello BIggerPockets! 

I have a question for a scenario that I've never ran into.. at least until now. 

Here it is, I had a property under contract that we backed off of after inspection, (but the inspection negotiations went back and forth for about 6 weeks).. meanwhile, thinking we may go through with purchasing the property, we connected with a local bank and got started on the approval of the loan.. then while we were waiting on the inspection to finalize (around 6 weeks) , the appraisal was ordered by the bank.. but we never saw it! We followed up for it with the bank after 2 weeks or so, as I would typically.. and then on for about 2-3 times a week for the following weeks.. and it never came in.

It only came after (2 months after) once we told the agent and the bank we were not going though with the property. We ended up getting a bill in the mail saying we need to pay $700 for the appraisal..  It just seems a little strange because once we emailed the banker letting him know we weren't going though with the purchase, we never heard from him again... then 2 months later he send's a bill for the appraisal ?! 

We told him we weren't buying in Mid October 2018 the 22nd to be specific..
We get a bill with for the appraisal of right before the new year on Dec. 28th, 2018

It Just doesn't seem entirely professional since we communicated all the time via email.. then once I letting him know it was a no go, we never hear from him again and pops up an payment for the appraisal?? 

I could very well be wrong here..  just seeking advice if this is right or not? Do I need to pay for this appraisal? Or should I not need to? We're also concerned that if we don't pay, it could effect our credit that is very good.


Any advice would help! Thanks guys!