Real Estate Investing Frequently Asked Questions
- How are the properties on this website different from those on other sites?
- How do I profit from the deals on this website?
- Can I buy the properties on this website even if I have bad credit or no money?
- Do I need a real estate license to buy and sell these properties?
- Why would an investor wholesale a property when they could fix it up and sell it themselves?
- Are the wholesalers truthful about the cost of repairs and the after-repaired value (ARV)?
- Are there enough properties listed on the website for all members?
- Are the success stories real?
- How do I refer a friend to MyHouseDeals?
- What's the catch? Why are you giving me a FREE Account?
- Why do you charge for a PREMIUM membership?
- Will I be locked into something that I can't get out of?
- How do I cancel the PREMIUM service?
Q: How are the properties on this website different from those on other sites?
The wholesale deals on this site come from other local investors. Typically, these properties cannot be found on other websites, the MLS, newspapers, or foreclosure lists. Seeing that these properties get less exposure, there is less competition for you. This allows you to buy them at a greater discount. In addition, a wholesale deal must have room for at least a $15,000 profit for it to be listed here.
The motivated seller leads on this site typically cannot be found on other websites, the MLS, newspapers, or foreclosure lists either. They are "under the radar," so to speak. These are pre-foreclosure deals that you can fix and flip, fix and rent, short sale, or wholesale for large profits. These sellers need to sell fast and are typically willing to accept a low offer.
Investor-ready foreclosures are not your typical foreclosures. These properties weren’t purchased at a foreclosure auction, and are now bank-owned, similar to REOs.
MyHouseDeals helps you avoid the auctions and competition by compiling a list of all these properties and filtering out the ones that do not have room for profit, so you only see the good deals that are for sale at a significant discount. That’s what makes them investor-ready.
Q: How do I profit from the deals on this website?
Step 1: When you see a property that you like, call the seller to ask questions about the property and to schedule a time to view it. The seller's phone number is listed next to each property.
Step 2: You negotiate directly with the seller and close to buy the property. You don't have to go through us. We are not middlemen. Our job is to round up information on these bargain-priced properties and deliver them right to your computer screen.
Step 3: You fix and re-sell, fix and rent, wholesale, or short sale the property. You keep all of your profits. We do not get a percentage or other fee when you buy or sell.
Q: Can I buy the properties on this website even if I have bad credit or no money?
You have several options:
- No Money Needed: If you primarily pursue motivated seller leads and your plan is to wholesale those properties, then you don't need cash or financing. Information on how to do this is contained in the wealth-building course on wholesaling that comes with a Premium membership. This is how many investors get started in the business.
- Private Money: Borrow money from a private lender. Each private lender is different, but many do not require good credit or a down payment. Some even allow you to walk away from closing with cash and/or defer all interest payments until you sell the property. You'll find a list of private lenders in our Resources section.
- Hard Money: Borrow money from a hard money lender. Premium members have access to our Hard Money Lender Guide. These lenders are less concerned about your credit or income. They're much more interested in whether you're buying at a discount. Hard money often has higher rates and fees than private money.
- Someone Else's Cash: Bring a partner into the deal. They receive a portion of the profits for providing the funding. You receive a portion for doing the legwork.
- Take Over Payments: Take over the existing mortgage "Subject To" the existing financing. This technique is much more likely to be effective for motivated seller leads as opposed to wholesale deals.
Q: Do I need a real estate license to buy and sell these properties?
If you're buying and reselling or leasing properties for yourself or your company, you do not need a license. You only need a license when you're representing a buyer or seller in a transaction, which is what real estate agents do, not investors.
Q: Why would an investor wholesale a property when they could fix it up and sell it themselves?
Investors who post discounted properties for sale on this website want to focus on what they do best: finding properties at huge discounts.
They save time and energy by selling to you AS IS quickly and easily and then moving on to the next deal. Some wholesalers have gotten so good at wholesaling that they prefer it over rehabbing (fixing and reselling). Many investors rehab some properties and wholesale others.
Q: Are the wholesalers truthful about the cost of repairs and the after-repaired value (ARV)?
This listing of bargain-priced properties is not perfect, mainly because some wholesalers aren't truthful about repair costs and ARVs. Wholesalers naturally want to make their properties seem appealing. Some of them do this by underestimating the cost of repairs and by overestimating the ARV.
You should do your own due diligence by pulling your own comps and doing your own estimate of repairs as opposed to accepting the seller's numbers. The best strategy is to ignore their repair and ARV estimates and make offers based on your numbers. Many wholesalers will accept an offer price up to $10,000 below their asking price. So be sure to make an offer!
Q: Are there enough properties listed on the website for all members?
The reality is that there are more properties flowing through this site than our members can handle. We recently spoke with an investor who has bought 35 properties from this site over a three-year period. We did some calculations and discovered that his purchases amount to just .016% of all properties that have been posted. With these many properties flowing through the site, there are enough deals posted for everyone.
Q: Are the success stories real?
This is actually THE most common question that investors ask when they visit this website. And we don't blame them for asking! We would wonder, too. So to answer your question...Yes, the success stories are real, and we would never post fake ones because that would be:
- Unethical. That's enough reason for us.
- Harmful to the very reputation that we've worked hard to build and strive to maintain.
- A crime. Helping investors buy and sell houses is a lot more fun than breaking the law and suffering the consequences!
Investors who take action are making great money from this website. That's why people like you sign up, and that's why people like you stay.
Q: What's the catch? Why are you giving me a FREE account?
The free account is designed to give you a feel for the website. You can use it to pursue and purchase properties, but it does have limitations. If you are satisfied with our website, we encourage you to upgrade to our paid Premium account, which removes restrictions and gives you a number of valuable features and benefits.
Q: Why do you charge for a PREMIUM membership?
Providing an accurate and constantly-updated list of bargain-priced properties is expensive. Some of those expenses are employees, web servers, office space, and marketing costs. Like any business, we must recover these costs and strive to make a profit by limiting our best services to paying Premium members.
Q: Will I be locked into something that I can't get out of?
If you upgrade to Premium, you get to select the billing package that best suits your needs. Canceling is easy, and you can do it at any time. If you decide not to cancel your account, your subscription will be renewed monthly after your initial billing term.
Q: How do I cancel the PREMIUM service?
It's easy. Click on the contact us link (it's on every page of the website!) to send us an email with your request. Your account manager will process your request within 24 hours. If you prefer other contact methods, you can call us at 1-800-973-1180, fax us at 713-942-0704, or mail your cancellation request to MyHouseDeals.com, 1302 Waugh Drive #762, Houston, TX 77019.
If you request to cancel your account, we will do so immediately for several reasons:
- It's unethical to bill someone without their authorization.
- Unauthorized billing would damage our reputation and hurt referrals dramatically. We rely on referrals.
- We would lose our merchant account which allows us to charge credit cards. So it would put us out of business.
- It's illegal not to! We're not interested in fines or jail time, just providing a high-quality list of bargain-priced properties that you can profit from.
Q: How do I refer a friend to MyHouseDeals?
Do you love deals as much as we do? If so, we want you to help us expand this investor community by referring your friends—you'll earn a discount on your membership for doing so.
- Click the button that says "Refer a Friend."
- You'll be taken to a page that will allow you to refer MyHouseDeals to your network.