I miss Mike Sitren.
He was the best RE Broker I ever worked for.
Way back in 1991, when I left Retail Management for Real Estate, Mike Sitren took me under his wing and taught me a lot about real estate.
He was a short, stocky man who had been in California real estate for more than 40 years when he died in 1993.
In those two short years, he gave me more information about real estate client particulars than I have learned in the last 18 years all together.
He would say things like: A Buyer who demands an unattainable interest rate, is NOT a buyer. Don't waste your time with them.
He admonished me for trying to help my wife's sister and her husband with a re-finance loan years ago. He said never do anything in real estate for family; they will not appreciate it; and, IF something goes wrong, YOU are to blame.
I, unfortunately, made this mistake one other time. It was THEN that I learned that Mike was correct. (I don't speak to my brother anymore.)
Even as of today, when "things" happen during a real estate transaction, I remember his words of wisdom of what he taught me.
Recently, a client from New York wanted to "buy" a lease. That's what he said.
I asked: "Do you mean buying a property with a NNN leasehold encumbering it? Or, do you want to buy a leased that is a ground lease and you pay the fee simple owner a rent.
"No!" he said. He wants to buy a property where the tenants pay ALL the expenses. So, you want to buy a real estate property that is encumbered by a NNN Lease where the tenants pay ALL the RE taxes, insurance and CAM. He said that's right. I said, Okay!
So, I found him one. Then, as we are writing a Purchase Agreement, he starts demanding that in the offer, we outline the provisions of the lease that he is buying. (What?) In Nevada, they will give you basics about the lease, but NOT the whole lease prior to the Buyer supplying the Seller they are qualified to buy.
Well, he didn't want to put up an agreement or even provide the Seller with a financial statement he said has the appropriate amount of money to close the deal until he got to look at the lease.
I finally realized late today, that this New York Buyer didn't have a clue as to how or what he was trying to do. He kept asking for things that would NOT be available until we were in escrow. Mike said that buyers like this guy, are never a real buyers. So, don't waste your time.
And, unfortunately, the more I tried to help him understand this process, the more he began to question other minor and basic purchase agreement items.
That's when I remembered Mike's warning. Any buyer who continues to question minor items in a contract, is NOT a real buyer.
So, IF you are a real buyer, I have several properties that are worth the price because they are in the 8% Cap Rate range. However, after this one, sending me your qualifying information is required -- up front.
And, IF you have been following my blog, you would know that an 8% Cap Rate for a property these days, IS a Steal.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 2-50 1- 93 88
He was the best RE Broker I ever worked for.
Way back in 1991, when I left Retail Management for Real Estate, Mike Sitren took me under his wing and taught me a lot about real estate.
He was a short, stocky man who had been in California real estate for more than 40 years when he died in 1993.
In those two short years, he gave me more information about real estate client particulars than I have learned in the last 18 years all together.
He would say things like: A Buyer who demands an unattainable interest rate, is NOT a buyer. Don't waste your time with them.
He admonished me for trying to help my wife's sister and her husband with a re-finance loan years ago. He said never do anything in real estate for family; they will not appreciate it; and, IF something goes wrong, YOU are to blame.
I, unfortunately, made this mistake one other time. It was THEN that I learned that Mike was correct. (I don't speak to my brother anymore.)
Even as of today, when "things" happen during a real estate transaction, I remember his words of wisdom of what he taught me.
Recently, a client from New York wanted to "buy" a lease. That's what he said.
I asked: "Do you mean buying a property with a NNN leasehold encumbering it? Or, do you want to buy a leased that is a ground lease and you pay the fee simple owner a rent.
"No!" he said. He wants to buy a property where the tenants pay ALL the expenses. So, you want to buy a real estate property that is encumbered by a NNN Lease where the tenants pay ALL the RE taxes, insurance and CAM. He said that's right. I said, Okay!
So, I found him one. Then, as we are writing a Purchase Agreement, he starts demanding that in the offer, we outline the provisions of the lease that he is buying. (What?) In Nevada, they will give you basics about the lease, but NOT the whole lease prior to the Buyer supplying the Seller they are qualified to buy.
Well, he didn't want to put up an agreement or even provide the Seller with a financial statement he said has the appropriate amount of money to close the deal until he got to look at the lease.
I finally realized late today, that this New York Buyer didn't have a clue as to how or what he was trying to do. He kept asking for things that would NOT be available until we were in escrow. Mike said that buyers like this guy, are never a real buyers. So, don't waste your time.
And, unfortunately, the more I tried to help him understand this process, the more he began to question other minor and basic purchase agreement items.
That's when I remembered Mike's warning. Any buyer who continues to question minor items in a contract, is NOT a real buyer.
So, IF you are a real buyer, I have several properties that are worth the price because they are in the 8% Cap Rate range. However, after this one, sending me your qualifying information is required -- up front.
And, IF you have been following my blog, you would know that an 8% Cap Rate for a property these days, IS a Steal.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 2-50 1- 93 88
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