All Forum Posts by: Skyler Mckinney

I'm looking for anyone who has ever used dohardmoney.com closed on a house flipped it and sold it

Ok BP, So I have read about every thread involving Dohardmoney.com. Most of it is negative about how you have to put 3000k up front. I have enrolled in their program and understand their process very well. I know they are very picky in the properties they approve I see that they are a little challenging to work with. I fully understand all of the negative things people say on here. I don't care about those things I'm not trying to qualify for 100% financing I know that hard money is going to be expensive and I know there are cheaper options out there. If you have listened to at least one bp podcast, you would understand that it doesn't matter how much it is as long as you factor that money into your profit. They might be the most expensive in the long run, but they seem to be the only lender I can find that's not going to make me put down almost half the loan on my first deal. As for everyone complaining about the 3K and how that makes them a scam, they give you a whole software package that if used correctly will make sure you don't fail. You have access to things that would otherwise cost about the same amount. I can pull owner info on any house in the united states and send them a flyer or a voicemail. I can see every vacant home whether it's listed or not. I can see every home with a lien on it and how much they owe. So you get tons of beneficial things that I guarantee the people on here complaining never used because they want things to be handed to them without working for it. 

I digress I'm looking for anyone who has ever used dohardmoney.com closed on a house flipped it and sold it. My only concern with this company is that I cannot find anybody who actually went through with them and got a property with proof. So if you have done this, please post below! I just want to know before I try to close a deal with them that I am not going to be screwed. SO PLEASE I HAVE READ ENOUGH ABOUT THIS COMPANY IM NOT LOOKING FOR YOUR NEGATIVE COMMENTS ABOUT HOW MUCH MONEY THEY TAKE AND RIP YOU OFF. However, if you have actually used them please please share your experience.    

Well @Bob B. I think I will take your advice. I think you are right I'm just really eager to get into my first deal and I think I made the mistake of letting my emotions take over. On the plus side, I did just get some quotes on the tile removal and it was a lot cheaper than I thought it was 2$ a sq ft in my area but I will probably just keep searching as I have every day and I made a lot of calls to contractors trying to get estimates. Thank you though for your advice. Or I will look to bring someone in and profit split. 

So I got my hard money approved and I have been looking every day for a deal and have finally possibly landed on one. So opinions would be greatly appreaciated. The house is from a wholesaler He wants 134k and the comps are from 180K low end not rehabbed to 220k Fully rehabbed. I have bought and read the book estimating rehab costs by J. Scott but it doesn't go into everything. I figured by using the rehab cost analyzer with using very very high estimates that the rehab would be somewhere around 47000$ So I'm going to make an offer of 110K and go as high as 115K and bail if that's not good for him. So my rambling ends and my questions are would it be realistic to do a complete rehab on a house for around 35K? The bones in the house are in good condition its 1200sq ft not a lot of demo as the kitchen has already been gutted. This is in a lower end neighboorhood so I would be using pretty basic materials and not doing anything special. But the house needs a kitchen a half bath the full bath has already been remodeled. Carpet throughout minus kitchen would go ceramic. Needs a new roof, central air, windows, I can provide a video through message of the entire house. But my biggest concern is there is asbestos tile throughout the whole house and I know that is$$$$$$$ to remove so as my first deal I don't want to get into something over my head but if things go right after hard money costs and everything could be looking at a 27k profit which will give me to start funding more deals.  Please help! 

Needs:

Cabinets/countertops 

All appliances in kitchen

Tile in kitchen 

Wiring brought up to code

Fans/fixtures in every room 

Asbestos tile removal  

Carpet in rooms laminate in living room hallways 

Central air (furnace brand new)

Paint/Baseboard replacement 

Minor Sheetrock work 

New roof soffits/gutters

outlets replaced

pannel rewiring (the house was built in the early 60's)

windows

bedroom doors

paint

wood panel remove in two bedrooms with no sheetrock behind it 

small not load bearing wall demo 

 I know This is asking for a lot but I really don't know and I know numbers make or break a deal. I just want to know if its possible to do all of this for 35k or under without having a relationship with any contractors I can do some of the work my self but I know the asbestos tile is what's going to kill my budget. Sorry for the long post 

@Patti Robertson I actually went and looked at it before I made this post there was an addition made to the home. I have been trying to figure out why it wasn’t included in the sq ft. So what your saying is that the house is worthless but the land could possibly worth something one day. What about if I purchase the home under 120 and then held it until I could get the house next to it and then there is enough land to build one of the size houses that are neighboring that start in the low 400’s. Do you think that would make it more worth it? Also were you at the last TRIG meeting? I think we briefly meet. 

@Patti Robertson I really really appreciate your input and I think you might have saved me from my first fail aha. I'm going to take your advice since this is my first deal and don't know very much about that area of VA Beach. I was going to try and brrrr the house not flip it but the same concepts apply for the most part. The bank won't give me the refi money if they don't think its worth it I was just having a really hard time trying to figure out if it was worth it or not. So thank you so much!

@Aaron H. thank you for you answer the tricky part about Virginia Beach is one home could be worth $1m in one  neighborhood and then 250k in another this part of the city is just now up and coming and I just wanna make sure I do my renovations in standard with the arv I don’t want to dump 80k in a Reno that’s not going to pay off but I also don’t want to miss out on a big opportunity. The house has been appraised at exactly asking price and I’m gonna offer 150k And I don’t want to pay more but I might be able to raise my offer depending on how much I can get out of the house 

So this house has been on the market for 80+ days and I am about to make an offer on it but for the life of me can not get an ARV. The house sits next to 3 other houses that are in the same shape or worse off. None of the 3 homes have sold in the last 8+ years. Now, these three houses are surrounded by homes that start out in the low 500's. They want 165 for the house and I am hoping to get my offer accepted at 145-150. These are the last of the original houses that are over here and they are continuing to develop the area, but I can't find a comp. Opinions on how I get the ARV and whether I should do a serious high-end rehab (getting rid of an office moving the bathroom to where the office was so I can expand the very cramped kitchen/ dining room so they can be two separate spaces and then finishing the two rooms upstairs which are currently wood paneling.) Or just putting basic updates in replacing carpet and going with the three lower-end homes next to it. What would you do in the situation? This is in Virginia Beach and there are no other homes this size and age in the area.

I would just keep reposting it till you get the answer your looking for. Eventually, the right person will see it. It has worked for me on car forum sites I haven't had that problem in here yet. BP also has a tagging feature so try to find some people who specialize in what you're looking for through the other questions and then tag them in your question. Hope this helps and good luck!

Welcome! @Taylor Hudgins You should check out TRIG as well as PREIA they are the local real estate investors groups. I went to the last TRIG meeting and it was very informative and there were lots of people there to network with. Congrats on your decision and hope you find what you're looking for!

@Brian Garlington  @Amy H. I am the veteran But I am paying the mortgage as my form of child support so If I refinance it into a conventional and put it into her name the payment will go up as will my child support. It doesn't sound harsh, I totally agree with you but like I said its working out because it's less then the court ordered child support. I'm not turning any one's suggestions down at all but I don't feel comfortable with house hacking because my children will be staying with me three days a week. There is not a lot of multi-family in VA beach its mostly separated townhomes, or at least I don't know how to find them every time I check craigslist or FB marketplace or LoopNet there are the same two and they want 400+ for them. @Brandon Wade @Patti Robertson I would really prefer to stay in Virginia Beach. I understand at a certain point I will have to decide whats more important as of now I know the market pretty well here and would like to stay here.@Joshua S. I have read that book it is one of my favorites! I have started to slowly build a network and meet more people through looking at houses and going to meetups.  I did not know that loan option existed so I will do some more research on it Thank you all so much for your suggestions @Daniel Lehman Thank you for your service and advice and I am 70% disabled. @Clifford Paul I didn't know the IRRL worked like that thank you guys I have been learning so much through this website and the great people on here!~