Austell, GA · Member since 2017 · 110 posts · 10 votes
Good evening
Hope all is well looking to get some feedback or reviews on these two companies Net Worth Realty and New Western Acquisitions . I am fairly new to real estate investing and would like to hire the services of a company as the ones mention above to bring me wholesale deals/leads for buy/flip and buy/hold strategy. What has been you all experience with these companies and the pros and cons of using their services. Any feedback and response would be truly appreciated. Thank you all in advance
Just saw that you posted a few days ago! I personally work with New Western Acquisitions in the Cobb office. We provide our investors with a large inventory of properties for fix and flip or rehab and rent, and we are selling around 30 properties each month in the Atlanta area to both new and experienced investors. Would love to hear more from you about your needs and expectations, and hopefully explain more about what we do, so feel free to connect anytime! Welcome to BP!
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Just saw that you posted a few days ago! I personally work with New Western Acquisitions in the Cobb office. We provide our investors with a large inventory of properties for fix and flip or rehab and rent, and we are selling around 30 properties each month in the Atlanta area to both new and experienced investors. Would love to hear more from you about your needs and expectations, and hopefully explain more about what we do, so feel free to connect anytime! Welcome to BP!
Josue Rivera welcome to BP. You are in the right place for Real estate need. Anything and everything you need you can find here. About buying property or lead your best deal will come from direct mail, tax deed and driving for dollar. I personally have experience with both of those companies. If you PM or email or text me I will tell you what I feel about them. Let me know if I can be any help. Good luck.
However you buy If your looking to buy rehab and sell I live by the formula of 70 percent of after repair value less repairs and that's your offer. Of course if your in a very high dollar area you might be able to work with less since that 30 percent discount would be of a higher resale value.
You need to figure the value yourself As a buyer you need to be realistic on your values and bid worse case on repairs. Don't buy real estate as a hobby take up yoga or something it's less expensive and relieves stress. Losing your *** on a deal isn't.
If you bid higher than 70 percent less repairs your cutting into your profit. Bid to high and your reaching into your pocket to get out of the deal.
Here's an example with round numbers.
Property Value 100,000 (my value)
It has 20,000 in repairs.
I bid 50,000 70% of 100k less 20k for repairs and get it
I borrow 50k from a PML at 11% plus 500 originate
I sell it 6 months later for 100,000
Pay 2% to my realtor 3% to buyers realtor 2% for title 3% of buyers CC for a total of 10% to sell
Taxes are 200 a month (Texas)
So after repairs I have 30,000 to pay out the following
2,000 closing purchase
3,250 to PML
10,000 closing to sell
1,200 property taxes
16,450 is grand total less 30,000 i had to work with I walk away with 13,550 If my repairs are really 25 instead of 20k I make a whopping 8,550 not nearly enough for the risk If I paid more than 50k I need to deduct every dollar from that 8,550 so if I paid 55,000 instead of 50k I make 3500 bucks
I have only lost on one house by 1500 dollars over the last 30 Buys and that house I myself over estimated the resale value. I bought it directly from the owner so I can only blame myself but I won't do that again if I can help it.
Right now I have two offers out if I get em I close em and sell them for a good profit. If I don't I move onto the next opportunity I learned my lesson. This is how I feed my family and I like Rib Eyes not chop steak.
If your buying and selling stick to the formula if you don't your gonna loss something directly in between your bottom torso and the top your legs.
In my opinion only and what do I know.
Either way best of luck to you.
@joedavalos thank you very much for taking the time and posting a reply I truly appreciated This is great information and advice I looking forward to working on my first flip and implementing this formula into my number to maximize my roi. Again ThAnk you . Keep me posted on those deals you have pending will like to know the outcome.