OfflineIf you have used them please reply. I have the VIP membership but I have not yet used them for financing. I did see on one of the websites, not sure if it was bigger pockets or not but it was one of them, someone had used them and his deal was funded, but that is the only time I have been able to find they have actually funded. I have been using COGO, formerly PME for most of my financing on properties not bought through land contract but they mostly do 65% of the purchase price and Do Hard Money claims to cover 100% purchase price ad rehab if the purchase price and rehab costs are below 65% ARV (they use ARV instead of as is value)to get 100% you have to have seller concessions for points and fees though, but I am interested to see if anyone has used them because they claim to fund for reo type properties so I also wonder if they only cover non occupied properties or if they will also lend on rented properties. If you have dealt with them please post on here with the details of how the funding went.
The nice thing about COGO is you can have seller carry for the 35% so you don't have to come out of pocket, but you have to look for the deals because most sellers don't want to accept 45-50% of their funds at closing. Another thing I have found with COGO too is lots of other lenders claim to fund, but so far out of all the ones I have found they have actually funded. I would like to use Do Hard Money too, especially for fix n flips, but so far I haven't found anyone who has actually received funding but for that one person. If you have other hard money lenders you have used you can post that here too and let us know how those deals went.
Thanks.
Hi rbailey1962,
I have not personally used them but I have talked to Ryan the owner and he was solid, I just found someone cheaper that is all. However, I have talked to several investors who have used them in the past and have liked working with them. Always have a variety of private lenders to work with. Plus you might want to check out Deans other site, www.totalviewrealestate.com and click on number 2 and scroll down the page you will see a list of dozens of hard money lenders you can reach out to.
Hope that helps.
Thanks,
Shah Ali
Deans coaching just got set up with a company to give all his students a discount to their website. They have scoured the country and found all the hard money lenders. It can save you a ton of time and you can also find the right money lender that fits the type of deal you are looking to buy.
It is easy to get set up with them, they have a small 1 time cost to register on the site and they give you free leads just for signing up. Then you can find money lenders anywhere in the county that will fit your deal.
Their website: betterhardmoney.com
Also to get the discount for being a student with dean type in: success80 and it will nock off a few bucks just for signing up.
I use them and have found great lenders that will work with your situation.
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...
I put an ad on craigslist for investors and a private lender answered my ad when i called him he also said his company does hard money lending. It may have just been a fluk but try craigslist and say your looking for investors a hard money lender may answer your ad like one did for me
Thanks for the tips, I am going to check those out. I have been using COGO (formerly PME/PMB) and they have worked fairly well, as far as coming up with the 35% difference has gone and the points fees - they are expensive but when you do a few deals you get lower points/fees and I just found out they have an investor program, costs 1K to join but you get 100% financing for your pp of 50% or lower, and you can have seller concessions for half the points/fees. It's been fairly workable so far but I would love to have private lenders as well.
I have put ads on CL, haven't had anyone answer but once I did have a broker who had a "private lender" and he looked over 3 deals I was working on - a refinance of my land contract 11 unit building and 2 apartment buildings I was looking at. He said he would finance all 3 after looking at them if the appraisals were where they needed to be and they passed inspections - which had to be done before he would lend. I had to use his recommended appraiser -which most lenders have their own appraisal company they use so no big deal right? Wrong, all 3 came back good - one was a little lower but was workable with the seller - the other two were really good numbers so after paying for all 3 appraisals I knew they would be funded quickly. The one apartment building was the first to have the inspection done because we were working on that first so after the inspection was done the broker who had set up the private financing called the private lender but couldn't get a hold of him. After a few days he said he never had to wait that long for him to respond to him and started to get nervous about not hearing back. In the man time, I had already submitted the deal with a broker I knew who had reached out to a broker he knew with lenders (and this private lender happened to be on their list - they had gotten him from CL as had the broker I was working with who had set it up with him) and they had 9 other clients who were set up to be funded by him. Well of their 9 only one had ordered appraisals yet so they put the rest of their clients on hold to see what happened with my one apartment deal and with the one of theirs who had ordered appraisals. Now, eventually the private lender called back my broker friend to say that he hadn't answered because he decided not to fund the deal because he had seen my property through the other broker (who had already been looking for funding for it before he ever decided to do the funding) and was upset about that - but we had told him we had other lenders looking at it so that seemed more like an excuse. The week before the inspection had been done I had a conference call with some sellers in NY and they said something about hearing that private lender we were using (who had approved funding for their property for sale as well) and a possible scam. After the funding didn't go through on the 3 properties we started looking for any info about the private lender but couldn't find anything really. Now I had the appraisal report for my 11 unit so I decided to submit my refinance to another lender who approved it, and when they went to use the appraisal they found out that appraiser's license had been revoked for misuse so everyone said they probably had a scam going between the appraiser and the private lender. My broker friend said he had known the private lender for years - over the phone and email but not in person. Well the appraisals had cost 7500, 3500, and 8000 - so if they had a scam they were making pretty good money, but it left me high and dry trying to get loans on properties and nothing really getting done. I learned one thing, to be careful if someone does claim to be a private lender. I should have requested a bank statement or something to prove it was legit.
I have advertised for both private lenders and JV partners, as well as silent investors. No answers yet.