What are the benefits of working with a real estate investment brokerage?
A good investor eventually uses several different sources to acquire properties. Working with New Western will increase the number of properties you can analyze in a local market at any given moment. In other words, we’re simply another source of inventory.
How much does it cost to do business with New Western?
There are no membership dues or upfront fees required to work with us. Like typical real estate transactions, there are closing costs and associated fees when you purchase one of our properties. These costs vary depending on the property itself as well as the local market you’re investing in. One of our local associates can provide cost details in your specific market during your onboarding meeting.
What type of properties does New Western sell?
It depends on the local market you’re interested in. While our primary business is single-family investment properties, several of our offices also offer land and multi-family investment opportunities. Contact your local office for details.
Do you work with local real estate agents?
Yes, we do on several levels. Once we identify how best to work with them, we often become an agent’s biggest asset and strongest connection to the local marketplace. We can provide their clients off-market investment opportunities to consider.
What level of investors does New Western work with?
We work with every level and type of investor. Although the majority of the investors we work with are experienced, it’s not a requirement. We work with investors that are starting their first project as well as institutional buyers that purchase thousands of homes.
Do New Western properties include an insurable title?
Yes. All transactions go through a title company that researches, and is willing to insure, that the title is free and clear. Investors are highly encouraged to purchase a title policy on each transaction.
How do I gain access to your inventory?
After an initial virtual or in-person onboarding meeting, you will have access to our vast inventory of properties. Our associates will explain in detail how our properties are sold and how the transactions will be structured during that initial meeting.
Why am I required to meet with an associate prior to gaining access to your buyer’s list?
There are several reasons why we require an initial on-boarding meeting at the beginning of the process. First, we want to know what type of properties, neighborhoods and local markets you’re interested in. By understanding your goals and strategies, we can then filter our list to meet your plan. Additionally, we want to make sure the properties and services we offer fit with your needs and requirements. Lastly, we want to ensure a smooth transaction when it comes time for you to purchase a property. That includes understanding the contracts and having the funds or financing sourced prior to contracting any property. We understand this is a large, important purchase for any investor, which is why we want you to feel comfortable with the process and fully understand the resources you’ll have access to.
Can I use traditional bank financing to purchase your properties?
Not usually. While some bank line-of-credit facilities may be utilized, New Western inventory cannot typically be purchased using traditional bank financing due to the condition of the property, the timeline of closing, and overall structure of the transaction. Our properties are distressed “fixer upper”-type houses which do not typically fit into traditional loan underwriting standards.These properties need to be purchased with cash or a lending program specifically designed for rehab purposes such as a hard money loan or private financing. Check with your local agent for approved financial options.
Can you use a rehab loan to purchase a property?
Certain ones, yes. You are able to use a hard money loan to purchase our properties.
Does New Western provide financing?
No. New Western does not provide financing. However, we can easily connect you with lenders who specialize in financing real estate investment properties.
How much cash do I need to buy a house?
It depends. Factors that influence how much cash you need include the market, the lender and the degree of work the distressed property requires. Investors need a down payment to purchase the property, money left in reserve for carrying costs (like interest, taxes and insurance) and enough capital to repair the property.
Keep in mind all investments come with inherent risk that cannot be fully identified regardless of due diligence. We do not recommend investors commit a majority of their financial resources to a project and expect a guaranteed outcome. Especially without considerable experience on their side.
Do I need a real estate agent involved to purchase your properties?
No, you don’t need a licensed agent to purchase a property from us. One of our trained and licensed agents will help you every step of the way. However, you are free to employ a third-party agent to represent you (at your cost) if you choose.