All Forum Posts by: Eric Tinsley

No, of course not. It's just a $2000 lesson learned. Hopefully by posting here someone else can learn from my mistake for free.

Wow, I kind of forgot about this thread. When i first started working with them I really believed they would be my foot in the door to REI. I told everyone how great they were, but then I got to know them. Now I wouldn't really call them a scam, they may very well work for a handful of people here and there, but here's how it went down for me.

     I found a great property, I would have made 75-100k on the low side. I put all the info into their website. It says something like congratulations you're qualified for 100% financing. I call them up and they say that I am qualified, I just need to give them a $2000.00 deposit that I'll get back later. Well I don't have $2000.00, but I know how good of a deal I found so I go sell some stuff, pawn my wifes ring, and call them back. Well now I forgot I have a $500.00 daily limit on my card, but fortunately they're willing to work with me. So I pay them $500.00 a day for four days. On that last day; which is about a week and a half after I first gave them the info on the property I found.... The one they were like "yay, you're approved for 100% financing".... The second they got my last payment she said "Thank You, and by the way DHM (can't remember the name) said to let you know we can't help you with that property because it's in a rural area" I did look around to try and find a property that was both profitable and would meet their criteria, but in our city they don't really exist. They don't have any understanding of your local market, so they really can't help you unless you happen to live in an area with an identical market as theirs. Basically they said if I wanted to work with them I could only buy the houses no one wants??? So of course I asked for my money back like they promised, but I was told I could only get it back if I financed a house with them. So to make a long story short, DHM might be able to help you, or they might make you miss out on $100,000 deal and leave you penniless with your wife's diamonds in pawn. So if your a gambler or you can afford to lose a couple grand then dohardmoney.com is the site for you. Me I've learned my lesson, and am working with a local reputable lender.

No just reading on here, and other REI sources. I think math was 10% of the test, and I already understood the investing side so that helped, but all in all the other stuff wasn't to hard. Once you get to where you can pass all the practice tests the real one was easy. They give you like 4 hours to do it, I was done in about 45 min.

I used trainagents.com, but I didn't look at stats as far as success rates go. I went to TREC's website, went through all the online courses they had listed, this one was under $400 including the Texas & National test prep courses, they offered a %115 money back guarantee you'd pass the test on the first try, and a lowest price guarantee. I finished in a week, took my Exams the following week, and finished them in about 45 minutes. All I'm waiting on now is my background check.

Well, I haven't started yet. I was talking to my Realtor that I use for REI, and he happened to be starting a team. I walked out of my job that Friday I took my courses online in about a week, and tested a week later. All I'm waiting on now is my background check to clear to start working. I've been shadowing him for a couple days now, and he has more than enough business for me. He's going to do all the listings, and I'll be the buyers agent. I have to give him 50% of my commission, but I'll make up for that in volume. I plan on staying on that for several years, then see if it's growing enough for me to stay or go off on my own. In theory I should be able to make more on the team even in the long run.

I even talked to my realtor, and he can't give me a good idea what it would sell for.

Well I found what seems like a good deal. The house was built in 1929 I can get it for about $30,000 All the comps are selling / sold for about 70,000 but the oldest one was still 25 or so years newer. The house doesn't need a lot of work, and I can do most of the work myself. It has a brand new metal roof, and the hardwood floors are good enough to restore. Plus it has a newer central ac/heat, and it's one of the few in the neighborhood with a real wood burning fireplace. Now the only downside I see is it does have the asbestos concrete shingle siding; which I know some won't like, but even it's in really good shape. Now to complicate things more with all the interest and fees from the HML I'll have to pay back almost $45,000.

Well I haven't even done my first flip yet, but I was planning on putting mine on Zillow for the first month or so. I don't know if you counted that in "Online Presence". 

Personally, That's the kind of house I look for. Someone did most of the demo for you. 

Ya, I'm probably gonna try it out any way. Being new I don't have a budget for $50 a month for subscriptions to multiple sites. I was really hoping someone on here would suggest a good site they use.