Complaint Review: DoHardMoney.com
DoHardMoney.com DHMDo Hard Money DO HARD MONEY ABSOLUTELY SUCKS!!!! West Jordan Utah
Editor’s Comment: Ripoff Report believes in transparency and the more information the better. In this instance there has been court action regarding this subject Report. We believe it important to note that not all Court Orders are alike. Many court orders are absolutely legitimate. However, sometimes courts enter orders based upon default which typically means that the defendant didn’t show up. Sometimes a defendant won’t show up because they didn’t even get notice of the case proceedings in the first place and other times defendants may not show up because they don’t necessarily have the knowledge and/or the financial resources to fight. Still, in other instances, a defendant may simply appear only to stipulate (settle) the case by agreeing to stipulate to a court order because they are being bullied by the plaintiff and whether what they said was true or not, they just want the matter to go away so they can move on with life and make the plaintiff go away. [continued below]....
I feel very silly because several people on BiggerPockets.com warned me NOT to do business with Dohardmoney.com! The only reason I didn't listen was because I had already forked over my $3,000 "deposit" and when I posted my ad on the Bigger Pockets site, DHM immediately contacted me and they told me that if I would withdraw my post from BiggerPockets.com they promised they would "make good" on their promises.
They did not!
I have purchased a property through them and it is the WORST NIGHTMARE I have ever experienced!!! Immediately after we closed escrow on the house, they informed me that they had "changed their policy" and they no longer give the money to their borrowers. Can you believe it??? They ONLY pay workers and contractors DIRECTLY through an ACH transfer. Well, I live in Georgia, and even some of the licensed contractors I use don't have checking accounts.
These IDIOTS think that I can hire hourly workers, have them fill out an "invoice" (which must be a typed, "official" invoice), have the workers wait 3 to 4 weeks to receive their checks, and then cash them at Wallmart, since they don't have checking accounts. Seriously?! The people at DoHardMoney.com are SO STUPID they don't understand why this won't work.
I'm FURIOUS that they changed their policy AFTER we closed escrow. I feel like I was the victim of a "bait & switch" scam. Even a week after we closed escrow, it still said on their website that their policy was to transfer the money to the borrower and the borrower paid the workers. When I pointed this out to them, they quickly changed their website. However, I kept a copy of their web page just in case I ever have to prove it.
I would NEVER have signed up for a loan with them if I would have known they would "tie my hands" by not allowing me to pay the workers directly. I genuinely understand the need for loss mitigation, but DoHardMoney.com takes it to the extreme. They treat every one of their borrowers like a potential criminal who would steal money from them if given the slightest opportunity. It's ridiculous and it's a terrible business model.
Now, it has been 3 and 1/2 weeks since we closed escrow and they STILL have not paid the roofer the $12,650 he is owed and he is about to put a lien on the house. The worker who started doing the preliminary work on the house by removing the siding STILL has not been paid. He stopped working on the house over a week ago. Funny how people WON'T WORK if they don't GET PAID!
Forgive me for my angry venting. I just want to make sure anyone who is considering DoHardMoney.com will decide not to do it!!
I'm hoping to find a private lender to pay off what is owed to DoHardMoney.com and fund the rest of the renovations. I honestly think that their "policies" will prevent me from getting the house finished and on the market in a timely manner.
I've actually started to wonder if DoHardMoney is INTENTIONALLY making things very difficult for me in the hopes I will "give up" and transfer the property back to them. When I complained to one of their executives about how they changed their payment policy after we closed escrow, that is what she suggested I do. I did the work to find a spectacular deal with a huge profit potential, and they want to take it away from me! NO WAY, DoHardMoney!!
This report was posted on Ripoff Report on 06/27/2016 10:06 AM and is a permanent record located here: http://www.ripoffreport.com/reports/dohardmoneycom-hard-money-do-hard-money-absolutely-sucks-west-jordan-utah-1313728. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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