BRRRR - Buy, Rehab, Rent, Refinance, Repeat

User Stats

7
Posts
2
Votes
Tyler Quick
2
Votes |
7
Posts

Do Hard Money - Hard Money

Tyler Quick
Posted Sep 27 2022, 10:42

I’m here today to ask if anyone has worked with “Do Hard Money” they are a lender who charges 3595$  for the tools and services they provide such as analysis tools and proof of funds directly sheet accessible on the website at all times, along with “managers” who are suppose to help you along the process with things that come along, finance closing cost and take care of inspections through what they call “evaluations” that cost 650$  per evaluation for on market deals and free for off market deals, you also get a rebate back of 2500$, The biggest upside to all of this is 100% financing for rehab and down payment, this would be my first deal so all of this really appeals to me , but I can’t get past the idea of what sounds like a sales pitch to me and this idea of them “holding my hand” through the process, most places require 20% down and around 10k for a draw back account where on the other hand I can get into a a property with them 100% Finanaced and maybe have to come out of pocket a couple thousand after evaluations and services fee, I’m not afraid to put some skin in the game but other lenders are just a little out of budget for what most are requiring (20% down+10k holdback), thanks for any feedback !

User Stats

1,137
Posts
340
Votes
Erik Estrada
  • Lender
340
Votes |
1,137
Posts
Erik Estrada
  • Lender
Replied Sep 27 2022, 11:49

This sounds too good to be true. 

The best terms I have seen so far on a HML is 90% LTC, 100% Financing on the repairs. And it is from a reputable lender.

User Stats

7
Posts
2
Votes
Tyler Quick
2
Votes |
7
Posts
Tyler Quick
Replied Sep 27 2022, 13:33

That what I was thinking as well but that is why they are saying the charge the 3500$, they also said once I was approved I was approve for up to 3 deals and there 650$ evaluations also include letting you know if it is a good deal or not and this is there way of securing there investment rather then ask for 20% down like what I have mostly been seeing (80% LTC and 100% rehab), I havent ran across any 90% can you point me in there direction to do my due diligence?

User Stats

7
Posts
2
Votes
Tyler Quick
2
Votes |
7
Posts
Tyler Quick
Replied Sep 27 2022, 13:34

They lend 100% of 70% of the ARV

User Stats

542
Posts
320
Votes
Ryan Deasy
  • Lender
  • New Britain, CT
320
Votes |
542
Posts
Ryan Deasy
  • Lender
  • New Britain, CT
Replied Sep 27 2022, 14:26

@Tyler Quick hey, seems a little salesy and gimmicky. but, certainly worth vetting. i will say, we do 100% financing as long as the purchase and rehab come in under 65-70% of the ARV. maybe that is what they are talking about.

User Stats

316
Posts
172
Votes
Eric Goldman
  • Lender
  • Pennsylvania
172
Votes |
316
Posts
Eric Goldman
  • Lender
  • Pennsylvania
Replied Sep 28 2022, 12:15

typically UPTO 90% purchase 100% rehab up to 70-75% of arv. any lender will be able to tell you if the deal is do able... I would not pay for that. you can get an evaluation or a property report pretty cheap.. I know with my go to, they do a valuation and its included... yes there are fees.  

Personally, I like to have a team to be able to run deals by. you can create one. food for thought. I would not put extra skin in the game. I do deal  analysis for my clients as part of our service if they use me or not, I would never want a client or friend to get into something they cant get out of.

User Stats

3
Posts
0
Votes
Detro Bell
  • New to Real Estate
  • spokane, WA
0
Votes |
3
Posts
Detro Bell
  • New to Real Estate
  • spokane, WA
Replied Oct 1 2022, 10:12
Quote from @Ryan Deasy:

@Tyler Quick hey, seems a little salesy and gimmicky. but, certainly worth vetting. i will say, we do 100% financing as long as the purchase and rehab come in under 65-70% of the ARV. maybe that is what they are talking about.

 @Ryan Deasy How do you run the numbers to know if the investment purchase and rehab is under 65-70% of the ARV?