Do Hard Money company, reviews?

Noblesville, IN · Member since 2017 · 6 posts · 4 votes

Hello & thank you for the help!

I am a newbie looking to do my first deal. I have very little capital with which to work & I am looking at hard money lenders- specifically the company Do Hard Money.

I found them through BP’s website, but I would love some BP feedback- who has used them?

What was your experience?

Any other thoughts or other recommendations?

I would really be able to look some one in the eye & shake their hand to do a deal, but they seem great after my first conversation.

Thanks again!

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Jay HinrichsBusiness Member

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

they charge 3k up front.. with no guarantee of funding so if you don't have any money or very little

be careful.. mixed reviews on the company on BP.. also when you dig into it you will realize you will need a pretty good amount of capital to do a loan with them..

if you have no real capital to do this your making a huge mistake.. you need to first get capital.

if you have capital then you can take these high leverage loans..

also beginners have a hard time finding deals that will meet their criteria and thereby you lose your 3k.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Christi Hawkins:

Model sounds much better and I wasn't trying to mislead I was just explaining that in the event of a default the borrower lives to fight another day and doesn't end up with a Foreclosure on their record. I really didn't know that was a normal practice with HML's On the 3k, I corrected it somewhere because I was wrong about it, if you want 100% financing it IS mandatory if you don't need 100% financing you do NOT have to put up 3k. I agree about the different statements coming directly from them, it's not a good look. I can say the people I've spoken with have been consistent the entire time, maybe I've been lucky or knew the right questions to ask, I don't know which
if you have to put money down to not pay the 3k I would encourage you to look at lendinghome.. just look at their pricing matrix its there on their website for everyone to see.. no smoke and mirrors and their loans are priced by down payment and experience.
will give you a good base line when comparing loan options.. The other reality of HML if a project fails 99% of the time if the lender wants to step in like DHM is doing the borrower will sign a DIL and give it back.. non one wants to go through the process.. I can see this JV model they are doing also as a way to circumvent NMLS license rules in states that its required to do loans on 1 to 4 properties regardless of owner occ or not.. Like Oregon CA NV to name a few you need NMLS and state license to do these fix flip loans. that's why when you get on lending home website you will see an NMLS number on their website. its required.
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Johnette Crawford
Birmingham, AL · Member since 2018 · 10 posts · 8 votes
7y
hello, I am working on my second flip, I have already purchased the property cash and started the rehab had to use the rest of my funds to help my ill father, so now I am needing funding to help finish this rehab and get it on the market any suggestions, Ideas, would be helpful my credit is not where it needs to be to get a loan from the bank just thought I would add that part in the message
1 Reply
Peter Grange
Investor · Holiday, FL · Member since 2018 · 63 posts · 15 votes
7y
@Jason DiClemente Jason, out of curiosity, would you mind sharing who you used for HM on your 1st deal? Was it someone local to our area or did you use a large company? Thanks in advance. Pete
0 Reply
Jason D.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Peter Grange I used ground floor out of Atlanta. They are a national lender. Overall it was a decent experience, although I would not use them again. We had a few rough patches at the closing table that really turned me off and I can find better terms than they offer.
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Peter Grange
Investor · Holiday, FL · Member since 2018 · 63 posts · 15 votes
7y
Thanks Jason!
0 Reply
Jacque Fairbourn
Hard Money Lender · West Jordan, UT · Member since 2015 · 105 posts · 75 votes
7y
@Carl Justin Lawrence
I will certainly look into your deals and get back with you. The enrollment fee is NOT required. It is required if you have poor credit or no experience and want access to the low or no cash to close funding. All of our other funding options are available without enrolling if your deal meets
2 Reply
Jacque Fairbourn
Hard Money Lender · West Jordan, UT · Member since 2015 · 105 posts · 75 votes
7y
Disclaimer - Director of PR at DoHardMoney
Once again, some clarification - you do NOT need to enroll in any of our programs or purchase any of our products in order to get a direct loan from us. However, if you fall into a high risk category (bad credit, no experience, no access to capital) you'll need to use our Find-Fund-Flip System, for which there is a cost in order to get funding.
And to speak to @Jay Hinrichs comment about NMLS registration, of course we do not have that, as we are not a mortgage lender. Some lenders who do both types of loans, (as in his mentioned example) will of course be required to have that for that portion of their business.
We do not do JV deals, we don't take a percentage of the profit, our money in made on the loan itself.
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Christi HawkinsPro Member
Columbus, OH · Member since 2017 · 239 posts · 142 votes
7y
@Jacque Fairbourn Thank you very much for that clarification!!
0 Reply
Joanna Schutte
OP
Noblesville, IN · Member since 2017 · 6 posts · 4 votes
7y
Everyone- thank you for your thoughts & advice!
1 Reply
Terry L Walker
Atlanta, GA · Member since 2017 · 1 post · 3 votes
7y
Upon contacting this company due to them advertising 100% financing for fix and flip properties regardless of credit (which would never be checked) I was contacted by Steve Martin (the sales director). I had already researched BBB to see if they had any complaints and addressed them all over the phone. I was confident because they were all resolved and the reasons seem to make sense. Steve then assured me that they'd done business (good business) with many more people that were successful. He told me that my $3000 would get me $250k deposited in an account and made available to me upon finding a property that fit the program's 100% financing criteria. He said I wouldn't be denied based of a school zone in an up and coming neighborhood. He said that if the property was close to the city, not by train tracks, not structurally damaged, and the cost of the property after repares was under 70% of the after retail value that I would meet the criteria and get 100% as long as I could furnish the earnest money (up to $5k). This process was also to be vetted through a software that would tell me the eligibility. He also told me that I would not be required to bring a huge amount of money to closing. He called me relentlessly until I paid. He also assured me that I could contact him and he'll personally help me with any issues. After paying Steve could not be reached. Infact they said he was only sales and a rep would help me. I ran multiple properties that should of fit the criteria but none of them qualified for their "prime" program. Instead they offered me a program (on each property) that required me to bring over $27k to closing, said they would have to run my credit. The funding offered on each house was just enough (at max) to end up in this large amount of closing costs. So i tried with a house and specifications (that i made up) in the software that definitely fit the criteria just to see if it was the properties that i was choosing that caused the lack of funding. The result was the same. What Steve didn't know was that I recorded our conversation the first time and I even called back a second time acting like I wanted a seperate account from my wife just to record him lying again (of course I was able to get him when i said i wanted to spend another $3k). They are a scam and we disputed our charge because they didn't deliver on promises. I would love to fly to Utah and sue if they persue the money because the court would make them pay for the trip once we win anyway.
3 Reply
Marlene Mrad
Flipper/Rehabber · Hackettstown, NJ · Member since 2010 · 7 posts · 1 vote
7y
HERES MY 2 SENSE ….FIRST LET ME JUST SAY I AM NEW TO HOUSE FLIPPING GAME. I HAVE SUCCESSFULLY FLIPPED MY FIRST HOUSE AND CLOSING IS NEXT WEEK INVESTMENT COST PLUS REHAB WAS 246K SALE PRICE 323K MAKING 63K PROFIT. GREAT FOR MY FIRST ONE. THIS FLIP ORIGINALLY WAS SUPPOSE TO BE THRU DHM BUT LIKE IM SURE MOST NEW RE FLIPPERS WITH LITTLE CAPITAL I GOT SUCKED INTO THE 100% FUNDED AND LIKE A SUCKER PUT UP THE 3,000K "SKIN IN THE GAME" AS THEY LIKED TO CALL IT. OF COURSE THEY SAID IT IS REFUNDABLE ONCE I SUCCESFULLY CLOSED MY FIRST DEAL. WHAT THEY DONT MENTION IS THAT ITS ALMOST IMOSSIBLE TO DO SO. LIKE OTHERS HAVE POST YOUR DEAL NEEDS TO BE PERFECTION FOR THEM TO FUND. MY 100% FUNDED ENDED UP LOOKING MORE LIKE ME PUTTING 85K DOWN WHICH IS CRAZY SINCE I WAS LOOKING TO PUT THE LEAST AMOUNT DOWN(LET ME JUST MENTION THAT MY REHAB ESTIMATE WITH DHM WAS MUCH LESS THEN WHAT I ACTUALLY ENDED UP WITH) . WHAT DIDNT HELP WAS DHM APPRAISAL THAT CAME BACK WITH A MISLEY 280K AND THEY WERE SAYING IN ORDER FOR THAT TO RAISE I WOULD NEED TO DO 2ND BATHROOM IN THE ATTIC AND MAKE IT MORE LIVEABLE ATTIC HAD a A CEILING AND YOU WOULD ONLY BE ABLE TO STAND STRAIGHT WHEN STANDING IN THE MIDDLE. LUCKILY I DID FIND ANOTHER HML WHO WERE GREAT GOT ME PREAPPROVED AND APPRAISED THE PROPERTY AT 315K AND WERE ABLE TO GET ME CLOSED IN 15 DAYS.... I DID NOT HAVE TO PAY ANY MANDITORY 3,000K FIND OUT IF MY DEAL WOULD GET APPROVED I DID NOT HAVE TO PAY ANYTHING TO BE ABLE TO USE THEIR TOOLS THEY WERE FRIENDLY ESILY AVAILABLE FOR QUESTIONS. DHM CLAIMS IS FOR THEIR TOOLS AND PART OF THAT S THEIR INVESTOR EDGE SOFTWARE WHICH IS SUPPOSE TO BE INCLUDED WHEN YOU PAY THE 3,000K WHICH I DID (LIKE A SUCKER LIVE AND YOU LEARN) THIS SOFTWARE NOW WHEN I TRY TO LOG IN TELLS ME ERROR. BASICALLY ITS LIKE A ADVERTISING CAMPAIGN WHERE YOU CAN ORDER MAILINGS TO BE MAILED OUT TO POTENTIAL PPL WHO ARE POSSIBLY WILLING TO SELL THEIR PROPERTY OR FACING FORECLOSURE. BOTTOM LINE IM SURE YOU CAN FIND ANOTHER LENDER WHO DONT REQUIRE SKIN IN THE GAME WITH NO GUARENTEE AND WHO HAVE NRMAL STANDARDS WHEN IT COMES TO FUNDING
1 Reply
Quardell D Johnson
Member since 2018 · 5 posts · 1 vote
7y
Originally posted by @Paula Wallace:
Hi Joanna,
I have done 2 deals with them. I am looking for my 3rd one now. They offer you less to put down (last deal was around $5k and most of that was insurance) and have given me the opportunity to really make headway in this business. When all the other lenders waste your time Do Hard Money did not and was the ONLY lender true to their word. I look forward to doing more deals with them!

Was it as difficult as they say to find the deals they're looking for? How good was your deals????
0 Reply
Mark Gabryel
Flipper/Rehabber · Tulsa, OK · Member since 2019 · 13 posts · 30 votes
7y
@Jacque Fairbourn
What is the interest and how many points are there on these 100% financing deals?
0 Reply
Anthony Phillips
Member since 2018 · 1 post · 0 votes
7y
Wow. These people sound almost exactly like a commercial "lender" I use to work with years ago. If they are anything like I think they are, I would run far far far away.
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