All Forum Posts by: Account Closed

Depends man. If they call you and say they saw your bandit sign or saw your ad or even if you're at a sellers appointment, don't ask them ridiculous questions that you can find on the internet. For example, don't ask how many bedrooms, bathrooms, Square footage, taxes,  and etc. Ask why they want to sell, what's their situation, and how quick they want to sell. 

I started with about $4,800 in my savings. Your finances shouldn't be a factor, if you have a great deal you can fund it! Trust me, it's real possible you just need to get out there and network. Go to your local sheriff sales and network with the guys who are buying properties outright cash, and see if they would be willing to partner.You can find a HML anywhere honestly, but what's important is finding a good partner who you trust to back you up financially.

I'm from New Jersey so I used Asset Based Lending. Not sure if they lend in your state. My advice on a good HML is a lender that doesn't require an arm and a leg from you, and a lender who doesn't need all your taxes, Bank statements, credit reports, and etc. Work with a lender who is willing to lend on the asset and not your current finances. A HML shouldn't be operating like your buying a home to live in. If any lender asks for all those documents like your trying to get approved to purchase a property to live in, run.

Hey Clark, I'm currently a sophomore in college. I was able to fund my first rehab using a Hard Money Lender and was able to bring a partner in to put up the 20% downpayment , points, and monthly payments. My first deal was pretty much "100% financing" lol.  When I first started I struggled with finding a deal it took me about 7 months to purchase my first flip.  Funding honestly is the easy part, finding the deal is the hardest!

These are all the guys I used watch: Max Maxwell, strategic real estate coach, Jerry Norton, Kris Krohn, Nick Ruiz, The Kwak Brothers, Mark lane, Masterinvestor 1, Flip Your First House, Gabe Dasilva, Phil Pustejovsky, and of course Bigger Pockets.

lol no. I would consider it successful if they  even finance a flip for you. Don't get me wrong I tried to use them but their criteria to get a deal funded is ridiculous. You need a pitch perfect deal to get financing from them.

I'm going to be completely honest: When I first heard of DoHardMoney a year ago I was ecstatic! I couldn't wait to use them until I called them and they said they need $3,000 up front. I was like " Ehh whatever," and then I ended up reading a bunch of messed up reviews about them so I said forget it. My dad ended up bringing them up one day and said he liked their "100% financing system," so he gave them a call and he asked me if it's something we should do so I said " Ehh whatever." So he decided to get the 100% financing system and I promise you not even a scammer claiming to be from the IRS could've scammed us like how we got scammed from DoHardMoney. I'm in jersey so our market is $100k-$500k for a discounted deal, unless your deep south or deep north. These guys only loan to $250k and the max rehab is only $40-50k. I'm into gut jobs, not minor rehabs, I had a deal I had that should've qualified for 100% financing and it was a HUD deal and these guys refused to finance it because the contract wasn't in " DoHardMoney And Or Assigns." I had the contract in my LLC name and because the deal didn't match their criteria because it had termite damage they didn't want to finance it. You need a PERFECT deal to get financing from these guys. If you really want to get started find a partner with money and use their money for a downpayment with a REAL hard money lender.

Biggerpockets helps and so does getting active on LinkedIn. I usually find and use partners that I find through close circles of mine because the relationship is already built, and there's a level of trust already established. But if you're looking to find partners in general, start networking with at REI networking events, and start talking with people within your circle. I also recommend going to sheriff sales and talking with the investors bidding up properties and buying properties with straight out cash.

It took me a year to get my first wholesale check! And I don't regret the process of enduring that year of complete failure. Taught me a whole bunch