Anyone have loan experience with Do Hard Money

Most Popular Reply

Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y

@Stephen Turner  the gothca from what I have seen posted about DHM is that everyone is approved once they send in the 3k that's a no brainer.. easy money for the company.

its getting a loan that they will actually fund that becomes an issue.. plus from what I have seen written its another 800 submission fee.. so your into these guys 3800 to 5k before you even get a deal done... that's a lot of risk.. and from what others have posted many never did get a deal funded and ran out of money because they gave them all they had with the dream of a no money down deal.

its simple guru tactics brought over to the quasi loan business from what others have said and posted..

Podcast Guest on Show #222
JLH Capital Partners51 Review
WebsiteView Page
6Reply
See this reply in the discussion

44 Replies

Jump to latestLatest
  • Michael Macklin
    Mortgage Consultant · Raleigh, NC · Member since 2016 · 181 posts · 53 votes
    9y
    What type of rei are you trying to do. If you're a fix and flipper from what I'm guessing I'd like to network with you to put some deals together. To answer your question about do Hardmoney I've heard mixed reviews about the company. I would say ask a lot of questions and get as much info as you can to make an informed decision.
    0Reply
  • Michael Hickey
    Rental Property Investor · Wake Forest, NC · Member since 2014 · 57 posts · 5 votes
    9y

    Hey Stephen,

    I looked into them but determined the "cost" of the money used made it prohibitive for me to do buy and hold.  It also made the flip somewhat borderline.  Do the numbers twice and make sure it makes sense.  There is also a $3000 "buy-in" that is "refunded" after your first deal.

    0Reply
  • Stephen Turner
    OP
    Clayton, NC · Member since 2016 · 29 posts · 3 votes
    9y
    Originally posted by @Michael Macklin:

    What type of rei are you trying to do. If you're a fix and flipper from what I'm guessing I'd like to network with you to put some deals together.

    To answer your question about do Hardmoney I've heard mixed reviews about the company. I would say ask a lot of questions and get as much info as you can to make an informed decision.

    @michael Mack Lin

    Hi Mike

    New to investing but looking to get into Flipping SF Homes, and then Buy/Hold deals

    Do Hard Money has approved me for a loan...all looks good as far as term, interstinterest rate and other details of the loan.

     Interest rate and other details of the loan.

    They do require an upfront $3000 payment which you do get back upon the successful acquisition , Flip of your first deal 

    0Reply
  • Stephen Turner
    OP
    Clayton, NC · Member since 2016 · 29 posts · 3 votes
    9y

    Hi hi Mike

     Hi Mike

    Thanks for reaching out to me 

    I'm a new investor looking to purchase SFH, Flip them and also do some Buy and Hold properties

    Currently run a junk removal franchise so I see a lot of homes that are REO, Foreclosures, distressed, etc

    I reached out to Do Hard Money and I have been approved for funding

    They do require a  One time upfront deposit of $3000 for your first deal which is refunded to you upon the successful acquisition and flip of your first property less the cost of an appraisal. 

    Mike I would be equally interested in networking with you as well send me a PM with your contact information

    0Reply
  • Stephen Turner
    OP
    Clayton, NC · Member since 2016 · 29 posts · 3 votes
    9y
    Originally posted by @Michael Hickey:

    Hey Stephen,

    I looked into them but determined the "cost" of the money used made it prohibitive for me to do buy and hold.  It also made the flip somewhat borderline.  Do the numbers twice and make sure it makes sense.  There is also a $3000 "buy-in" that is "refunded" after your first deal.

    1Reply
  • Stephen Turner
    OP
    Clayton, NC · Member since 2016 · 29 posts · 3 votes
    9y

    @Michael Hickey

    Hi Michael 

    When you say cost prohibited for buy-and-hold strategy's I can certainly see that but what are your thoughts with regards to using them to Flip property

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Stephen Turner  the gothca from what I have seen posted about DHM is that everyone is approved once they send in the 3k that's a no brainer.. easy money for the company.

    its getting a loan that they will actually fund that becomes an issue.. plus from what I have seen written its another 800 submission fee.. so your into these guys 3800 to 5k before you even get a deal done... that's a lot of risk.. and from what others have posted many never did get a deal funded and ran out of money because they gave them all they had with the dream of a no money down deal.

    its simple guru tactics brought over to the quasi loan business from what others have said and posted..

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    6Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Stephen Turner

    you may want to look at Gorilla capital in Eugene Oregon they have a 90% JV model that actually works and you actually get funded and no up front cost other than maybe appraisal.

    tell them I sent you.. the owner John Helmick is a Colleague of mine so I can vouch that they are for real.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    3Reply
  • Stephen Turner
    OP
    Clayton, NC · Member since 2016 · 29 posts · 3 votes
    9y

    @Jay Hinrichs

    Hi Jay 

    Thanks for the input on Do Hard Money.I wasn't aware of the additional $800 or any additional cost be on the $3000.

    Appreciate the additional insight yes I guess everybody would get preapproved so long as you can put up the money I'll reach out to your lender and certainly advise them that you referred me

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Stephen Turner  the 800 a file as additional submission fee Is what others have posted about on BP you certainly would want to double check that with DHM for accuracy...

    Gorilla is a very experienced foreclosure buyer who is moving into the space as foreclosures have dried up..  they are in Eugene Oregon... give them a shout...

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Erik Hansen
    Real Estate Investor · Portland, OR · Member since 2016 · 29 posts · 16 votes
    9y

    @Jay Hinrichs I am also a newer investor here in Portland, OR dealing with the same issue/dilemma - insufficient capital to complete my first fix and flip, which forced me to explore and research hard money options. I've been 'approved' with one here in Portland and although they'll finance acquisition and rehab costs, I'm not terribly fond of the terms - 12% and 2-4pts. I've looked into and applied with Realty Shares as they offer 85% LTV @ 9% for 6-12/mo. Best I've found this far during my research however the only catch is they require you to have at least one project under your belt before they'll approve funding. Do you think Gorilla would be a potential solution aside from the obvious private money solution? I am more than prepared and capable of putting as much skin in the game as financially possible(~50K), but with the areas prices it's hard to find a rehab project that doesn't fully tap me out.

    Any thoughts, feedback, advice, would be much appreciated. 

    Erik

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Erik Hansen  Gorilla will be more expensive than RS that's for sure.

    here are a few to call

    east side

    iron bridge

    Watsach

    rain city

    Silverado ( my old company)

    vestus

    One of these will probably do it for you with the same 2 and 12 or a little more.. once you have that under your belt then go to RS.. I did RS very first loan in Oregon for them ( brokered it) and opened the market for them... I know Nav the owner personally they are great people.

    But give Gorilla a shout and see what they will do on a JV deal

    then if that all fails PM me.

    JLH

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Erik Hansen
    Real Estate Investor · Portland, OR · Member since 2016 · 29 posts · 16 votes
    9y

    @Jay Hinrichs

    Will do.  Thanks Jay, much appreciated.

    The other option presented to me by a RS rep after probing a little further was to partner up with a more experienced investor/flipper and form an LLC with them. Have you heard of anyone going that route successfully? Does that sound feasible? As I understand it, all I would need to do is find an experience F & F to partner up with, form a new LLC for the project, and then go get it done. Would that effectively protect both parties if I'm ok with carrying the financial load and risk but just want the experienced/trained oversight to mitigate said risk? I'd be more than happy to pay for the coaching/mentorship on my first project by splitting proceeds. The value is obvious for me but more importantly I want to make sure its completely worth their time as well.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Erik Hansen  your describing my business model.. I do this about 100 plus times a year in many markets.

    RS will loan me money in 32 seconds flat.... !!!! I did one in Sacramento last OCT>  with them..

    But I am not solociting you of course that's against the rules.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Wendell De Guzman
    Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    I totally agree with Jay H.

    When you have a hard money lender charge an upfront fee - specially $3,000, then RUN IN THE OPPOSITE direction. There are many hard money lenders that don't charge an upfront fee. The only fee that a good HML charges is a third party appraisal fee ($400+) which of course is not really a fee that the HMLs make money from but it's needed for their underwriting.

    If you guys need help with HMLs that don't charge an upfront fee, I can help refer some to you. Just send me a PM.

    0Reply
  • Mike NussPro Member
    Real Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes
    9y

    @erik hansen, @Jay Hinrichs knows what he's talking about. Getting experience in exchange for some profit in your first couple deals is about as smart as it comes. I see so many people try to squeeze every ounce of profit off of a projected deal that they don't look ahead and think about what it actually takes to get to the finish line. Experienced investors know how to keep projects profitable, which is the ultimate goal in a flip. 

    Podcast Guest on Show #548
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Mike Nuss   Erik and I chatted tonight I recommended he attend your event tomorrow night ( hopefully you can have it with all the snow)..  I am thinking there is probably a good match fo rhim in your group to partner with as well.. as your group is a nice combination of those just starting their journey and those that are doing quite well...

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Mike NussPro Member
    Real Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes
    9y

    @Jay Hinrichs I always appreciate your support. Unfortunately, I have little hope for tomorrow. Lucky Lab cancelled us last time so we had no choice, may happen again because it's in the hills. I stayed on the eastside all day so I'm just assuming Multnomah Village has some significant snow and soon ice. 

    Podcast Guest on Show #548
    0Reply
  • Erik Hansen
    Real Estate Investor · Portland, OR · Member since 2016 · 29 posts · 16 votes
    9y

     @Mike Nuss, I was really hoping to attend my first RB meeting tonight but it sounds like it may be cancelled or postponed due to the weather...is that correct?  Is there anywhere I should look for the latest updtate on status?

    Looking forward to meeting you guys.

    0Reply
  • Mike NussPro Member
    Real Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes
    9y

    @Erik Hansen pm me your info and I'll be sure to get you an update as soon as I know. We haven't made a final decision, I'll be talking with Lucky Lab late this morning. 

    Podcast Guest on Show #548
    0Reply
  • Shelli Neal
    Investor · Lincoln City, OR · Member since 2015 · 17 posts · 11 votes
    9y
    I have had great luck with veristone. Brady Reiger goes above and beyond, and no $3000 fee up front. That turned me off of do hard money.
    1Reply
  • Erik Hansen
    Real Estate Investor · Portland, OR · Member since 2016 · 29 posts · 16 votes
    9y

    @Shelli Neal thanks for the recommendation Shelli!  

    0Reply
  • Robert LindsleyPro Member
    Real Estate Investor · Orlando, FL · Member since 2016 · 185 posts · 53 votes
    9y
    Hey there! I know this thread is mostly dedicated to F&F but was wondering if anybody had recommendations for hard money for a buy and hold? My situation is odd - most of the funding is coming from seller financing, but I need gap funding to cover a $40k deficit. Thanks for your help!
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Robert Lindsley  Hard money does not do gap funding for long term.

    you probably need to pull in an equity partner.. gap funding is highly risky to the lender

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    9y

    @Robert Lindsley

    How much are you looking for and what type of property is it?

    Stephanie

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free