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Updated about 6 years ago on . Most recent reply
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People Who have closed a deal with Dohardmoney.com!
I'm looking for anyone who has ever used dohardmoney.com closed on a house flipped it and sold it
Ok BP, So I have read about every thread involving Dohardmoney.com. Most of it is negative about how you have to put 3000k up front. I have enrolled in their program and understand their process very well. I know they are very picky in the properties they approve I see that they are a little challenging to work with. I fully understand all of the negative things people say on here. I don't care about those things I'm not trying to qualify for 100% financing I know that hard money is going to be expensive and I know there are cheaper options out there. If you have listened to at least one bp podcast, you would understand that it doesn't matter how much it is as long as you factor that money into your profit. They might be the most expensive in the long run, but they seem to be the only lender I can find that's not going to make me put down almost half the loan on my first deal. As for everyone complaining about the 3K and how that makes them a scam, they give you a whole software package that if used correctly will make sure you don't fail. You have access to things that would otherwise cost about the same amount. I can pull owner info on any house in the united states and send them a flyer or a voicemail. I can see every vacant home whether it's listed or not. I can see every home with a lien on it and how much they owe. So you get tons of beneficial things that I guarantee the people on here complaining never used because they want things to be handed to them without working for it.
I digress I'm looking for anyone who has ever used dohardmoney.com closed on a house flipped it and sold it. My only concern with this company is that I cannot find anybody who actually went through with them and got a property with proof. So if you have done this, please post below! I just want to know before I try to close a deal with them that I am not going to be screwed. SO PLEASE I HAVE READ ENOUGH ABOUT THIS COMPANY IM NOT LOOKING FOR YOUR NEGATIVE COMMENTS ABOUT HOW MUCH MONEY THEY TAKE AND RIP YOU OFF. However, if you have actually used them please please share your experience.
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- Lender
- Lake Oswego OR Summerlin, NV
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I like @Nghi Le as a lender as well.. you would do good to talk to him.
based on your situation where you say you have little reserves and not enough cash for down payment and don't want to make payments.
I submit to you that you very well could be undercapitalized .. and even with DHM set up.. from what I have finally been able to get out of people. its a quasi loan.. IE the property gets put into an LLC that you can DHM own.. if you fail they just eject you from the LLC and take over.. so they don't have to foreclose..
in the states back east foreclosure is costly and can take a ton of time.. therefore in your markets.. HML simply are not going to take that kind of risk .. they don't need to..
And since DHM is putting up majority of the money I think you still need to pay the 3k to be in the so called 100% loan category they are ( and rightfully so) going to be uber cautious and picky of the deals you submit to them.. that is were I have seen newer investors ( those that tend to be cash strapped) have a difficult time finding something that meets the underwriting criteria.. so they go through the 3k.. they go through submission and at least what we see here feedback on BP they never can find a deal that fits the box..
So bottom line is being undercapitalized and trying to do fix and flip is a bad formula..
Suggestions is spend your time finding equity partners so you can get reasonable priced debt.. Much safer for U all around.
- Jay Hinrichs
- Podcast Guest on Show #222
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