Like other real estate apps, MyHouseDeals offers an array of different services that could help investors find a good deal.
This particular app focuses on helping real estate investors find cheap or off-market properties for sale for their next investment project. With its catalog of affordable properties and other features, many people have been considering MyHouseDeals to help them start or aid in their real estate investment journey. Today we’ll find out if it really is worth all the hype. Keep reading to find out if MyHouseDeals is the real estate app for you.
What Is MyHouseDeals?
MyHouseDeals is a real estate app that provides relatively cheap and affordable listings for potential investors. While it does have multiple features available, the app is mostly a property listing site. To offer the cheapest deals, they focus on presenting properties with less traction on other sites or listings. While this will often mean that you will need to do some repairs, this may be a good idea for beginner investors with a lower investment budget. Its coverage spans all 50 states, meaning you can use the app no matter where you are based within the United States.
MyHouseDeals has five main features:
1. Cheap Listings
From its initial website page, the app advertises its listings for fix and flip properties from the get-go. With its wide coverage of the entire country, you can easily narrow down your search by inputting the specific city you want to invest in. Whether it be the listings of MyHouseDeals Atlanta or MyHouseDeals New York, there is sure to be a property in your area. The app also boasts of having properties worth 20% to 50% less than the average market value.
Related: Buying Cheap Houses—10 Best Tips to Find Deals
2. Wholesale Deals and Cash Buyers
To further filter through the listings on the app, you can also choose which types of properties will be shown to you during your search. This includes wholesale deals. While not the most common real estate investment strategy, wholesale real estate deals have been gaining traction throughout the years.
Essentially, wholesale real estate deals consist of three parties: the seller, the buyer, and the wholesaler. Wholesalers will find distressed properties for sale and negotiate with the owner to sell at a lower price. Once the seller agrees, the wholesaler will find a cash buyer. The cash buyer is often willing to pay slightly higher than the seller’s asking price since it’s still under market value. The difference between the asking price and what the cash buyer pays for is how wholesale investors make a profit.
With MyHouseDeals, the app makes it not only easier to find a property but also a cash buyer. Offering a list of MyHouseDeals cash buyers in conjunction with wholesale properties, the entire deal could potentially be made on the app itself.
Related: How to Find Wholesale Properties in Any Real Estate Market
3. Funding Pages
It’s no secret that real estate investments can be quite pricey. That’s why this particular app has included features that can help investors get funding and match with private lenders.
The app grants users access to a ‘fund my deal’ page. On this page, you will fill out an application with your investment specification and budget. Once you’ve submitted this, lenders can match with you and contact you directly to make an offer. Additionally, the app also has a private lenders page wherein you can contact lenders with low rates directly.
4. Vendor Marketplace
Most if not all of the app listings are fix and flip projects. That is why they also offer a vendor marketplace. This marketplace is composed of a list of different services a fix-and-flip investor may need. No matter what state the investment property is in, you can find a list of contractors, repair companies, painters, and more on the vendor marketplace.
However, MyHouseDeals does give a disclaimer that these contacts have not been verified or vetted by the company. While the vendor marketplace can make your renovations a bit easier, you will still need to do a background check on each company to ensure the quality of their work.
Related: Flipping Houses for Beginners—What You Need to Know Before Starting
5. Comp Reports
With the number of listings available on real estate apps, it’s quite difficult to choose which property to invest in. This is especially true when some of them are so similar. That’s why some real estate apps like MyHouseDeals include comp reports. With comp reports or real estate comps, you are able to see different data points of how similar properties perform in the market. After seeing how each property compares side-by-side, investors should be able to make a better and more informed decision before closing any deal.
To find wholesale and undervalued properties for sale, MyHouseDeals works with local investors and other sources outside of the MLS database. By working with local investors, they are able to provide their wholesale feature as well as present lower traction properties. Due to the minimal traction, these properties will have less competition and can have more room for negotiation.
However, with the lack of a centralized data source, MyHouseDeals scams can be a concern for some users. To ensure the legitimacy of the deal you may want to do some extra research before closing a deal on the platform. For accurate and reliable data on real estate from the MLS and Airbnb database, sign up for Mashvisor’s 7-day free trial today:
Is MyHouseDeals Legit?
A concern of many investors when it comes to real estate apps is if these can truly help them make a good investment. The MyHouseDeals app is no different. Based on the MyHouseDeals reviews, many people have been questioning the legitimacy of the information and listings found within the app. With its promise of providing cheap homes at major discounts, it’s not surprising that it raises a few eyebrows in the real estate market.
In terms of legitimacy, the reviews online have vouched that the deals found on MyHouseDeals are real. However, there are still several people who have concerning MyHouseDeals complaints. Due to the lack of a centralized data source, users have complained about outdated listings that falsely indicate a property as available. Though the property was truly for sale, its sale status is often mislabeled on the app, according to reviews. Due to this, the app actually maintains a 1.8-star rating on SiteJabber.
Should You Use MyHouseDeals?
MyHouseDeals definitely has its merits and could help new or budget-constrained investors within the real estate market. With its cheap listings and funding features, it has the potential to provide great deals and loans to users. However, the reviews regarding outdated listings and the lack of a centralized data source can be quite concerning. Before any savvy real estate investor can rely on this app, MyHouseDeals will definitely need to refine and update some features.
With the cheap listings on the app, the deals they offer are sure to be swept up quickly by other users. However, by having a delayed listing update, many people are inquiring about properties that they can no longer buy. Due to this, app users need to factor in luck more than data. If users are lucky enough to find a property that is still available, then the app would have served its purpose. However, if they find a previously sold property, chances are they will not find the app as useful as it could be.
Additionally, the app’s vendor marketplace is surely unique and useful in theory. However, its lack of verification takes away from the supposed convenience it’s trying to offer. Without the verification, you will still have to run a background check on their work.
Choosing the Right Real Estate App for You
While MyHouseDeals could provide new investors with some insight and affordable deals, its inaccuracies and lack of reliable data can be quite an issue. If you are looking for an app with reliable, up-to-date, and accurate data to base your investment decisions on, Mashvisor is the app for you.
As a company that focuses on big data and data analysis, investors can make data-backed decisions. This will help ensure that they invest in the most lucrative deals across the country. From listings to real estate comps, Mashvisor is a one-stop-shop for all the things an investor needs for their first or next purchase. Here are just some of the key features Mashvisor offers investors and users:
1. Property Finder
While Mashvisor does not focus on cheap fix-and-flip homes specifically, it will be quite easy to find affordable properties through the Property Finder. When filtering your search by city, Mashvisor’s Property Finder can help you find properties offering deals with a great return on investment. With this, you can find places based on your budget and see how they might perform within the area.
Whether you are looking for an apartment or duplex for sale, Mashvisor is sure to have multiple options available in just a few minutes. All listings and information are taken from the MLS database and Airbnb itself to give you the most accurate listings and price estimates.
2. Rental Property Calculator
Another feature that Mashvisor offers to investors is the rental property calculator. While MyHouseDeals offers help when purchasing the property, it no longer offers much assistance when it’s time to rent out your property. With Mashvisor’s rental property calculator, investors can easily see how much they would need to rent out their investment property. This will ensure that they not only recuperate their initial investment but also generate profit.
Mashvisor’s rental property calculator takes into account things like your initial investment costs, repair costs, monthly mortgage payments, taxes, HOA dues, and more. Noting these things, Mashvisor will give you an estimate of how much you would need to charge in rent to cover these expenses and still have extra income from the property.
3. Real Estate Comps
Similar to MyHouseDeals, Mashvisor offers in-depth real estate comps and investment property analysis. Based on the MLS database, Airbnb statistics, and other reliable sources, Mashvisor’s real estate comps can help you compare similar properties within the area to decide which one is the most lucrative deal for you.
The real estate comps will include things like price, cap rate, days on the market, and potential income as compared to other properties. However, Mashvisor’s real estate comps take it a step further by showing you how these properties compare to each other as traditional rentals and as short-term rentals like Airbnb. With this, you are not only able to see which property is more lucrative but also which real estate strategy would suit that property best.
When compared to MyHouseDeals, Mashvisor provides more reliable information from its data source and additional features that can be used throughout the entire investment process. For any novice or seasoned investor, Mashvisor is the clear choice for a reliable and accurate investment tool. Overall, while MyHouseDeals and Mashvisor have some similarities, Mashvisor is arguably the better option.
The Bottom Line
MyHouseDeals real estate app has the potential to help real estate investors. In particular, new investors with a limited budget will definitely benefit from the budget-friendly listings and lender features found on the app. However, with the complaints about the outdated status of listings and the unverified features it has, it causes more issues to your investment than it’s worth.
On the other hand, Mashvisor offers reliable and accurate information based on real estate data sources from around the country. Its features can help investors not only during the initial purchase process but also during the rental phase of each property. From finding a property and comparing it to other listings to computing how much the rental price should be, Mashvisor can help any investor find the best deals. Overall, Mashvisor is a great tool that can help you find cheap and affordable listings while still ensuring a great return on investment.
Sign up and start your investment journey with Mashvisor today!