New Western Acquisitions relationship
General Contractor · Palm Desert, CA · Member since 2016 · 193 posts · 79 votes
New Western Acquisitions relationship
Most Popular Reply
Nathan CronPro Member
Investor · Southern California · Member since 2011 · 27 posts · 98 votes@Michael Evans Hi Mike my name is Nathan I'm a Director for New Western and based in Southern California. Like Zach, I am also available to talk and address any concerns or questions you may have. My information is readily available or you can private message me on this platform. We operate one of the biggest investor marketplace platforms in the nation servicing over 100,000 investors nationwide. We operate with 50 different teams across 20 states and take pride in the services that we provide investors and the opportunity to revitalize communities nationwide. The organization consists of over 700 agents with relationship building being the bedrock of our company. I understand that threads like this are a byproduct of being very active in the market and welcome any feedback that can make our company better. We're listening.
@Renee Harris sorry for rushing you to make decisions. We do move at a fast pace and understand that not every investor can match that. In regards to your second comment, we cater to a very large database of investors that have multiple exit strategies. Flippers, private individuals who want to be a landlord, funds who aggregate homes, people that buy because the house is located in their subdivision, etc. We are able to distribute properties and convert them at higher levels than you may be able to. That does not make us a bad company or even "overbid" as you suggest. We will certainly get things wrong sometimes, like every real estate investor I know, but have a very high conversion rate. You say your not "mad" at us but using strong language like "preying" on new investors is inaccurate. If you don't like our product, don't buy from us.
@Will Barnard I have a lot to say but want to keep this respectful. Please call me if you want to talk more. However, I need to address some of your comments. As a business owner, and competing in the same space, you may view this as an opportunity to drag a competitor through the mud. Number one, we do hire "rookies", vets, and agents in between. Don't forget that you were a rookie one time and your Brokerage EXP certainly hires the same caliber of person we do. New Western has onboarding protocols, training programs, New Western University, and several other tools that you and I can discuss offline to provide a general knowledge base to all agents. Two, we don't advertise ARV numbers or Rehab numbers on our marketing material. This is intentional. We want the investor to conduct their own analysis and determine if the opportunity fits in their portfolio. An individual with your experience is better off digging up your own deals like you suggest and spending your own marketing dollars. We are simply just a resource. Third and most important, Disclosure. I'd like to compare our disclosure protocol to what you have in place and see fit. Perhaps you are not aware of the measures we take to be transparent. EVERY time we purchase a property(MLS or direct with seller) we present and get signed a Notice to Seller that spells out exactly the nature of the transaction. I'd like to compare this to yours. EVERY time an investor becomes part of our database, they can not enter without having signed our very specific disclosure that outlines the criteria of the transaction and what to expect(I don't see you in our database so your not familiar with this and should not be receiving our opportunities). EVERY transaction we pass any and all knowledge about the property that we know and all disclosures from the seller that are obtained. Please let me know how you handle disclosure differently so I can improve the business.
@Matthew Crivelli I see your a lender. I want to be clear that we will NEVER share details from the prior transaction with you or any lender. It's inappropriate, the seller would not appreciate it and provides no value to you as a lender. The title/escrow company can verify the owner, if we have the right sell and any other information that a lender needs to fund. We are a for-profit private business that does not need to disclose our profits to anyone. You'll be happy to know that we have lost on deals as well just like every real estate investor I know. We work VERY well with lenders nationwide and do not dictate who the investor uses. As stated above, we don't share ARV or rehab numbers with you. Do your own due diligence on the deal.
Sorry for the rant. I'm ready to talk to anyone that wants to have a discussion. It makes our business stronger when we listen and adjust to what the audience is telling us. Our agents and team are strong. Our 4.9 Glassdoor rating out of 629 reviews can verify that. We have been tagged as a Best Place to Work by many outlets including Glassdoor. We just made the INC 5000 list for fastest-growing mid-size companies. We care about our reputation and the service that we provide to the investment community.
21 Replies
- 4yAngie CastroBusiness MemberReal Estate Broker · Charlotte, NC · Member since 2022 · 133 posts · 127 votes
I've worked with New Western in North Carolina and at least in this side of the country it was not good. Over inflated ARVs and highly under estimated rehabs. After the rehab you end up with a property right at the actual market value so what is the point.
Angie Castro with Monarch Group4.847 Reviews - Lender · Manhattan Beach, CA · Member since 2017 · 423 posts · 268 votes4y
My client bought from them before. No issues working with them, just make sure your deals work. Some of the numbers doesnt make sense as a deal.
- General Contractor · Palm Desert, CA · Member since 2016 · 193 posts · 79 votes4y
I found the same thing here in SoCal. The prices they have a property listed IS ARV without any rehab
- Real Estate Agent · Los Angeles, CA · Member since 2015 · 218 posts · 111 votes4y
search new western on biggerpockets... There are many threads. The woman that stated the NW preys on new investors by rushing them etc... That has been my experience. They always call at the last minute talking about they have some great deal, but I HAVE, HAVE to see it today and put an offer in ASAP.
What trips me out, is they way overbid on a couple of houses I was in negotiations with the seller on. It's a trip to be working and talking with a seller and then they all of a sudden say " I got an offer for XXXXX more." Then open my inbox and see the same house in a new western email. I'm not mad at them, I just have my number that I won't go over. - Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes4y
There are many threads here regarding NW. It is my opinion that you should stay far away from them. They hire rookie agents who haven't a clue how to evaluate a rehab property, they overprice the ARV and drastically undercut the rehab numbers. They also are not upfront or honest on the details of the property or transaction from each of my experiences with them. I never closed a deal with them because each time I was lied to and the numbers were never close to real. Your better off shopping the MLS and making offers than using NW.
- Lender · Los Angeles, CA · Member since 2009 · 1k+ posts · 2k+ votes4y
They are associated somehow with Sherman Bridge Lending. I'm aware of two individuals who paid NWA's $10k non-refundable EMD with the expectation they would receive a loan from Sherman. Both times, Sherman pulled out just days before closing and left the buyers hanging. In both cases, I believe NWA kept the $10k.
Were these buyers qualified for a loan? Should NWA have known? Who knows, but the opportunity to keep a $10k non-refundable deposit when your partner decides not to fund is a slimy business model in my view.
Separately, I had a very friendly conversation with one of their reps some time ago and we discussed pricing. I told the rep (who honestly didn't look old enough to shave) that we won't lend on a property if the purchase price + repair is more than 75% of the ARV. He all but laughed and said they were closer to 85%. If you add closing costs and misc. expenses, that's basically ARV with no rehab as @Michael Evans noted above.
Overpriced homes and a slimy business model are a company you want to stay away from.
- 4yMatthew CrivelliBusiness MemberLender · MA · Member since 2021 · 1k+ posts · 1k+ votes
New Western is very shady. I always tell my borrowers to steer clear. I can't work with them at all because they refuse to provide the original purchase and sale agreement. (they are the wholesaler) I'm told, "It's none of my bussiness". The real reason is New Western doesn't want anyone knowing they are about to make 100k on a contract flip. Also fake ARV and rehab numbers will be given to you, always laughable projections. Nothing but lies from this company. @Michael Evans
Freedom Capital Funding, LLC523 Reviews - Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes4y
As you all can see from posts above, there are many reasons to stay clear of them and none to do business with them. In fact, they should be reported to the authorities for what I consider criminal behavior and at minimum for bait and switch practices and failure to properly disclose.
- Commercial Real Estate Agent · Los Angeles, CA · Member since 2008 · 148 posts · 39 votes4y
I work the Los Angeles area. New Western has been a player for years. They're a wholesale company. They are aggressive, and a bit pushy. Overall they are ok.... Just make sure YOU are clear on your numbers? I never take wholesaler numbers on face value. Remember they are selling a product.
But ok is relative.... Will & Matt are correct.... expect some shady or vague behavior
- Investor · TX · Member since 2018 · 38 posts · 28 votes4y
Their deals just aren't good. If you're on their list, I would click "unsubscribe."
- Real Estate Broker · Los Angeles · Member since 2014 · 57 posts · 40 votes4y
Hi everyone on this thread! I'm the general manager and broker at New Western in Los Angeles. I'd be more than happy to discuss any issues with anyone at any time. My contact number is easily found (BP won't let this post with my number in it) and my email is my first and last name in full with a period in the middle at newwestern.com.
Every situation, just like every deal is unique and different. We work with all types of investors and we love getting feedback on our deals. We strive to continually put an excellent product in front of investors and we value the relationships with both our investors and our contacts. A large percentage of our business is repeat business.
Once again, I'd love to hear as much feedback as possible. Whether it be on a particular deal, a particular New Western agent, or just the market in general, I'd love to learn more.
- 4yNathan CronPro MemberInvestor · Southern California · Member since 2011 · 27 posts · 98 votes
@Michael Evans Hi Mike my name is Nathan I'm a Director for New Western and based in Southern California. Like Zach, I am also available to talk and address any concerns or questions you may have. My information is readily available or you can private message me on this platform. We operate one of the biggest investor marketplace platforms in the nation servicing over 100,000 investors nationwide. We operate with 50 different teams across 20 states and take pride in the services that we provide investors and the opportunity to revitalize communities nationwide. The organization consists of over 700 agents with relationship building being the bedrock of our company. I understand that threads like this are a byproduct of being very active in the market and welcome any feedback that can make our company better. We're listening.
@Renee Harris sorry for rushing you to make decisions. We do move at a fast pace and understand that not every investor can match that. In regards to your second comment, we cater to a very large database of investors that have multiple exit strategies. Flippers, private individuals who want to be a landlord, funds who aggregate homes, people that buy because the house is located in their subdivision, etc. We are able to distribute properties and convert them at higher levels than you may be able to. That does not make us a bad company or even "overbid" as you suggest. We will certainly get things wrong sometimes, like every real estate investor I know, but have a very high conversion rate. You say your not "mad" at us but using strong language like "preying" on new investors is inaccurate. If you don't like our product, don't buy from us.
@Will Barnard I have a lot to say but want to keep this respectful. Please call me if you want to talk more. However, I need to address some of your comments. As a business owner, and competing in the same space, you may view this as an opportunity to drag a competitor through the mud. Number one, we do hire "rookies", vets, and agents in between. Don't forget that you were a rookie one time and your Brokerage EXP certainly hires the same caliber of person we do. New Western has onboarding protocols, training programs, New Western University, and several other tools that you and I can discuss offline to provide a general knowledge base to all agents. Two, we don't advertise ARV numbers or Rehab numbers on our marketing material. This is intentional. We want the investor to conduct their own analysis and determine if the opportunity fits in their portfolio. An individual with your experience is better off digging up your own deals like you suggest and spending your own marketing dollars. We are simply just a resource. Third and most important, Disclosure. I'd like to compare our disclosure protocol to what you have in place and see fit. Perhaps you are not aware of the measures we take to be transparent. EVERY time we purchase a property(MLS or direct with seller) we present and get signed a Notice to Seller that spells out exactly the nature of the transaction. I'd like to compare this to yours. EVERY time an investor becomes part of our database, they can not enter without having signed our very specific disclosure that outlines the criteria of the transaction and what to expect(I don't see you in our database so your not familiar with this and should not be receiving our opportunities). EVERY transaction we pass any and all knowledge about the property that we know and all disclosures from the seller that are obtained. Please let me know how you handle disclosure differently so I can improve the business.
@Matthew Crivelli I see your a lender. I want to be clear that we will NEVER share details from the prior transaction with you or any lender. It's inappropriate, the seller would not appreciate it and provides no value to you as a lender. The title/escrow company can verify the owner, if we have the right sell and any other information that a lender needs to fund. We are a for-profit private business that does not need to disclose our profits to anyone. You'll be happy to know that we have lost on deals as well just like every real estate investor I know. We work VERY well with lenders nationwide and do not dictate who the investor uses. As stated above, we don't share ARV or rehab numbers with you. Do your own due diligence on the deal.
Sorry for the rant. I'm ready to talk to anyone that wants to have a discussion. It makes our business stronger when we listen and adjust to what the audience is telling us. Our agents and team are strong. Our 4.9 Glassdoor rating out of 629 reviews can verify that. We have been tagged as a Best Place to Work by many outlets including Glassdoor. We just made the INC 5000 list for fastest-growing mid-size companies. We care about our reputation and the service that we provide to the investment community.
- Commercial Real Estate Agent · Los Angeles, CA · Member since 2008 · 148 posts · 39 votes4yExcellent response. I think the representative you deal with is the determining factor.
Quote from @Nathan Cron:
@Michael Evans Hi Mike my name is Nathan I'm a Director for New Western and based in Southern California. Like Zach, I am also available to talk and address any concerns or questions you may have. My information is readily available or you can private message me on this platform. We operate one of the biggest investor marketplace platforms in the nation servicing over 100,000 investors nationwide. We operate with 50 different teams across 20 states and take pride in the services that we provide investors and the opportunity to revitalize communities nationwide. The organization consists of over 700 agents with relationship building being the bedrock of our company. I understand that threads like this are a byproduct of being very active in the market and welcome any feedback that can make our company better. We're listening.
@Renee Harris sorry for rushing you to make decisions. We do move at a fast pace and understand that not every investor can match that. In regards to your second comment, we cater to a very large database of investors that have multiple exit strategies. Flippers, private individuals who want to be a landlord, funds who aggregate homes, people that buy because the house is located in their subdivision, etc. We are able to distribute properties and convert them at higher levels than you may be able to. That does not make us a bad company or even "overbid" as you suggest. We will certainly get things wrong sometimes, like every real estate investor I know, but have a very high conversion rate. You say your not "mad" at us but using strong language like "preying" on new investors is inaccurate. If you don't like our product, don't buy from us.
@Will Barnard I have a lot to say but want to keep this respectful. Please call me if you want to talk more. However, I need to address some of your comments. As a business owner, and competing in the same space, you may view this as an opportunity to drag a competitor through the mud. Number one, we do hire "rookies", vets, and agents in between. Don't forget that you were a rookie one time and your Brokerage EXP certainly hires the same caliber of person we do. New Western has onboarding protocols, training programs, New Western University, and several other tools that you and I can discuss offline to provide a general knowledge base to all agents. Two, we don't advertise ARV numbers or Rehab numbers on our marketing material. This is intentional. We want the investor to conduct their own analysis and determine if the opportunity fits in their portfolio. An individual with your experience is better off digging up your own deals like you suggest and spending your own marketing dollars. We are simply just a resource. Third and most important, Disclosure. I'd like to compare our disclosure protocol to what you have in place and see fit. Perhaps you are not aware of the measures we take to be transparent. EVERY time we purchase a property(MLS or direct with seller) we present and get signed a Notice to Seller that spells out exactly the nature of the transaction. I'd like to compare this to yours. EVERY time an investor becomes part of our database, they can not enter without having signed our very specific disclosure that outlines the criteria of the transaction and what to expect(I don't see you in our database so your not familiar with this and should not be receiving our opportunities). EVERY transaction we pass any and all knowledge about the property that we know and all disclosures from the seller that are obtained. Please let me know how you handle disclosure differently so I can improve the business.
@Matthew Crivelli I see your a lender. I want to be clear that we will NEVER share details from the prior transaction with you or any lender. It's inappropriate, the seller would not appreciate it and provides no value to you as a lender. The title/escrow company can verify the owner, if we have the right sell and any other information that a lender needs to fund. We are a for-profit private business that does not need to disclose our profits to anyone. You'll be happy to know that we have lost on deals as well just like every real estate investor I know. We work VERY well with lenders nationwide and do not dictate who the investor uses. As stated above, we don't share ARV or rehab numbers with you. Do your own due diligence on the deal.
Sorry for the rant. I'm ready to talk to anyone that wants to have a discussion. It makes our business stronger when we listen and adjust to what the audience is telling us. Our agents and team are strong. Our 4.9 Glassdoor rating out of 629 reviews can verify that. We have been tagged as a Best Place to Work by many outlets including Glassdoor. We just made the INC 5000 list for fastest-growing mid-size companies. We care about our reputation and the service that we provide to the investment community.
- 4yNathan CronPro MemberInvestor · Southern California · Member since 2011 · 27 posts · 98 votes
@Juan Michael Thank you Juan. Noted. I'll continue to make sure we work with our agents on higher education and customer service.
- 4yPeter MckernanBusiness MemberResidential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
Quote from @Michael Evans:
Has anyone ever worked with New Western in Los Angeles. Just wondered how your deals went and if you were happy. Thanks
This is a case of check all your data points, do your due diligence and make sure the numbers and deals work good for you. I have had clients do a few deals with them and they worked out well, and there are some that really do not have a great experience with them. I give this as feedback, I have a ran a good amount of deals/numbers on their deals that come across my desk and they do not make sense for us. This is an integral part of doing deals, the wholesale community maybe push the numbers in their favor to make that deal happen, that is of course not okay, and the same thing is said for agents that say they can list a home for $20K more than the next realtor just to get that listing then ask for the price reduction later (this just happened to me).
This is a company that I tend to hear more bad things about then good things and that is where the caution needs to be taken into real consideration and make sure you are doing with with people that are looking for a win-win, not a win-lose/sometimes win-win which can happen in real estate more often then not if a person is not looking out for themselves. The moral of this post is for sure run the numbers on each and every deal, that is if an agent is getting you the deal, the wholesaler or a partner. If you only have one source the source giving you the deal then that is uneven and at that point you need to realize you are lopsided in that partnership (unless you have built years of trust). Make sure you have someone you trust running the numbers with you, and if that someone is a mentor or person that is very busy offer to bring them deals, pay them for their time, or bring some type of value to them (work for free on other things they are not good at and you are).
Run numbers, check with someone else to confirm, and do not trust blindly.
The McKernan Group4.954 Reviews - Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes4y
New Western is legitimate, just don't be that investor that trusted their ARV and rehab estimate
- Las Vegas, NV · Member since 2015 · 1 post · 3 votes3y
New Western is legitimate.
I used to like to do all of the leg work and source my own deals but they save me the time and effort. I can see properties where I know all of the title issues up front, I know what the inside looks like, I don't have to sweat out an auction or hire locksmiths and eviction companies. They are a great tool - it is certainly a good place to look as they have many properties that are good deals.
If you are legitimately a Real Estate investor, you should always do your own due diligence on EVERY property. You can't hold someone else responsible for what you are liable for. I hate when I see investors blame the agent or list something as a bad investment / misrepresentation when the investor is the one who should have researched all of that ahead of time. If you ask 10 different sources for an ARV, you will get 10 different ARV's - they are a matter of opinion based on factual data but by no means an exact science - it is a guideline; you must be the final judge of the investment value; it's your money.
If you are not taking steps to assess values and investments on your own, you need to stop investing in Real Estate. There are a lot of people who bought Game Stop stock and call themselves investors too...
- Real Estate Coach · Riverside County, CA · Member since 2017 · 238 posts · 157 votes3y
Quote from @Michael Evans:
Has anyone ever worked with New Western in Los Angeles. Just wondered how your deals went and if you were happy. Thanks
@Michael Evans - RUN FOR THE HILLS AND DON'T LOOK BACK!! It's been a while since I was communicating with people from there, maybe 4-5 years, but they were horrible! My partners and I had to help some, actually from the desert, unravel all the mess he'd gotten into with them. Now, not everyone at the company suck..... and they've been in business for a long time, but, they have a horrible reputation in LA and it's easier for a newbie to think great deal, when it really isn't.
- 3yJoe S.Pro MemberInvestor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
I have never use them to buy. They did find me a buyer for a couple of properties I was needing to sell, but that has been years ago.
I do know most wholesalers in general are trying to wholesale properties when in reality, they are contracting properties for more than makes sense. Then after they over promised the seller, they try to push the property to an end buyer.
There was one wholesale company that I bought several properties through in the past. But I learn my lesson about buying properties based off of pictures. The problem is not just that pictures sometimes look better than in real life, but it is the fact that the Wholeseller did not include a number of pictures that told us the whole story. Also any suggested ARV promoted by a Wholeseller should be considered pure trash,
- Winston Salem · Member since 2019 · 9 posts · 6 votes2y
Quote from @Renee Harris:
search new western on biggerpockets... There are many threads. The woman that stated the NW preys on new investors by rushing them etc... That has been my experience. They always call at the last minute talking about they have some great deal, but I HAVE, HAVE to see it today and put an offer in ASAP.
What trips me out, is they way overbid on a couple of houses I was in negotiations with the seller on. It's a trip to be working and talking with a seller and then they all of a sudden say " I got an offer for XXXXX more." Then open my inbox and see the same house in a new western email. I'm not mad at them, I just have my number that I won't go over.Pretty much! I have been around this industry long enough to see the writing on the wall. I have personally had to stop a few newbie investors from going through with their purchases after looking over NWs ARVs, comps & contingencies. Companies like this push the limits until some landmark class action suit is filed and one bad actor (i.e. NW) makes the front page news. Then federal regulators step in and we all pay the price by getting shut out. NW filed a suit against a group of guys in California who worked for them and allegedly ran off with their buyer's list and started their own wholesaling company. NW lost the case. They actually tracked the chain of custody on the deeds of properties they had in their database to see who bought them and if they matched with any buyers in their data base they assumed these guys had back doored them. They have some interesting stuff going on at that company.
- 2wRichard Helppie-SchmiederPro MemberFlipper/Rehabber · DFW · Member since 2020 · 373 posts · 207 votes
Run away if you want to make a profit
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