Just SOLD my 2nd deal with DoHardMoney.com!!!
Investor · New Orleans, LA · Member since 2015 · 66 posts · 65 votes
Just SOLD my 2nd deal with DoHardMoney.com!!!
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Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
8y@Paula Wallace terms should matter to you. You walked away with $50k, that's great, but what was your profit? How did you calculate that if terms dont matter? Hate to be a negative Nancy but I take posts like this with caution when there are no specifics and you dont want to share, or even know, your numbers. Why bother posting if not to help others?
69 Replies
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Carson Wilcox you cant beat the terms that you can get in Davis from.
Lendinghome
Conventus
Lima one
Patch of land.
just don't send DHM 3k up front they say they no longer require that.. so we will see.. but from what many say its not really no money down as you need to have money to pay for rehab .. then get reimbursed.. so you do need money..
Same with many Hard money lenders depending on your experience..
what I like about Lendinghomes website is they have a great pricing matrix were you can see how you stack up..
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes8y
I just did a cash out refi with Conventus. They were easy to work with. Just put another property under contract and Conventus said they will do another loan for me. What terms did you get? I got 7% fixed 7 years straight amortization, no points.
- Investor · New Orleans, LA · Member since 2015 · 66 posts · 65 votes8y
Hi all. Terms don't matter to me because I walked away with $50k. Everybody has to make their money (realtors, lenders, me!) . The point is that you make a profit or come out even. So many people fail in this business and never get a chance to say they did 1 flip. I have done 3. And I paid the $3k up front. part of it covers your first appraisal the other part is for their tools available on their website. With their Advanced Deal Analysis, I knew WHAT to expect as far as the total loan amount, how much I would need to put down and estimated fees. So I had the game plan laid out in front of me. Where else can you get that? Not only that, THEY DON'T REQUIRE YOU TO PAY ON THE LOAN while you are rehabbing the property for the loan term (usually 6 months). WHERE ELSE CAN YOU GET THAT?? They helped me to get started in this business and now the sky is the limit for me. I am also looking around in other states to work in. HANDS DOWN THE BEST COMPANY FOR SOMEONE THAT IS JUST STARTING OUT. I am so thankful and grateful for that I made it to this point as I was, one that was about to give up.
- Beulah, MI · Member since 2018 · 46 posts · 16 votes8y
Congratulations on completing your second project. Nice profit
- Smyrna, GA · Member since 2015 · 13 posts · 7 votes8y
Congratulations!!!We are waiting on the results from our first evaluation with diehard. The wait is killing us lol!!!
- Investor · Rosenberg, TX · Member since 2014 · 21 posts · 4 votes8yCongrats Paula! Just curious, are these deals you found on your own? They mention they have tools to help you find deals. Did they help you or did they come from somewhere else?
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Asia Callier:
Congratulations!!!We are waiting on the results from our first evaluation with diehard. The wait is killing us lol!!!
did Diehard come through for you.. are you in the middle of your flip now... can you give details of how it all went ?
- 8yChristi HawkinsPro MemberColumbus, OH · Member since 2017 · 237 posts · 142 votes
@Jay Hinrichs I need to ask you a question with all due respect to your knowledge, experience and success in this business. I have a great deal of respect for someone who has accomplished everything you have. So with that said why do you hate this company so much? I know nothing about this business is personal but it almost feels like you have a personal grudge against them. I'm only asking because I'm using them for my first flip and all my experiences so far have been in direct conflict with everything you say about this company. They were extremely clear about NOT requiring $3000 to be able to do a deal with them or maybe I should say I clearly heard what they said, it's optional and I'm choosing not to do it. You've forgotten more than I''ll ever know about this business and I'm not trying to be disrespectful in any way but your comment from yesterday seems like you're hoping to hear they didn't come through and ignore @Paula Wallace repeated success with this company. I'm just curious and I had to finally ask you
- Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes8y@Paula Wallace terms should matter to you. You walked away with $50k, that's great, but what was your profit? How did you calculate that if terms dont matter? Hate to be a negative Nancy but I take posts like this with caution when there are no specifics and you dont want to share, or even know, your numbers. Why bother posting if not to help others?
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Christi Hawkins actually I think I have been fair and balanced with this.. 3k non refundable up front fee for a HM loan then 600 a file for up front due diligence just is not done in the industry its a money grab.. and If they want to charge 3k for training that's fine.. then they are a training guru.. but to lead people on that have little to no money get 3k out of them and then have failure to fund that hurts many people.. it hurts as many as it helps.. its not me there is post after post of newbie putting up 3k then EM then the 600 and never closing a loan.. and its not no money down.. like they advertise either.. you have to put something down..
its only in the last few months that the owner got on and said HEY we don't require it.. and I suspect that's because of the push back on BP by those that understand that a 3k up front fee is just not industry norm.. It is the norm if your in the information selling side of things.. and that's fine.. I know many gurus that sell information.. but at the end of the day I have also said I heard they did fund their rates are very high given the market right now AGAIN from what others posted.. Rates have come down tremendously ..
If they wanted to be full disclosure they would disclose how many of those 3k deals get funded and how much is just selling information. I suspect the selling of the 3k information package is a pretty heavy revenue generator for them and very clever indeed...
you take undercapitalized folks that want to get going and they will risk it.. just like folks that put the big guru packages of 20 to 40k on their credit cards with the hopes and dreams that there is some magic training that will create income so they don't have to work anymore ( at least W 2 work)…
So I was just asking that other lady if she actually funded.. or if she put up the 3k and lost it.. one of the toughest things to do in the industry and its kind of like how gambling casinos are set up.
1. take a rookie and that's who is going to be attracted to this scheme of no money down ( which of course it is not)
2. set the bar so high that most rookies simply cant find a deal that actually works in todays competitive environment
and there you have it you have 3k in your pocket to do turn downs and to send out materials that are long ago paid for and there is nothing new in real estate .. there can be nothing they are sending out in their materials that is not known to the RE community and talked about daily on a site like BP... but again if someone wants to pay 3k for their materials that OK in my mind.. its just the way these companies package this stuff that goes against most of us that have been hard money lenders or are HML ers business practices.. and I get where they are coming from.. the begineer is by far the highest risk borrower.. and in todays world if you have 10% to put down most HML will fund you if you have a good deal and for nothing up front.. they will help you underwrite it since it their money.. and the rates will be substantially less. shop around and see..
then lastly if someone does not have 10% in cash and good amount of reserves to go into fix and flip is highly risky its highly risky to start any business undercapitalized.. but again I have posted as long as those that know whats going on that there is a decent chance your 3k is lost because you can never find a deal good enough.. Then that's OK
And now that they don't require the 3k up front and I have made that post now that I am aware of it Jacque the owner said that to me in a detailed response.. then they are just like any other company.. and I have no bias at all.. I just hate to see folks with limited capital send it away thinking they are going to do deals when there is a risk that they just wasted what little cash they had on an information packet.
However please let us know how your experience goes.. since you did not pay the 3k up front that's validation that what Jacque said is true I like that.. now lets see the next post when you close and if it was truly NO money out of your pocket.
or if there is some equity or cost associated with it.. which again is fine.. its industry norm,
- 8yChristi HawkinsPro MemberColumbus, OH · Member since 2017 · 237 posts · 142 votes
@Jay Hinrichs Thank you very much, I really appreciate your response. The main reason I'm choosing not to spend the $3000 is I want to have as much money in my pocket for the down payment & closing costs as I can. They've never promised me 100% financing and yes, I'm as rookie as it gets! I have 20 years of real estate experience but not on the investing side, which I'm learning is vastly different. I will absolutely keep you updated, I"m narrowing down my area and I just ordered J Scott's books because I need a great deal of practice on estimating rehab costs. I have found a wonderful Realtor who specializes in REO properties and she is going to give me several referrals for a GC ( I'm also learning that is a very critical decision) My ETA is by January 2019 to have purchased the house and start rehab on my first flip.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Christi Hawkins:
@Jay Hinrichs Thank you very much, I really appreciate your response. The main reason I'm choosing not to spend the $3000 is I want to have as much money in my pocket for the down payment & closing costs as I can. They've never promised me 100% financing and yes, I'm as rookie as it gets! I have 20 years of real estate experience but not on the investing side, which I'm learning is vastly different. I will absolutely keep you updated, I"m narrowing down my area and I just ordered J Scott's books because I need a great deal of practice on estimating rehab costs. I have found a wonderful Realtor who specializes in REO properties and she is going to give me several referrals for a GC ( I'm also learning that is a very critical decision) My ETA is by January 2019 to have purchased the house and start rehab on my first flip.
if Do hard money is 100% financing why do you need money for a down payment ??? again not nit picking just curious because I know that their marketing message is 100% financing.. and if your in OHIO.
and your actually going to use a down payment there are HML that will compete for your business and help you.
one is a BP member
@Darrin Carey Darrin is an Uber experienced HML in your area.. and you will find someone local is more benefit than a lender on the other side of the country and will be able to guide you in a way that no out of area lender can.. you may want to ring him up and have a chat..
Keep in mind I have been and am a HML / equity lender and have been since the middle 80s so I have a fair amount of experience and I even borrow very occasionally from other HML ers..
One site I like that you can go on to that has a very straight forward pricing matrix given experience fico ext. is lendinghome.com
that will give you kind of an industry rates that the bigger lenders are doing.. its a nice one to get a base line on..
But I am a big proponent of having your lender be someone local who knows the neighborhoods probably better than you. and is not relying on 3rd party appraisals and sitting in an office 5 states away.. this can get frustrating.. I know even with lending home the few times I borrowed from them for TEXAS deals their valuations always came in low and I had to put more equity in.. which was OK but for those in a tighter budge maybe not.
- 8yChristi HawkinsPro MemberColumbus, OH · Member since 2017 · 237 posts · 142 votes
Mainly because I don't have a lot of money saved. I want to still have a cushion in case I get into trouble and I'm trying to plan for the worst case scenario. If I can get 100% financing I'll certainly take and use my money for closing costs. I don't consider closing costs a part of financing so unless you're doing an FHA loan with 6% in seller paid closing costs along with a down payment assistance grant there is no such thing as "no money down" you will ultimately have to come up with money out of your own pocket, I consider that my responsibility and not a lenders job to cover those expenses, I probably should have been more clear and I'll admit I do get a little nervous replying to you because as I said before you have forgotten more than I'll ever know. I guess my main point was they did not guarantee me 100% financing as a sales pitch to get me to sign up for their membership. Once I submit a deal I'll have the choice based on the numbers and none of those choices will be dependent on me signing up for anything. I"m still keeping my options open and my Realtor has asked me to consider a few local lenders she works with as well. But so far I feel comfortable with Do Hard Money and everyone I've spoken to has been honest about the programs and the way their loans works. So for now they're at the top of my list
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Christi Hawkins:
Mainly because I don't have a lot of money saved. I want to still have a cushion in case I get into trouble and I'm trying to plan for the worst case scenario. If I can get 100% financing I'll certainly take and use my money for closing costs. I don't consider closing costs a part of financing so unless you're doing an FHA loan with 6% in seller paid closing costs along with a down payment assistance grant there is no such thing as "no money down" you will ultimately have to come up with money out of your own pocket, I consider that my responsibility and not a lenders job to cover those expenses, I probably should have been more clear and I'll admit I do get a little nervous replying to you because as I said before you have forgotten more than I'll ever know. I guess my main point was they did not guarantee me 100% financing as a sales pitch to get me to sign up for their membership. Once I submit a deal I'll have the choice based on the numbers and none of those choices will be dependent on me signing up for anything. I"m still keeping my options open and my Realtor has asked me to consider a few local lenders she works with as well. But so far I feel comfortable with Do Hard Money and everyone I've spoken to has been honest about the programs and the way their loans works. So for now they're at the top of my list
gotcha wish you the best of luck and I am please to see DOH move to a more industry norm in their lending practice of not trying to get big deposits form borrowers.. its just not done in the industry.. the only ones that do this ( and again I am not calling them this)
but the others in the industry that want up front money are scammers that will never fund.. their job is to beat you out of a few grand telling you all sorts of wonderful things and they are simply not real.
If you can watch the American Greed episode on Remmington financial... these were the class pump and dump due diligence scammers.
and the lady featured in this article was trying to buy an island in Clear lake CA were my dad had been a developer since the early 60s.. I know the island she wanted to develop and it was not possible.. yet this company led her on took her money .. and then she went on a crusade and put them out of business and into jail..
I had actually called these guys.. I had a funding need that was larger ( and that's what they preyed on) the rookie developer thinking the first project out of the box for 5 to 10 million.. ( which they have no hope of funding ) but these guys led them on.. so when I laid out my scenario they did what good scammers do.. send in your info.. 3 days later great news you made it through the first level now send us 10k.. they did not ask enough questions.. and it was just too easy.. I knew my 10k would be gone.. I have seen that before. and sure enough I then see them on American greed.. 25 years in business funded less than 10 deals.. and took 5 to 25k due diligence fees totally multi multi millions.. And again I am not insinuating DOH is doing this by any stretch I just think this a great episode for anyone starting out to see how these companies can operate.. and keep in mind these companies hire pro's as sales folks and of course they are going to be very nice its what they do.. give me a grizzled ole crusty lender any day.. tell it like it is.. LOL
- 8yChristi HawkinsPro MemberColumbus, OH · Member since 2017 · 237 posts · 142 votes
@Jay Hinrichs I love that show and I will absolutely look it up and watch. My favorite American Greed episode is the one about Bill Erpenbeck in Northern KY. I was a very young newly licensed Realtor working for a great company-Sibcy Cline and everyone my age in that industry had a huge crush on Bill Erpenbeck. He lived in a multi million dollar neighborhood, always drove a brand new Mercedes and he was gorgeous!! His father built that company from the ground up, they built beautiful homes and of course there was a bank and a title company involved as well. I left Cincinnati in 1999 and then saw the episode in 2012. I couldn't believe it If you haven't seen that one look it up and watch it
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Christi Hawkins:
@Jay Hinrichs I love that show and I will absolutely look it up and watch. My favorite American Greed episode is the one about Bill Erpenbeck in Northern KY. I was a very young newly licensed Realtor working for a great company-Sibcy Cline and everyone my age in that industry had a huge crush on Bill Erpenbeck. He lived in a multi million dollar neighborhood, always drove a brand new Mercedes and he was gorgeous!! His father built that company from the ground up, they built beautiful homes and of course there was a bank and a title company involved as well. I left Cincinnati in 1999 and then saw the episode in 2012. I couldn't believe it If you haven't seen that one look it up and watch it
yes as a home builder myself ( small although I was just written up in the business journal in Portland) I made the list of top 30 builders in Portland I am number 24 with DR Horton number one so a little ways to go.
What that guy did only happened because of VERY sloppy title and escrow closing procedures.. IE letting the borrower take the payoff check to the bank.. IE stuff that simply would never happen in our area.. And what he did was pocket the money without paying off the underlying construction loan.. and so as you saw he was and is a criminal and ended up in Jail.. exactly where he belonged..
and same with the Due diligence pump and dump scammers on the lending side.. bad lot those folks.
- 8yChristi HawkinsPro MemberColumbus, OH · Member since 2017 · 237 posts · 142 votes
@Jay Hinrichs Agreed and things like that don't happen here either any more. Congratulations on the well deserved honors. It takes years and years of hard work to establish a reputation like that. I have another question for you since you do a lot in Charleston, SC. When something like a hurricane comes in and damages an area, after the dust settles are there opportunities to invest and be a part of the re-building process
- 8yChristi HawkinsPro MemberColumbus, OH · Member since 2017 · 237 posts · 142 votes
@Jibu V. it feels wrong even asking the question and I’m certainly not ready for out of state investing but I was curious
- Real Estate Agent · Milwaukee, WI · Member since 2018 · 3 posts · 0 votes8y@Paula Wallace who was your contact there and are they national?
- Flipper/Rehabber · Miami, FL · Member since 2018 · 6 posts · 5 votes8y@Paula Wallace Congratulations on your success no matter what the terms were, I’m pretty sure it was a positive outcome and you made it happen. I also want to thank you because I have not made any deals yet, due to that I do not have any funds on my side to start, but I’m looking for ways to step in the water with this business and you just got me another source to do it. I got in touch already with a local realtor and she is going to connect me to a lender, I should be receiving an answer by tomorrow, but if nothing comes up from that I will continue to fight for my goals. Keep up the good work!
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