Dohardmoney.com

Complaint: [redacted]
I am rejecting this response because:The statement Do Hard Money gave to Revdex.com about the complaint is false.Please see just a few of the last emails.I also have many more!
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
[redacted]

We are sorry this happened. It turns out the person in charge of makeing sure payments happen was not doing a good job of that.  We have made some big changes to prevent this from happening in the future.  We are in the process of implementing these changes across the company.  It is...

my understanding that funds have been approved and sent to you. If you don't see funds in the next week please call and talk with Camille or Barbara in our office regarding payment or any other matter. They will take care of you.  We hope you will gives us the opportunity to work with you again in the future.

T Hi [redacted],You have a couple of frustrations here and I want to be able to adress each one for you below:1.      You are correct, we were late on presenting you with our evaluation results back in December of 2015. Our standard turn-around time on evaluation results is 5...

business days. Unfortunately, the third party contracted evaluators didn’t make our deadline and we also didn’t meet ours with you. At that time, we discussed the situation with you and gave you a credit towards your next property evaluation.2.      As stated in the agreement you signed with us, one property evaluation is included in your financing program you purchased. “Property Services: One Property Evaluation valued at $650 is deducted from the initial deposit on the first deal. Client will cover the cost of each evaluation thereafter.” We have emailed you a copy of our agreement together for your reference, if needed. 3.      100% financing actually can include the purchase of an investment property, closing costs, and rehab costs. The requirement that we have is that the funds you need equate to 70% of the after repair value of the home when you are ready to put it back on the market after the remodel. 4.      As part of closing costs, we do set up an LLC in order to protect you, the property, and Do Hard Money and it is reviewed carefully by attorneys. This is standard part of closing procedures and we are still able to close within 5 business days when you decide to move forward with a purchase of your property (after evaluation results are given). It looks like we haven’t had you contact us in quite a few months and we would love to be able to talk through some of this with you and find a profitable deal to close together. We will reach out to you again this week to see if you are available to discuss the credit you still have on your account and how we can help.

Complaint: [redacted]
I am rejecting this response because: I did not disconnect I was waiting for a response because I had more questions. So that’s one lie. And he did express to me that he can max the cap but the cap wasn’t enough to fund my deal. 
Sincerely,
[redacted]

I...

emailed over to Ms. [redacted] to see what we could help with to help with her concerns over the product. Looking over her account MS. [redacted] has entered properties into our deal analyzer. That would have been very profitable with $0-$1200 needed from her to close a deal. I have attached those analysis. I also attached a Loan Application that MS. [redacted] filled out for a loan.  The loan qualified for funding but was never pursued by MS. [redacted]. I have also sent over 2 Maryland properties that have funded on and completed the Loan.  We would love to keep moving on one of the properties in the customers area. It is a great area to fund. We just need to keep moving on the loan process.

we have researched this account - notes and listening to calls, and will be reaching out today to work on a resolution with her

Customer
Claims and DHM Response:
[redacted] and [redacted], thank
you for taking the time to explain things from your perspective. It looks like
you have several concerns so we will get into addressing...

each one. We are going
to address each concern directly and then invite you to communicate with us
further if you have more concerns by emailing [redacted]@dohardmoney.com.
1. “DHM is not willing to
loan out money on any deal we find”
            Michael mentioned in his call with you that you should
plan to filter through many properties and only spend extra time on those that
appear to have profit potential. Feeling some frustration during the initial
finding phase of investing is very normal so we totally understand that. Once
you find a deal that is profitable, meaning you can buy the property, fix it
up, and sell it for a profit, we are more than happy to move forward on the
deal. The most important variables are the ARV, which we discover through our
evaluation process, and the construction costs based on the contractors bid
that should match the list of necessary repairs identified by the evaluators.
Once those two numbers are solid, we can close in a total of 10 business days.
2. “We were lied to when
told that we would qualify for 100% financing”
            You do qualify for 100% financing. This is defined as a
deal where 70% of the after repair value (ARV) will cover the purchase, rehab,
closing, origination, interest expenses. As stated above, it takes some time to
find these deals but they are certainly out there and we are happy to lend on
them. If there are deals you find that are outside the 70% ARV (as mentioned by
Michael at 4 minutes 26 seconds during your second call) but will still make a
profit, you are welcome to use another funding source including but not limited
to Gap financing that we are happy to connect you with.
3. “Buyers cannot
purchase a recently rehabbed home (flip) through funds from FHA until the
investor has been on title that has been recorded for 90 days”
            We have not had this become an issue for over 5 years.
There is sometimes a 90 day deed restriction but it does not become an issue
because it takes longer than that to get the property fixed up, marketed, under
contract with the new buyer, and closed. Ultimately, as long as you are on day
91+, you will not have an issue regardless of any restrictions from FHA or
other parties involved.
           
4. “If a private lender
dues more than 5 residential loans a year nationally, they have to abide by
TRID”
            We create a separate business entity for each deal we
lend on so we are actually doing a business to business loan and not a business
to consumer loan. Business to consumer loans (particularly those for the
purpose of a primary residential mortgage) are subject to TRID and other
regulations dictated and monitored by the CFPB. Business to business loans are
not subject to these regulations. According to 12 C.F.R. 026.381, lenders who
are doing business to business loans as we are do not fall under TRID or other
regulations that residential mortgage lenders are subject to.
5. “We find it hard to
believe that this company ‘restructured their personnel’ and is ‘redoing their
phone system’ all within the last 15 days”
            We are very sorry for the inconvenience caused by the
phone system change and the restructuring. The timing was certainly not ideal
and we realize it impacted your ability to reach us for a few days. We now have
the new system in place. Because we are on the phone a lot, the best way to get
support or request a call back is to email [redacted]@dohardmoney.com.
6. I have asked for
referrals… they cannot share that information”
            We respect your privacy and the privacy of each of our
borrowers. We will not share personal contact information of other borrowers
but we do have a collection of real deals we have done recently that we are
happy to pass along. We can also provide supporting documentation so you see
these are real transactions.
7. “I denied training
because all I want is a refund”
            We are not a training and education company so we are
okay if you do not want any additional training. We make some training and
tools available to help you get closer to your first successful deal a little
faster. However, if you would like to use outside education and resources, we
are totally fine with that.
General Comments:
[redacted] and [redacted], we are
very sorry you did not have a great experience. We are real people trying to do
real good in the world and it appears we could have done better in your case.
We would very much like to continue the relationship if you will permit us the
privilege of doing so. We respect and admire the courage you and your husband
demonstrated in taking significant risks and making personal sacrifices to
launch your investing career.
We value you as members
of our 100% financing program and we sincerely hope we can repair our
relationship and then rebuild trust with you both. We are not claiming perfection
but we do sincerely want to help you in your efforts to succeed in real estate
investing. It is no small thing to quit your jobs in order to focus on your
investing career. We believe we can still help in a big way and hope to have
the opportunity to do so.
Succeeding in this
industry is not an easy thing and, as you know, it takes significant focus,
motivation, and discipline. Our investment director only extends an invitation
to new prospective members of the program when he feels like there is a good fit
across the board. The fact that you were invited in says a lot about you and we
hope you will choose to stay with us.
In terms of your request
for a refund, as articulated in the agreement you signed on Sep 23rd
2015, the vehicle to ‘get your money back’ is in the form of a rebate program
in which your initial deposit, less the $650 evaluation fee, is issued back to
you in the form of a check when your first successful deal is paid off. We are
sure you can appreciate the significant increase in demand we would experience
if we did not require some form of deposit. We must work with people who are
serious and will persist until they succeed and are willing to operate within
the parameters of our program in which we have invested heavily to maximize
profits of our borrowers. The purpose of these funds is to assure both parties
that we will continue to move forward until you have done at least one
successful deal with us.
We are happy to send a
copy of your signed agreement if that would be helpful.

Hi [redacted], I wanted to take a couple of minutes to discuss our relationship together and hopefully provide some clarity on this situation.   1. You and I spoke about your last [redacted] post and I actually never asked you to take it down. What I said was that if you wanted to...

discuss it publically, we would have to respond publicly and give an accurate portrayal of what was happening.   2. From our conversation, we were the only lender out there who was going to be able to help you purchase your property because you had no funds available yourself to put towards a down payment. We offered you 100% financing...literally 100%, covering purchase, rehab and closing costs. We provided a way for you to still invest and rehab a great property with zero money out of your pocket.   3. The biggest concern with your situation is that your credit unfortunately shows that you have charged off over $30,000. This is most likely why you have struggled to find funding in the past. This is also why we explained to you that if you were going to post publically, we would have to share our situation on the same forum. Even with the over $30,000 you have un-paid to other creditors, we still were willing to provide you a way to rehab and sell this property. As I mentioned, in spite of this we funded your deal with no out of pocket expenses by you.      4. At this point the only requirement that we have is that we pay your workers directly.  I would imagine that considering your past track record of not paying your debts most would consider this requirement a reasonable expectation...particularly when there’s a documented history of unpaid charge offs.   Moreover, all we required to pay your subs, etc. is a printed invoice. You have currently been frustrated because your workers don’t have the ability to print an invoice on the computer. We have even provided you with a solution for that. We gave you permission to create and print out the invoice for them, as long as they were the ones to sign it.   5. You specifically told us your workers don't have checking accounts or the ability to print an invoice. We’ve offered to mail your workers a check allowing them to cash the check personally. We just need a signed invoice and the check is on its way. That being said, we are quite concerned with the legitimacy of how you are doing business. You chose to forgo a General Contractor. So, if these workers are putting in hours for you, they must be contracted in some way, 1099'ed, etc.   I apologize that this has been a frustrating situation for you. It has definitely been a frustrating one for us, as well. From our view, we offered a loan to you where you had to pay absolutely nothing to buy a property and rehab it (something that no one else would offer you). We continued to help you even with the charge offs on your credit. We had one requirement...we pay workers directly. That seems quite reasonable from our standpoint. We will continue to help you from our servicing department, we will just need you to meet us half way.

This is from a customer who's membership has expired

We spoke with this customer this morning and reached a resolution to which both parties have agreedWhile we listened to all of the calls we have recorded with her and were unable to confirm everything in her initial post we feel like she acted in good faith and want to resolve the complaint. We wish her continued investing success

[redacted], I'm
sorry that you are frustrated and that you were unable to be successful with Do
Hard Money
It looks like
you have not been in contact with us for at least months; however, after we
received the above communication, we have recently left you three
voicemails
and emailed you twice in the hopes that we could talk through your concerns and
discuss a solution going forwardWe have been unable to get a hold of you, but
would hope to be able to come to a solution together
In regards
to your frustrations you discussed above, we would like to address each one and
invite you to please contact us on the phone number we left on your voicemail,
or email us at [redacted]@dohardmoney.com
1.
"The Financing Calculator is a rigged scheme." We have had hundreds of
borrowers/investors use our financial calculator and have found it's a highly
successful and effective toolWe've completed many real estate deals and
almost all begin with our financial calculatorIf you have been unable to make
any deals work, our concern would be that there may possibly be something wrong
with the software you are using, browser, etcThis is one particular aspect we
wanted to be able to help you through when we have tried to get in contact with
you As you know, it is a software, and from time to time there is
something that goes wrongBut we have not had an outstanding bug that has gone
more than a few hours (or at most, a day) before being fixed. We have
hundreds of people using this softwareIt sounds like the problem you are
experiencing would be a integration, a system, or user error. Regardless,
we would love to help you fix it so you can see why people RAVE about our
software programs we provide
We are always building and upgrading our process for our
investors/borrowers and would love to take some time to work through our tools
and successes with youYour account, along with all investor/borrower
accounts, is assigned to a specific Account Advisor who is available and
willing to help you talk about any properties you are interested in
2.
"We would never talk to the same customer service representative more than
twice and continuously were told the rep was no longer with the company." We
are struggling to find your attempts to contact anyone for over months.
We are here to help youTrulyWith your product purchase, it includes two
personal one on one calls and it is our understanding that you received those
almost months agoAfter that, we offer unlimited email support as well and
deal support over the phone once you have a property under contractSince last fall, we have added quite
a few members to our team, as our business has grown with the successful deals
that we have been able to fundWhile Danielle no longer works with the
company, as you were informed last year, Amber and Kortni both still do You
also have a dedicated Advisor that is here to help you succeed
We can definitely understand the frustration of starting your process
with one particular team member and finding out that team member no longer
works hereThere were some structural changes last year, as we are always
trying to improve our processes and customer support while we are rapidly
growingThat being said, we have had the same Account Advisor team in place
for quite a while now and they are willing and available to help you and your
husband find success in your real-estate investing career
In regards
to your refund request, as articulated in the agreement your husband signed on
May 22nd, 2015, the avenue to receive your money you gave as an
initial deposit is in the form of a rebate program issued back to you via check
no more than two-weeks after the payoff of the initial loanWe are certain you
can appreciate the significant enrollment demand we would experience if we
didn't require some type of depositIt is important that we work with people
who are serious in their investing career and will push forward through road
blocks until they succeed and are willing to operate within the parameters of
our program We have delivered our time, phone calls, products, software
and resources over the last months to youWe are invested heavily to
maximize your profits and minimize your riskI have attached a copy of your
agreement to thisWe would like to speak with you and give you additional help with tools and resources we just launched last week (at an increased price) for free and do anything we can to help youThat said, we have fulfilled our agreement and can't justify a refund outside the agreed upon rebate processPlease reach out to us at your convenience so we can work together

We spoke with Mr [redacted] to discuss his membership. Since enrolling he has not called us for assistance - attached is a screen shot of all phone calls from ph#330-319-0132 showing no calls from him between May 2017 until contacting us for a refund. He has not emailed us for assistance either- we've also attached a screen shot showing the unopened email for his log in credentials to access the materials that would help him learn how to find properties. We've attached screenshot showing he has never submitted a loan application or a property for review. We've also attached a screenshot of his initials on the portion of the contract pertaining that acknowledges his agreement to the refund terms of the contract

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
[redacted]

Customer signed a Purchase Agreement on 1/4/16 with the following refund language “If within 3 business days of the initial deposit payment to DHM, Client is not satisfied with the quality of DHM’s services, Client may contact DHM at 800-284-0076 or [email protected] to resolve the conflict...

and/or seek a full refund of all monies paid in connection with this agreement. Do Hard Money does not offer a refund of the initial deposit beyond this 3 day period.” Customer states “every property I found did not qualify for 100% financing unless it was obtained at such a low price as to never have my offers accepted while all of the properties I had spent so much time and energy and money to find were selling for way above what DoHardMoney was requiring to obtain their advertised 100% financing”. Customer’s Purchase Agreement reads “Access to 100% financing, defined as zero cash-to-close on a retail or wholesale flip of a subject property, is available on deals that meet DHM’s minimum profit levels and where total acquisition and rehab costs are at or below the loan amount offered by DHM. Customer states “Finally they agreed to a phone conversation to go over each of the fees, which some are very vague on in the system itemization. Turns out they are charging for things that were not disclosed to me in the conversations prior to paying” On 1/4/16, prior to executing the agreement referenced above, the Customer spoke to two representatives who both provided an explanation of the program including what qualifies for 100% financing, the interest rate, and the origination fees.  These were the only fees that she asked about when speaking to these representatives.  All other fees are disclosed in our Advanced Deal Analysis tool which the Customer accessed during the 3 days cancellation period.Tell us why here...

We have been able to reach a resolution with Mr. [redacted]. We have attached all the supporting documentation and consider this situation resolved. We have also sent in recorded phone calls via email.

Hi [redacted],   Thanks for taking the time to talk with me about your account via phone yesterday. I just left you a voicemail to follow-up. I went through the recorded calls and our contract etc. and feel that we really did hold to our side of our agreement. That being said, we still really want to have a happy resolution for both parties so we can help you successfully close a deal in real estate. You still have a credit with us and I want to give you the option to use it when you are ready, even if it’s outside the remaining couple of months of the contract we have with you. So, I’m going to extend the contract past your expiration date and leave all of the tools, funds, and evaluation credit available for you if/when you want to use it. We look forward to hopefully assisting you in closing a loan!   Thanks,   Tiauna

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me as long as the refund is for the full $3,000 and as long as I see it credited back to my account within 24 hours. It is 4:11pm EST now. If not, I will file another complaint. I thank dohardmoney.com for their decision to refund my money and acknowledge what happened.
Sincerely,
[redacted]

Tried to reach out 2 times this week. Phone is disconnected. I emailed out 3-22-2018 for [redacted] to respond and see if we can come to a resolution.