Showing posts with label Downtown Las Vegas. Show all posts
Showing posts with label Downtown Las Vegas. Show all posts

Sunday, December 17, 2017

Holiday Cheer to Everyone!

It's my hope that all have a wonderful Holiday Season!

To those who celebrate Christmas: Merry Christmas!

To those who celebrate Hanuka:  Happy Hanuka!

To those who don't celebrate anything this time of year: Happy New Year -- regardless of religious affiliation!


We were going to try to do a gift-less Christmas this year, we'll see how that goes!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Monday, December 4, 2017

Whether you are Young or Old, your Mom is your Mom!

Since this past summer, my 88 year old mom has been asking for me to visit.

So, we (the spouse and I) booked a time between the holidays to go to Boston.

My brother told me that our mom wasn't doing well.  So, off we go!

Anyway, it's going to be a short trip.  With the spouses business doing so well and mine starting to show life again, I have a feeling this might be the last time I get to be with her while she's still alive.

So, off we go. to Boston to visit family I haven't seen in awhile.

See you next week.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, November 29, 2017

The more things change, the more they stay the same!

After reading Susan Phillips' "Select Leaders" posting about Millennials staying at home with parents to live, I got to thinking about the very subject she mentions here.

Jobs.

Since I have been self-employed for so long, it would take a miracle for me to go back to work for anyone else.

But, as she states, I work in an industry that is (supposedly) growing.  In the past year, I've gone from working large CRE deals to very, very small. (You take what you get, I suppose.)

The fortunate part for me is that I have a very low overhead and with my business so slow, I am still able to maintain myself with a huge help from my spouse. (Her industry is booming in Las Vegas.)

Anyway, with extended family having moved in to our household, this scenario covers the majority of Americans who have lost employment over the years and were replaced by automation.

It is an interesting read -- if only to me and my family situation.

Enjoy.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Sunday, November 12, 2017

Las Vegas may break 2016 visitation record

Living and working in Las Vegas gives me a front row seat to some of the more exciting elements of Las Vegas.

So, when I read articles about Tourists flocking to our city, I understand the why Las Vegas Strip land prices are so, so high.

From all over the world, people know and want to travel to Las Vegas.  I understand the "freedom" that Las Vegas gives people.  Even if that Freedom is only a mental state of mind.

Rags to Riches; down to your last dollar and then hitting the Jackpot!  I get it.  The allure is too great to NOT to want to be apart of.

So, it comes as no surprise to me to read the Las Vegas Review Journal article about Las Vegas about to break it's own Visitation record set in 2016.

Las Vegas may break 2016 visitation record

You may NOT be a regular tourist to Las Vegas, but there are still some deals that are available for sale.

Recently, a local developer placed a brand spanking new multi-tenant retail building up for sale he just completed.  He's asking a 6% Cap Rate.  The center is located on the busiest street (IMAO) in the southwest part of the Las Vegas Valley.

Asking price is +$3 million.


To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Climate Change Natural or Man-made?

If NOT into politics, you might want to avoid this blog post.

Since DonTheCon was Electoral College elected president, he has embarked on getting rid of "Unnecessary Government Regulations." I agree in a small part that the government does have some rules,/laws on their books that should be removed/changed.

But, when he appoints an EPA head who is a stanch supporter of the Oil Industry -- and this EPA Chief believes that the Oil Industry should be able to do what ever they want regardless of Cause and/or Effect on others health and well-being -- that's where I begin to have a problem.

Why?  Profit!

I believe the Oil Industry thinks that they do NOT have to clean up after themselves.  To them, cleaning up is too costly.  Besides, oil comes from the ground.  Why can't they just dump oil waste back onto the ground -- where it came from?

Everyone knows that the primary cause of air pollution is the gasoline engine.  Attempts to make electric engines doesn't give the driver the sense of power and surge of adrenaline that a gas engine does.

(Even I have a gas powered car.)

But when any industry is allowed to run rampant and destroy the air, water and earth we live on, I believe there is only so much the earth can take.  Humans are changing the planet and NOT for the better.

Even Stephen Hawkins says that we will destroy Earth because of the above aforementioned demand for Profit.  He even gave a year by which we will be successful in destroying the only planet we are capable of living on in the known universe -- 2600.

But, hey, that Profit is so, so important.  We need to keep the oil industry going.  Because without the oil industry, we just might be able to slow down or even stop climate change; have cleaner air and water; and, definitely have less pollution in general.

But, since profit is so important, we need to keep destroying human lives because - well, there are already too many humans occupying Earth. So, humans will continue to destroy Earth so when there is no Earth left, at least there will still be profit!

Can Earth right itself without humans changing their course?  I don't know.

But as these pictures from New Delhi, India indicate, I don't think so.





To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Friday, November 3, 2017

Owner Chews Me Out For Contacting His Lender!

First of all, I know the Owner quite well!

Second, there was a Notice of Default (NOD) filed on his property.

Third, I am dealing with a buyer that has expressed interest in acquiring this property and when I told them about the NOD, they said I should get the loan information.

With that said:  What I did wasn't wrong.

Been there; done that!

Through my years as a Real Estate Broker, I have also worked in the lender industry for prominent banks, mortgage companies, and brokers originating loans, etc.

I have acquire quite a bit of knowledge as to HOW? real estate financing works.

Do I know everything? No!
Do I continue to learn as the real estate industry evolves? Yes!

So it should NOT come as a surprise to anyone -- I told the owner -- that a buyer with cash wants to acquire property at or below market value.

That's how it works.  He reluctantly agreed. (He does the same thing.)

Since the property had an NOD, the buyer I am currently working with said: 'See if the lender will sell the loan?"'

So, I contacted the lender and was told: 'No! The loan is NOT for sale.'

I inform the buyer.  They were like, okay.
That's when the owner finds out through the lender I called, okay.
That's when the owner tells me: 'Don't do that ever again.' Okay!

But after hearing him out, I understand his position.  He doesn't want to lose the property but doesn't want to lost his investment into the property either.

I get it.  And, so do all of you fellow real estate owners.  You don't want to lose your initial or equity investment in any real estate property.  Neither do I.

Everyone knows that foreclosure is a bad thing -- especially when you lose your entire investment into the property.

I tell the buyer we need to make an offer before the NOD runs it's course. That was yesterday.

Hopefully, the buyer is able to convince his investors this is a steal at the asking price and should move forward quickly.

More as it happens.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, October 25, 2017

People who hanker for the past, usually end up alone in a ghost town.

Just so you know...

Ghost Towns don't just happen.

They are the result of the current town occupants NOT keeping an eye on the future.

Now, Nevada has plenty of Ghost Towns.  They were built for an immediate need because so many people flocked to these towns for one thing: to mine Gold or Silver.

The problem turned out to be that when the Gold or Silver ran it's course, the towns expired because of ... well, NOT keeping an eye on the future.

So, not foreseeing the future or turning their business eye toward another income stream, the town expired.

This is happening all over the world.

Rhyolite Casino

And, it could happen to us right here in Las Vegas NV!

But I don't think so.

The reason I don't think Las Vegas will fail anytime soon is that this is a city built for tourist!

And, for this city to die, Las Vegas will have to stop changing.  That's right.

Las Vegas is continually changing.  They adapt.  The Casinos still operate, but they always find another way to attract tourist to our beloved city.

Recently, there was a push for more retail.  We have more malls here than anywhere in the US -- that I can think of.

Just about every Resort embraces a mall concept which is easily accessible from the casino. 

So, if you grow tired of the slot machine taking your money?
Okay!  Then, you have the ability to window shop the assorted stores in the resorts mall.

Retail is dying because of the Internet?
Okay!  Then, take in a show at a resorts theater -- OR, have dinner at a spectacular resort restaurant.

Sooner or later, you'll have spent your hard earned saved dollars somewhere in or about the resort.

So, all you who live in middle of nowhere America.  Are you still waiting for that factory job you lost to automation to come back? (Hint! It isn't returning.)

From what I'm told, Las Vegas has a shortage of workers.

Okay, the job doesn't require you to spend hours on end operating a machine drilling holes in metal; or welding two pieces of metal together. The machines can do that themselves now.   But, then again.  You need to adapt to see success in the ever changing economic environment.

Have I said Las Vegas enough, yet?

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Tuesday, October 17, 2017

Las Vegas Hospitality, Resort & Gaming Property For Sale?!

Yesterday, I noticed that another International (supposed) Real Estate Agent (IREA) was marketing a (anonymous) Las Vegas Resort Casino as For Sale.

So, as usual as I do, I decided to call my Resort/Casino connection at the resort casino that I think the IREA was referring too.

Turns out the connection denied it was for sale; and when I told him the price the IREA was saying  their property was for sale at, he laughed!

He said the price was, "very, very wrong," even if it was for sale.

He reminded me that "IF the Fontainebleau Las Vegas sold for $25 Million an acre, their price would be equal or even higher!"  (Plus they have more land that remains develop-able around it.)

So, IMO, any potential Buyer would be looking in the PLUS $1.5 Billion range. I think that's cheap given the rebounded state of the Las Vegas economy.

In my experience, most high end buyers are actually bottom-feeders who want to acquire a property at the lowest price possible.

So, even though this IREA implies on his web site that he is the Listing Agent, my connection assured me there is NO LISTING!



Which is good news for you -- as a potential buyer for any casino, resort or hotel, multi-family investment property.

The reason for this is simple: I have an inside tract to (most) of the property owners here in Las Vegas.

With that knowledge, this inside tract enables you to get your interest in acquiring any Las Vegas  property directly to the decision-maker.

And, if you need a little more time to get your money together, I know of several properties where the owner could Carry-Back loans for a short period of time.

So, IF you have the pre-requisite amount of money or financial capacity, and you are interested in a Las Vegas property -- on or off the "Strip," email me your company's corporate authority's information, and I will get to work -- as the saying goes.

If a large resort property is on your radar, my standard Non Circumvent and Commission Agreement is located under the Las Vegas Casino Information Button on the right side of this page.  Please click, print and have your company's authorized signatory sign; then email it back to me.

Once received signed by your company's authorized signatory, I will forward the property details!

And, as of today, there are Three Resort Properties in and around Las Vegas that are available For Sale!  These will run you 'As Is' in the $20 Million, $250 Million and much, much more range!

Also, IF you are more interested in a smaller investment properties -- such as a Net Leased Investment, there are several that can be acquired together for a +/-7% Cap Rate; OR, +/- $2 to $5 Million.  These are currently generating +/-$400,000 or more in annual income.  (Not bad for passive income!)

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, October 12, 2017

Sexual Harassment in the Workplace - It's not limited to Hollywood!

Sexual Harassment is prevalent in our society.

Now, not everyone will suffer it directly.  But, a lot of people will.
Since I talk a lot (probably too much) through the years, I have talked to various women who were going through some form of sexual harassment right in the very workplace I was working.

Fortunately, I only encountered one sexually harassment event which was years ago by a gay man who was a co-worker while working as a bartender during my college years.

I passed it off as him being drunk even though he tried to kiss me.  And, with that incident in mind, I have not tried to harm any woman I have worked with.

So, when I hear of incidents where one person was approached by another in some manner implying an unwanted sexual advance, whether it's a woman or man as the aggressor, I understand their plight.

What people don't seem to realize is that if you make another uncomfortable, whether in the form of a friendly gesture or not, if those incidents make that person uncomfortable, you are sexually harassing that person.

So, when today, I read an article in the Daily Mail stating that several women who subscribe to LinkedIn, have complained that "Connections" are trying to secure dates with them even though they are married, these 'men' being the aggressor are actually sexually harassing these women.


So, a woman on LinkedIn posts an attractive profile picture of herself.  That doesn't mean they are looking for a date -- even if they were currently single!

And, I have through the years of being a LinkedIn member, have several connections that are attractive women.  I don't think I have ever sent them a message suggesting a date.

(I am even seriously thinking of deleting my LinkedIn account because I can NOT trace any real estate deal I've ever done to have been originated through a LinkedIn connection.)

With apologies to the want to be Hugh Hefner Playboy types, I'm NOT interested in a date with any woman on LinkedIn - or elsewhere.  I don't care how attractive your profile picture is.

I have two woman in my life that take up 99% of my non work time: Wife & Daughter.  That's all I need.

But with this Harvey Weinstein guy, he's thrown this entire sexual harassment thing into the open.


I for one, am glad this has been made public.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Monday, October 2, 2017

Sad day when fun and relaxation turns into a living horror!

Soft Target is what it's called.

That's when an individual takes advantage of a large peaceful crowd of people minding their own business and enjoying the evening entertainment when the despicable happens.

A massacre of unbelievable portions disrupts the peace and tranquility and the massacre leaves 58 people dead and 515 people wounded. (As of my posting this blob.)

And, the coward 'terrorist' (let's be honest, that's what he is) then kills himself as the police are about to move in.

I always ask afterward: if this person is truly set on committing suicide, then why kill others before killing yourself?  As a lay person, that doesn't make sense to me.

But, as the 'news' comes forth as the police investigate, it becomes apparent that this Stephen Paddock had planned this out thoroughly.

He had a 32nd floor suite that almost overlooked the event grounds on the east side of Las Vegas Blvd.  He had at least ten weapons n the suite.


And whether or not a few or many were slaughtered, he didn't care.

I hope he has an endless afterlife in hell.  If he thought his actual living life as bad, I hope Lucifer makes his afterlife even more painful.

http://www.msn.com/en-us/news/breakingnews/who-is-stephen-paddock-las-vegas-shooter/ar-AAsMY12?OCID=ansmsnnews11

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Monday, September 25, 2017

Immigration, Tax Reform and Healthcare help the US Economy

Last week, I was invited by Bank of Nevada to attend an economic presentation they held at the new Las Vegas Golden Knights practice arena.

There Beacon Economics, LLC made a presentation about the Las Vegas economic future.
(It looks very bright!)

There were three things mentioned during this presentation that made me go, "Hmm!"

One was Immigration.  He presented information that when the US has more of an open immigration policy, the economy expands.  Since 1924 when the KKK had Congress pass the Immigration Act of 1924, this place a restriction on "Who" was more invited into the US than others.  Since that time, we have seen several economic cycles come and go. (Due to immigration restrictions? Probably not.)

But, one of the main problems today is that there is a shortage of unskilled workers for the number of unfulfilled unskilled labor jobs.  Yet, the current administration wants to restrict immigrants who through US history, have been the ones to fill those jobs.

Second was a discussion about Tax Cuts.  Us US Citizens have a history of NOT wanting to pay any taxes.  Nobody likes to pay taxes.  But, the information presented showed that giving high income people a tax cut, you actually gut the funding for a lot of necessary government programs.  Thus, you hurt the economy.

Road infrastructure and other assorted government provided services usually end up gutted when there is little to no money coming into the government.

Last was health care.  They touched on the fact that if American families are saddled with high health bills, they have little to no extra spending money and still very little for other than basic necessities such as food, shelter, etc.

By eliminating any extra income the family might have, it prevents them from participating in the overall economy in general.  Thus, when their backs are against the wall, and little income to live on, they eventually file Bankruptcy -- which hurts the overall US economy.

So, as we march forward with an administration fully geared up to run immigrants out of the US; give massive tax cuts to the higher income people; and gut a health care system to appease a few campaign donors, we are actually lining our sights on a turbulent financial future rather than a profitable one.

For more information on this topic: www.BeaconEcon.com

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Tuesday, September 12, 2017

Small Resort Casino For Sale in Las Vegas!

Recently, my Inbox has received inquiries about Las Vegas Resorts For Sale.

There are some -- not many -- that could be acquired.

The problem is -- and will always be -- that potential Buyers want to acquire Resort properties in the same manner as if they are acquiring a Net Leased Property in their own back yard.


Or, they think that because they are who they think they are, the Seller should (overtly) respect them fully and sell at the Buyer's suggested low-ball price.

Unfortunately -- and this goes for all would be buyers -- it doesn't work that way when it comes to Las Vegas Resort Properties.

I can't explain it any more simplistically than if a property is being marketed at $6 Million an acre.  And, surrounding comparable sales indicate $7 Million an acre, why are Buyers pushing for a sale at $3 Million an acre?

For Example: a small extended stay resort motel property with a small casino (8 slots only) though this property is zoned for an Unlimited Gaming Casino (Full slots, table games, etc.) that sits right smack inside the Clark County Gaming Overlay (which means there are no restriction to developing an unlimited gaming casino) isn't going to be sold cheaply.

And Buyers arguing with me that the Net Income from the property means the value is less than the  asking, baffles me.

The Net Income of the property may be a contributing value, but when it comes to land value being more valuable than the business being run at the location, trying to acquire this based on the Net Income isn't going to cut it.

Many, many times, I've had brokers outside of Las Vegas tell me that the value of a resort property is solely based on it's Net Operating Income.

I have to over explain to them that if the land is worth much, much more than the business net income, that's the sales price.

(This scenario is never, ever going to change.)

To which I always respond, "that may work in your neck of the woods.  But, it doesn't work here."

I've had offers on listings that were for a fraction of what the properties eventually sold for.

I realize that Buyers are trying to get the most equity they can at the time of purchase; I also understand that the Sellers are trying to get the most bang for their buck for the equity value.

So, if you think a 200 room resort with a small casino, Full Alcohol and located within the Clark Gaming Overlay is worth $20 Million when comparable sales say it's worth $21 Million, send me an email.

(Psst! The abandoned and unfinished Fontainebleau just sold for $25 Million an acre. Don't tell anyone!)

After executing the appropriate paperwork, I'll send you the property details.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, September 7, 2017

Back In The Saddle! Okay, I'm just back to work...

Arriving to work Tuesday morning, my friend, golf buddy and retired (though still actively licensed) Gaming Executive asked about playing golf Saturday.

I said, "Ok!"  It couldn't hurt to lose a few more golf balls. (I don't play with the good ones I find while searching for my lost cheap ball.)

Anyway, he asked about the Alaskan Trip (I replied, "It was GREAT!")

The Spouse & Myself on board the Norwegian Pearl in their Bliss Nightclub!

Then, he dropped a bomb-shell! 
He has the latest on the Large Las Vegas Resort Casino that he knows is (about to be) For Sale!

Oh, well. I can't wait but I am going to have to.

If you want to know which one, email me your contact information & I will send you the Non-Circumvent Agreement.

This must be signed and delivered with Proof of Capability to close a Billion dollar deal.
(Not kidding.  The property in question will cost you!)

:-)

Anyway, I'm relaxed and ready to go.  Are you?

Look forward to your emails!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Monday, September 4, 2017

Rested and Relaxed from Week Long Alaskan Cruise Retreat!

Cruising to the southern Alaskan shore was a great benefit to my wife and myself.  Alone time to see just what southeast Alaska had in store.

I did get to take a 'look' at another states' real estate and was amazed at just how many vacancies each city had.  (Survival of the fittest, I suppose.)

The main industry now-a-days is the cruise ships that dock at their piers in their deep water harbors.  These towns would definitely die away if the ships stop sailing into their harbors.  And during the winter months, that's what happens.

Tourist season in this stretch of the world is May 1st to September 30th -- obviously.  So, they must pack in as many tourist dollars they can while the season is 'hot' - so to speak.

Great time, great cruise, and lots of local knowledge acquired to bring back home to Las Vegas to re-energize my battery.

If you have been considering a cruise as a vacation, I say sign up for next season.  It was worth the cost.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, August 23, 2017

Alaskan Cruise Excursion for a CRE Retreat!

If you missed me recently, I will apologize.
I know just how hard it is to enjoy yourself without my input.
But, I am sure you can manage for the next week to get along with yourselves without me.

Okay, I am NOT that important; nor anything I write here is so important that you can't get along without me!

The wife and I decided earlier this summer to just get away.  It's been way too long since we had a vacation and thought being together in cooler weather might be what the 33 year relationship needed.

So, I will see you all when I get back.

Right now, I am going to enjoy some down time watching a glacier melt and try my hand at some of tourist things being offered.

I hear it's cold in Alaska and will be bringing a lot of warm, dry clothes.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, August 17, 2017

VACATION! It's all I ever wanted! Time to get away!

From August 25th, 2017 until September 4th, 2017, the spouse & I will be away from everything.

Even our electronic devices will be off! So, emails, texts and even telephone calls will be ignored.

So, if you need to get a hold of me during this period, you will have to leave a message and I will reply/respond on September 5th!

If it can't wait!

Oh, well.  It's going to have to wait.

See you Tuesday, September 5th!

Much Appreciated!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Saturday, August 5, 2017

Neighborhood Retail Centers For Sale in Las Vegas!

Now, most people have been to or even frequent a local convenience store that usually sits on a high traffic corner of an intersection.

Most of you don't even give these locations a second thought.  You pull into the "gas station" (the Gas Pump) pay for the gas you need and begin refueling.

Now, sometimes, these location also have other shops and stores that line up along with the convenience store.

Sometimes, these convenience stores are stand alone properties -- notably a 7-Eleven, or an ARCO.  You get the drift.
Most, however, will have other stores lined up along side the Convenience store.

Then, again, they might just NOT have the convenience store anchor.  Which is okay, too!

Now, last week, I noticed a marketing brochure in my Inbox from another broker asking for help to find a buyer for a 'Strip Center' he has listed.

Anyway, I have a client looking for such a property and forward the information to them.

What got me thinking is this property -- though leased up only +/-75% would be a good buy for someone looking for a passive income. (Even with the less than stellar occupancy, this property still nets $204,000 per year.)

So, I decided to send it out to other investors to see if they would have any interest.

To my surprise, there is interest.

Which got me thinking: If these investors find this property of interest, why not you?

True, it is NOT sexy.  It's NOT a casino; or a Resort.  It's not something to brag about.

But, it is INCOME.

And, the last time I checked, everyone needs income -- no matter what your tax bracket is.

So,...if interested in acquiring a property that provides income,,,

Contact David Howes at: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, July 26, 2017

The dog days of (potential) economic recession!

On September 15, 2015, when I thought "things" were about to get really, really better (economically speaking), I wrote a blog about the Chinese devaluing their Yuan.

(Here is part of what I wrote:
Algebra!  It is the curse of me.  To this day, I do not understand: x+y=z!  Huh?
The odd thing is, my dad was an electrical engineer; thus, algebra was easy for him.
My wife, also, understands algebra.  She uses it everyday at her commercial interior design firm.

I even have an uncle who has a phD from HAAV-VAARD who I know understands algebra, too!

But, most of you, are probably just like me.  Algebra is a foreign language -- much like currency exchange.

I bring this up because, like you, I read that China devalued it's Yuan.  (Please do not try or even think of attempting to explain this to me.  I am lost just thinking about it.)

So, as of this AM, one Yuan is equal to $0.16 US.

I suppose this is good.  However, since I know very little about currency exchanges, I can only assume that the Chinese government did this to prevent anymore money from leaving China.  With the Yuan devalued, I guess it buys less foreign property and/or goods.  Am I right or wrong?

So, since this investor's money is coming through China, I don't understand the algebra of it.

How does depositing money into China, thus turning it into Yuan, help you acquire a Las Vegas Resort for less while also gaining more in value?

One day, I will probably understand.  But, I am not going to just sit around waiting for the answer to come to me.

So, was I off my much?

I ask because I just received notice from my Co-Broker Partner who lives and works in Australia that the Chinese Government is (essentially) halting any more Chinese firms from investing further in USA Real Estate.

Why?  Your guess is as good as mine.  From what I've read, the Government fears a cash shortage if anymore Yuan's are converted to Dollars and they leave the country.

(This relates to the algebra problem I mention above. =) )

Anyway, as I sit hear wondering just when this crack down on money exiting China (?) will end, I am hoping to between now and then, my survival mode keeps me aloft.)

The only thing I think right now is closing something.

Did I mention I listed a motel casino?  Give me a call if interested in the details.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, July 19, 2017

Mom & Pop Casino For Sale!

When I established my web site many years ago, I truly didn't have faith in it leading to very many clients.

Well, at least the web site hasn't disappointed me.

Anyway, recently, my web site has allowed various real estate property owners to contact me.

To my surprise, one husband & wife team did give me a call to ask about selling their local casino.

Now, for you want to be casino owners, don't get too excited.  Owning a casino is a full time 24/7 job.  So, unless spending your time always "on the clock" isn't for you, then casino ownership may be a thing you'd let others do.

I say this because these mom & pop clients want to sell because of that fact.

Now, this is a local casino in Nevada.  Unfortunately, it is NOT in Las Vegas.  So, the bright lights of the Las Vegas Strip won't be shining in your eyes as you make your way to and from 'work."

But, this property is a fully licensed unlimited gaming casino and it does have 60 motel rooms and suites for your traveling customers comfort.

The property does have a steak house restaurant, a Chinese Restaurant and a lounge.

The property is a combined +/+9,500 SF property on a total of 1.94 acres right smack in the middle of town on 'Main Street.'

(Obviously, NOT the subject property since this is no longer standing.)

Unfortunately, as the husband owner said, they are directly across the street from their biggest competition.

True, there are a variety of small restaurants, bars, taverns, sports bars -- all with gaming -- that are for sale in and around Las Vegas itself.  But, this property is the only actual "casino" with motel rooms (that I know of) for sale in this region of Nevada.

The owner of this property is asking $3 Million.

So, that is all I can disclose at this time.  You will have to email me for the Confidentiality Agreement in order to see the financial and property details.   Any further information requires this signed document.

Now the owner says the price is the price, but I know there is some wiggle room.

Is it making money?
For that answer, the signed CA is required.

Plus!
I need to know a little more about you as the buyer.
So please be prepared to disclose your acquisition capability. I don't need it up front.  But, your proof of funds will be required with any offer that is to be presented to the owner.

Once you've owned a casino for a while, you'll understand this tactic.

So,...

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Monday, July 10, 2017

CRE Deals Come & Go! Some Fly - Others Die!

It's NOT too often I would be insulted by comments made by a Seller or Buyer.

When you work hard and try to accomplish the impossible, there always seems to be something that goes wrong and sets you back.

I like the analogy: Take two steps forward; one step back.

Hey! It's real estate and you never know what could happen until it does.

For example: my son and his wife recently told us they wanted to acquire a house.  Okay. I asked could I refer you to someone?

He said, they were thinking of buying without an agent.
Now, having been in real estate since 1991, I had to go, "Woo!"

Why would you do that?  (He and she have never purchased a home before, so I can see the obstacles mounting right in front of them.)

Anyway, I got the feeling that some one had hooked their ear about saving money by doing it themselves.  (Sorry, folks! But, that doesn't happen! You just end up getting ripped off!)

Well, with the help of my wife -- our son's mother -- we think we've bridged that gap.  (We'll see.)

Then, about a week later, a developer I know who owns an Off Strip motel wanted to talk to me on a Sunday.  Okay, I understand that real estate might have to be a priority over the weekend.  Well, during the call he proceeded to chew me out because the Chinese buyer I was dealing with wasn't moving fast enough for him.

(This requires some back story: the developer acquired this off "strip motel about 11 years ago to re-develop it.  He has waited, and waited because the economy had gone south in the mean time.  And, since development money had dried up; it has recently reappeared in Las Vegas.  Lately, he started to make noise he was going to re-develop the motel again.  BUT, he was willing to sell, too.  After re-contacting the developer again, he set a couple of unrealistic deadlines to get him an offer.

Anyway, if you ever worked with Chinese buyers before, you know they tend to do things on their schedule -- not yours.

So, in the meantime, there were a few delays with the Chinese getting an offer started -- as is their MO.

Well, the Sunday morning call was to let me know, the developer wanted to deal directly with the Chinese group and I'd be paid anyway.  He said he didn't think I had the experience to handle his transaction.

Okay, I'm insulted.  But, I know this developer and he is an a--h---!

I took the information and proceeded to contact my co-brokering partner over seas.  He speaks fluent Chinese.  Well, he didn't like that idea and thought it fishy.  He said 'let's look for another property.'  Which I am doing.)

After wards, I was thinking about this situation, and came to the realization that the developer never, ever had any intention of selling.  He was just hedging his bet against the economy here in the US until it improved.  Which it has.

So, all those years trying to find a buyer for his property was -- well, it truly wasn't a waste of time.  I was able to find other buyers while using his property as a prop.

No loss I guess.

So, my experience is questionable to this developer. NOT!  It's his excuse to NOT sell his property and further to try and raise additional cash for his development.  Oh, well!

One day we'll cross paths again.  We'll see what has transpires in the meantime.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!