Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Eric Michaels:
The site is legit but I was very disappointed in the listings. Virtually none of the seller's numbers (ARV, FMV, repair costs, profit potential) checks out. Very exaggerated. I never bought anything.
I have experienced much the same, site is filled with a bunch of wholesalers trying to pitch deals that are not deals at all, all with inaccurate figures.
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
14y
I was a member looking in Chicago. The site is legit but I was very disappointed in the listings. Virtually none of the seller's numbers (ARV, FMV, repair costs, profit potential) checks out. Very exaggerated. I never bought anything.
I tried to sell one. It wasn't a great deal and was unsuccessful. Sold it retail.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Eric Michaels:
The site is legit but I was very disappointed in the listings. Virtually none of the seller's numbers (ARV, FMV, repair costs, profit potential) checks out. Very exaggerated. I never bought anything.
I have experienced much the same, site is filled with a bunch of wholesalers trying to pitch deals that are not deals at all, all with inaccurate figures.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Ali Young:
Hopefully I do find a deal. They offer a refund upon completing one deal in the 1st year of membership.
Guess I will have to look every until I find a good one and jump on it.
Just make sure you know what a good deal is, most on there will present it as a good deal and those without sufficient knowldge of that market can get fooled!
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
One other piece of advice: If there really was a good deal, why would there ever be a need to post it on a website such as that one or any other one like it? A real deal sells itself, particularly in this competitive market. I bet the reason these deals are even on sites like that is for one simple reason, they could not sell them to their own buyers list which means they were likely not deals to begin with.
Wholesaler · Allen, TX · Member since 2012 · 23 posts · 2 votes
14y
I figured it would be full of "non-deal" Amazing Deals, but I think there is value in posting a property, if it in fact a true deal. It seems as if it would be a great way for a Rookie to begin to try and build a Buyers List, fairly easily.
Mount Laurel, NJ · Member since 2012 · 125 posts · 36 votes
14y
Thanks for all of the responses to Mary's question. I have been getting email from MyHouseDeals as well and was wondering the same. I am glad I did not pay the fee for the subscription.
Real Estate Investor · Houston, TX · Member since 2012 · 44 posts · 13 votes
14y
I am finding that the really good deals leave this site within 2-3 days. However the vast majority has calculation errors and sit there until they expire. It appears to have about a 40% rate.
Investor · Houston, TX · Member since 2013 · 33 posts · 7 votes
13y
I am a newbie and was wondering the same. The site seemed legit and all but seemed a little too good to be true, I hurried back here to research them.
I would like to give them a try but its kind of scary with the uncertainty, I can not fail on my first ever deal, although a veteran on here did say expect your first deal to be a little rough.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
First deals dont have to be rough, learn how to complete all your due diligence and learn the ropes of what is a good deal and how to finid one.
I made over $90k profit on my first local rehab flip where the sold price was ~$475k.
From what I have seen, this site has people posting deals with phony or incorrect numbers in the ARV's and rehab figures. Proceed with caution. Any good deal need not be posted on a paid ad site, a simple post on BP or an email blast to a buyers list would do the trick.
Real Estate Investor · Houston, TX · Member since 2009 · 71 posts · 38 votes
13y
If a BP member signs up for myhousedeals.com and isn't happy for any reason, just send me a private message, and I'll see to it that you get a full refund.
I recently bought 2 properties off the site myself, so I know for certain that there are some good deals to be had. Plus we interview about 2 people a month who have bought properties and post them on our Success Stories page. We're a little behind on actually uploading those interviews, but we're working to catch up.
One good strategy is to connect with all of the wholesalers who post deals and get on their private email lists. That way, if they do email a solid deal to their own list before posting to myhousedeals, you'll be able to jump on it. Hope that helps.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Originally posted by Doug Smith:
I recently bought 2 properties off the site myself, so I know for certain that there are some good deals to be had.
One good strategy is to connect with all of the wholesalers who post deals and get on their private email lists.
With all due respect Doug, just because you bought two deals does not automatically make them real deals without posting of actual facts to substantiate it. Secondly, if the deal is not a deal on the site, how does getting on wholesalers direct email blast list make them any better when these guys don't know a good deal to start with?
Real Estate Investor · Houston, TX · Member since 2009 · 71 posts · 38 votes
13y
I buy all my houses at 65% of ARV minus repairs or less and have recently bought 15 from wholesalers, so apparently some wholesalers "know a good deal to start with."
Most properties posted to myhousedeals.com don't meet that criteria though. That's why you have to analyze a number of them, look at a few, make some offers, and get some accepted. It's a numbers game and can be time consuming but worthwhile.
All of the wholesalers who I've recently bought properties from have posted properties to myhousedeals at one point or another and all have their own email lists that they blast deals to.
Some of these wholesalers have started blasting deals to their own lists first, and if they can't sell it there, then they post to myhousedeals. So that's why you want to be on their email lists... so you can get first dibs. But again, you can meet all these wholesalers on myhousedeals, even with a free account.
If you don't feel the deals are good enough or like working with wholesalers, there are plenty of other reasons to join the site... private lenders, cash buyers, vendor discounts, etc.
P.S. Will, you were a member in the LA area at one point. Maybe the deals there weren't as solid when compared to other markets for one reason or another.
Investor · Houston, TX · Member since 2013 · 33 posts · 7 votes
13y
Im a little confused Doug, I thought that by upgrading to 'premium' gives you dibs on houses 14 days in advance over the free members? But now you say you need to be on an email list to get 'first dibs'. Does it cost more money? If so, that will lead me to become dissatisfied with the website.
Real Estate Investor · Houston, TX · Member since 2009 · 71 posts · 38 votes
13y
A free membership gives you a 14-day delay, so it's really tough to get deals that way. Good ones go within the first day or two. A premium membership allows you to get access to the deals in that time frame, so the odds are much higher that you can pursue and purchase a property that meets your criteria before it's sold. But regardless of whether you stick with a free membership or upgrade to premium, you should reach out to the wholesalers individually so that if they do have their own email list, you can get on it. This allows you to access deals that might never even get posted to the site. Doing that is free.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
[Quote]P.S. Will, you were a member in the LA area at one point. Maybe the deals there weren't as solid when compared to other markets for one reason or another.That may be true and after seeing lots of falsified info, I left and did not return. Unless you are in the luxury market, my area is tough to find 65% deals. If you truly have those and they ended up being that, after sale records, then congrats, those are real deals and great ones in my opinion.
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
13y
I had the exact same experience as Will did on this site and I was a premium member for a short time. The numbers on all the deals I looked at were hugely fudged. I think the concept of the site is solid and it would be awesome if it worked the way it is intended. The issue comes down to a very common and age old problem, the credibility of wholesalers. Very simply, on the whole, they have little.
I would like to hear positive experiences from someone other than the owner of the site, Doug Smith.
In a few threads about this site I haven't heard anyone finding a good deal there.
Real Estate Investor · Houston, TX · Member since 2009 · 71 posts · 38 votes
13y
You're right. Wholesalers post ARV and repair estimates that are way off on most deals, and we're open about that on the website. That's why the best strategy is to ignore those values and focus on the asking price. And then to offer a few thousand less than the asking price. Some of those offers will get accepted.
We interview people all the time who have bought properties from the site and post those interviews on our Success Stories page. Each interview is 10-15 minutes, and they go into detail about their purchases. You can see their first and last names on that page, so maybe you can find them on Bigger Pockets.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Originally posted by Doug Smith:
You're right. Wholesalers post ARV and repair estimates that are way off on most deals, and we're open about that on the website. That's why the best strategy is to ignore those values and focus on the asking price. And then to offer a few thousand less than the asking price. Some of those offers will get accepted.
The only problem with that is a few thousand less will not make it a deal. I saw many, many that needed $50k less and some even more just to make it a deal. Problem with it is the wholesaler over paid and would have to sell for less than the contract price to make it a deal. That was my experience.
Real Estate Investor · Houston, TX · Member since 2009 · 71 posts · 38 votes
13y
I see. I'm wondering if the housing crisis took away so much equity in LA that wholesalers are just contracting them for about what the sellers owe... but that still isn't good enough for many investors like yourself. But on the other hand, maybe some investors are ok with a smaller % of equity now in hopes that LA will rebound just as quickly as it fell.
Wholesaler · Downingtown, PA · Member since 2013 · 50 posts · 2 votes
13y
I am subscribed to MHD and l call motivated sellers from the site all the time. Yesterday, l got a phone call from a very upset seller who posted their house on there and now MHD has posted it to Oodle as a foreclosure property....how does this happen? Her home is NOT in forclosure, the whole post on Oodle via my house deals is a huge misrepresentation. This is such a huge concern for me, this lady called me for help as she could not get a hold of anyone at My House Deals to have the post removed. Anyone has a phone # (aside from the one posted on the site) that she can call to resolve this.
Doug Smith please PM me the contact information to get this resolved. Your name and web site are directly linked to this on OOdle