All Forum Posts by: Garrett Thurman

I am also looking for a hard money lender to establish a relationship with in the Charlotte area. Open to partnering with a REI in this area as well. Tried longhorn, and Carolina hard money. The stipulations are a little tough, but working on finding a property.

Anyone have any connections with private investors willing to use their IRA? Would be nice to avoid points, just being charged interest.

-Garrett Thurman 

@Ron J.

Thanks for the info man, I hate to hear that happened. I am working towards funding my own rehab now using someone's IRA, hopefully it all works out.

Smaller fees, and what not I know what to expect with a HML, I am not saying I expect to just not cough up any cash, I just mean 10-15k plus is a little much when I do qualify for a conventional loan, and can avoid getting charged all that interest. Reason I haven't, agreeing with you over the terrible headache of going though a mortgage process, stips, and risking easily loosing a flip home when someone has funding ready to go. So of course, I would rather go with HM if I knew who to turn to! lol

There’s no reason to start a debate, I just wanted an answer as to why nobody got a deal funded through DHM. until I find assurance, I suppose I just won’t use them. 

But if you look in previous replies you can search on bigger pockets, “ DoHardmoney”,  “ Do Hard money” (spaced out), and dohardmoney.com and find some older threads on more detailed reviews, one user claiming they used them and someone actually took the time to look up her home she purchased, the loan wasn’t for 134k I do believe, home was bought for 84k. The lender was listed as DHM. Only deal I saw that was funded. Hope this helps, for anyone searching the answers like myself. 

Yeah that’s odd Lol, it’s 3,000 and refunded after you close on selling the home. I’m not sure, though. Still looking for good financing options,  sure I will find something after networking and such. 

Every recommendation of lenders bigger pockets gave me for NC all had nasty reviews, terrible terms, require 10 percent down, or monthly payments. True HM lenders do not require 10 % down, or payments.  if I had it, why wouldn’t I just go and get a conventional mortgage, you know?Have been searching the web for reputable ones here, just no legit ones that I have found. 

I am seriously just leaning towards an FHA 203 k loan, using it for the rehab costs, and re financing it into a conventional mortgage after 6 months so I can get the full ARV for the rehab I did. Suppose I have to do some digging on stips with all this. Has anyone done this?

I know they have strict guidelines, and cannot do demolition jobs, but no worries. 

 To Nicholas and Ron,

Please keep me updated on if your deal gets funded or not, and if you ended up coming out of pocket. I have been researching Do Hard Money for months, and have been anxiouslly awaiting responses on customers that ACTUALLY get their DEAL FUNDED, and processed. I have read this whole thread, even responses from a few years ago, and understand many newbies come into the game, giving up after a few of their deals are turned down due to the figures not making sense financially when it came to getting your deal bought. I have a good understanding of knowing you have to submit dozens of deals in, to get the perfect one with a big spread in it. (Most get frustrated after getting 4 or 5 turned down, quit, and write reviews stated their $3,000 was taken. YES, you are required to put it down, and I honestly don't mind doing it If I had assurance from someone else with real results. I mean, who wouldn't do their Homework before taking action, right? So, seeing many attempted users of this program makes me skeptical when I see them talking about not getting their money back, never getting deals bought because the stips are just too difficult, and taking legal action. 

Obviously, you have to purchase your property at wholesale and be able to sell it for retail, that's the game. With that being said, I am skeptical as to why they send "Independent evaluators" out to calculate the ARV, and do NOT even use recent comps. If I were a lender, of course I would want to have several eyes on the property, but what if for example....You purchase a home for $58,000 alright,

say you have a $25,000 rehab budget, you bring your contractor in to confirm this rehab is doable for this amount, The ARV is calculated at $118,000. Yet recent comps show within the past 6 months ONE, perhaps a few Blocks away a similar home with similar sq. ft sold for $135,000. Not EVEN updated. (I am in a little town outside of Charlotte, NC and the market is insane right now, and I watch homes sell in some cases days for $20,000 plus over market value, because everyone wants to live in this little quaint town and commute to charlotte, it's a desirable area to escape Charlotte taxes. In conclusion, you cannot get the deal bought knowing the home will sell for close to $130k-140k Range, with comps to prove several sold for at or over that amount. I have seen older reviews from DHM with similar experiences not getting their deal bought, when it did make financial sense, they just got there $3,000 taken away. Real life experience as of 3 weeks ago; Accepted offer on our home, it was contingent upon buyer selling their home, we accepted it, TWO DAYS they sold their home that valued $124,000 yet sold it above asking price at $156,000. A Little 3 BR, 1 bath 1,100 sq. ft. mill home built in 1940's. That's our market, homes sell.

Now with this being said, I have communicated with DHM and they were professional over the phone, texted me a personal number in case I had questions, and that is great! I Was very impressed with my experience as far as just getting basic info before submitting in an application, and I would LOVE TO have the opportunity to work with DHM on my first deal, I am just very reluctant to send in a credit application until I FINALLY FIND SOMEONE WHO HAD THEIR DEAL BOUGHT. I have yet to find another HML that does not charge outstanding fees, monthly payments, etc. I'll pay the $3,000 to get a deal bought if I just knew it would work, but that's the thing with no personal experiences, you just don't.