If you’re searching for off-market properties, MyHouseDeals is a good starting point. In some cases, you can get highly discounted properties without the stress of sourcing them from motivated sellers. Read on to learn more.
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- What Is MyHouseDeals?
- How It Works
- Types of Deals
- MyHouseDeals Pros and Cons
- Plans and Pricing
- Should You Use MyHouseDeals?
What Is MyHouseDeals?
If you’ve considered wholesaling or flipping real estate but aren’t sure where to start, MyHouseDeals is a property listing platform that offers a free gateway to discounted, off-market property leads and investor networking.
MyHouseDeals compiles and lists pre-foreclosure, bank-owned, and wholesale real estate deals that can help real estate investors earn a profit without the work of hunting down and marketing to leads.
The site features off-market properties from all over the United States, from small towns to metropolitan areas.
MyHouseDeals is different from other investment property sites for a few reasons:
- Wholesale deals listed here must have room for at least a $15,000 profit.
- Every property listed shows the asking price, ARV (After Repair Value), estimated cost of repairs, and profit potential.
- Most properties here are being sold by other investors or motivated sellers.
- Exclusive training videos, webinars, and investor tools are available for members.
- MyHouseDeals never takes a percentage of profits from deals made on the site.
MyHouseDeals does the work of rounding up discounted properties suitable for wholesaling, short sale, and flipping so you don’t have to.
It’s an intriguing opportunity for investors who struggle to find leads or hate attending foreclosure auctions to compete for deals. Let’s take a look at how it works.
How It Works
MyHouseDeals has a simple process that connects real estate investors with properties priced well below market value with enough room for a substantial profit.
There are four steps to using MyHouseDeals to purchase or wholesale a property:
1. Use the site to browse properties that are available in the area of your choice. At any point, there may be thousands of off-market properties on the site.
Every property on the site is listed with complete information, including property details, estimated ARV, the seller’s asking price, expected cost of repairs, and profit potential.
2. Contact the seller when you find a property you like. You’ll deal directly with the seller off the site, so you can ask more questions about the property, request additional photos, and schedule a time to look at it.
3. If you like the property and want to make an offer, you’ll negotiate with the seller and make an offer. MyHouseDeals says many of their sellers will accept offers as much as $10,000 below the asking price.
4. Once a seller accepts your offer and you close on the property (or write up a purchase contract, if you plan to wholesale), you choose how you want to proceed.
Whether you want to wholesale, fix and flip, or short sale the property, the resulting profit will be all yours. MyHouseDeals does not take a profit from deals arranged through their site.
While property listings and deals are the main draws to MyHouseDeals, there are other resources available for investors that sweeten the deal.
You can access ten full training courses focused on building wealth, lists of private lenders, cash buyers, hard money lenders, and other vendors (contractors, cleaning services, etc.) that can help you through the wholesale, short sale, or fix and flip process.
In addition to the training and service resources, MyHouseDeals is home to some of the most knowledgeable and experienced real estate investors in the industry.
If you’re a beginner investor, you can use the site to build a roster of buyers that you can access anytime. You can also discover and talk to investors in your area to share ideas and vendor preferences, partner for deals, and learn about the industry.
Each property listed has the full contact information for the seller. This means you can easily get in touch with any investor or seller on the site to ask additional questions, request photos, schedule a showing, or chat on the phone.
Types of Properties on MyHouseDeals
On the site, you’ll find a wide range of properties, from fixer-uppers and starter homes to large homes in hot markets. The properties listed all show the ARV, estimated cost of repairs, asking price, and profit potential.
With this information, you can run your own calculations to see which properties are a good fit for you. MyHouseDeals specializes in making four general types of discounted properties available to real estate investors:
- Investor-ready foreclosures that are bank-owned and weren’t successfully sold at a foreclosure auction
- Pre-foreclosures with motivated sellers who want to sell quickly and may accept low offers
- Wholesale properties for sale by investors who act as middlemen between you and the original seller
- Vacant land and lots ready for building
To be clear, there are many other types of motivated sellers, but these are just the type that MyHouseDeals focuses on. Consider it their niche.
Investor-ready foreclosures have already been foreclosed on and are owned by the bank. Banks are not in the business of selling and owning real estate that isn’t earning them any profit.
As a result, they are willing to let these properties go at highly discounted rates so they can earn some profit from what is currently a “non-performing asset.”
Bank-owned foreclosures may be in excellent condition or may need repairs. When reviewing these properties, be sure to do due diligence and learn about the local market, estimated cost of repairs, determine an ARV, and compare with the asking price.
Pre-foreclosures are in the process of being foreclosed on, and the owners have been served a Notice of Default. This is the result of the nonpayment of a mortgage.
Pre-foreclosure properties have not been listed to be sold at auction, which is positive for investors because foreclosure auctions typically attract a lot of competition from local investors.
Pre-foreclosure owners (sellers) are highly motivated to sell and will do so below the market value of the property to get it sold quickly.
Wholesale properties on the MyHouseDeals are being sold by real estate investors that have arranged a deal with a motivated seller. In the deal, they’ve taken on a purchase contract for an amount that is below market value.
However, this leaves enough room for them to make a profit from the sale. By listing these properties on MyHouseDeals, wholesalers get them in front of serious real estate investors that want to purchase the property at a discounted rate.
Vacant Lots and Land
Vacant lots and land are also on MyHouseDeals from time to time. If you’re looking to acquire land cheaply, this is a great way to do it. Some investors buy land as a long-term investment because they know it will appreciate over time.
Others buy land with plans to build a house on it, from which they can earn a profit by selling or renting. If you’re planning to purchase land through MyHouseDeals, be sure to pay attention to the details.
Setbacks, previous construction, zoning, utilities, pre-construction costs to clear and level the land, and the cost of building all need to be factored into your decision as an investor.
Pros and Cons
MyHouseDeals gets a lot of great reviews from investors who buy properties found through the site. It’s not perfect, though, so let’s look at both sides: The pros and cons.
MyHouseDeals Pricing and Fees
If MyHouseDeals offers free membership accounts and does not take a cut of the properties sold through the site, how do they make money? Here’s what you should know about the Premium membership.
Premium Membership — $37/month
($18/month if you sign up with a 1-year contract)
- Access the most recent deals
- Full refund if you complete a deal within the 1st year
- Access private lenders and cash buyers
- Access training courses, guides, investor interviews
- 24-hour investor hotline
- Check deal quality with the Deal Review fax line
- Build your own investor website
Overall, we think this is a great platform. Additionally, the only way you’ll be charged for using MyHouseDeals is if you sign up for the Premium plan.
Should You Use MyHouseDeals?
MyHouseDeals brings investable, off-market properties directly to real estate investors who are looking for leads. From handyman specials in need of repairs to pristine homes in pre-foreclosure, there are deals on the site to suit every investor, no matter your specialty or location.
Conveniently, MyHouseDeals posts the ARV, estimated cost of repairs, asking price, and profit potential with every listing.
Still, even the company founder and president Doug Smith encourages investors to do due diligence and run their own calculations when reviewing these properties.
Overall, there are more pros than cons for using MyHouseDeals to find excellent investment properties in your area. MyHouseDeals enables you to skip ahead of the competition by accessing off-market properties that aren’t being auctioned and have highly motivated sellers.
With a full refund available for investors who make a deal from the site within one year of Premium membership, we’d say it’s worth it to sign up at the discounted price of $18 per month.
Even if you choose to stick with the free membership plan and view older properties, you can still discover a great investment deal that can put thousands in your pocket.