All Forum Posts by: Carlos Diaz

I will reach out to you @Jahnae Allen. @Dohardmoney is not interested in working with me. I still haven't seen a refund yet.

I was sold a Hard Money Lending package a little over a year ago. There initial contact with me explained how the company makes loan to real estate investors. I explained to the sales agent that I was new to this business. He made it all sound do easy. My job was to find a property that needed rehab, put it under contract, they would lend up to 100% financing and sell the property afterwards. At the time they implied that they had hundreds of other clients that they lend on each day. And that there was an abundance of properties available. But what they failed to mention is that they have a strict criteria for lending and most properties will not qualify for lending, and that their lending fees (which were not disclosed before the purchase of the program) are among the highest in the industry. This prevents almost all properties from qualifying from there programs. You would have to pretty much get a property for free in order to qualify.

I have submitted two properties to their underwriters, and both were rejected because of last minute requirements that changed the lending criteria.

I paid $2,000 (one year's worth) in order to be able to receive funding. This included my first appraisal fee of $650 (also highest in the industry). My first submission I used up this appraisal credit only to be shot down. After I complained, they offered me a redo to use on another property. The next property I used the credit on was also shut down because of other requirements that "pop up" unexpectedly in order for them not to lend.

I have asked several times for a refund of my money and all they have offered was an additional year's subscription. This has not helped out in the least because of the hundred or so properties I have analyzed, none would ever qualify for their lending.

In essence, they have absconded with my money, and do not intend to ever fund a project, because of their high fees, and the unavailability of rehab properties in the market they have rigged the game against me.

I hope someday I will be able to get my refund of the money I lost to these people. 

I was sold a Hard Money Lending package a little over a year ago. There initial contact with me explained how the company makes loan to real estate investors. I explained to the sales agent that I was new to this business. He made it all sound do easy. My job was to find a property that needed rehab, put it under contract, they would lend up to 100% financing and sell the property afterwards. At the time they implied that they had hundreds of other clients that they lend on each day. And that there was an abundance of properties available. But what they failed to mention is that they have a strict criteria for lending and most properties will not qualify for lending, and that their lending fees (which were not disclosed before the purchase of the program) are among the highest in the industry. This prevents almost all properties from qualifying from there programs. You would have to pretty much get a property for free in order to qualify.

I have submitted two properties to their underwriters, and both were rejected because of last minute requirements that changed the lending criteria.

I paid $2,000 (one year's worth) in order to be able to receive funding. This included my first appraisal fee of $650 (also highest in the industry). My first submission I used up this appraisal credit only to be shot down. After I complained, they offered me a redo to use on another property. The next property I used the credit on was also shut down because of other requirements that "pop up" unexpectedly in order for them not to lend.

I have asked several times for a refund of my money and all they have offered was an additional year's subscription. This has not helped out in the least because of the hundred or so properties I have analyzed, none would ever qualify for their lending.

In essence, they have absconded with my money, and do not intend to ever fund a project, because of their high fees, and the unavailability of rehab properties in the market they have rigged the game against me.

I hope someday I will be able to get my refund of the money I lost to these people.

I would not know how to pitch someone on private money or whom to ask.

Dohardmoney is very expensive. You're right. You can make money with hard money lenders if there is a wide spread. But there are no deals here in Charlotte that offer wide spreads. I always make offers low enough to meet those numbers. But no one has taken them.

Please reach out to me as well. I'd like to know more about what your looking for.

I need some advice. I have been working with this lender for about a year now. I have not been able to fund a deal with them as of yet. Their criteria is very strict, and their money is very expensive (6.5 points, 1.5% a month). Which also cuts the profit on many deals. Has anyone had success a rehab property funded with them? I am looking for specifically in the Charlotte area and its surroundings.

im interested please call me. 

@Gangadhar Uppalapati I would urge you to tread very lightly. Charlotte is a hot market. But with other investors competing in the same space it may be increasingly hard, if not impossible to find a deal that makes sense. I am in Charlotte and have been working this market for almost a year and have not come across much less closed on any deal. I have begun to seek out new markets where markets are more depressed but are near city centers. Cleveland, Kansas City, Jacksonville, FL. Let me know if you'd like to meet and we can discuss further.

Please send anything yiu have my way.

Are you saying Charlotte is a hot area?