DO HARD MONEY refunds??

Question

Has anyone ever paid dohardmoney the $3,500 and not get a deal funded?? If so did you get ANY of your deposit back??

Fred Shatzoff · Answer

@Jay Hinrichs That is what I figured. I could get somebody 100% funding and get them pr approved with no money up front. We loan on 10x your personal assets. Why would anyone pay that is beyond me.

Jay Hinrichs · Answer

many threads on this company\

Fred, the 3500 which used to be 3000 is a fee you pay up front if you want 100% financing.. it is said that pays for their how to information so in essence your buying some guru how to flip information for 3k or 3500.. if you never do a deal there Is no refund they sold you the information.

now some of the people representing the company will come on BP and say the 3k is not mandatory other customers will say the opposite. then the company will say you don't need the deposit if your putting money down.

further to do the 100% what others have posted is that they have the borrower start and LLC which the lender becomes a member of and in the LLC there are default provisions if the borrower cant make payments or whatever they lose their LLC interest.. and the lender takes over the LLC.. thereby not needing to default.

Its an advance fee scheme.. but some have reported that they actually got loans.. although its not no money down you need the 3500 . which is returned to you in your first deal.

with these type of loan programs of course they attract new investors with limited funds.. so you can imagine how many put this on a credit card and Never do a deal.. any lender doing 100% and I have done my fair share personally.. the deal has to be a SMOKIN deal

new investor limited funding very very hard for them to find a deal that will get through UBER conservative underwriting..

Just a guess but I suspect this company makes a significant amount of income on the 3500. But again to be fair they are selling their version of information .. which they claim is worth the 3500...

Joe Threats · Answer

@Corinda Parks nope I never found a deal in time! Definitely a rookie mistake!

Corinda Parks · Answer

So… Did you get your money back? Unfortunately, I fell victim and would like to be refunded as well.

Kai Van Leuven · Answer

@Jay Hinrichs

I love DOHARDMONEY.com! I bought a property from their REO department about 5 years ago!!! It has been a cash cow ever since.

I actually thought they were pretty difficult to negotiate with. One or all of the partners was always on vacation. I have always thought they were a schemey company.

Stephanie P. · Answer

To answer your question quickly and painfully, yes.

Most reputable hard money lenders do not require substantial money up front. Some require the appraisal fee or a background check fee be paid up front, but no more than say $200-$700 and that money generally goes to third party fees.

Jay Hinrichs · Answer

Well one reason is most of the folks looking for this financing HAVE NO PERSONAL assets.. ergo the dream of getting rich in real estate with no money.. this company feeds right into that dream.. but again I have heard some folks get funded NOT many but there have been a few on BP if we can believe they are real.

Fred Shatzoff · Answer

@Joe ThreatsAre you paying them $3,500 to pre approve or is that their application fee? What are they doing for you?

DO HARD MONEY refunds??

DO HARD MONEY refunds??

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