Do Hard Money - Hard Money Lenders

42 Replies

Had the displeasure of dealing with this company. After several weeks of not hearing back about a home appraisal (home is under contract FYI) I reached out to find out what the hold up was. Come to find out they couldn’t get a hold of an appraiser (difficult to believe in the state of NJ), my advisor left the company, and more rudely forget to communicate this with me at any given time.

If you are looking for honest, respectful, and courteous this isn’t the company sadly.

Hey man! Yeah I know I had a horrible experience with these guys too. I got a property under contract that was HUD and it was a solid deal too. The property was under contract with my LLC but because the deal didn't have " And Or Assigns" in the contract they wouldn't fund the deal. I noticed you're out in Jersey, look into ABL or Alpha Funding

Originally posted by @Sean Cromarty :

@Jay Hinrichs yes; $650 of which was supposed to go to the property evaluation they never completed

so they say the 3k is you buying their very valuable on line tools and stuff like that to help you succeed in the fix and flip arena.

do you think the on line information and tools or whatever they talk about is worth the 3k or do you feel you just lost your money? 

Yes, and it wasn't worth it all because we've paid it over a year now and still haven't done a deal with. I only use them for the proof of funds they offer 
Originally posted by @Jay Hinrichs :

@Davian Brown@Sean Cromarty   Hey guys did you also pay the 3k up front fee?? 

there are threads on BP that says its not mandatory but then others get on and say yes it is. 

Originally posted by @Sean Cromarty :

@Jay Hinrichs nothing proprietary about the software, it is a nice tool but I would say not worth more then $300

Ya they tout that is the value proposition that their software is worth 3k .. strange company.. just pure speculation but I suspect they make a fair amount of their revenue on the 3k.. and of course some on BP swear its not mandatory but others say it is.

and anytime you have a customer service sales person talking to you.. then you have a pretty big orignization whose goal is to bring in those 3k deposits..   hopefully you have moved on to other lenders that will do the deals for you.

I understand the draw the way these guys market IE 100% financing which it really is not since you have to put up 3k.. and i beleive if and when you ever land a loan with them you have to front the rehab and get reimbursed.. so not sure how that is no money out of pocket either.. 

there are just so many great lenders out there today. that have very competitive rates and are for real and wont charge you up front. 

like i said its the no money down that gets the folks in the door with the dream. but as you find out as you work in the industry real estate especially flipping is anything but no money down

Originally posted by @Davian Brown :

Hey man! Yeah I know I had a horrible experience with these guys too. I got a property under contract that was HUD and it was a solid deal too. The property was under contract with my LLC but because the deal didn't have " And Or Assigns" in the contract they wouldn't fund the deal. I noticed you're out in Jersey, look into ABL or Alpha Funding

you know you cant assign hud contracts.. and i think the reason they want that language ( at least from what others have posted on BP) is that they actually have you become a member of an LLC with them. IE a JV deal.. and they take title in the name of that LLC.

the benefit to them is if you fail according to the operating agreement in the LLC they can just eject you from the LLC and not have to foreclose.. now in principal i personally see nothing wrong with that set up as a lender. but its not the perception that most that reply to their no money down lending program are aware of .. and or since most are beginners it could be a little overwhelming or complicated for the borrower to fully comprehend.. with a borrower just thinking hey if it closes great were do i sign.

@Jay Hinrichs

I checked into DoHardMoney yesterday and got a call this morning. Unfortunately I had put in my information yesterday in the website, trying to find out more information. Thus was before I read all the gymnastic on them.

Earlene Hale is the name from the cell phone number I got called from. He introduced himself, explained what they did, etc. He even had to call me back once because I couldn't hear him for a bit. No problem in doing that.

Then he told me about the $3000 up front payment. I said I didn't want to pay any money up front, but would be happy to pay the appraisal fees, etc., once I had a property under contr...

AS SOON as I mentioned I wouldn't be paying any money up front, he hung up on me! Mid-sentence! No goodbye, no nothing!

If anyone else is looking at this company, don't bother. Absolutely horrible.

Originally posted by @Travis Nagler :

@Jay Hinrichs

I checked into DoHardMoney yesterday and got a call this morning. Unfortunately I had put in my information yesterday in the website, trying to find out more information. Thus was before I read all the gymnastic on them.

Earlene Hale is the name from the cell phone number I got called from. He introduced himself, explained what they did, etc. He even had to call me back once because I couldn't hear him for a bit. No problem in doing that.

Then he told me about the $3000 up front payment. I said I didn't want to pay any money up front, but would be happy to pay the appraisal fees, etc., once I had a property under contr...

AS SOON as I mentioned I wouldn't be paying any money up front, he hung up on me! Mid-sentence! No goodbye, no nothing!

If anyone else is looking at this company, don't bother. Absolutely horrible. 

Yup but they will get on here ( BP) and say deposit not necessary.. its just another Utah boiler room operation from my point of view.. I know the kind.

I think the problem really is the "too good to be true" phenomena in real estate financing. Everyone wants to believe that you can use "Other People's Money" and a lot of the schools and education programs push this so they can sell their curriculum, "Oh you don't need any money to invest in real estate, you just use OPM." It's just blowing smoke and in reality, unless you are a seasoned real estate investor with a track record, no private money lender is just going to throw money at you. If you are a newbie, a private lender like myself wants to see some "skin in the game," even if it's your grandma's money or a partner's money. So many new real estate investors contact companies like this because they drank the kool-aid that so many of these education companies and real estate schools have sold them and they really believe in the 100% financing scams. Even $3,000 is money you've got to come up with to get the 100% financing. Many newbies will borrow that $3,000 from someone and then lose it in the process of trying to get 100% financing. I think these real estate schools and seminars need to STOP selling this dream to newbies that they don't need any money to invest. You certainly do need money to invest in real estate, and anyone that says you don't lives in a different kind of reality than I do! "Find a good deal and the money is the easy part." Only if you have a track record and have experience. No one is throwing money at newbies unless they are naive and inexperienced themselves. As a private lender, newbies come to me with their dreams and yes I can lend them 100% of purchase price but they still need to bring in money for loan fees and repairs. Not to mention making the payments until the house sells. Or if I lend them 90% of purchase price and 90% of repairs, they still need to come up with 10% of purchase and 10% of repairs!! There's no free ride. I think the reason that companies like Do Hard Money stay in business is because so many newbies believe in something that is too good to be true, e.g. I don't need any money to invest in real estate. YES YOU DO. Period. Again, unless you have a good track record in real estate investing no one is going to be throwing money at you. 

Originally posted by @Corey Dutton :

I think the problem really is the "too good to be true" phenomena in real estate financing. Everyone wants to believe that you can use "Other People's Money" and a lot of the schools and education programs push this so they can sell their curriculum, "Oh you don't need any money to invest in real estate, you just use OPM." It's just blowing smoke and in reality, unless you are a seasoned real estate investor with a track record, no private money lender is just going to throw money at you. If you are a newbie, a private lender like myself wants to see some "skin in the game," even if it's your grandma's money or a partner's money. So many new real estate investors contact companies like this because they drank the kool-aid that so many of these education companies and real estate schools have sold them and they really believe in the 100% financing scams. Even $3,000 is money you've got to come up with to get the 100% financing. Many newbies will borrow that $3,000 from someone and then lose it in the process of trying to get 100% financing. I think these real estate schools and seminars need to STOP selling this dream to newbies that they don't need any money to invest. You certainly do need money to invest in real estate, and anyone that says you don't lives in a different kind of reality than I do! "Find a good deal and the money is the easy part." Only if you have a track record and have experience. No one is throwing money at newbies unless they are naive and inexperienced themselves. As a private lender, newbies come to me with their dreams and yes I can lend them 100% of purchase price but they still need to bring in money for loan fees and repairs. Not to mention making the payments until the house sells. Or if I lend them 90% of purchase price and 90% of repairs, they still need to come up with 10% of purchase and 10% of repairs!! There's no free ride. I think the reason that companies like Do Hard Money stay in business is because so many newbies believe in something that is too good to be true, e.g. I don't need any money to invest in real estate. YES YOU DO. Period. Again, unless you have a good track record in real estate investing no one is going to be throwing money at you. 

 I was watching American greed last night and the Remington financial episode came up..  Ingrid Robinson U can google her.. took that advance lending scheme down.. those guys took over 1900 10k to 30k up front fees and FBI could only find 3 deals they funded in 10 years..  I was just talking to Ms. Robinson this morning on E mail I wanted to see if she would co write a BP blog with me on these advance fee lending schemes..  I have no doubt DHM makes some loans.. as others have stated they got funded and @James Wise stated that one of his escrows in Cleveland DHM was the lender..  But then you have many others who post that they pay the fee and deals are never good enough.. so after you pay the 3k and 650 for submission fee  and U put up EM that many times they lose.. you really risk about 5k in cash with the hopes of being funded which many have come on Bp and said they lost all their money because the deals never were good enough to get through DHM underwriting.

As a HML in my day and a high volume one 30 to 50 loans a month we did for many years.. I understand the risks.

And as stated in todays climate EXERPREINCE and CASH is needed.. you have neither then you need to get both.. and the way to work your way up is to JV with those with cash or experience or both. Or go after owner finance type deals.

But real estate is a capital intensive business bottom line.. And while in theory deals can be done with 100% OPM its regional and very selective its not a situation for the masses.

Originally posted by @Jay Hinrichs :
Originally posted by @Corey Dutton:

I think the problem really is the "too good to be true" phenomena in real estate financing. Everyone wants to believe that you can use "Other People's Money" and a lot of the schools and education programs push this so they can sell their curriculum, "Oh you don't need any money to invest in real estate, you just use OPM." It's just blowing smoke and in reality, unless you are a seasoned real estate investor with a track record, no private money lender is just going to throw money at you. If you are a newbie, a private lender like myself wants to see some "skin in the game," even if it's your grandma's money or a partner's money. So many new real estate investors contact companies like this because they drank the kool-aid that so many of these education companies and real estate schools have sold them and they really believe in the 100% financing scams. Even $3,000 is money you've got to come up with to get the 100% financing. Many newbies will borrow that $3,000 from someone and then lose it in the process of trying to get 100% financing. I think these real estate schools and seminars need to STOP selling this dream to newbies that they don't need any money to invest. You certainly do need money to invest in real estate, and anyone that says you don't lives in a different kind of reality than I do! "Find a good deal and the money is the easy part." Only if you have a track record and have experience. No one is throwing money at newbies unless they are naive and inexperienced themselves. As a private lender, newbies come to me with their dreams and yes I can lend them 100% of purchase price but they still need to bring in money for loan fees and repairs. Not to mention making the payments until the house sells. Or if I lend them 90% of purchase price and 90% of repairs, they still need to come up with 10% of purchase and 10% of repairs!! There's no free ride. I think the reason that companies like Do Hard Money stay in business is because so many newbies believe in something that is too good to be true, e.g. I don't need any money to invest in real estate. YES YOU DO. Period. Again, unless you have a good track record in real estate investing no one is going to be throwing money at you. 

 I was watching American greed last night and the Remington financial episode came up..  Ingrid Robinson U can google her.. took that advance lending scheme down.. those guys took over 1900 10k to 30k up front fees and FBI could only find 3 deals they funded in 10 years..  I was just talking to Ms. Robinson this morning on E mail I wanted to see if she would co write a BP blog with me on these advance fee lending schemes..  I have no doubt DHM makes some loans.. as others have stated they got funded and @James Wise stated that one of his escrows in Cleveland DHM was the lender..  But then you have many others who post that they pay the fee and deals are never good enough.. so after you pay the 3k and 650 for submission fee  and U put up EM that many times they lose.. you really risk about 5k in cash with the hopes of being funded which many have come on Bp and said they lost all their money because the deals never were good enough to get through DHM underwriting.

As a HML in my day and a high volume one 30 to 50 loans a month we did for many years.. I understand the risks.

And as stated in todays climate EXERPREINCE and CASH is needed.. you have neither then you need to get both.. and the way to work your way up is to JV with those with cash or experience or both. Or go after owner finance type deals.

But real estate is a capital intensive business bottom line.. And while in theory deals can be done with 100% OPM its regional and very selective its not a situation for the masses.

 The moral of the story & Jay I think you'll agree is folks who are brand new to the game need to focus on 1 thing & 1 thing only.......Stacking some of their own cash. 2nd job, 3rd job or driving Uber. Bottom line. If you've got nothing to offer you need to put your own money in the ring. Nobody is taking a flyer on a newb with nothing to offer who's also got no skin in the game. Anyone else stating otherwise wants you to buy a book or educational program.

Originally posted by @James Wise :
Originally posted by @Jay Hinrichs:
Originally posted by @Corey Dutton:

I think the problem really is the "too good to be true" phenomena in real estate financing. Everyone wants to believe that you can use "Other People's Money" and a lot of the schools and education programs push this so they can sell their curriculum, "Oh you don't need any money to invest in real estate, you just use OPM." It's just blowing smoke and in reality, unless you are a seasoned real estate investor with a track record, no private money lender is just going to throw money at you. If you are a newbie, a private lender like myself wants to see some "skin in the game," even if it's your grandma's money or a partner's money. So many new real estate investors contact companies like this because they drank the kool-aid that so many of these education companies and real estate schools have sold them and they really believe in the 100% financing scams. Even $3,000 is money you've got to come up with to get the 100% financing. Many newbies will borrow that $3,000 from someone and then lose it in the process of trying to get 100% financing. I think these real estate schools and seminars need to STOP selling this dream to newbies that they don't need any money to invest. You certainly do need money to invest in real estate, and anyone that says you don't lives in a different kind of reality than I do! "Find a good deal and the money is the easy part." Only if you have a track record and have experience. No one is throwing money at newbies unless they are naive and inexperienced themselves. As a private lender, newbies come to me with their dreams and yes I can lend them 100% of purchase price but they still need to bring in money for loan fees and repairs. Not to mention making the payments until the house sells. Or if I lend them 90% of purchase price and 90% of repairs, they still need to come up with 10% of purchase and 10% of repairs!! There's no free ride. I think the reason that companies like Do Hard Money stay in business is because so many newbies believe in something that is too good to be true, e.g. I don't need any money to invest in real estate. YES YOU DO. Period. Again, unless you have a good track record in real estate investing no one is going to be throwing money at you. 

 I was watching American greed last night and the Remington financial episode came up..  Ingrid Robinson U can google her.. took that advance lending scheme down.. those guys took over 1900 10k to 30k up front fees and FBI could only find 3 deals they funded in 10 years..  I was just talking to Ms. Robinson this morning on E mail I wanted to see if she would co write a BP blog with me on these advance fee lending schemes..  I have no doubt DHM makes some loans.. as others have stated they got funded and @James Wise stated that one of his escrows in Cleveland DHM was the lender..  But then you have many others who post that they pay the fee and deals are never good enough.. so after you pay the 3k and 650 for submission fee  and U put up EM that many times they lose.. you really risk about 5k in cash with the hopes of being funded which many have come on Bp and said they lost all their money because the deals never were good enough to get through DHM underwriting.

As a HML in my day and a high volume one 30 to 50 loans a month we did for many years.. I understand the risks.

And as stated in todays climate EXERPREINCE and CASH is needed.. you have neither then you need to get both.. and the way to work your way up is to JV with those with cash or experience or both. Or go after owner finance type deals.

But real estate is a capital intensive business bottom line.. And while in theory deals can be done with 100% OPM its regional and very selective its not a situation for the masses.

 The moral of the story & Jay I think you'll agree is folks who are brand new to the game need to focus on 1 thing & 1 thing only.......Stacking some of their own cash. 2nd job, 3rd job or driving Uber. Bottom line. If you've got nothing to offer you need to put your own money in the ring. Nobody is taking a flyer on a newb with nothing to offer who's also got no skin in the game. Anyone else stating otherwise wants you to buy a book or educational program.

 yup and in DHM case their 3k educational system LOL    JIm PS I mentioned Morris to Ms. Robinson .. I don't think she will do anything but you can pop on her website..   Morris will be a meaty one for someone though.

Originally posted by @Jay Hinrichs :
Originally posted by @James Wise:
Originally posted by @Jay Hinrichs:
Originally posted by @Corey Dutton:

I think the problem really is the "too good to be true" phenomena in real estate financing. Everyone wants to believe that you can use "Other People's Money" and a lot of the schools and education programs push this so they can sell their curriculum, "Oh you don't need any money to invest in real estate, you just use OPM." It's just blowing smoke and in reality, unless you are a seasoned real estate investor with a track record, no private money lender is just going to throw money at you. If you are a newbie, a private lender like myself wants to see some "skin in the game," even if it's your grandma's money or a partner's money. So many new real estate investors contact companies like this because they drank the kool-aid that so many of these education companies and real estate schools have sold them and they really believe in the 100% financing scams. Even $3,000 is money you've got to come up with to get the 100% financing. Many newbies will borrow that $3,000 from someone and then lose it in the process of trying to get 100% financing. I think these real estate schools and seminars need to STOP selling this dream to newbies that they don't need any money to invest. You certainly do need money to invest in real estate, and anyone that says you don't lives in a different kind of reality than I do! "Find a good deal and the money is the easy part." Only if you have a track record and have experience. No one is throwing money at newbies unless they are naive and inexperienced themselves. As a private lender, newbies come to me with their dreams and yes I can lend them 100% of purchase price but they still need to bring in money for loan fees and repairs. Not to mention making the payments until the house sells. Or if I lend them 90% of purchase price and 90% of repairs, they still need to come up with 10% of purchase and 10% of repairs!! There's no free ride. I think the reason that companies like Do Hard Money stay in business is because so many newbies believe in something that is too good to be true, e.g. I don't need any money to invest in real estate. YES YOU DO. Period. Again, unless you have a good track record in real estate investing no one is going to be throwing money at you. 

 I was watching American greed last night and the Remington financial episode came up..  Ingrid Robinson U can google her.. took that advance lending scheme down.. those guys took over 1900 10k to 30k up front fees and FBI could only find 3 deals they funded in 10 years..  I was just talking to Ms. Robinson this morning on E mail I wanted to see if she would co write a BP blog with me on these advance fee lending schemes..  I have no doubt DHM makes some loans.. as others have stated they got funded and @James Wise stated that one of his escrows in Cleveland DHM was the lender..  But then you have many others who post that they pay the fee and deals are never good enough.. so after you pay the 3k and 650 for submission fee  and U put up EM that many times they lose.. you really risk about 5k in cash with the hopes of being funded which many have come on Bp and said they lost all their money because the deals never were good enough to get through DHM underwriting.

As a HML in my day and a high volume one 30 to 50 loans a month we did for many years.. I understand the risks.

And as stated in todays climate EXERPREINCE and CASH is needed.. you have neither then you need to get both.. and the way to work your way up is to JV with those with cash or experience or both. Or go after owner finance type deals.

But real estate is a capital intensive business bottom line.. And while in theory deals can be done with 100% OPM its regional and very selective its not a situation for the masses.

 The moral of the story & Jay I think you'll agree is folks who are brand new to the game need to focus on 1 thing & 1 thing only.......Stacking some of their own cash. 2nd job, 3rd job or driving Uber. Bottom line. If you've got nothing to offer you need to put your own money in the ring. Nobody is taking a flyer on a newb with nothing to offer who's also got no skin in the game. Anyone else stating otherwise wants you to buy a book or educational program.

 yup and in DHM case their 3k educational system LOL    JIm PS I mentioned Morris to Ms. Robinson .. I don't think she will do anything but you can pop on her website..   Morris will be a meaty one for someone though.

 I talked to Clayton on the phone for an hour or so last week. Lots of layers to all that stuff down there man. It's like an onion.

His ad is catchy though.. the one of him breaking through the wall like the kool aid guy saying "I want you to use my money!" 

First of all it's not even his money as he has investors himself. He's using OPM to fund other people's OPM! Read up him.

Originally posted by @Nate Marshall :

His ad is catchy though.. the one of him breaking through the wall like the kool aid guy saying "I want you to use my money!" 

First of all it's not even his money as he has investors himself. He's using OPM to fund other people's OPM! Read up him.

who is HE ? 

The guy who runs do hard money. I forget his name now. I went through the process of becoming one of their investors just to see that process. This was over a year ago. He was frustrated by not being able to get people to loan him money or fund his deals. I believe that's why he started his company.