Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
11y
I'm not overly familiar with NetWorth. However, I'm very familiar with the "deals" being offered by New Western. All I'll say about that is the "deals" aren't.
If you're open to Tarrant County, I recommend Four Gents. @Brian Freeman and the guys are awesome young men.
Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
11y
I'm not overly familiar with NetWorth. However, I'm very familiar with the "deals" being offered by New Western. All I'll say about that is the "deals" aren't.
If you're open to Tarrant County, I recommend Four Gents. @Brian Freeman and the guys are awesome young men.
Dallas, TX · Member since 2014 · 6 posts · 3 votes
11y
I can't say anything about Networth but I did quite a few deals with New Western this year. We bought probably 10 of our 34 flips from them. We did well on all of them. - Josh DeShong
Involved In Real Estate · Member since 2014 · 9 posts · 5 votes
11y
@John Hickman First off, it is nice to meet you! I simply wanted to touch base with you about your question. I currently work for New Western Acquisitions (NWA). We are a large scale wholesaler that can offer you properties as well as other services to help you with your investment. Our volume is large in the DFW area. We have a Dallas office and a Fort Worth office that covers the entire metroplex. Typically, each NWA office (seven total, nation wide) will move anywhere from 20 to 30 properties monthly. All members of our team are licensed agents as well. If you have any other questions, please feel free to message me or give me a call!
@Hattie Dizmond Nice to meet you Hattie! I was curious, have you purchased any properties through New Western? I would like to get your insight on why you feel our deals aren't deals. Being that you are very intuitive and knowledgable about RE especially in Texas, your opinion would be good knowledge for myself. Maybe I can answer some questions to change your opinion? I look forward to hearing from you soon!
@Josh DeShong Thanks for working with us Josh! I am glad that you are able to add successful flips to your portfolio. Please let our team know when you are ready to acquire another property!
Neither NWA or Networth have Sterling reputations around town as a whole, but each has some individuals with high integrity, and some individuals with not so high integrity. Both have a pretty high turnover rate. As always, do your due diligence on every "deal" no matter who it comes from and you'll be fine.
You might want to check out Homewood Properties. Randy Quay has a niche in the area where in he's able to help a lot of wholesalers....especially newbies....find buyers by shopping their deals out to his list. That gives him a good deal of volume, although he at times marks it up a little too high.
Also check out Intense Properties
@Account Closed , how long have you been with NWA? I don't recognize your name. Does NWA still require an agreement to be signed before even looking at a property of theirs? That was a deal breaker for me back in the day.
Addison, TX · Member since 2013 · 99 posts · 7 votes
11y
Howdy All,
I have been working for Net Worth Realty for just over two years now. It has been a great experience. I have personally done over 60 wholesale transactions this year. I have learned a great many of things working in the investment real estate game. I have started building my rental portfolio so by the time I turn 40 I will not have to work as hard anymore! That is my goal and after reading posts here i know there are many like minded folks out there. If I can be of any assistance to anyone please feel free to reach out to me.
@Jerry Puckett Very good point indeed.I advise all the investors I work with to do their own due diligence. I am not forcing anyone to buy any house. My jobs is to present all the fact of the investment. That includes comparable houses from the MLS to GC and foundation bids from accredited third party companies.
HomeVestors are also big in DFW for wholesale properties.
Good luck to you!
Probably the biggest over the past 10 years.
One thing to note is that HomeVestors is a franchise and you will be dealing with a franchisee who is required to both purchase their leads from and pay out on the back end to HomeVestors. My experience is that by the time the deal is listed, much of the profit is gone.
Flipper/Rehabber · Greensboro, NC · Member since 2010 · 623 posts · 615 votes
11y
@Jerry Puckett - This is my first year as a HomeVestors franchisee in North Carolina. After investing full time for 8 years (and quite successfully) our first year with HomeVestors blew the doors off our business and our profits. It has been tremendous - way more than we ever anticipated - and thankfully so! Not all franchises are created equal, apparently.
Investor · The Colony, TX · Member since 2013 · 283 posts · 205 votes
11y
@John Hickman I have met with both NWA and Networth. I have not purchase properties from either. It seems like the deals are pretty thin for the most part. They will send you a property that show a profit of $25K but when you add in all of the holding, financing and closing costs the profit is pretty thin. The only way to buy properties is to do your own direct mail campaign. If you figure that buying a property through a wholesaler you have to pay their closing costs +$3000 then the fee they add on +$10,000-$15,000 (even though they say $5,000) That's $13,000 - $18,000. You can do a ton of direct mail for that price.
Investor · Fort Worth, TX · Member since 2014 · 107 posts · 15 votes
11y
@John Hixon I've also met with both as well as Four Gents that @Hattie Dizmond recommends. I haven't bought properties as of yet from any of them but I am definitely open if they can float something my way that looks good.
Right now I'm focused on a wholetail type of niche and doing the driving for dollars with direct mail to those found leads. I only just started this last week but I have a mentor who has been doing this quite successfully for years now so I think it's just a matter of time. Once I can pull down some of these deals I'll probably start branching out further into direct mail and plan to work with @Jerry Puckett for that part.
Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
11y
Originally posted by @Karen Rittenhouse:
After investing full time for 8 years (and quite successfully) our first year with HomeVestors blew the doors off our business and our profits.
Not all franchises are created equal, apparently.
Indeed. But more to the point, not all franchisees are created equal. Your years of success and knowledge of your market undoubtedly puts you head and shoulders above the pack; enabling you to negotiate better deals.
I have yet to see that level of experience and expertise in any of our local HomeVestors, but I remain hopeful.
(Karen, hope you have key words set up for your name....the wonderful @ thingy seems to be temperamental at tim
Investor · Houston, TX · Member since 2014 · 55 posts · 10 votes
11y
Well, I worked at New Western before. I think the company as a whole is on the right track to help clients to make a good return on their money. Every deal they send out to clients has all the numbers on the Packet Analysis and they specify each deal whether it's good for a rental or flip. My experience with investors that didn't make any money because they didn't listen to my advice on the rehab. They went over their budget on material that the house didn't need. they purchased high end material for their 150k ARV home when they didn't need to.
Residential Real Estate Agent · Fort Worth, TX · Member since 2013 · 15 posts · 6 votes
11y
Thanks for the shout out @Hattie Dizmond! We think you're awesome too.
As Hattie mentioned, we dont do the high number of transactions as the two big dogs, but we supply about 4-6 properties a month to a small group of happy investors. Please reach out if you're interested in props in Tarrant.
In regards to John's post above...I wish we got a 10-15k mark up per house! haha.
Lender · Plano, TX · Member since 2013 · 312 posts · 71 votes
11y
The problem I have is that when I get deals from them, they are only looking at gross numbers, which look great. However, the truth of the deal they provide can go from a $30k profit spread to a $10k profit spread really quick if the analysis is done right. I don't see a lot of good deals coming from them, however I look at every one they send.
Investor · Cedar Hill, TX · Member since 2010 · 49 posts · 10 votes
11y
Re. New Western Acquisition
I personally have purchased a property from NWA, profit margins are too thin for flipping exits. I also based that off the off markets deals packages that are sent for review for investors.
Investor · Austin, TX · Member since 2014 · 217 posts · 170 votes
11y
NWA had a couple of decent hits back in the 80s, but some of the groups individual stuff has been better, and I like Ice Cube in his movies for the most part.
I don't listen to as much gangster rap as I used to.
Specialist · Dallas, TX · Member since 2009 · 20 posts · 95 votes
11y
An interesting fact is that NWA's landmark album "Straight outta Compton," the one they are naming the a major motion film after, originally debuted on 08.08.1988. That's exactly twenty years to the day before NWA (the nationwide real estate firm) opened it's first set of doors on 08.08.2008. Is it a coincidence, fate, or the spiritual reincarnation of Easy E?
Specialist · Dallas, TX · Member since 2014 · 900 posts · 392 votes
10y
New to DFW and finding ALL professional wholesalers sell the majority of the deals 80-90% of ARV, less expenses. Sometimes in the high 70's. Not only can't you make much flipping these, as others above state, repair values you are given could be wrong & you could end up losing $.
Forget about wholesaling, some refuse to let you, though at those prices, there is nothing left for my investors.
So for the most part this is contrary to Brandon's advice and get a really GOOD deal, and ok for rentals, though to bank on the continued appreciation means little immediate equity, and one day this market has to go down.
Denison, TX · Member since 2016 · 1 post · 0 votes
10y
I call New Western today and they want me to come to their office and sign few documents which discloses information that any investment has profit and loss so i am taking this risk on my own .
There is also another document which i have to sign that i can use any realtor apart from their realtor.
Investor · Phoenix, AZ · Member since 2015 · 191 posts · 152 votes
10y
I'm an associate at New Western. Maybe I can clarify on some of the answers you seek.
Because we are a licensed real estate brokerage, by law we have to provide everyone we work with the 'Information About Brokerage Services' form which is a TREC promulgated form that every licensed agent in Texas should be providing to you when doing business, with or without representation.
The other set of forms you are required to sign is a disclosure of how we operate and an acknowledgement of risk of loss. It does not bind you to only working with our brokerage. It is strictly for disclosure.
Why do we do require you to meet with us at our office? Because its the most sure-fire way of making sure our investors know what they're getting into and its the most efficient way to do it. It saves the investors and our agents time and a few headaches, trust me.
Investor · The Colony, TX · Member since 2014 · 192 posts · 66 votes
10y
Yes. Actually, what they want you to sign is an NDA, if I remember correctly. Whatever it was, I went by there over a year ago and signed it - it wasn't anything alarming.
I almost bought 2 properties from them but they sold them out from under me, twice!
Then they grabbed a property a block away from the last one and told me they had it in the works for awhile, and they rushed it out the door, just for me! A quick look at the MLS showed they were full of it, as their offer hadn't even been accepted yet... Anyways.
But they do have a constant stream of properties to look through. Good and bad like anything else.