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Matt Motil
  • Rental Property Investor
  • Cleveland, OH
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dohardmoney review

Matt Motil
  • Rental Property Investor
  • Cleveland, OH
Posted Oct 10 2015, 08:11

This company is listed on this website as a hard money lender and they have very unfavorable reviews here at BP from members. After conducting a few searches on my own I figured I'd give them a try to see what they were all about so I could then provide a review for the rest of us here at BP. 

I am very leery of the various service lenders or providers out there that basically make a quick $200-$2000 off of newbie investors looking for ways to get started if they have less than perfect credit and little money to play with. There are a ton of them and as the popularity of the flipping shows have grown, the number of these charlatans has boomed. That being said, I filled out my basic info and proceeded with an open mind. Worst case it actually is a legit company and I have another tool in my tool belt to do deals. 

I received a phone call within about 30 minutes of filling out my information. It was an eager lad that asked me a few basic questions about my investing experience and "how many flips would I like to be doing in the next 6 months". I threw out some ridiculously high number and he told me I'd be a perfect candidate for their 100% financing program. I told him I didn't need 100% financing and wasn't interested in joining any kind of VIP program to gain access to that kind of funding, anything less than 100% would be fine too. He ensured me that based on my experience as an investor they were confident in my credibility to have them provide me 100% financing and asked if I could schedule an appointment with one of their senior members. I scheduled an appointment for the next day at lunch. 

The following day the senior member called right on time and proceeded to rehash the details of what had been discussed by the junior member. I told him I had found them from BiggerPockets, to which he enthusiastically told me that they have a large number of working partners that come to them from BP. At that point he explained that they require a $2500 deposit to access their services. I explained to him that I wasn't interested in any kind of financing that required me to pay them up front without delivering anything to me. I would be happy to partner for financing where I ultimately paid points equal to that amount if I borrowed enough and have that rolled into the financing package, but it would not be paid up front. He got very frustrated with me and attempted to get off the phone. 

I explained to him my skepticism and asked him if the $2500 up front was a deal-breaker. He explained it was. I told him I didn't need 100% financing and asked him what other programs they have available. He avoided that question and told me that with my experience this was the best program for me. I relayed some of the posts found through searches here at BP where people explained that they would pay $600 per inspection per house to repeatedly have DHM tell them that there was a reason they would not fund the property. I told him to look at it from my perspective and how it seemed they made money on $2500 deposits and $600 inspections that magically never funded. He told me to search BP and I'd see how many happy customers there were that had been successful using their services. 

I haven't been able to find any of those posts. 

I asked him to provide me 2-3 people I could contact here at BP that would be able to tell me about their experience and their success using the DHM program. He told me he couldn't give that to me. I asked him why, and he explained that it would take him a long time to find that information and he needs to be closing deals with people that are serious about doing deals. I told him I couldn't find anyone at BP talking good about their company. He told me that was because they are too busy doing deals and not sitting online chatting about how they are doing their deals. 

Really? 

I explained to him that this isn't how BP works, and if I was successful using a certain company or lender I would be on BP telling everyone about it and recommending it to the moon and back. I explained to him that the lack of this information on the site made me cautious to proceed, especially when he couldn't give me anyone I could contact. He told me he could give me plenty of people that have been successful, and I told him I'd be happy to provide him with a list of people that would vouch for how amazing I am at anything I asked them to vouch for me on. Anyone can buy testimonials or make them up themselves. I wanted real BP members that would tell it like it is. 

Now, I'm not saying their program isn't legit. You could pay the $2500 and the $600 for an inspection and they might actually fund it and do everything that their website tells you they will do. I'm just relaying my conversations with them and allow you to make your own decisions based on my experience. 

Hope it helps. If not, thanks for reading. 

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