When inquiring about a property on craigslist, I spoke with someone from New Western Acquisitions. He wants to meet tomorrow..........Can anyone give me your thoughts if you have experience with them? what do they do? honest ect? do they want money? i have been to their website and know they have some presence here on bigger pockets, but I am looking for comments from 1st hand experience. Thanks for your help.
Hello fellow investors and questioners of NWA...I too have my own situation or conflict with NWA here in the Philadelphia market.
I recently met with their office manager, rep in their offices, signed their disclosure document and went through their deal structures just so I could be added to their list and see what they have. I was told they get between 10-20 properties per month under contract so I was intrigued. Well, to be honest with you, leading up to our latest issue, I only received about 2 deals in the past 3-4 weeks from them.
Okay, so the issue stemmed from one of the deals I did receive via email in which after starting my due diligence even before going to see the property, I noticed it was already listed on the MLS at a price even lower than what NWA was offering it to me for. (And all you investors out there, I'm sure will agree, that we would very rarely pay more for a deal at a higher price than what it is listed for on MLS, unless it truly is a great deal).
So all I did was sent an email back to my rep at the Philly office (Jon Voss), and asked him if he knew that the property was listed on MLS at a lower price than what he offered it out to me at. His response is as follows: (copied and pasted from my email) "I told you we purchase our properties from all different avenues. This relationship is not profitable for either one of us. I think it's best we just go separate ways."
And since then, which was Aug 27, 2014, I have been removed from his buyer's list and have not received any further contact from them. So you tell me what that means or says about them as a company and how they conduct business. It looks like they are preying on and making their business on newer investors who don't know better and are willing to pay higher prices for deals.
Any thoughts or comments, feel free to contact me directly at following:
Jason Stackhouse
Stack Investments, LLC
484-467-6288 (cell)
[email protected]
Mat,
You just admitted for everyone in the world to see that I first asked for my money back on February 7th from @William Fritz (who contacted me on here). Thank you for that. So nice of you to hold onto my money for me these 12 extra days.
I just re-read the texts, and William never once told me my money was available for pick-up. You just lied to every single person on this site. I hereby demand that you show proof that I was told that my money was available for pickup or explain why you just made a false representation to members of this online community.
Contrarily, William lied and said he was having "Alessandra" cut a check (which he admitted last night never happened). He only later said my funds could be picked up when he responded yesterday at 9:17 am. to my SECOND request for return of my funds. I wrote him back at 9:33 am (that's 16 mins later), saying to just put the funds in the mail.
Later, during the dispute which arose, William admitted to me (with another person listening to the convo, so don't even go down the road of lying to everyone again) that he still had set nothing in motion to return the funds and wanted to keep me as a buyer. He confirmed that he had no check in his hand to give me, he confirmed that there was nothing in the mailbox ready to go out the next day, he confirmed that no check was lying on his desk awaiting a signature, etc. (I'm happy to show all the electronic messages if anyone on here wants to find the right way to get the message out.)
Also yesterday (2/18), my partner told me about a property she wanted us to buy, so I call up William who, as I previously stated, informed me that my earnest money had still not been moved. I then told him we would go ahead take the property he had just emailed, so he sent me over an electronic contract which I immediately signed.
You can only imagine my reaction when he told me that your office, in its grand wisdom, "made an exception" and allowed someone with non-certified funds to purchase the house. If your office allows the use of non-certified funds to purchase projects, why was I paying interest all this time on funds that weren't even necessary to be held in escrow by your office? I not only did exactly as he suggested I needed to do (to successfully purchase a property) and deposited earnest money over a month ago, but I asked for the funds back, didn't get them back, then tried to go ahead actually use the funds to buy a property, and, instead, you give the property to someone who DIDN'T have certified funds at your office. What a time to be alive, Mat. If I were in your shoes, I'd be trying a hell of a lot harder to make it right instead of getting on here and erroneously calling me a liar.
Furthermore, we responded to that property email within maybe 15 minutes of the email going out. It's almost like New Western realized it was a pretty good deal and decided to keep it for themselves. Not saying that happened (unlike the approach taken by Mat), but the whole ordeal seemed ultra shady.
And that's not mentioning anything about the shady arrangement you have with your local title company or the tactics allegedly employed by your various agents. When I got on the phone and talked to attorneys and other investors, literally every single one of them stopped me during my story asked me if I was talking about New Western, and they literally all had a story.
So, don't get on here and lie to people. You and your company are frauds, plain and simple. And if you continue to say that I'm not telling the truth, we may have additional claims to add to our suit, so feel free to keep on digging, chief.
Have a great day, Mat,
Jeremy
I, too, was interested in working with them, but I am reading a lot of dissatisfied business dealings from a few members here.
I really appreciate this thread. I just saw a post in a Facebook group, and was going to sign up for the list. Happy I thought to look into them first.
The only way you can make any profit from nwa or any wholesalers is you have to do 70% of the work yourself
No room at all for a GC to do it and clear any money.
You can barely sub out different jobs and make anything
I mean you gotta show up and lay the tile, put the cabinets in. Ect
The roof and foundation can be subbed out as that takes a crew but all else will be you doing it perhaps with a helper but that’s it.
Your better off being a gc and doing remodel jobs for people
You will make more money and not have deal with a house that won’t sell.
Only way to flip a house is to buy it direct from the owner, who already has 50 people a day making him offers.
I met with New Western at their offices today and am interested to see where our relationship goes from here. I'm not a newbie so maybe I won't be a good fit for them. Anthony and Nathan seemed nice enough. Time will tell if the words are backed by action and integrity. Thankfully I have a shark of a lawyer on my team if any shenanigans should arise. Anyone... feel free to message me in the future and I'll let you know how it goes.
@Elad Itzhari - I did not have a good experience and if you ask around you'll find many others that agree. Not looking to publicly slam companies on here so feel free to message me directly. Also, it's been a while so maybe they've improved?