Myhousedeals.com?
Has anyone heard of myhousedeals.com and if so what do you think of them?.
Of course, everyone is expected to do due diligence. I am just giving my opinion that the ARV's on this site are ridiculous and giving some ideas for how to improve them for the benefit of the site.
Even though you expect to do due diligence, if you continually find false information you begin not to trust the site.
I check out everything my Realtor tells me too, but after a while when I discover that it all checks out as bogus, I get myself a new Realtor.
Good suggestions, Eric.
It's been a long-standing problem that wholesalers inflate ARVs, so I've done a lot of thinking on ways to solve it. That's why we put a system in place for members like you to leave feedback on the ARVs. At the bottom of each listing, you'll see a discussion area that says, "Use this discussion to communicate with the seller or to make comments on the ARV, repairs, asking price, and more. Your comments will be visible to all members." This gives you a place to voice your opinion for all to see, so I hope that you're using it.
The problem that we've seen is that it's difficult to get most investors on our site to engage in ways that will help other investors who are pursuing the same deal(s). For example, if Sally sees a property that has a good ARV and great repair numbers, the last thing she's going to do is rate/comment those numbers to be accurate and say that it's a great deal. She'll stay quiet and call the seller directly in hopes of working out a deal to purchase the property. After all, she wouldn't want to encourage competition and possibly lose the deal. In addition, some investors would be motivated to mark the deals that they're interested in as having a bad ARV or repair numbers in an effort to scare off the competition. This is unfair to the wholesaler.
So at the end of the day, it goes back to using ARV and repair numbers as a starting point, not facts, and then doing your own due diligence. And like I mentioned, we do still have the comment area below each deal to voice your opinion.
One more thing ... I've never seen an automated system that's good at pulling comps and determining an accurate ARV. Zillow has put millions into this effort, but their figures are still off by 10% or more. And as a real estate investor, 10% is a big deal. I think pulling comps should involve looking at pictures, seller contributions, days on market, property conditions, and much more. Computer programs haven't figured out how to do that.
I did not see the comment section and that could help but I think you misunderstand a bit.
I neither recommended automated ARV's nor did I recommend having people say something was a great deal. Of course they wouldn't alert others to a great deal.
I recommended the opposite. Your users will do the comps for you and they should have a way to call out a poster for numbers that are misleading.
If the numbers are good, no one would comment or report on a listing.
Only if the numbers are misleading would a user "report" a post. If a property or poster were to accumulate enough reports or down votes on their deals it would look bad. So that would give them an incentive to post correct numbers.
If you place the incentives in the right spot, people will do the right thing.
Right now, there is no real disincentive to posting misleading comps on your site and no incentive to posting correct ones.
Hey Eric,
Good suggestion. That might work out. I would only know if I tested it. Maybe people could "report" ARVs that they think are off by more than 10%. And if there are enough "reports" compared to the # of times that property has been viewed, it could flag the property as possibly having an inflated ARV. As a first step, I may put that button next to the ARVs and see if people are are actually willing to click on it. As a next step, I could figure out how many reports are needed to flag a deal.
Thanks again for your input.
Doug
Can you market your own properties on the investor websites you offer with the premium package
Hey Stephen! The investor website is only for collecting leads, not for marketing your own properties. It's the same site that I've used to collect over 20,000 motivated seller leads over the last five years. Please let me know if you have any other questions. Thanks!
Doug are you going to offer a sneak peak at the premium membership again this year? I want to try it if you do.
We do that every six months or so. We just did that, so it'll be a while til we do it again. You may want to upgrade to a monthly membership next time we run a special and then cancel if you don't like it for some reason.
@Doug Smith Hello Doug,
I love Myhousedeals! Althought I have not yet complete a deal found from the website, I'm sure I will soon. I've only been learning real estate since June and co-wholesaled my first property in Phoenix AZ.
Where do the majority of these deals come from? Wholesalers?
Doug, Pretty new investor in the NY area, specifically Long Island, Nassau and Suffolk counties. How are you set up there??
Paul, we occasionally get properties in those areas. Just go to our home page, click into NYC/Tri-State, and in the search box, adjust the Location Filter to search by City, County or Zip Code. Hope that helps!
Originally posted by @Doug Smith:
Hey there!
This is Doug Smith. I'm the founder/president of MyHouseDeals. Welcome to Bigger Pockets! I think you'll find that Joshua has put together an incredible website for networking and sharing info amongst real estate investors.
I see from your recent postings that you're a new investor. I wrote a couple of articles that may help you out ...
[LINKS REMOVED]
You can look through my blog to find many more that'll help you on your path to financial freedom.
I see that in this posting, you're asking about my website. Of course I think it's the greatest thing ever, but that doesn't carry much weight since I am, after all, its founder. So I won't get into all that.
What I will tell you is that we offer free access to the wholesale deals and motivated seller leads in your area. There are plenty in DC and a surprising number more in Baltimore. I assume you'd be more interested in DC since it's closer to where you live.
Also, we give away a guide to hard money lenders in the DC area when you sign up for a Premium account, but I'll hook you up with it for free if you'll PM me. Always happy to give new investors a leg up.
There are some current and previous MyHouseDeals members on this site. Maybe some of them will comment.
Hope that helps, and best of luck!
Doug
Hey Doug, I got charged before I even agreed to package and got no confirmation and no access to what I paid too much money for. I hope your company isn't a complete scam and gets in touch with customers quickly. Very disappointed so far with lack of serice.
Hi Victoria. Our records show that you have a free account and haven't been charged. Are you seeing a charge on your credit card statement? If so, I'm happy to look into this further.
Thanks,
Doug
Originally posted by @Eric M.:
I had heard alot of good things about this site and as a matter of fact, just joined Premium member today.
Spent an hour going through all the listings within 5 miles of my home and my first impression is that the Estimated ARV's are a complete joke.
I know this has nothing to do with the site and the sellers/wholesalers put up the ARV. But they are comical. At best they are cherry picked, more commonly they are too far away or too long ago or simply unrelated property (comping a 1921 bungalow with a 2003 condo). A couple of the comps were just totally invented. (verified by public records)I guess they assume no one really checks, I don't know.
I found no deal even remotely worth looking at so far, but I'll keep checking.
Hello Eric,
I know this post is nearly 5 years old but, I'm wondering if you're still a member and if you ever found any deals on the site?
Thank you,
Maxine
Hey @Doug Smith,
I am a newbie investor for wholesaling. I read this really old post and looked at your website, It is amazing. I am in the Phoenix area, any chance you are set up out here? I hope you make it here soon, this site is great!
Brian Pierce
Doug can you give me premium access for a few days?
After awhile I decided to check if there's been any dialogue on the subject matter and ran across this old post. I'm in the northern suburbs (Lake County) of Chicago. I use the free membership and I'm thinking of upgrading to premium, but I'm trying to see more results for my immediate area. Lake county has many towns and I'm yet to find any deals on this site.
I signed up for a free account, and this site is straight click bait. You can't do pretty much anything without paying residual monthly fee with constant emails about mentoring , upgrade, blah blah. They have an in with Clever Investor too, whom I spoke with on the phone once, and was equally (more) unimpressed. MYD smells of passive income grab. Good on the owner, I guess, for his hustle. But this is the type of nonstop upselling garbage that I find difficult to engage with.