Do Hard Money - Hard Money Lenders

[Sean Cromarty]

Had the displeasure of dealing with this company. After several weeks of not hearing back about a home appraisal (home is under contract FYI) I reached out to find out what the hold up was. Come to find out they couldn’t get a hold of an appraiser (difficult to believe in the state of NJ), my advisor left the company, and more rudely forget to communicate this with me at any given time.

If you are looking for honest, respectful, and courteous this isn’t the company sadly.

[Corey Dutton]

I think the problem really is the "too good to be true" phenomena in real estate financing. Everyone wants to believe that you can use "Other People's Money" and a lot of the schools and education programs push this so they can sell their curriculum, "Oh you don't need any money to invest in real estate, you just use OPM." It's just blowing smoke and in reality, unless you are a seasoned real estate investor with a track record, no private money lender is just going to throw money at you. If you are a newbie, a private lender like myself wants to see some "skin in the game," even if it's your grandma's money or a partner's money. So many new real estate investors contact companies like this because they drank the kool-aid that so many of these education companies and real estate schools have sold them and they really believe in the 100% financing scams. Even $3,000 is money you've got to come up with to get the 100% financing. Many newbies will borrow that $3,000 from someone and then lose it in the process of trying to get 100% financing. I think these real estate schools and seminars need to STOP selling this dream to newbies that they don't need any money to invest. You certainly do need money to invest in real estate, and anyone that says you don't lives in a different kind of reality than I do! "Find a good deal and the money is the easy part." Only if you have a track record and have experience. No one is throwing money at newbies unless they are naive and inexperienced themselves. As a private lender, newbies come to me with their dreams and yes I can lend them 100% of purchase price but they still need to bring in money for loan fees and repairs. Not to mention making the payments until the house sells. Or if I lend them 90% of purchase price and 90% of repairs, they still need to come up with 10% of purchase and 10% of repairs!! There's no free ride. I think the reason that companies like Do Hard Money stay in business is because so many newbies believe in something that is too good to be true, e.g. I don't need any money to invest in real estate. YES YOU DO. Period. Again, unless you have a good track record in real estate investing no one is going to be throwing money at you.