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Free House Formula Reviews (2023): Best Real Estate Investor Course? #5 Was An Eye Opener For Me!

By: Joel & Josiah

Free House Formula Review: Introduction

One of Cody Sperber’s most common misconceptions about real estate is that you need a lot of money to get started.

Money is necessary to earn money, I’m sure you’ve heard that a lot…

But according to the Clever Investor, there is no need to have a lot of a lot money or good credit to invest. His Free House Formula is all you need.

If this is the case, you could be the proud owner of a home in as little as thirty days, all without spending a single penny. What do you think?

A bit hard to believe?

I think so, too. But let’s give Cody a chance to explain himself. Here is my review of the Free House Formula.

Now, before we get into the details, I want to be totally up front, so…

This Free House Formula review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.
There are numerous real estate investment methods outlined in the course
The training videos are highly beneficial
A real estate license is not required
Over-the-top course advertising
Sales funnels are perplexing
Cody Sperber comes across as a bit too "salesy"


  • There are numerous real estate investment methods outlined in the course
  • The training videos are highly beneficial
  • A real estate license is not required


  • Over-the-top course advertising
  • Sales funnels are perplexing
  • Cody Sperber comes across as a bit too "salesy"

Why Listen To Us?

My name is Josiah, and this is my Dad, Joel.

Together, we make up the team here at Scamrisk.

If you’ll let me bother you for two minutes, I’d like to quickly explain why I’m even here writing this review.

In early 2020, I had just graduated from college & had no real career prospects.

I knew I was destined for something more, but I had no clue how I was going to make it happen.

I had this sinking feeling in my gut all the time… like the “big man upstairs” had accidentally given me the version of life where I’d be mediocre forever, instead of the one where I was, ya know – happy & fulfilled.


I had fiddled around with some different online businesses in college:

Some random MLMs, a bit of affiliate marketing, a (failed) dropshipping store or two, all the usual suspects.

Even my dad had been involved in MLMs back in the day… selling knives & other random nonsense people (probably) didn’t need.

All I really wanted was to find something that was going to actually work for me.

Maybe those things had worked for others, but for me it all turned up a fat “0” in the bank account department.

So I searched! And searched… and searched… and searched…

And eventually, I somehow stumbled upon a program that promised to help me build an income online (read about it here if you’re curious).

I didn’t really want to be “rich”.

The thought of making a reliable $5K per month & not having to worry about clocking in to a 9-to-5 ever again was all I needed.

Sure, there were people in the program doing high-6 and low-7 figures per year… but that wasn’t what I was out for.

I just wanted to provide freedom for myself, and if I was lucky, take my family along for the ride.

Fast forward a few days and a few phone calls & I was enrolled!

Here’s the first “money making website” I put up:

I built that site in 2020, and it still makes me $1,500 per month. It’s a basic 5 page website I built based on a template the program provides.

The best part to me? My dad and I get to do it all together!

So between the:

  1. Ease of reaching $5-$10K per month in income online
  2. Straightforward-ness of the system to do it
  3. Fact that I get to do it w/ my family

Is why I recommend local lead generation as my #1 business model for making money online.

Sure, it takes some work and dedication – but anyone that tells you that there’s a business out there that requires no work is selling you a lemon.

I’m not saying you need to sign up for the same program I did, but I would definitely recommend giving the business model a peek!


Free House Formula is a real estate investing program.

Like most real estate investing training courses, you’ll likely be exposed to the “Big 3” investing types:

  • Flipping
  • Wholesaling
  • Long-term buy-and-hold

Regardless of which path you go down, there is a lot of potential with real estate investing.

After all, it’s the world’s oldest wealth-builder.

However, before you leave this Free House Formula review and go sign up, you might want to ask yourself:

“Is now the right time for me to get into real estate investing?”

Because, no matter which way you slice it, real estate investing is extremely capital intensive, labor intensive, or both.

So if you’ve only got an hour or two a day, or your savings account is a few zeroes lighter than you’re comfortable with, this might not be the best time for you to jump into real estate investing.

But that doesn’t mean you’re out of luck. It just means you need a system to free up more time and give yourself a stronger financial cushion.

A good way to get yourself there is with Digital Leasing.

Digital Leasing takes all the best parts of real estate investing, while eliminating most of the headaches:

  • Low cashflow
  • Interest payments
  • Mortgages
  • High overhead
  • Expensive repairs and maintenance
  • Problematic tenants

And the best part?

Digital Leasing allows you to build a passive income stream that’s actually passive!

An income stream that brings in consistent revenues every single month (from a couple thousand dollars to well over $10,000).

An income stream you could actually build in your spare time, and grow as large or as small as you want to, without having to spend hours a day analyzing deals, cold-calling homeowners, or dealing with contractors.

If that sounds like something you’d be interested in, check out Digital Leasing.


This is the perfect first step to build recurring income that you can then use to start investing in real estate down the line.

However, if you’d still like to know more about Free House Formula, keep reading.

What is Free House Formula? A Real Estate Investing?

What is Free House Formula A Real Estate Investing

The Free House Formula is founded on a clear and simple principle. Profit is equal to the sum of the problem and the solution. Cody’s mentor Lyle taught him that homeowners everywhere had come to see their homeownership as a problem back in the day.

And occasionally, the best solution is to give you the house for free. It’s all about the terminology. Cody employs three strategies to structure win-win deals that are more appealing than cash offers.

He will equip you with the tools and the best training to find motivated sellers. He’ll even explain why homeowners should give you their house for free.

You’ll also gain access to the country’s leading dealer network. “I have thousands and thousands of real estate investors in my Pro Community who would love to do these types of deals with you,” Cody says. He was one of them.

Most real estate investors do not lack funds; instead, they lack creativity. And my Free House Formula provides you with the innovative solutions you require to close these deals.”

“As a result, you could earn your first free house in as little as thirty days.” Then you can get more free houses. And more free houses.

Then you can make immediate profits by quickly flipping the deals; you can make even more profits if you rehab and sell the houses; or you can do what I like to do: rent out the houses to generate monthly cash flow.

Who is Cody Sperber?

Who is Cody Sperber

Cody Sperber is originally from Mesa, Arizona. He attained a business degree from Arizona State University. He studied finance and real estate.

He began investing in real estate while still in college. After two years of graduation, he went full-time into property flipping. He had previously worked as a bookkeeper.

Cody Sperber attended a life-changing seminar by Jack Miller, a real estate expert from the 1980s.

Cody Sperber met Lyle at that event, and Lyle became Cody Sperber’s mentor. His mentor assisted him in redesigning the systems for Cody Sperber’s real estate investments.

Cody Sperber later founded Clever Investor to provide real estate training. He claims to be able to assist people in becoming real estate entrepreneurs. This is his primary business and source of income at the moment.

Is Free House Formula Legit?

The brief answer to the above question is yes. The Free House Formula is well-known – perhaps not to you until today – but if you had a bad experience with it, please share your story in the comments. However, there are a few other things you should be aware of.

Free House Formula: Scam Or Not?

Free House Formula Scam Or Not

So, is Free House Formula a scam? Not technically. You can make money with this program, but it’s definitely not as easy as Cody Sperber makes it sound.

There’s a ton of work to be done upfront, no real guarantee of success, and – most importantly – the actual profit margins on real estate investments are pretty small.

Now, there’s nothing wrong with front-loading the work and making the money later.

But if you’re grinding it out for 3 months – looking at deals, sending out offers, negotiating with the seller and lender to buy a rental property – and then your reward is like $100 a month in profits, it’s not really worth it.

What if, instead, you could do that same 3 months of work (in your spare time), and your reward was a $500 to $2,000 payment that came in every single month (with a 90-95% profit margin)?

And what if you actually didn’t need to wait 3 months? What if you could get started today and have your first payment in a week?

And what if you could double it next week?

Well, that’s the power of Digital Leasing.

And, unlike traditional real estate, you can legitimately do this from anywhere. It’s a true lifestyle business.

Your laptop and an internet connection is all you need.

Some of the most successful students in this program run their entire 6-figure businesses from:

  • A camper in the middle of the woods
  • A beach chair on the water in Mexico
  • A small villa in Greece


They’re able to travel around, living their lives first, and focusing on their income second.

Because even if they stop working for an extended period of time, the money keeps coming in.

So adventure, memories, and experience are the top priority.

And they never have to worry about how to pay for the next trip, or consider asking for time off.

If this sounds more like the type of life you want to lead, just click here to find out more about Digital Leasing.

Cody Sperber Review

Cody Sperber Review

Cody Sperber Bio, Background, and Net Worth

Cody Sperber is a big fish in the pond of real estate investing education.

He has flipped over a thousand deals and has a net worth of more than $200 million.

He has completed a wide range of real estate transactions, including wholesale transactions, short sales, multiunit transactions, subject-to deals, lease options, and his own proprietary investing strategy known as the “reverse short sale.”

Sperber’s friends and colleagues refer to him as “The Clever Investor,” He has a website with the same name. This moniker was inspired by his innovative strategies, ability to think outside the box, and seemingly magical ability to generate leads.

Here are his three strategies to be successful:

  • Only buy properties with a lot of equity;
  • Be realistic about your expected costs;
  • Seek advice from others who have flipped houses.

Sperber was raised in Arizona. He has always wanted to be a 9th-grade math teacher since he was a kid. He worked toward this goal until he discovered how much math teachers make each year. That effectively put an end to his teaching ambitions, and he instead enlisted in the United States Navy.

Cody’s time in the Navy taught him valuable lessons in leadership, personal integrity, loyalty, honor, and commitment. He was honorably released from the Navy, but not before receiving the Navy achievement medal for his team-building and leadership abilities.

After leaving the Navy, Sperber attended Arizona State University, majoring in finance and earning a bachelor’s degree.

Sperber saw a friend do some real estate deals while attending Arizona State, including flipping a house for over $80,000. He was astounded as he watched this unfold, especially when he saw his friend, who lacked any special skills or resources, pull off such a feat.

He reasoned that there was no reason he couldn’t do the same thing, so he began researching how to do real estate investing for himself.

He became very excited about the possibilities in real estate and decided to pursue it full-time as a career. After a year of doing this and not being as successful as he had hoped, he abandoned his dream and went to work as a bookkeeper.

His job as a bookkeeper was not particularly enjoyable. He kept getting pulled in the direction of real estate investing, convinced that there had to be a way to make it work.

Sperber eventually attended an event with other real estate investors. The training and the people who attended it inspired him.

He also found a mentor at the event. Lyle was the name of the mentor. Lyle spent several weeks assisting Sperber in reorganizing his real estate investing business and generating quality leads.

Sperber flipped over 50 houses over the next year. He progressed from there into wholesaling, which he eventually specialized in.

Sperber has had a lot of closing real estate deals and success stories. He continues to do 7 to 15 real estate transactions per month.

He has now channeled his efforts and passion into teaching others how to invest in real estate. He has created various resources, such as seminars, products, and his own mentoring system.

Meanwhile, he continues to be active in real estate investing, buying, selling, and renting properties nearly daily.

Product and Course Offering

Product and Course Offering

Sperber’s products are available at and, and other sites.

Sperber offers a wide range of products for the discerning investor. Some of these are free, while others require payment and sometimes you need to borrow as much money from your friends and family just to avail yourself of their products. Good Luck!

There are several resource tabs on

Under the Education tab, you will find articles on various aspects of real estate investing, such as investing in real estate, resources, strategies, and reviews of courses and current investor gurus.

There are also articles on innovative real estate investing techniques such as the real estate lease option, wraparound mortgages, subject to deals, and real estate notes.

You can also read articles about wholesale deals, no money down real estate, bird-dogging, buying-fixing-holding, rental contracts, paperwork, and buying-fixing-and-flipping here.

Another section of free content can be found under the blog tab, where there are numerous posts on various topics. These blog posts include articles on a variety of topics, including

The proper method for mailing to the tax delinquent property list,

How to keep time from slipping away? Should I get a permit when doing rehab?

As well as Buy and hold 101: the three stages of rental research.

The blog archives date back to June 2012, so there’s a lot of information under one tab.

Among Sperber’s charged products are:

The automated marketing machine, the direct mail deal maker (M5), and the reversed short sale system are all examples of fast-track profit systems.

These are all systems or courses that include a variety of supporting materials.

Sperber and his team created the Fast-Track Profit System and Deal Automator, a comprehensive educational course. It’s a six-step system that, according to Sperber, will put you on the fast track to financial success. It includes over 20 CDs and bonus audio training modules, contracts, and other real estate investing resources. The system focuses on establishing four profit centers, including wholesaling and purchasing property to rent.

The Automated Marketing Machine is intended to assist people with their online marketing, including technologically challenged ones. It covers everything from basic email and text messaging marketing strategies to direct-to-voicemail technology.

A turnkey system is what the Direct Mail Dealmaker is. It all comes down to generating leads on demand.

Sperber’s proprietary system is the Reverse Short Sale System. It allows investors to profit from failed short-sale transactions. According to the website’s blurb, reverse short sales are distinct. They require no money or credit, no bank negotiations, no need to find buyers, and almost no competition.

The Clever Investor mentoring program enlists Sperber and his advisers to mentor a select group of serious investors.

What is Clever Investor?

Cody Sperber founded Clever Investor in 2010. It claims to train thousands of students in real estate investment.

There are numerous courses available that teach various real estate investment strategies. I will concentrate on Cody Sperber’s 30 Day Deal Challenge in this review.

What is Clever Investor’s 30 Day Deal Challenge?

See the source image

The Clever Investor 30 Day Deal Challenge is a real estate investment crash course. You must follow the 30 days of action planner daily. Every day, you will be assigned a task to complete.

Cody Sperber will walk you through the flipping process in the course. The following are the five steps:

  1. Use social media to promote your flipping service.
  2. Purchase property using various methods such as direct mail, internet flyers, and YouTube.
  3. Contact banks and brokers to find funding.
  4. The Assignment Method or Double Close Method is used to sell the property.
  5. Perform an evaluation and then repeat the process.

When you sign up for the Clever Investor 30 Day Deal Challenge, you will receive the following:

  • 30 Days of Action Plan
  • Live Weekly W&A Calls

Three additional courses are available:

  • Quick Flips for Big Profits,
  • Negotiation and Influence,
  • and Direct Mail Deal Maker.

Clever Investor 30 Day Deal Challenge Pricing

It is a costly course. Enrollment costs $5,998. You must pay an additional $10k to $45k if you want additional mentoring from Cody Sperber.

Personally, I believe that the course is overpriced. Most of the information taught in the course can be found for free on the internet.

Suppose you’re really serious about real estate investing. In that case, there is a slew of books written by people who’ve already made it.

Also, because real estate investment is extremely risky, I do not recommend it unless you are incredibly wealthy. As an alternative, I’d like to make a suggestion that I’ll go into greater depth about later.

Is Cody Sperber a Scam?

Cody Sperber is not a con or a scam, in my opinion. At least, I don’t have enough evidence to say so. Cody Sperber’s course provides you with valuable real estate training. Cody Sperber knows his stuff.

However, if you don’t have a lot of money, Cody Sperber’s course might not be for you.

Purchasing his course is prohibitively expensive. Physical real estate investment also necessitates a significant amount of capital. For example, you may need money for buying property, market your business, and hire professionals such as lawyers.

Furthermore, while it may appear to be a good idea to invest money in real estate, the ROI (returns on investment) for property investing has decreased over time.

When a large portion of your money is locked up in a land with extremely low liquidity, it’s just as risky as stock trading. You’ll be in big trouble if you need an emergency fund.

Many people like to invest in real estate to generate passive income for retirement, but this is a bad idea because of the risk involved.

As a result, I do not endorse Cody Sperber’s Clever Investor but the Free House Formula might help you.

As an alternative, I’d like to recommend something else that allows me to earn a passive income of up to 4-5 figures a month.

Because of the Internet, the world has undergone massive change in recent years, creating many opportunities to make money online.

While the real estate market is volatile and can fluctuate in value, a digital asset can always provide consistent cash flow and be built in as little as 1-2 years.

Building a digital asset has a much lower risk. Compared to other investments, this one does not require a large initial outlay.

Free House Formula Review: Conclusion

Cody’s Free House Formula course simplifies everything so that anyone can do it. The fee is a one-time payment of $97. There is a ninety-day “success guarantee.”

My concerns are as follows: how many upsells will you be subjected to once you purchase?

Is this really suitable for beginners?

It appears complicated.

How much money will you need to spend on marketing and advertising to reach these motivated sellers?

And won’t this make it even more difficult to do deals in the already crowded REI space?

Are The Alternatives To Free House Formula

Yes, there are plenty of other business models to choose from if you want to pursue this making money online. Here are just a few:

What Is Our #1 Recommendation For Making Money Online In 2022?

Digital Real Estate

Our review team has spent months researching, reviewing, and vetting dozens of business models and thousands of programs.

While there may be no “perfect business”, the research IS conclusive:

Digital Leasing is the #1 online business model for those just starting out.

Whether you’ve never made a dollar online, or you’ve been in this space for a while but never really “made it,” Digital Leasing is for you.


1) It’s Flexible: got an hour a day? You can do this. Ready to drop everything else and dive in full time? You can do this. Yes, the more time you put in, the faster you see results. But even with a little time each day, you can move the needle in a Digital Leasing business.

And because this system is so flexible, you don’t have to constantly be working to make more money. It’s called PASSIVE INCOME because if you stop working, the money doesn’t.

Imagine taking 3 months off to just tour around Europe, rent a cabin in the woods to write a book, hike the Appalachian Trail, or live on the beach and surf all day.

This is only possible if you have an income stream that’s not tied to your time.

Flipping and wholesaling are full-time jobs (and more), no matter what any real estate guru tells you. You always have to be searching for deals, because if you stop, so does the money.


2) You Own & Control EVERYTHING: Yes, in traditional real estate you kind of “own” the properties. But there’s also a ton of debt tied to most real estate investments, which means the property isn’t truly yours.

A lender can take it away if you miss a payment. Not to mention, loan payments really impact your profit margins.

With Digital Leasing, you own the assets outright (with a 90-95% profit margin), which means you have all the power and all the control.


3) Little To No Startup Costs: It’s possible to get into Digital Leasing with zero dollars upfront. Because, using the strategies outlined in this program, you can get a client to pay you BEFORE spending a penny out of your own pocket…even before you do any work.

Even without getting paid in advance, you can have your first Digital Rental Property up, running, and generating profits for less than $100.


4) Minimal Ongoing Expenses: With traditional real estate, monthly expenses are HIGH. Between loan payments, ongoing maintenance, and repairs (not to mention the possibility of having to go through the eviction process), profit margins are slim.

Plus, whenever you have a vacancy, factor in the costs to turn over a unit (plus the fact there’s no money coming in until the next tenant moves in).

With Digital Leasing, a 100% online business with minimal maintenance and ongoing costs, you never even have to think about that risk.


5) Easy To Duplicate: Ok, here’s the best part: once you have your first Digital Rental Property up and running, you can literally DOUBLE your income with a few clicks, a couple keystrokes, and a single phone call (and you don’t actually need the phone call).

Remember: each Digital Rental Property is worth $500 to $2,000 a month in semi-passive income (over 95% profit). Every time you decide to create another one and increase your income, it gets easier.

Because you have more knowledge, more experience, more results, and more momentum.

If you wanted to double your income with traditional real estate investing, you’d have to double your monthly rent, double your deals/number of units OR double your profit margins. And, guaranteed that’s a lot harder than a few clicks and a few minutes of your life.


6) Make Money Helping Real People: This part is what makes it all worth it. With Digital Leasing, you’re actually helping people by solving your clients’ biggest problem:

Small, local businesses need more customers, and with Digital Leasing, you are unleashing a flood of happy, paying customers for these businesses.

You make money by helping them make money.

Not a big, faceless corporation either…a small business owner who’s using that money to put food on the table for their family, start a college fund for their kids, or take care of a sick parent.

Once you see how Digital Leasing makes a real impact in the lives of real people, you’ll sleep like a baby with a big smile on your face.


Now, the choice is yours. You could continue browsing, looking at opportunities like Free House Formula which could one day make you money.

You could continue researching, never making a decision.

OR, you could take a look inside, consider what you really want, and join a program that makes your dreams a reality. At the same time, joining a community of over 2,000 successful students that are living life on their own terms thanks to Digital Leasing.

A consistent, reliable, semi-passive stream of income that doesn’t depend on you or your time to keep producing profits.

All while genuinely helping real people who are grateful and happy to pay for it.

If this sounds more like what you want out of life (or if you just want some nice side income), click here to learn more about Digital Leasing.

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