Dohardmoney.com

58 posts by 39 users

Medium 1399379122 avatar mcs5309 Tim Silvers
Las Vegas, NV
115 Posts
14 Votes
1 Award

Tim Silvers

from Las Vegas, Nevada

Oct 31 '10, 10:51 AM
1 vote


Anyone used/heard of this HML??? Just found them.

Check 'em out: http://www.dohardmoney.com

They will go 100% LTP (loan to purchase), provide POF, backend their orig. fee and loan payments, etc.

They sound like a short sale flipper's dream for offering a hybrid type of HML/extended transactional funding.



Medium 1399486801 avatar b carefree Brandi Williams
Real Estate Investor NC
28 Posts
13 Votes
2 Awards

Brandi Williams

Real Estate Investor from North Carolina

Dec 15 '10, 01:37 AM


I would like more information on this company if anyone has had any experience with them.



Medium 1399496481 avatar calicommercial James J.
Real Estate Broker from San Jose, CA
3 Posts
0 Votes
0 Awards

James J.

Real Estate Broker from San Jose, California

Dec 15 '10, 09:27 AM


LTV and ARV are variables to the file. Reality is 50% from somewhere else on the application and "skin" is always a factor. Write to me direct if you've got a file to break down.



Medium 1399484129 avatar wowreally Jimmy C.
Wholesaler from Clearwater, FL
790 Posts
248 Votes
7 Awards

Jimmy C.

Wholesaler from Clearwater, Florida

Dec 15 '10, 02:03 PM
2 votes


The site defines AARV, but it doesent discuss ARV when it mentions LTV.

Also the fees are very high, although if they are lending quickly at 100% of cost based on ARV, then its worth it to a lot of folks.



Medium 1399313897 avatar realtyman Dale Osborn
Mobile Home Investor from Spanaway, WA
1924 Posts
447 Votes
12 Awards

Dale Osborn

Mobile Home Investor from Spanaway, Washington

Dec 15 '10, 02:45 PM


Any satisfied customers that can jump in with any further info for the group?



Medium 1399559445 avatar mikeynel Mike Nelson
Wholesaler from Richmond, VA
448 Posts
62 Votes
4 Awards

Mike Nelson

Wholesaler from Richmond, Virginia

Sep 07 '11, 05:59 AM
1 vote


I would like to see if anyone else has had any luck. I have heard of some investors in the area talk about them and have said that "dohardmoney.com" has showed up on records in the area but I haven't spoke to anyone that has used them yet.



Medium 1399389607 avatar jcc Jason S.
Real Estate Investor from Diamond Bar, CA
451 Posts
198 Votes
3 Awards

Jason S.

Real Estate Investor from Diamond Bar, California

Sep 07 '11, 08:20 AM


It's an interesting proposition if you are totally out of cash, and their site says:

"When your loan commences, origination points will be added to the principal of your loan. "

So it looks like they are giving you the full 70% ARV (by the time the work is complete).

1. I would not suggest to use them for your first flip or if you are a beginner because a beginner can easily go over 5 months.
2. Do not think you can use them with $0.00 in your pocket. You do need to front 25% of re-hab before you get a draw.
3. There is a lot of wasted money in their fees/points/etc.

Though, if you are experienced and you simply want to do an extra deal and:

a). lack the on hand cash
b). do not want to share with a jv partner
c). for some reason have not developed other funding options

it may not be a bad deal.

They are filling a niche. But be aware of the tight terms and overall cost of borrowing.

One more thing - there are lenders that will go 65%ARV with 2.5 points and 12 % interest for 12 months if you have a little skin in the game. It may be worthwhile to save up some "skin" frst unless you really know what you are doing.



Mike Nelson

Wholesaler from Richmond, Virginia

Sep 07 '11, 09:48 AM


Jason - what if it was my first flip but I'm working along side a seasoned rehabber who will be working as a mentor?



Medium 1399546834 avatar bit1232 Shanequa J.
Investor from Houston, TX
634 Posts
147 Votes
7 Awards

Shanequa J.

Investor from Houston, Texas

Sep 07 '11, 11:09 AM


I was looking on their website last night. It shows their past loans and on some it looks like they loaned 100% depending on the profit margin.



Jason S.

Real Estate Investor from Diamond Bar, California

Sep 07 '11, 12:14 PM


Originally posted by Mike Nelson:
Jason - what if it was my first flip but I'm working along side a seasoned rehabber who will be working as a mentor?

Everyone's plan is different as is every market, target end buyer, as well as extent of work to be done. Do you need permits? What are you doing? etc.

I just think that the fees can add up quick, I am not here to discourage anyone from their dreams and your partner may be the best guy in the world.

So I would say, it depends.

Just watch the bottom line. If you have no money at all be aware you need to front the construction costs before each draw.

If you go past the initial term be aware to get an extension you have to pay them interest.

Just be careful, run the spreadsheets and see what works for you.



No avatar medium Shalita Williams
Villa Park, IL
2 Posts
0 Votes
0 Awards

Shalita Williams

from Villa Park, Illinois

Jun 23 '12, 12:51 PM


Hi,
Has anyone used dohardmoney.com? Can anyone recommend them as a good company to do business with? Anyone join their R.E. Millions Diamond Program?



Medium 1399348055 avatar annbellamy Ann Bellamy
Hard money lender from Tyngsboro, MA
2368 Posts
1343 Votes
14 Awards

Ann Bellamy Verified

Hard money lender from Tyngsboro, Massachusetts

Jun 23 '12, 03:35 PM
3 votes


I picked up a new customer for a loan because the borrower got left in the lurch by dohardmoney.com

I'd be pretty careful, dont' send them any upfront money, and have a backup funding source.

I may be biased, but I truly believe that your best funding sources are local to you. You can develop a relationship, get local references, and talk to them face to face.



Medium small logoAnn Bellamy, Buy Now, LLC
Telephone: 800-418-0081
Website: http://www.buynowhardmoney.com


No avatar medium Ken Latchers
Hatfield, PA
247 Posts
63 Votes
2 Awards

Ken Latchers

from Hatfield, Pennsylvania

Jun 23 '12, 08:25 PM


I would never use hard money for any reason. The fees and interest rates make this a difficult path. And many investors really do not grasp how much expense is involved in the property, not even counting financing costs.



No avatar medium Ivan Alexander
Wholesaler from North Brunswick, NJ
16 Posts
1 Vote
1 Award

Ivan Alexander

Wholesaler from North Brunswick, New Jersey

Jun 23 '12, 08:59 PM


I just filled out a pre-qualification application and i answered all their questions. However, i forgot to check the "all the questions answered are true" and i pressed the submit button, and i was still qualified.

To get a POF, you have have a 7 day free trial then $17 a month afterwards.

I'm very skeptical at this point.



No avatar medium George Lekas
Montello, WI
7 Posts
3 Votes
1 Award

George Lekas

from Montello, Wisconsin

Jun 24 '12, 03:53 AM


Ryan Wright at DoHardMoney is a nice enough guy, who only wants to get into your wallet. Once you go through the whole process of presenting your deal, numbers, etc., he'll has to send his own "evaluators" out to check out your deal- for a $495.00 upfront fee. If you look at the right side of his website, you'll see links to every other program out there. Even if you're desperate, look absolutely everywhere else first.



Medium 1399598141 avatar cscinvest Casey Carroll
Investor from Vancouver, WA
140 Posts
62 Votes
1 Award

Casey Carroll

Investor from Vancouver, Washington

Jun 24 '12, 10:10 PM
1 vote


I've used DHM and my experience was great, actually. They are firm on their programs, but also very fair. I used them for my very first flip when nobody else would fund my deal. They are extremely conservative on their ARV's and rehab estimates, but the produce and won't waste your time. I'd highly recommend them. Through their Diamond Millions program, Ryan will even partner with you and cover all up front costs, and he'll do it for a 50/50 JV partnership.



Medium 1443561707 avatar ryangwright Ryan Wright
Lender from West Jordan, UT
22 Posts
4 Votes
2 Awards

Ryan Wright

Lender from West Jordan, Utah

Oct 19 '12, 01:34 PM


Thanks for all the comments. I just found this post. Thanks for your final comment Casey, didn't we just fund your 2nd or 3rd loan with us this month?



Medium dhm logo v2 largeRyan Wright, DoHardMoney.com
Telephone: (800) 284-0076
Website: http://www.DoHardMoney.com


Medium 1425595084 avatar hasemann Mike H.
Investor from Manteno, IL
1435 Posts
834 Votes
9 Awards

Mike H.

Investor from Manteno, Illinois

Oct 22 '12, 01:32 PM
1 vote


I'm not a big fan of any of the upfront costs. Most places tell you how they have to do that to prevent tire kickers from wasting their time. The problem is that it makes it too easy for people to rip you off too.

What these hard money lenders should do is scale the upfront costs based on experience. If you've done 0 rehabs, then maybe $500 upfront is reasonable. 1-3 deals, $250. 4 and above, the paperwork is free.

You're not tire kicking. You're a valued customer they should be trying to bring into their fold. I'm also not suggesting that they work for free. So go ahead and charge me the $500 doc fee but that should be rolled into the loan or paid when the loan funds.

But nothing should be paid upfront. I don't pay a mortgage broker a dime up front and they don't get paid anywhere near the fees that hard money lenders are getting.



No avatar medium Brenda Forbes
Tulsa, OK
1 Post
1 Vote
0 Awards

Brenda Forbes

from Tulsa, OK

Jan 08 '13, 08:27 AM
1 vote


Dohardmoney is a rip off. I was told first that I could get 100 percent financing. They advertise no credit needed. After I paid for the platinum package & the processing fee, I was told I needed a huge down payment and a cosigner. They would not reimburse my money stating I was offered a loan. An analysis was not done on the property or anything else but yet they kept all of my money. I had to call them after a week to find out anything after I paid the fees. Since they would not give me a letter stating I was unable to obtain financing even though they freely give out preapproval letters, I lost my escrow money also. They do false advertising & are just trying to get your money.



No avatar medium Danny Parsley
Redmond, OR
1 Post
1 Vote
0 Awards

Danny Parsley

from Redmond, Oregon

Feb 19 '13, 08:57 AM
1 vote


Scam company. Fee you to death, then pull out at closing. You will waste a lot of time and money.



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