Updated over 3 years ago on . Most recent reply
New Western
Hello everyone I'm new to Bp and I was wondering if anyone has ever used New Western?They help investors buy homes. Homes that once rehabbed will make both the investor and New Western money. Any thoughts?
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#4 Off Topic Contributor
- Investor
- Round Rock, TX
This company sponsored one of Elizabeth Q's Dealblender meetups recently. I had a call with one of the guys that was present and he proceeded to "interview me" to decide if I qualified to receive a look at their deals. I told the person I spoke with that we're very busy and didn't wish to be one more name on a giant list of newbies that would overpay for deals. They also didn't seem to know how to source deal flow for developers and thus I passed on the opportunity.
In general most of the people like this sponsor meetings with newer folks because they generally don't know what they're doing and tend to overpay for assets. Net Worth Realty has a very similar business model in Austin. It's fine for some people I guess if you're not able to generate deal flow of your own or are fine with smaller margins.
In general trying to source fix and flip deals in Austin right now is a poor business model IMO. I'm sure there are projects to be found, but developing stuff from the ground up is a much better margin model, but it presumably does take more time and experience to execute on.