Had Anyone ever used Dohardmoney.com Lending

[Laurence Crawford]

Hello All! I'm a newbie to real estate investing and was wondering if anyone has used dohardmoney.com for hard money lending? They require you to put 3k of your money up front and they finance 100% of purchase price & 100% of rehab cost up yo 70% of the ARV. I don't have much to get started and dont want to lose 3k if they are not legit. If they are legit it is the best option for my financial situation as other hard money lenders want you to have more experience or 20-30% down payment which is understandable. Just trying to get started the best way possible and not fail.

[Darrin Carey]

@Jay Hinrichs I've spoken with two people recently who paid DHM the upfront fee, one paid 5k, the other I don't remember if it was 3k or 5k. Both were then turned down for their loans. Both were told that the upfront payment was mandatory to be considered for any loan.

@Laurence Crawford I see a lot of claims of 100% purchase financing, but I've never seen it from an actual lender making a loan at 70% LTV. (deals among friends and truly private lenders not included). I have seen it at much lower LTVs, but those deals are rare.

As a lender I'll give you some credit for some of the equity in the deal, but I'm still going to require you to put in some of your own money; as a minimum 10% of the purchase price. Experience is not a requirement, but it is considered. If you're not able to do 10%, we may be able to help you other ways.

We don't require you to put ANY money down before we help you evaluate the deal and to see if the deal works. Anyone who wants money before evaluating your loan/deal should be avoided like the plague.

If you attend COREE, seek out @Seth Hayes, at one of the outside tables, he's legit, and he can help answer some questions for you.