New Western Acquisitions Suffered significant loss due to New Western. Their contractor stole 15K and never completed the job Dallas TX
I am a realstate investor and chose New Western to buy my investment property because they told me that they will help me throughout the process from purchasing at wholesale to providing contractor and during the rehab. The New Western consultant Ashley Rogers whom I worked with was responsive and did try to help with questions. However the condition information provided was misleading.
Property description provided was as follows:
Awesome brick 3/2/2 in Carrollton. This house is in need of cosmetic updating to reach top of the market. Foundation & roof are in great shape, Hvac system replaced 3 years ago, pools pump recently replaced. This is a SLAM DUNK at an affordable price point for anyone. In reality complete roof needed replacement, HVAC needed major repair, Pool needed to be plastered and pump was not working. This alone costed over 10K which was not accounted for in the Rehab estimate.
Moreover, the contractor provided by New Western, Charles Bridwell took $15,200 advance for the remodel project and never completed. Basically he stole the money and is not providing any refund. He also kept delaying the start date costing me more than 12K in holding cost, still on going. The 2nd Contractor provided by New Western estimated the rehab to be at 18K but ended up to be 25K along with many headaches along the way.
My overall experience in dealing with New Western promise was horrible as I lost significant amount of money. I understand the there is risk in making investment but my major loss was due to their contractor stealing money and wasting valuable time. The contractor later told me that he does not even do remodeling work and was just helping out Ashley Roger and that he is not able to payback. Ashley was not able to get refund from the contractor. I would not recommend New Western to any investor and advise to be very cautious in dealing with them.
1 Updates & Rebuttals
2020 Arles Ln
#2Author of original report
Wed, September 27, 2017
I am a real estate investor and chose New Western to buy my investment property because they told me that they will help me throughout the process from purchasing to providing contractor and during the rehab. The New Western consultant Ashley Rogers whom I worked with was responsive and did try to help with questions. However the condition information provided was misleading.
Property description provided was as follows:
Awesome brick 3/2/2 in Carrollton. This house is in need of cosmetic updating to reach top of the market. Foundation & roof are in great shape, Hvac system replaced 3 years ago, pools pump recently replaced. This is a SLAM DUNK at an affordable price point for anyone.
In reality, complete roof needed replacement, HVAC needed major repair, Pool needed to be plastered and pump was not working. This alone costed over 10K which was not accounted for in the Rehab estimate.
Moreover, New Western told me that if you use our contractor they are more investor friendly and give good cost effective results. However, the contractor provided by New Western, Charles Bridwell took $15,200 advance for the remodel project and never completed the job. Basically he stole the money and is not providing any refund. He also kept delaying the start date (4 Months) costing me more than 12K in holding cost, still on going. I financed through Sherman Bridge which was also recommended by New Western. They charged me 1% extension fee because the rehab was delayed by the contractor. I am worried about other hidden costs.
Furthermore, The 2nd Contractor provided by New Western estimated the rehab to be at 18K but ended up to be 25K along with many headaches along the way.
My overall experience in dealing with New Western promise was horrible as I lost significant amount of money. I understand the there is risk in making investment but my major loss was due to their contractor stealing money and wasting valuable time. The contractor later told me that he does not even do remodeling work and was just helping out Ashley Roger and that he is not able to payback. Ashley was not able to get refund from the contractor. I would not recommend New Western to any investor and advise to be very cautious in dealing with them.