Anybody working with New Western Acquisitions in San Antonio?
Rental Property Investor · san jose, CA · Member since 2009 · 74 posts · 42 votes
Anybody working with New Western Acquisitions in San Antonio?
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Nathan CronPro Member
Investor · Southern California · Member since 2011 · 27 posts · 98 votes@Linda Weygant Im the broker of the New Western office in San Antonio and very involved in our Austin market. I've now seen your post on BP several times on how we are a "pain in your butt". I spoke with the Denver general manager yesterday on how to become a better asset to the investment community in Denver. Please know that all offices are independently managed and have various levels of expertise running the shops. Full disclosure, I am not very tuned in to our Colorado market but I have now seen your post again directly related to San Antonio. For the past 8 years we have been working diligently providing value to the San Antonio investment community. Check out our Google Reviews, Yelp page, Facebook reviews or come to the office and look at the 100+ testimonials all over the walls from satisfied clients. Year to date our inventory in San Antonio has been 76% off market and 82% in Austin. We are surfacing deals for the investment community that are very hard to come by and delivering them to our network of vetted investors. We have initial in office meetings with ALL investors that want to become part of our network. We explain nuances about our transaction and understand what the clients strategies and goals are. The office does not consist of "a million jokers" rather 14ish licensed agents with extensive 60 day initial training period. Our agents certainly are aggressive and taught various techniques to locate real estate investors. Im sorry that you keep surfacing on our list. I will make sure the Denver office has you blacklisted to reduce/eliminate the calls that you may receive. Agents are simply being resourceful, as we know to be the best, we have to do things that other agents are not willing to do. Like make cold calls and knock on doors. I'm open to any advice you have may have on how we can improve our business. I never knock the community for pushing the envelope and stepping outside the box. Based on your post, you have issues with us going to meetups, cold calling investors, having branded polos and having branded business cards. Perhaps you can educate me on the techniques that you utilized to create such a successful business. You state that "we want you on our buyers list" but in reality, we only want people that value us on our buyers list. We're simply just another resource for investors. Sorry that we do not mesh with what your goals are. We'll make a conscious effort to stay out of your way.
If you'd like to discuss this matter in more detail you can call me or "swing a dead cat".
@Avtandil G. Thanks for researching us.
26 Replies
- New to Real Estate · San Antonio, TX · Member since 2017 · 12 posts · 1 vote7y
I have.
- Rental Property Investor · san jose, CA · Member since 2009 · 74 posts · 42 votes7y
@Shaun Hurtado - any interesting insights that you can share publicly? or private IM is more appropriate?
- Investor · Boerne, TX · Member since 2015 · 139 posts · 71 votes7y
I'd be interested in hearing about anybody's experience as well.
- Lender · San Antonio, TX · Member since 2018 · 109 posts · 108 votes7y
I'd be happy to share my experience. Sent you a PM.
- 7yLinda WeygantPro MemberInvestor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
I wrote this post about them:
Why New Western is a Pain in My Butt - Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes7y
@Avtandil G. We work with them a lot and I always tell people as long as you understand the fees and do your own diligence and read your contract, it doesn't really matter who you buy from.
- 7ySharon PowellPro MemberRealtor · La Vernia, TX · Member since 2014 · 153 posts · 124 votes
I agree with @Jason Hirko. And I work with Albert Fuentes in San Antonio. He is professional and easy to work with.
- 7yNathan CronPro MemberInvestor · Southern California · Member since 2011 · 27 posts · 98 votes
@Linda Weygant Im the broker of the New Western office in San Antonio and very involved in our Austin market. I've now seen your post on BP several times on how we are a "pain in your butt". I spoke with the Denver general manager yesterday on how to become a better asset to the investment community in Denver. Please know that all offices are independently managed and have various levels of expertise running the shops. Full disclosure, I am not very tuned in to our Colorado market but I have now seen your post again directly related to San Antonio. For the past 8 years we have been working diligently providing value to the San Antonio investment community. Check out our Google Reviews, Yelp page, Facebook reviews or come to the office and look at the 100+ testimonials all over the walls from satisfied clients. Year to date our inventory in San Antonio has been 76% off market and 82% in Austin. We are surfacing deals for the investment community that are very hard to come by and delivering them to our network of vetted investors. We have initial in office meetings with ALL investors that want to become part of our network. We explain nuances about our transaction and understand what the clients strategies and goals are. The office does not consist of "a million jokers" rather 14ish licensed agents with extensive 60 day initial training period. Our agents certainly are aggressive and taught various techniques to locate real estate investors. Im sorry that you keep surfacing on our list. I will make sure the Denver office has you blacklisted to reduce/eliminate the calls that you may receive. Agents are simply being resourceful, as we know to be the best, we have to do things that other agents are not willing to do. Like make cold calls and knock on doors. I'm open to any advice you have may have on how we can improve our business. I never knock the community for pushing the envelope and stepping outside the box. Based on your post, you have issues with us going to meetups, cold calling investors, having branded polos and having branded business cards. Perhaps you can educate me on the techniques that you utilized to create such a successful business. You state that "we want you on our buyers list" but in reality, we only want people that value us on our buyers list. We're simply just another resource for investors. Sorry that we do not mesh with what your goals are. We'll make a conscious effort to stay out of your way.
If you'd like to discuss this matter in more detail you can call me or "swing a dead cat".
@Avtandil G. Thanks for researching us.
- Real Estate Agent · San Antonio, TX · Member since 2016 · 251 posts · 70 votes7y
I work out of the San Antonio Central office and have completed 140+ transactions over the last 2.5 years. You can find a handful of reviews/testimonials regarding my transactions with investors in this market.
At the end of the day there are multiple outlets you can source investment properties from, we are one of many. There's no obligation to buy and it doesn't cost anything to receive our deals. Honestly, most of the negativity I hear in the marketplace about New Western Acquisitions is from investors who have never done business with us and/or never met one of our agents to discuss how we work.
The investors I work closely with do their own due diligence before purchasing a home and are in majority repeat buyers. One of my investors just sold and closed on a deal I sold him in the summer and he has asked me to post his closing statement... not to be boastful but rather to show investors what can still be accomplished in this market.
- Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes7y
Originally posted by @Linda Weygant:
I wrote this post about them:
Why New Western is a Pain in My ButtLooks like they circled the troops on you Linda. I won't do business with them, nor even allow them in my listings. They are just like net worth(used to be the same company from what I hear). I've educated a lot of listing agents on what is really going on in the transaction when companies like this come around.
I see a lot of new agents come and go from these companies, which speaks a lot about how they operate here in Denver at least(Reminds me of an MLM). I was harassed by one of their underlings here after I asked not to be contacted by him. He told me they were going to take over the City...lol...
I really feel for the new investors that buy from companies like this without doing their own due diligence.
- 7yLinda WeygantPro MemberInvestor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
Originally posted by @Matt M.:
Originally posted by @Linda Weygant:
I wrote this post about them:
Why New Western is a Pain in My ButtLooks like they circled the troops on you Linda.
Yup. They're gonna Black List me. FINALLY!!!!
- Rental Property Investor · san jose, CA · Member since 2009 · 74 posts · 42 votes7y
reading through these and other threads on New Western Acquisitions, it looks like the main complain is a) sometimes aggressive marketing and b) some variance in pricing / arv / rehab-costs
the variance in estimates one would get from a wholesaler should be expected IMO - it's the buyer's responsibility to double-check everything and ultimately decide whether it makes sense to pursue the deal or not. nobody is forcing the transaction. but it's also not practical to expect that a wholesaler would always produce a spectacular deal - sometimes you get gems but more often you get duds ;)
the only fishy thing that I see so far in terms is the 'wire 5K deposit to our company bank account' - that's just silly... and the argument was - 'well, there were cases where scammers fished title company's wire number and customers lost money'... anyhow, all deals should be done through title, which is what i've insisted on...
so, with that, i signed up for their San Antonio list and will sign up for a couple other markets - this is just another lead generator the way I look at it. the volume in San Antonio seems reasonably high - 1 deal a day. nothing that I want to go after immediately though - the ones I saw so far are 20-30% over what I'd pay for to generate returns I want
thanks all for your comments - i will update the thread with my experience as time goes by
- Real Estate Agent · San Antonio, TX · Member since 2013 · 153 posts · 132 votes7y
Only if you want overpriced 'wholesale deals' and want to you their mandatory HML, which has the shitiest rates I've ever seen as well as ridiculous rehab numbers... think only 15k on a full rehab lmao
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Matt M.:
Originally posted by @Linda Weygant:
I wrote this post about them:
Why New Western is a Pain in My ButtLooks like they circled the troops on you Linda. I won't do business with them, nor even allow them in my listings. They are just like net worth(used to be the same company from what I hear). I've educated a lot of listing agents on what is really going on in the transaction when companies like this come around.
I see a lot of new agents come and go from these companies, which speaks a lot about how they operate here in Denver at least(Reminds me of an MLM). I was harassed by one of their underlings here after I asked not to be contacted by him. He told me they were going to take over the City...lol...
I really feel for the new investors that buy from companies like this without doing their own due diligence.
I feel its a stain on the industry.. just running around tieing up MLS properties to only resell them at higher prices.. what value does that bring.. I would think NAR and your local board would put an end to that kind of thing..
- Rental Property Investor · san jose, CA · Member since 2009 · 74 posts · 42 votes7y
@Arissa Pedroza - sent you a PM - looks like you're also a wholesaler in San Antonio? would love to learn more about your operations
- Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes7y
Great business model if you own New Western. I have seen them and other wholesalers take advantage of many new investors with high pressure sales. IE. 5k non refundable deposit right now or you lose the house type of stuff..
I have seen them use far flung over reaching comps to justify a price, low cost rehab budgets, etc.....
Having said that.... I will not use them. I do not recommend them. However, i am sure they have good deals occasionally and not all their agents are the same. I WOULD NEVER LET THEM DICTATE WHAT LENDER TO USE...... that is hilarious and only works with new investors. No experienced investor would ever contemplate using their lender with their terms that i know of.
Bottom line= 1) do not trust any wholesalers numbers 2) never give non refundable funds up front without doing you own due diligence 3) assume you are making a mistake on every purchase until you prove otherwise 4) get an experienced professional to review your deals if you are not 100% certain of the numbers
The market is getting tighter and tighter so we will continue to see "crap thrown against the wall" hoping to find a buyer. Buyer beware.
My opinion only.
- 7yNathan CronPro MemberInvestor · Southern California · Member since 2011 · 27 posts · 98 votes
@Arissa Pedroza New Western does NOT require a specific lender. We never have. We partner with all lenders that can get the deal done with the exception of a couple companies that have not performed for our investors. You are referring to one of our competitors in the market. Currently this month we have 12 different lenders we are working with out of San Antonio.
@Avtandil G. I appreciate you doing your homework. Wiring to the title company is fine but a release of earnest money is signed at that time. Once you commit to a property your money is nonrefundable per the terms of the contract.
@Danny Webber Wow thanks for the support Danny. You will not use us yet we've been sponsoring your "guru" event for years. Not to mention you've brought us property to sell for you. And you know we don't determine the lender used. We use almost all the vendors at your meetup. I remember when you were sitting in our conference room telling us about how we can do business together.
- Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes7y
@Nathan Cron
@Nathan Cron I apologize to you personally and do not know how to separate the good from the bad in your group. I did mention not all agents/wholesalers are the same. I've been a party to a few bad deals involving you guys on the back end trying to save an investors money due to inflated/deflated numbers. The same could be said for Networth or any of the other wholesalers out there so it is not just you all.
NW catches a lot of flak on forums/boards. If it is consistent there has to be a reason for that.
Again, nothing against you personally or the SA group (No experience with them). Overall though, I do not recommend NW or any other high pressure wholesaling group because they do not allow new investors the proper time to vet deals.
When we met in your office a couple of years ago i shared similar thoughts with you all about the holes in corporate run wholesaling offices.
It's not all negative. I am sure you all have good deals sometimes but unfortunately most people only need help when they get a bad one. Even though the reasons may be beyond your control at that time.
For instance. A new investor gives you all 5k for the contract then orders an inspection because obviously they cannot trust your rehab budget nor should they.
Your website states that there will be no negotiation after the inspection is received if any major defects are found. If they find 10-20k more in work on the property via inspection they have a choice.
Choice A- walk and lose the 5k
Choice B- buy the house and hope/pray they can make the numbers work with less than a 5k loss to break even
Where is the fairness in that to anyone but you all?
These types of things leave a bad taste in peoples mouths.
I know what logic you all use: "THEY SHOULD KNOW WHAT THEY ARE LOOKING AT OR HAVE AMPLE CONSTRUCTION EXPERIENCE WITHOUT AN INSPECTION BEING NEEDED TO GAUGE REHAB COSTS"
I've been doing this 15 years and I still get an inspection because I can't trust myself to catch all items.
I am in no way suggesting all NW deals are bad or agents but many of your business practices I do not agree with.
Just my opinion.
(excuse grammar)
- San Antonio, TX · Member since 2017 · 179 posts · 71 votes7y
I would definitely NOT recommend NW San Antonio. I've dealt with a few different guys and gals over there and my experience was similar to that of @Danny Webber.
- Real Estate Agent · San Antonio, TX · Member since 2017 · 523 posts · 362 votes7y
@Avtandil G. That's a great question my friend. I have met with several of them in the office and have grown up with some of the people they hired as agents. My personal feelings towards those people are negative due to how they were in and out of school but that has nothing to do with the company. For what it is, it is a great opportunity for someone with little or no formal education to make a decent living and theoretically provide value to investors. I have never done a deal with them yet, because the numbers on their deals just have never worked for me. I personally look at most of their deals and believe the prices are over priced and rehab is under priced. However that is just my opinion. Everyone comes across good deals, and they I'm sure they are no exception to that fact.
There is an obvious negative stigma about them among real estate people here and I really don't know exactly where it stems from. One of the first questions I always get when I tell people I'm a wholesaler is "Are you with New Western or Net Worth?". It isn't said in a very positive tone, but maybe that is just me imagining things. Like with any wholesaler or deal you definitely need to do your own due diligence. After reading through this thread I would just be cautious and make sure to read on exactly how they work and what it takes to go from beginning to end on a deal with them.
I would definitely sign up for their list as you have done and make a decision for yourself. Evaluate the deals that are sent to you, call the agents and see how they are. There are always good and bad people everywhere you go. Maybe their goals will align with yours and you will have an awesome business relationship with them. At the very least by working with them you will have an idea of what is going on in the San Antonio market and get a knack for evaluating deals.
- Rental Property Investor · san jose, CA · Member since 2009 · 74 posts · 42 votes7y
@Michael Guzik - thanks for your perspective and additional context. pinged you over PM, would love to carry conversation offline
- Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes7y
Originally posted by @Jay Hinrichs:
Originally posted by @Matt M.:
The only thing done locally was changing the contract. Before you could check a box that said, "this contract is assignable." A lot of lazy agents and sellers were caught off guard with what was going on. Now you have to type it out in the additional provisions section of the contract. Many older agents have no idea what is going on. One such property I followed nearly went to foreclosure after one of these companies tied it up. I'm sure it's happened elsewhere.
I would argue that it violates the good faith clause since they have no interest in actually buying the property. If these companies were more up front about what was going on, then that would be one thing. While I think the model serves a purpose to move properties in need of repair quickly, there is a better way to do it.
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Matt M.:
Originally posted by @Jay Hinrichs:
Originally posted by @Matt M.:
The only thing done locally was changing the contract. Before you could check a box that said, "this contract is assignable." A lot of lazy agents and sellers were caught off guard with what was going on. Now you have to type it out in the additional provisions section of the contract. Many older agents have no idea what is going on. One such property I followed nearly went to foreclosure after one of these companies tied it up. I'm sure it's happened elsewhere.
I would argue that it violates the good faith clause since they have no interest in actually buying the property. If these companies were more up front about what was going on, then that would be one thing. While I think the model serves a purpose to move properties in need of repair quickly, there is a better way to do it.
IN my day of buying courthouse steps in Oregon.. I had two things happen.. One wholesaler promise the moon and not close and the house is lost.. and Lenders do the same thing.. I would say I bought one a quarter were in talking with the owner who had to move they were very upset the wholesaler did not come through.. then I would look at the contracts and of course next to nothing in deposit money all sorts of wiggle outs.. and folks that just had no wherewithal to close unless they found someone else.
- San Antonio, TX · Member since 2013 · 87 posts · 42 votes7y
New Western is a product of the current market, plain and simple.
These guys mostly serve up stinkers to wannabe investors they hound at every REI meeting in the city. Normally I wouldn't care, because, buyer beware. Do your own due diligence etc, BUT, there is a never ending stream of newbies with stars in their eyes after watching HGTV who are one of the larger drivers of this rapid price inflation, driving down deal flow and profits for everyone. For every newbie flipper that fails, 7 more will unknowingly take his place. New Western is legally deceiving them.
As a buyer for flips? If you know how to properly calculate ARV, Rehab, Holding and Sale costs you will see that most of what is provided from NW's "Pool of 20,000 Properties" or whatever they say, are mostly not deals. I get comparables that are 1000 sq ft larger than the subject property, too far away, etc. Rehab estimates are laughable. Now there are some "Deals" that could work if the aforementioned holding and sale costs didn't exist.
Now I will say, I have spoken with two colleagues of mine that have successfully flipped property using NW. That was awhile ago, however. Before the san antonio market saturation.
I've used multiple agents of NW to send me properties, but it has been largely irrelevant as they're regurgitating the same houses. I've even been sent MLS properties they don't even have under contract yet.
They tend to get very upset and unprofessional when called out about this.
I don't think were due for a market correction any time soon in San Antonio, but it will be interesting to see their business model when it finally does. I'm betting then is when they'll be useful again.
If you want to BRRR a property, or get a value-add rental or personal residence, you might be able to buy something currently, but that's about it.
- 7yNathan CronPro MemberInvestor · Southern California · Member since 2011 · 27 posts · 98 votes
Sorry we're not adding any value to you @Lawrence Rutkowski. I'm happy to sit down with you and hear you out how we can become a better business. I've addressed many wrong accusations on this thread with no prevail. Let me know if you want to sit face to face. You can send me a private message.
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