Tuesday, November 17, 2015

Compliments will NOT pay the bills!

A while back, I was dealing with a "Supposed" client who was going to acquire a variety of CRE properties in Las Vegas.

At one point he asked me to find him +/-500 unsold homes so he could fix and flip.  He was very complimentary and by the sound of his voice, he was confident I could get the job done.

I did ask for his proof of funds -- which he said he had but would send them once an offer was written,

Anyway, I like so many others before me, I fell under his complimentary spell.

He did bring his "guys" with him to Las Vegas to look at various properties; and, we met with one Owner, who was very complimentary right back at him.

Later, after the "supposed" client was on his way back home to re-think his purchases, the Owner asked me to meet with him.  He wanted to buy me a cup of coffee.

The Owner and I met.  The Owner said, "David, that guy ain't no buyer.  He's wasting your time."

Apparently, the Owner has been through these scenarios before and wanted to forewarn me what was going to (and actually did) happen.

A few days later, the "supposed" client called to ask me to write an offer for the "wonderful" Owner who agreed to meet with them.

The "supposed" client wanted to offer the Owner a way out of his property buy putting together a joint venture and let the "supposed" client manage the business located at the property.  The "supposed" client would increase the sales and profitability of the business at the property, thus increasing the sales price of the property once it sold -- which they'd split.

I had to tell the "supposed" client no deal.  The Owner had warned me that, that was what he was going to do.  I didn't tell him this of course, but he said it would be very profitable for me to accept stock in this venture and I would be benefiting greatly from his tenure as managing owner.

I told him, the same thing the Owner said to me: Compliments don't pay the bills!

Anyway, he has since been less complimentary as far as I can tell, because he has moved on to other brokers -- to waste their time.

So, if you are serious about acquiring a lease investment -- and have proof of cash, there are a few really good deals left in Las Vegas you should be considering.  Call me.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

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