@Charles Stewart II
I do have some experience with Do Hard Money
It neither a positive nor a negative, its in the middle
I like them in the fact that it's a second set of eyes looking at the deal. I've tried to include them 3 times in a deal and and have yet to actually have them fund it. First experience they denied a property, said the crime rate was too high but I still went ahead with the property and now its a cash flowing cow. Tried to include them in another property but they denied again because it was too far away from civilization lol they called it agricultural land, which looking at hindsight, I'm glad they denied because the location was indeed awful (very specific buyer would have been needed) and I was just trying to make it work in my head. BAD idea. The last time I've tried to use them was a hot mess. They came in to do an evaluation of the property which costs $650. The evaluation process is supposed to take 3-5 days which is okay, I get it. It took 10 days to finally get the final evaluation report. They hire local people in subject property's area and the first person they hired was taking too long so they had to re-hire another evaluator which took another 2-5 days. And through out all this time, I HAD to stay on top of them. Not once did they say, "Hey Jonathan sorry that it's taking too long we're trying to solve the problem" It was always me emailing them (they have no direct phone line which is a HUGE inconvenience) saying "whats taking so long" "Can I have an update on the situation." And what really drove me nuts was that if I didn't say anything, they would have thought everything is okay and peachy, it's just a small set up but in reality I have investors money on the line and I want to know whats going. Not once did they send updates on where in the process of the evaluation they are in.
Long story short, they denied again and I ended up wholesaling it to someone who wanted to use it as a primary residence. When I finally got a hold of them during that 10 day time frame, we agreed that we can go "halfsies" on the $650 evaluation fee. They didn't hold their end of the bargain of 3-5 days and instead took twice as long and I thought that was fair to only have to pay $325. So we agreed that if the deal didn't get funded then I'd get my $325 back and if the deal went through then we'd leave this all behind and focus on the project. So a week goes by and no money was put back in my account. I finally get a hold of them on the phone after plenty of emails and they said we never agreed to such a thing, that theres no note of it on my file. By this time I've had it up to "here" with them so I asked to talk to higher management and they said the $650 is non-refundable and they have no control over who they hire. (In my head I'm thinking, so if i hire a bozo contractor and he just botches up everything, your telling me I have no control over that? That saying "sorry" to my investor is sufficient enough?) They wanted to make things right by adding another package to my membership which I don't even use. I expect excellence, and when I don't receive it, I get heated up. I don't tolerate mediocre people.
My advice to you. Stay on top of them. Get everything they say in writing including names (shame on me) and trust me when I say that a no direct phone line is a terrible inconvenience especially when you have a question or concern and you have to email it to them, wait until they view and respond, and then they email back or call you.
If you do get a project funded by them, please let me know how the process was. My experience could've just been a fluke.
I do however will give them 1 more chance on another project. I do still want to experience a HML on one of my projects.
Let me know what you think. Good luck!
