Was wondering if anyone had any positive or negative experiences with wholesaler Networth Realty? I'm considering purchasing a property from them and I'm looking for third party references.
@Gary Montgomery I'm not sure about Tampa but in Houston they appeal more to buyers looking at +90% of ARV or new investors that don't know what a real deal looks like.
This has just been my experience but after speaking with other investors it seems to be a common theme. New Western Acquisitions is in the same boat.
Best of luck!
I work for Networth Realty and unfortunately I can't speak for all offices regarding how numbers pan out. I know that the market is different everywhere so margins here may be better then in Texas or vice versus. So @Cameron Tope may be absolutely correct with where the market is in Texas. One thing about us is that we pride ourselves as a company in educating our investors in knowing how to achieve their real estate investment goals. What may seem like a deal to one person may not be for another depending on position in life, experience, access to capital, etc... so just take the time to do your own research and run your own numbers and we are more than happy to assist so that you land in a project that's suitable for you because that is our main objective. Good luck Gary!
@Gary Montgomery, Hello from Tampa. I joined BP to see what all the other guys were doing. I am not a numbers guy or a big Investor. I had 8 Rentals in S. Tampa for 30 years and have three left to Sell. If you do a Google Search for "Networth Realty Tampa Florida Complaints", you will find the BBB has no opinion and the Reviews are all about hard working guys at Networth who sound like Multilevel Sales people, developing their down list of repeat customers for wholesale properties to fix up. Sales are where the Money is at and Repetative Sales are the best kind. So, being a Wholeseller is really hoping for this stream of Repetative Rehabbers, like you, who want Discounted Properties to Flip. Got it! One said that he also was buying properties on his own for 50% or Retail Value...That means he flips them to you for 75% or more and you have to fix them up to squeeze out how much profit after taking on all that Risk and doing all that work? My idea has always been to do the comparison in the neighborhood that I find a For Sale By Owner, Deal for Land Value. What does the dirt cost? Then, it has always been about $100 a square foot to build NEW in Tampa, Block Construction. I have a half acre for sale almost on the corner of Dale Mabry Hwy and Interbay Blvd. I ran numbers with the Developer at List, John Lum, who built about 20 Town Homes just before you get into Old Port Tampa and he said that I would get quotes to build two story Town Homes on my four lots starting at $120 per sq. foot. But, that could be negotiated down to $80 per square foot. So, my house For Sale ten blocks away near Manhattan has dirt value of around $90K as a Residential lot. It is a 1072 sq. foot, 3/1.5 block house with carport, front porch and back screened deck that I have been repairing for four months, to look like new. How much is it worth, Retail? Do the comparatives South from Gandy Blvd. to Interbay and East from West Shore to Manhattan, even on the hated Zillow.com and you will see that Tear Down Houses are selling for $120K with 3/1 and 3/2 houses in good or fixed up shape from $150K to $220K. I am asking $160K and have a Buyer if only they could get the down payment for a cheap loan. My KW Agent wants to convince me to drop the price to $145K and pay him a commission, so, that he can make a quick buck, meet his monthly quota and screw me... What is your guy at Networth trying to do to you? When the guys say that you need to find "an Investor friendly Agent..." that has a meaning. They are your Bird Dogs and they earn a Commission, working for YOU. You should not be a Pawn in Their Game.
I´ve been on the Networth Realty mailing list in Tampa for 18 months or so and have spoken to them on numerous occasions about various deals they´re advertising. Don´t think I´ve bought any from them yet, but they seem to be good people and solid wholesalers.
Like you say above, most of their properties need work - you just need to run your own numbers, do your own due diligence and make an offer that suits you.