All Forum Posts by: Rob Powell

If you are looking for information on real estate investing you are in the right place. Just browse the forums and ask questions. It has been my experience that the replies generally come pretty fast.

Thanks . I decided not to use them also.
I did find a local HML who in my opinion was more reasonable.
I tried talking to Do Hard Money through their online "chat with a rep" service . After waiting about 10 minutes it said that Mark was online to help me. I asked him a question about their fees. He ignored my question and asked if I had the property under contract. Before I could answer the screen said mark was off line but he would be right back. After about 10 more minutes Mark came back. I asked how long it took to get funding and before I received an answer it said he was off line again. This time he never returned.( or rather I closed the window after about 20 minutes).
I next proceeded to fill out the online application they provide.
Shortly there after a Rep called me back. She did inform me about their fees which I thought were quite high even for a hard money loan, but she did not seem very interested or knowledgeable a bout their process.
I politely ended the call and decided against that company.

Has anyone here done business with dhm. I have been on their mailing list forever. I finally got a deal and I am wondering if I should fund through them.
Just want to get a couple of opinions please.

I appreciate every ones advice . It was quick and very valuable to me.
Tell me if I understand thing correctly.
After reading the replies here is where I think I stand.
1) Since he is turning things over to his Lawyer it is probably only in pre-foreclosure. In which I could still place an offer.
2) If it is in foreclosure then it is REO and I could still place an offer only instead it will be to the bank.
The reason I think it may be a good deal is he has lived there 20 years. He actually built it/ or had it built.
It is in a really exclusive neighborhood for OK.
After 20 yrs. there has to be some equity.
I see now that I just need more info on the numbers.

I tried for 30 minutes to get a amount owed out of him. He kept saying he did not know because he had no paid in so long.
His brother actually told me it is around $200,000.
He gave me his Lawyers number and suggested I call him for the numbers.
I am calling the Lawyer tomorrow.
If I offer less than is owed is that feasible course of action.
If he turns everything over to his lawyer

I have a lead on a house that is about to be foreclosed on.
The owner is 12+ months behind on payments.
He is leaving the country in two weeks according to him.
He just wants out.
The house is in great condition. and has a value of nearly $300,000.
I Know he still owes between $150,000 -200,000 on mortgage.
Is this a good short sale candidate and if so what is my next step.
Starting tomorrow his lawyer will be handling this affair. Is this good or bad.
Any help or advice would be greatly appreciated.