Union, NJ · Member since 2015 · 10 posts · 4 votes
Hello,
Has anyone used Do Hard Money Company? To fund their deals . I live in NJ and I’m looking to do my 1st flip in Union County, NJ. I see really good deals to be had. I tried to rise money thru friends and family. It seemed that didn’t want to take a chance yet since I have done my 1st deal. Looking to put done $10k down. I have 20k in the bank. I’ll use that to make the monthly payment on the property. A local bank has approved me for a loan so my end goal is to have that in my back pocket if the Hard Money becomes way to much every month. I’m looking to have the house done within 6-8 months. Hopefully sooner. Being this is my 1st deal some things will come up that didn’t see.
Thank you for your input.
Rental Property Investor · Durham / Raleigh (Triangle), NC · Member since 2015 · 841 posts · 801 votes
8y
Are they asking you for any money in advance of funding your deal beyond the reasonable and true cost of an appraisal? When I tried to use DHM in the past, they wanted up front fees (and were rather deceptive about it) so I moved on and found better HML.
Real Estate Agent · Rock Hill, SC · Member since 2015 · 189 posts · 53 votes
8y
Good job on getting your deal funded! I would say that the numbers you did right before you got the loan should be your peace of mind. Believe in your numbers and know your deal. Is the exit strategy solid? A small piece of advice put it back on the market with pictures of what the end Is going to look like to start generating interest and possible offers so that way it can be sold once the rehab is done. I am not familiar with your market but it is one way to beat the odds of having to hold it too long and building up the extra interest with the hard money loan. And as another back up you could refi out of it to hold and I could help you with that if you bank doesn't have options for you!