Do Hard Money - a hard money lender

3 Replies

We've completed 1 flip to date using our own funds but for our next project we'd like to use third party financing.  Unfortunately, traditional banks or credit unions won't consider us because we don't have any income coming in. So we are exploring the world of hard money lending.  Do Hard Money is, as you've probably guessed a hard money lender.  Its fairly "easy" to qualify for their loan program but I read 1 blog on BP (it was 4 years old) that expressed some reservation about using them even though this individual did not move forward with them.  So I'm hoping to hear from some folks that have real life work experience with them, even if it was just 1 flip.  If that's you, please share your experience(s) good, bad or indifferent. Thanks in advance.

many posts on this company.. the main thing to realize is that  for no money down you must pay 3k up front for their educational materials.. no guarantee of funding .. and I suspect rates sinces it no money down will be very high which they should be given risk.

if you paid cash to do one flip means you have cash for down payment.

there is very competitive rates for good borrowers.

Lima one

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just depends on your market. 

Hard Money is a great way to start . . .

but I would check with your local REIA group to see who lends through that group where you are investing - put all the hard money lenders into a controlled environment like a REIA group meeting - we usually have 5 at any given meeting and 8 on our website - they tend to start competing and their points and interest and fees start getting smaller. They often offer a REIA member discount as in theory if you are a member of the local REIA you are at least attempting to be more knowledgable, more connected, and will be doing better deals.

Several of our local hard money lenders here in kc not only attend our meetings, but also host workshops to help the members learn, I am sure they do the same in your area.