All Forum Posts by: Mark Bloom

Sheila

I'm sorry you were upset. We put up em and tried to resell a deal. We don't JV. We buy and sell. I am sorry if you felt the agent could have been clearer about who we are and their intent. Our goal was to buy and then sell the deal. When we buy, we would buy from you. Not cutting you out and not trying to be shady in any way. Also feel free to reach out if I can help at all.

Mark 

Jay

Unfortunately, none of that is true. 

We purchase and sell properties legally. We don't assign and we do nothing illegal at all. You should be careful what you say as it is illegal and quite outrageous to make such claims. There are likely a hundred reasons why your buyer couldn't get the arv, none of those being that the comps didn't exist. As the gentleman above reports we use solid MLS comps. There are a lot of places your borower could have gone wrong in their deal. With all due respect, having a lender that isn't even in the state doesn't help. Regardless, we run an extremely legit business or we wouldn't be in business. We are state licensed and audited in every state we operate in. We also repull all the properties we sell, the following year, on the MLS, to see what they actually sell for after concessions. Nobody else in our industry does this and we do it because we stand behind our product. On average, in DFW alone, for the last four years, our buyers receive over 100% of predicted ARV. That's pulling an address search for every Property sold. So I would say, no, I would insist, that though your buyer may have had issues getting the predicted ARV, it is not because we were wrong per se, but because of one, or some, of the many other issues, totally in your buyers control, not in ours, that arise throughout the life of any project. I find it hard to believe neither a quality outside 3rd party lender or a buyer doing any due diligence in their market couldn't see a lie as blatant as the one you proclaim took place here. When 212 lends on a property, we get a state licensed, independent, 3rd party appraiser to give us a value. We don't do this because we lie. We do this because we are confident in our values.

We take pride in who we are, and what we do. Also, to be clear, we wouldn't be the worse, we would be the worst. Regardless, we are not. I'm happy to send you any data on our history of being more than accurate with our ARV predictions.

Best of luck in your future endeavors. 

Mark

Lynsey

We do not require anyone to use 212. However, if you use 212 you do get some preferential treatment on our off market inventory. By no means do all of our buyers close with a 212 loan. 212 recently came out with some new programs for our borrowers. These programs range from a typical 3.9 points and 13% annual interest on a 6 month note, down to 1.9 pts and 9.99% interest on a 6 month note. These loans require low out of pocket and allow some borrowers to take advantage of leverage, while always keeping in mind time is of the essence. So, yes, the 212 loan cuts the profit in half, roughly, compared to a cash purchase. However, that's only half the equation. With the 212 loan you are able to get the funds to purchases, rehab, and close the project for roughly 20% of the total cost of the project if done as a cash purchase, then in theory you can do 5 times as many properties, and in turn make 2.5 times the profit on the same amount of cash used for just one project. This is how leverage is best used in real estate. The programs I mentioned have just been released in the last day or two. 

Jay

As for your experience, I am sincerely sorry. We do not have offices in or anywhere around Oregon so I do not know whom you dealt with or what your issue was. We sell a few thousand properties a year, and in doing so, we pride ourselves on trying to create value and appease as many parties as possible. Again, I am sorry you have had a less than satisfactory experience.

We take any concerns seriously and will do what we can to fix any issues brought to our attention. 

Dane

I am sorry to hear that someone had issues with a contractor. That's never a good situation to be in as an investor/buyer. We know contractors are the most risky part of the business. Because of that we have NO preferred or recommended business relationships with contractors. We will get bids from licensed and insured third parties for many repair items, or when possible, for a complete job. We get these bids to try and assist our buyers in doing their topical research and to help them reduce the risks of the project. We are happy to give anyone the contact information for far more than one contractor whenever we are asked by the buyer. If a buyer needs anything to help their project, we try to accommodate. We are not the buyer. We do not make any decisions for the buyer. We are not in control of the project. We are not in control of the contractor. There is only so much we can do given our position. We do everything we are asked to by the buyer that could help them. We get estimate on value and repairs so that we can help a Networth buyer to have every chance of success. As I am sure you know, rehabbing houses and dealing with contractors comes with an inherent amount of risk. We cannot guarantee anything to our buyers. At NetWorth, we do go back annually and check the values of properties which we sold to buyers. We care what information we give out, so we go back and see what those buyers then resold their properties for on the MLS. Once we find the resale price minus concessions, we compare it to our earlier, in-house predicted after repair value. On average, in DFW, NetWorth buyers receive 103% of the predicted value when a house is resold on the MLS. That's taking into account every house we sold, that was resold on the MLS, regardless of how well, or even if the rehab was done or not. In your example, it is truly unfortunate that a contractor took advantage of a buyer. If you would please get me the contractors name, I will make sure they never do another bid for NetWorth. However, it is difficult to call our value into question when, as you have clearly pointed out, the contractor took advantage of this investor/buyer and did not finish the work properly or at all. Again, though we cannot guarantee the people who purchase from us that they willl be successful, we are to here reduce risk and help in any way we can. If anyone calls and requests our assistance, we stand at the ready to help in any way we can. Regardless of if they have purchased a house from NetWorth. We're here for investors and we want investors generally in our markets to be successful.

Sincerely 

Mark Bloom

We are also one of the only wholesalers, if not the only one, that will go back annually and compare our predicted ARV to the price an investors actually receives on the mls after concessions. For the past 4 years our investor/buyers receive over 100% of the predicted ARV. We are not appraisers, and we cannot always be correct on ARV, but we only put our best estimate forward, and we do double check the quality of that estimate to make sure it was solidly accurate. If I can ever be of assistance to anyone in this chain please don't hesitate to reach out to me.

Thank you Dev. I am glad you have had a great experience. We truly strive for that in every case. If I can ever be of any assistance please don't hesitate to reach out  

Robert

Congratulations on the wedding and having the intestinal fortitude to apply yourself and go after what you want. I can wholeheartedly empathize. It is wonderful that are working at educating yourself first. It is a crucial step. Do not spend large sums of money to do this. The information is all around you.

My name is Mark Bloom and I am an owner and founder of NetWorth realty. I am a J.D with a masters in finance specializing in investments. I worked in house for a large developer at the behind of my career, but have been buying, selling, and renting houses for the last 15 or so years. NetWorth has 9 locations nationwide and we sell over 100 houses a month to other investor/buyers. We pride ourselves on having the tools and knowledge that newer real eatate investors need to avoid some crucial pitfalls. We provide a large quantity of wholesale properties monthly to our private network of investor/buyers, as well as the highest level of hands on customer service available. Our estimates of ARV are accurate and we prove that each year with historical data that we are always happy to share as we know about the stigmas that exist with many wholesaler a.

If we can be of any service please don't hesitate to let me know. You can see our site at www.networthrealtyusa.com there is a ton of before and afters, news clips, information in general, and testimonials. Our office number is 214-373-9000

Good luck and have a wonderful weekend.

Mark S. Bloom J.D/M.B.A.

Hello, my name is Mark Bloom. I am a founder and owner of NetWorth Realty USA. I appreciate the discussion and respect all of your opinions. I can say that at all NetWorth offices we strive to provide real numbers and quality product for our investors. All investors and real estate buyers at all levels should always double and triple check all numbers. We strive for accuracy but we cannot guarantee it. As the old adage goes, measure twice, cut once. At NetWorth, we have built a successful company on long term relationships with real estate buyers of all kinds. In DFW, at the end of the last two calendar years we have pulled all the properties that NetWorth sold to other investor/buyers throughout that entire year. In 2012 the resale price that an investor/buyer who rehabbed a property they purchased from NetWorth, and then listed that rehabbed property on the mls for resale, was 103% of the predicted ARV, on average. In 2013 we did the same statistical analysis and the sales price received on the mls was 100% of the predicted ARV, on average. I am more than happy to share this and any other info with anyone who would like to see it the numbers. I apologize that we cannot track the cost of repairs as easily or with the same accuracy. There are many places a rehab can go askew that are well outside of the control of any wholesaler. That said, we are a horizontal organization that prides itself on the highest level of customer service in the industry. If there is ever an issue with a rehab number or with anything at all, as the owner, I am always available for our buyers. I am happy to provide an extensive list of repeat and satisfied buyers. Not 3 or 4, but dozens, possibly hundreds if needed or wanted. If there is anything at all I can do to help you achieve your real estate investing goals in DFW or any other market please do not hesitate to contact me directly.