I have completed one project using funding from Do Hard Money. It is a great resource because it allows the investor to fund a flip with no money down and no payments. They also provide very helpful software and tools to help evaluate deals and the profit potential. Like with anything, there are things about the company that could be more efficient and investor friendly. I can say the company is open to feedback to improve on this issues.
As a 1st post this sounds a lot like advertising and advertising is not allowed in these forums directly!
I look forward to your second post about tax sales or sandwich leases!
be careful using dohardmoney…do not pay any upfront fees…they took my fees and left me hanging for a month, then never funded deal
:bs Please DO NOT USE this company, Do Hard Money. They take your money, leave you hanging for months and never fund your deal. I applied for financing through them for a deal that satisfies all their requirements, they took my $3,000, left me hanging for months and never funded my deal.
Their modus operandi is to get you to sign up with $3,000, $650 is for evaluation, in the promise to refund you $2,350 after your first deal, that is IF and WHEN they fund a deal with you. Doing the math, if 1,000 people fall for their scam and sign up in a year, that is $3m yearly revenue they make from scamming other people.
There are tons of negative reviews about this company on the internet reporting similar stories of DHM being evasive and disingenuous. It is hard to find one true person who has used their funding process successfully. Their company is under investigation and several complaints have been filed against DHM. Please do your due diligence before using this company. Now, I have to think of ways to get my $3,000 back from them. :banghead
It is your fault as a borrower if you lose money! Legitimate Hard Money / Private Money Lenders do not require money upfront!
The only thing you may pay up front is for an appraisal and that is to a third party appraiser who is able to be researched and found online and verifiable as an appraiser.
DO NOT BE STUPID AND HAND ANY LENDER MONEY UPFRONT!
While I wouldn’t use the same wording I agree with @GoldRiver. I’m an Loan Officer with DHLC Mortgage, a HML based in Dallas. We require an appraisal for the house to establish an after repair value based off the scope of work and once we agree on terms there is a Loan Doc Prep fee but we don’t make a dime off either. The appraisal verifies the home property for both us and yourself, the Loan Doc Prep fee covers the cost of Title getting paid, courier charges and the various odds and ends of closing a loan. I’d avoid anyone asking to hold money before committing to the deal.
I have been eery about using them. I have heard mixed reviews on those guys. I’m glad it worked out well for you. Mind sharing who exactly you spoke with? I want to make sure I get the same great service so I am guaranteed a great loan
Here are my 2 cents for what they are worth:
I actually reached out to them to see what the deal is. The main justification they gave me for requiring the $3,000 is that if you are not willing to put up a small amount like that, then you are not serious about investing in real estate. I can see they are using it as a way to weed out the suspects. They also said that once you close on your first deal, they will refund you the $3,000.
Did anyone that posted on this about using them get their money back ever? Someone asked me about them the other day and I didn’t have a good answer for them other than they were still asking for the 3k fee which was mentioned and I told guy asking that it didn’t sound good. I sent him a lender in my area that was better but it did get me wondering what was going on with them.