Free House Formula Review (2023): Is Cody Sperber The Best Real Estate Guru?

Updated On: November 21, 2023

Welcome to my Free House Formula review. My goal is to answer common questions like: how much it costs, if it's a scam, and if you can actually make money with it. The end goal is to help you understand if it's a good fit for you personally, and if there are any better alternatives out there.
Free House Formula Review

This Free House Formula review has been throughly researched with information and testimonials that are available online to anyone in the public. Any conclusions drawn by myself are opinions.

Table of Contents

Program At A Glance

What I liked
There are numerous real estate investment methods outlined in the course
The training videos are highly beneficial
A real estate license isn't required
What I Didn’t Like
Over-the-top course advertising
Sales funnels are puzzling
Cody Sperber comes across as a bit too "salesy"

According to Cody Sperber, a typical myth about real estate is that you need a lot of money to begin starting.

Surely, you’ve heard that “you need money to make money” a million times before…

But according to him, there’s no need to have a lot of 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’s my review of the Free House Formula.

Now, before I get into the details, I want to be totally upfront here, so…

Free House Formula is a course that teaches you about real estate investing.

If you’ve read my other articles on real estate investing, you’ll know there are 3 primary ways to invest:

Wholesaling, buy-and-hold, and flipping.

While they each have their pros and cons, there is a ton of potential for success in investing in real estate.

Real estate has created some of the largest fortunes in world history.

That being said, you should take some time to seriously think about something:

Is now the best time for YOU to get into real estate investing?

Because despite the potential upside, investing in properties or land takes a lot of capital and is very labor-intensive.

That means if you:

  1. Have less than 3 hours per day, OR
  2. Aren’t sitting on $20K+ in disposable income

This may not be the best time for you to start investing in physical real estate.

Don’t get me wrong, real estate investing can be an amazing way to protect your assets while generating cash – but there’s a time and a place for it.

But there’s good news!

All you need is a system to generate the cash (& free time) you need to be ready for real estate investing.

My preferred method of getting there is by becoming a Digital Landlord

It takes the benefits of real estate investing but removes many of the barriers (& annoyances), like::

  • Small cash flow on properties
  • Having to take out debt
  • Dealing with repairs and upkeep
  • Dealing with tenants

The cool part is that the income is mostly recurring (AKA semi-passive).

You could make anywhere from $2,000-$10,000+ per month doing it.

You can build it as big (or small) as you feel like, without the annoyances I listed above.

If that sounds interesting, you might want to think about using the Digital Rental Method.

Then, you can take the profits and start investing in physical real estate a year or two from now.

If you wanna see what Free House Formula looks like on the inside, keep reading.

What Is Free House Formula? A Real Estate Investing?

Learn More About Free House Formula

A clear principle underpins the Free House Formula. Profit is the result of adding up the costs of the challenge and the benefits of the solution. Lyle, one of Cody’s mentors, told him that, back in the day, homeowners all around the country began to perceive homeownership as a problem.

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.

Most real estate investors don’t 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 just like a real estate investor 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?

Cody Sperber Creator Of Free House Formula

Mesa, Arizona, is where Cody Sperber grew up. He graduated from Arizona State University with a degree in business administration. He has a background in 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?

Is It Legit

In a nutshell, the short answer to this question is yes. If you’ve had a poor experience with the Free House Formula, please tell me about it in the comments section below. However, there are a few more factors to keep in mind.

Cody Sperber Review

Cody Sperber Bio, Background, And Net Worth

Cody Sperber Net Worth Is 200 Million

Cody has made more than $200 million by completing over a thousand deals.

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,, and other sites sell Sperber’s wares, as do other sources.

If you’re an astute investor, Sperber has many items. Some of these services are offered for free, while others charge a fee, and you may be forced to borrow money from relatives and friends to take advantage of their offerings. I wish you the best of 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 wholesaling, resources, strategies, and reviews of courses and current investor gurus.

There are also articles on creative 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?
  • 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 turn-key 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.

Clever Investor Review: What Is Clever Investor?

Clever Investor Created By Cody Sperber In 2010

Cody Sperber started Clever Investor in 2010. There is a claim that it will educate thousands of people in the art of real estate investing.

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

Clever Investor Review: What Is Clever Investor’s 30 Day Deal Challenge?

30 Day Deal Challenge

The 30-Day Deal Challenge by Clever Investor is a real estate investing crash course for beginners. The 30-day activity plan must be followed each day religiously. A new assignment will be given to you each day, and you’ll have to fulfill it.

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
  • Direct Mail Deal Maker.

Clever Investor Review: Clever Investor 30 Day Deal Challenge Pricing

It Is Worth It

This is a pricey program. The tuition is $5,998. If you want Cody Sperber to mentor you, you’ll have to spend $10k to $45k.

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 don’t 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.

Free House Formula Conclusion

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

Other Business Models To Choose From

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:

Is Free House Formula A Scam?

Is It A Scam
Scam Alert written on multiple road sign

So, time for the $1,000,000 question – is Free House Formula a scam?

No, not technically. You can 100% make money with this program, though it’s not nearly as simple as they make it seem.

As with most businesses, there is A LOT of work to be done upfront & no guarantee of you being successful.

Not to mention the profit margins are typically pretty small.

Don’t get me wrong; I’m a big proponent of front-loading work now so that you can reap the rewards later.

But if I’m gonna do that, I want the rewards to be HIGH and virtually guaranteed.

I’d rather put in that same 3 months of work (in my spare time) & build a handful of Digital Rental Properties that each produce $500-$2,000 checks every single month afterward (AKA recurring income).

And the cool part is that you can do it in a lot less time than 3-months (I personally did it in my first 2 weeks of using the Digital Rental Method).

Unlike physical real estate, you can do it from anywhere in the world, so it’s a genuine “laptop-lifestyle” business.

All you need is an internet connection.

Some of my friends are Digital Rental Method that run their 6-figure businesses from:

Read Our In Depth Breakdown Of The Top 5 Real EstateOpp Courses For 2024

Did Free House Formula Make The List?

  • Camping trips at national parks
  • Beachfront in Hawaii
  • On the road in a camper van (with a pet pig!)

They focus on living an enjoyable life first, and focus on income second. All thanks to this program

They can take weeks or months off, and money keeps rolling in.

Living happily is the top priority.

If the thought of living perpetually at your dream vacation spot interests you, using the Digital Rental Method might be for you!

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

Make Money Online With Digital Landlord

I’ve personally tried all of the major online business models:

  • I’ve sold fidget spinners through Amazon FBA
  • I’ve drop-shipped a toilet bowl putting green on Shopify
  • I’ve sold women’s health supplements via Clickbank affiliate marketing

And I made money with all of them, so trust me when I say: there is no “perfect” business model.

It’s worth noting that I FULLY endorse real estate investing as a way to grow wealth, and that’s why I invest my own money in commercial and residential real estate.

That being said, my #1 recommendation for making real money online as a beginner is, hands-down: being a Digital Landlord.

Whether you’re a complete newbie or you’ve been around the block before but have never had that “big win” to propel you forward, using the Digital Rental Method is for you.


Time: If you’ve got a spare hour or two each day, you can do this. If you want to drop everything and go all-in, you can do this. More time obviously means faster results, but even putting in a few hours per day is enough to see real success.

And because of that flexibility, you don’t need to trade your time for money. Once the income starts, it’s recurring.

That means you can take a month off, travel the country, pursue a passion project, chill on the beach, or charter a boat across the world.

But you can only do that once you’ve created an income stream that doesn’t require YOU to be there all day, every day.

Real estate investing is a FULL-TIME JOB. If you stop finding deals, your money dries up.

Ownership & Control: Unless you’re buying your properties in cash, you don’t technically own the properties – the lender does.

If you miss a single payment, the property can be taken from you.

Why pour your soul into a business that could be taken away from you at the drop of a dime?

With the Digital Rental Method, you literally own all of the assets, which means you have ultimate control.

Ongoing costs: With real estate, profit margins are actually pretty slim. Real wealth is made by owning the assets and owning A LOT of them.

using the Digital Rental Method, your profit margin is nearly 100%. Watch here to learn how.

Just a reminder: these Digital Rental Properties are worth (at a minimum) $500/mo in semi-passive income. And each time you create another one, your income increases, and the effort put into creating the next property decreases.

Best-case scenario, you have properties bringing in over $3,000+/mo on auto-pilot.

It’s Effectively Copy-Paste: Here’s my favorite part: once you have your first Digital Rental Property up, you can literally copy-paste another version of it and find another willing “renter” in a few days. DOUBLING your income doesn’t get much easier than that…

If you wanted to double your income with real estate investing, you would need twice as many properties or double your profit margins on each property. And I can guarantee you that’s a lot harder than a few clicks & a phone call.

Make Money Helping Real People: With the Digital Rental Method, you’re helping solve REAL problems that people are ASKING for help with:

Small local businesses around the world need one thing: customers. Without them, their business would fall apart. If you can provide those customers, they’re going to be really happy – and they’re going to pay you for it.

You’re helping a struggling mother or father put food on the table for their families, put their kids through college, or simply live life a little bit more comfortably.

Having this type of impact on the world is what will help you sleep soundly at night.

So, the rest is up to you. You could keep looking at other opportunities Free House Formula, which might make you money.

You could keep researching and researching for the next few months (or few years), never making a concrete decision.

OR, you can look deep inside, think about those dreams, hopes, & desires, and make the decision to ACTUALLY make it happen, just like it has for thousands of other students before you.

Making a fortune while actually helping real people that need it.

If this sounds like you, click here to see how it all works.



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