Grand Rapids, MI · Member since 2015 · 23 posts · 12 votes
Has anyone used the Home Depot project loan card to fund the repairs on any of their projects and have any thoughts on doing this? specifics on the program are: Up to 55k loan amount, 7.99% interest fixed, 84 month payment schedule.
Real Estate Investor · Atlanta, GA · Member since 2017 · 29 posts · 15 votes
8y
I don't have any experience with that but if you haven't already I do suggest signing up for a PRO account with Home Depot and grouping purchases over $3000 with a pro rep to the bid room for a discount. Also usually Black Friday has some good deals on flooring and appliances. I like to stock up for the whole year.
Real Estate Investor · Atlanta, GA · Member since 2017 · 29 posts · 15 votes
8y
I don't have any experience with that but if you haven't already I do suggest signing up for a PRO account with Home Depot and grouping purchases over $3000 with a pro rep to the bid room for a discount. Also usually Black Friday has some good deals on flooring and appliances. I like to stock up for the whole year.
Grand Rapids, MI · Member since 2015 · 23 posts · 12 votes
8y
Going to try it out on the house I am doing right now, just a cosmetic flip and rent so wont be a big ticket flip.
@Jon Johnson, I have a commercial account and pro account and use the home depot for most of the work I do.
@Charlie DiLisio i applied last night for the program and it took a short application on line and about 2 minutes to approve it. it has a 6 month buy period that is interest only on the amount spent, after that is a scheduled payback term
worst service ever!!! i will NEVER use them again and i'll make sure i stop as many people as i can from doing so also!!! First, they dropped off my roof supplies (pallets of material) on 8/31. The forklift wouldn't fit in my driveway so the driver literally left everything on the sidewalk in front of my driveway!!! The install was supposed to begin on 9/3. About 30 minutes after they drop this stuff off at my home, i get a call that the workers and manager were fired and they're not sure when our next install date will be. Now mind you, i can't use my driveway due to the pallets they left blocking me and my neighbor in. We cannot get in contact with any "manager" or "supervisor" from their team to find out what's going on. We FINALLY get through to someone and the install begins on 10/5 and is done by 10/8. The contractors didn't use 36 sheets of the 42 sheets of plywood that were delivered and we were charged for!!! We fought for a discount due to the inconvenience. What we got was, oh, here's a credit for the plywood we didn't use. Today, i miss an entire day of work for the town to come and inspect the roof and close out the permit. Well, home depot took out the permit for "replacing roof sheathing" they were supposed to have the inspector come by to check out the sheathing and never did. When the inspector came today, we FAILED INSPECTION because they already covered the sheathing with all the shingles. I can't tell you the lawsuit i plan on their sorry asses if the town fines us!!!!!! DO NOT USE HOME DEPOT LOAN SERVICES!!!!
Rental Property Investor · VT · Member since 2017 · 233 posts · 147 votes
7y
@Melissa Ba that sounds like bad sub-contracting and poor communication, not necessarily a reflection of using the loan services/the HD payment plan. Sounds awful though. If they didn't quote me quite literally nearly double the cost of a roof replacement, it could've happened to me!
To others: there aren't qualifications that I know of, although I didn't know you could get a LOC on top of using it as a project payment plan if I read that right... they've always offered this to me when talking about individual project payments (say getting estimates about installing windows or a roof or whatever) I haven't yet used them for a major project.
On just the pro part - it's totally free and if you have a combined purchase of greater than 1500 dollars they will bid your purchase out for discounts. Can be all different products, doesn't have to be like 1500 of just paints, or just lumber or what not, can be anything. Plus you get weekly emails for coupons, some are actually decent. If it wasn't so ingrained in me to never have store credit cards, I'd probably get theirs!
Rental Property Investor · Austin, TX · Member since 2018 · 3 posts · 2 votes
7y
@Jason Blain How did the loan process go? Can you talk about how much credit you received?
I am considering using their project loan program for materials only for rehab project. I will pay my own contractors separately for the labor. There seems to be lots of bad reviews about their loan programs customer service, messing up payments ect.
Grand Rapids, MI · Member since 2015 · 23 posts · 12 votes
7y
Thanks everyone for the input, i did use this loan for a buy and hold i did in 2018, it worked out well, just used it for short term money to do the cosmetic rehab.
@Matthew R Hagendorf the process was very easy did all the application on line and the give you a separate account and card for the loan to use. we actually did all the payments online as well. I am a contractor so use home depot on a regular basis so i am familiar with their credit system.
@Melissa Ba sounds like Bad contractors, any work you have done from home depot is subcontracted out, at least in Michigan where I am but ultimately they are responsible as they are basically acting as a general contractor, I hear a lot of horror stories from people who hired big box stores to install their products, as well as good stories too. But I am biased towards the local contractor since I am one lol