Thoughts About New Western?

[Austin B.]

Has anyone purchased a property from New Western? If so, how was the experience? Did you feel like their comps were relatively accurate?

[Terra Padgett]

I've purchased one property with them before. Definitely inflated ARVs and I have no clue where they get their repair costs from. My estimates were much higher. This property in particular had some additional unforeseen costs (main water line damage, sewer line damage, etc.) that certainly caused us to go way over budget. Selling after the rehab was not an option. We were able to refi and pay private lender back, but no cash was able to be pulled out. So we are still holding the property and renting out for a few years and we'll see when the right time to exit will be. I'd say they have a consistent deal flow for you to look at, but certainly don't take the data they provide as your basis for buying/rehabbing/selling. Do your research independently to see if the deal pencils. Go walk the property yourself.