Showing posts with label Gaming. Show all posts
Showing posts with label Gaming. Show all posts

Wednesday, June 21, 2017

Interested in a Las Vegas CRE Property? Contact me! There's no charge!

Sometimes, I forget that I out-smart myself.

I'd like to think that Smart CRE Investors would just contact me if/when they are going to acquire or distribute a Las Vegas Commercial Real Estate Property!

Oh, well.  Sometimes it happens.

But, since moving to and establishing contacts with some high profile companies and individuals, I do find myself looking from the outside in on what transpires here in and around the Las Vegas Valley!

And, even though these knowledgeable real estate investors -- even internationally -- are doing quite a bit of research on properties, I find that they (must be) doing a considerable amount of research on me.  (I get hundreds of hits daily on my web site.)

Then, again, after I've checked my web site traffic, I find that a lot of these 'hits' are coming from countries such as: China, Germany, Britain and even Ukraine.

Now, I understand that most of these hits could in fact be from
bots." But, I don't know.  I think this because after receiving so many 'hits' in a day, there is very little appropriate follow up telephone calls and/or email inquiries.

So, I have to question whether the 'hits' are authentic or not.

(Remember this?)

Anyway, if you, as a small investor -- or even a large investor -- find you need help with acquiring a Las Vegas, NV CRE property, just give me a call or send me an email.

I promise my bark is worst than my bite.

So, whether its an under valued/value added Resort property; or you are just trying to find a long term income producing property; since, I live and work in Las Vegas, I am familiar with all types of properties that you might be searching for.

Large or small. I can help.

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, June 14, 2017

Medical Marijuana Smoking Neighbor Violating Quiet Enjoyment!

When I was young, I didn't care about whether you smoked or not.
I did on occasion partake in sharing a "joint" now and then.

But, as I've grown old, and started investing in real estate, I've been more, and more keen to rules that could inhibit my real estate ownership.

For example, I don't rent units to smokers -- unless they put up an additional security deposit.
Why?
Because upon them leaving, I have to wash and re-paint the entire unit to cover/remove their smoke residue they leave behind.

With that said, recently one of my tenants let me know, he was thinking of 'moving out' because the  downstairs neighbor (who is also a renting tenant) had been for some time smoking "Medical Marijuana" in the downstairs unit. (My tenant had asked the downstairs tenant to stop. They had a verbal confrontation about it.)

***Just to clarify: this is a condo I own within a condo complex. I don't own the downstairs unit. ***



Anyway, he did tell me he complained to the HOA; and, they told him there was nothing they could do.

After being informed about this, I went and complained to the HOA, too!  And, they responded the same.

Then I threatened a lawsuit against them; they were like, okay!

Later, about a week or so ago, while golfing with my attorney friend, I asked him if I needed to retain him to help me with this situation.

He completely understood my problem because he represents other HOA's -- and they are struggling with the same problem, he said.

He told me to wait until my tenant actually moved out; and I started trying to find another tenant.  He said, once that happens, he would then begin to help me.

As we talked, he informed me that the 'new' Nevada Regulation authorizing 'Medical Marijuana" is weakly written.

He said that it does allow persons to smoke in the privacy of their own home -- as long as it doesn't interfere with their neighbor's "Quiet Enjoyment."



He said there has to be an actual case 'of loss' filed in the courts before a judge would be willing to sit and listen to this.

(I have no idea what that means, but since he's knowledgeable about the legalese of Nevada Real Estate, I'll go with it.)

In the meantime, I wait with anticipation as to my tenant's decision.

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, June 12, 2017

Las Vegas Gaming Property Acquisition Do's and Don'ts

It's that time again where potential Las Vegas Gaming Properties -- may or may not be available for sale.  And, I (feel as if I) have to remind ALL potential 'investors' that you simply can NOT expect the owners to be 'dumb.'

Not going to happen!

And, YES! Because I live and work in Las Vegas. I do know of several "gaming properties" that are for sale -- but the owners will NOT state (or allow me to state) that publicly.

Yes.  There is a large parcel for sale that is listed -- but you don't want to buy that parcel because you will only receive slightly less than half of the total acreage fee simple.  The owner of the 'other (slightly larger) half is never going to sell.

How do I know this?  Simple: I know the owners.

Anyway, when I give you a price of a property; and I tell you that's the sale price, you can -- but it's not going to happen -- try to reduce that price it by saying the financials don't support that price.

In most Las Vegas gaming zoned property cases, the financials will never, ever support the selling price.

So, please take my word for it.  The price I give you is the selling price.

Okay?



The reason I stress this is you have to remember that the current owners of these gaming properties know the value of their land.  If the property is worth more as a tear-down, they already know that.
If the property is worth more via the financial statement, they know that, too!

So, if you are in the market for a gaming property in Las Vegas, be ready to acquire it at the stated market price!

The time for acquiring a gaming property as in a buy and flip, is gone.
In the reality of today's Las Vegas, the price of the property is the price!

And, unless you are going to buy and tear down, I suggest you stay on the sidelines.

An example of the last major company to come to Las Vegas, buy a gaming property at a rock bottom price, and trying to just paint and carpet to turn it around is failing miserably.

Of course, at that time they were saying just how proud they were to have been able to acquire the properties for below market value.  But, when they didn't do anything more than paint & carpet, the sophisticated casino patron moved on to another resort property.

The casino properties they acquired were at or very near foreclosure; They paid pennies on the dollar and tried to run them 'As Is' just as cheaply.

The end result speaks volumes about this approach.

And, all the while, they continued to lose market share because of their cheaper than cheap corporate attitude.

How do I know, you ask?  I live and work in Las Vegas, NV!

So, do you want honesty and a true to life assessment of the potential properties in question? If you do, then click the Las Vegas Casino Information Button in the right column, print, fill out with your company's signatory signing it, and email it back to me.

I need this form back BEFORE I release any information about any property to you that I know might be for sale.

Otherwise, Have a Great Day!

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, June 2, 2017

A Young Celebrity Who Understands the Value of Commercial Real Estate Investing!

I usually don't name drop.

I think it's beneath me.  It is actually crude and truly uncalled for.

So, I am going to name drop!

1st: I have never met this person
2nd: I have never seen them perform.
3rd: I wasn't involved in this CRE Transaction.

But, I say, 'Good for Claire Sinclair."


I am so happy, that this young woman understands the value of CRE property.  Why do I say that?
It's because she acquired an 8 plex!
Okay, most of you don't know what that is.  In CRE terms, it is short hand for an 8 unit apartment building.

Why am I excited for her?
Because she is taking the chance that this 8 unit apartment building located in or very near Downtown Las Vegas will in the future enable her to earn income as a Bed & Breakfast!

She is taking money she has earned -- and is trying to raise from a social media web site -- to help her complete her desired rehab goal of making the 8 unit apartment property into a BNB!

I think it's great! I think she has her 'smart's on' about money, has a vision of herself in the future and she just might one day be another Mary Bartsas, or even another Margaret Elardi!
(If you don't know who these women are, Google them!)

Here is Robin Leach's article about Claire's quest.

If you are in a similar situation, or have a similar goal, you just need to...

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!

Whoever Coined the Phrase: 'Patience is a Virtue' never worked Las Vegas Commercial Real Estate!

Sure, waiting for something good to happen will leave you on the edge of your seat.
And, the opposite is true, too!

But, since I have been patient; and, I know I need to stay patient; something 'good' should (I mean) will happen!

But, I am tired of waiting.
I've run out of patience.
I was never a 'good' student when I 'had to wait.'

As a child growing up, I was the one student who wasn't diagnosed with one of those fidgety, anxious syndromes that caused teachers to look down on me as 'an unruly student.'

(Those diagnoses came along AFTER my time in elementary school.)



Anyway, back to the point...

There are properties available in Las Vegas right now that could be acquired for a good price.  The problem with this is: I continue to run into buyers who are still looking for a 'steal.'  (Unfortunately, those days have passed.)

But, for those who are interested, there are Las Vegas Casino Properties available for sale.  But, you must download the 'Non Circumvent and Commission Agreement' attached to the lower right under Las Vegas Casino Information Button, fill out, sign, scan, and email it back to me (This is required in order to receive any details on those properties.)

Now, the Owner(s) require all potential buyers to provide them with their financial capability! For example: Proof of Funds!
AND, yes, they are looking for companies that are able to qualify for a Nevada Gaming License. Unfortunately, this is ALL prior to the release of any property information. So, get assembling your financial statements!

Also, for those who are interested, there are Las Vegas Commercial Properties available for sale.

Whether you are a beginner or small investor; or if you are capable of closing large Commercial Real Estate transactions, there is a property available for you.  Just send me an email with your acquisition criteria and I will get to work.

AND, lastly, there are still properties that are "develop-able" OR "re-develop-able."

All you need to do is...

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!

Thursday, May 25, 2017

ICSC Las Vegas has come & gone!

For about 10 years, I was a card carrying member of International Convention of Shopping Center (ICSC).  And, every year that I was a member, I'd spend the $300 to $400 per convention to attend the full convention.  Well, since I live & work in Las Vegas, I thought, Why not?

And, every year, I'd attend the seminars, work the booth & roam the halls meeting & greeting various other potential clients at their booths in a search for the elusive tenant, developer or buyer who'd be interested in investing in a Las Vegas property; develop some Las Vegas land; or buy a Las Vegas Shopping Center.

Most of the people I'd meet were cheerful & friendly; a lot "already had their plans" in place; or/and "weren't interested in Las Vegas."

And, I remember one developer telling me they would never develop in Las Vegas because of it's gambling. (What? "I'm Shocked!  Shocked to find gambling in this city!")

Now, that concerned me because my immediate thought was: 'if you are NOT interested in buying or developing in Las Vegas, why are you attending the Las Vegas convention?'

Anyway, after about 10 years of attending, I decided to NOT attend anymore.

Now, there were various parties being thrown by various attendees that I did get to go to.  But, even there, the attendees seemed more interested in the allure of Las Vegas Gambling and Partying that striking up a meaningful conversation with them was at best difficult.

Since I live and work in Las Vegas, this party all night or into forever attitude was never something I was attracted to.

I just wanted to help some one acquire a Las Vegas property as a tenant, developer or investment.

That never happened.

Now, I do realize that a lot of deals are done way, way before clients ever step off the plane and onto the tarmac.

But, even in following up, these attendees I believe most likely couldn't remember their time here.

So, after having skipped the last 10


ICSC conventions, I have found that I am truly better off NOT having attended.

During my time when I did attend, I still have contact with only one potential client who still tells me they are interested in Las Vegas -- but not at this time.

Sound familiar?

So, instead of attending ICSC, I will continue to work my telephone, email clients, and reach out to whoever contacts me from around the globe.  I believe sooner than later, my efforts will bear more fruit than if I had been attending every ICSC convention in the last 10 years.

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, May 21, 2017

Qatar quietly becomes one of New York's Largest CRE Owners

Even before 9-11, I never thought that anyone who was a Muslim; or some one who was Islamic was a bad person.



And, back then, before that awful day, I used to frequent a sandwich shop that was owned by a Muslim man who was a very, nice and pleasant person.  He seemed to always be glad to see me.

When I'd enter his business, he was friendly and accommodating -- well as any businessman is supposed to be.  And, during the time we met at his lunch counter to order my "usual,' we'd have 'small talk' about life in the big city of Las Vegas.

Toward the end of our 'lunch meet,' he would complain about his immigration status, and how his visa was soon to expire and how he had exhausted all attempts to extend it, etc.  As he was going through this, I sensed his frustration with America and his resentment toward 'having to leave.'

IMAO: US Immigration laws need to be updated/changed to allow longer stays/allow visa holders to apply for citizenship easier.

Anyway, I saw this article and started wondering about 'Al.'  It's been close to twenty years now and wondered what has happened to him.

He was a young guy and smart and polite and to this day, I still don't fully understand the Islamic or Muslim religion.  But, I don't think of it as bad.  I think of it as something I need to explore -- maybe even familiarize myself with in order to fully comprehend it.

That aside, when i saw this news story, I also thought about: Why do foreign companies buy American Commercial Real Estate? I am fully aware real estate will have an intrinsic value increase as it floats through time.  But, foreign buyers they are buying because -- for the most part -- our tax system is very, very favorable when compared to the rest of the world.

Which makes me think: If the US taxes are so high, and so unfair, why are foreign companies pursuing US Real Estate so much?

Here is the story I read that made me think this.

Qatar One of New York City's largest CRE Owner

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, May 13, 2017

We need a marketing push!

Very recently, a 'person' (I don't want to give my hand away too early on this topic) that works at a major bank in the US, emailed me asking me if I'd be willing to go to lunch with them.

We set up a time and a place.  I dressed casually because I know this person and thought it appropriate.

At lunch, we 'caught up.'  Their children, my children...you get the drift.

Then, toward the middle of our lunch, this person asked me if it would be okay if they referred me to the bank's area asset manager.

I was a little surprised because I know that this bank uses a national real estate firm to list and sell their bank owned property.

Of course, I agreed by saying, "I Love Referrals!"  Etc. Etc.

Well, as it turns out, the person I was meeting with had invited the bank's area asset manager to lunch with us, but that person had another appointment.  Okay.  That's fine.

Anyway, I was told that the bank 'bosses' are NOT happy with how their bank owned assets are being marketed.  Or, better -- not being marketed.

In case you didn't know, there are bank regulations that prohibit banks from becoming landlords of properties they foreclosed upon.  And, there is a sense of urgency from this person, that I got, that "the bank needs a marketing push" to move property and fast.

Now, that doesn't mean cheaply.  The banks do have to recoup more than enough money from the sale of the properties to save face with banking regulators.

Anyway, I said I was more than happy to meet with whomever they needed me to meet with.  I was willing to travel to where they were to discuss my abilities to market what ever properties they entrusted me with 'marketing.'

They said it might just be a trial run to see if someone NOT affiliated with a national real estate firm would have better success at selling properties.

I told them, 'I'm in.'

So, we'll see what happens in the coming months!

It was a very good lunch.

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, May 1, 2017

Small Casino For Sale in Nevada!

I've had my web site for some time now.

But, it wasn't until recently, that my web site, actually provided a lead for a casino for sale!

And, this happened in the last two weeks.

So, now, I can honestly say, I have a 'Small Nevada Casino Motel' For Sale!

This property is small relative to any of the Las Vegas mega resorts.  But, it is a stepping stone in the right direction for an entrepreneur looking to venture into the gaming business.

With the assortment or variety of any number of small restaurants, bars, taverns, sports bars -- all with gaming -- that are for sale, this property will allow an owner-operator to actual 'own' a "Casino."  (It does also have motel rooms.)

(This is NOT the Casino that's For Sale)

The owner of this property tells me he wants to sell because he wants to 'get out of the casino business.'

I'd tell you more about this property, but because a Nevada Casino license takes a certain type of person that needs to be approved by the Nevada Gaming Control Board, I think you should email me  your qualifying information prior to any disclosure of any property particulars.

Yes, it is going to run you in the millions of dollars.

So, if you think you'll qualify for a gaming license...

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, April 25, 2017

The Real Estate Broker Conductor Dance

Dancing.

Not a favorite pastime for me.

When I was younger, I danced - well I thought I was dancing.  It might have been a sloppy swaying  or obnoxious gyration of my body.  But, I thought I was dancing.  Even if others didn't see the magic in my artful moves.

Lately, with commercial real estate (CRE) values in Las Vegas returning to their slow progression of increasing in value, I thought that Buyers would suddenly realize that the steals are gone and the Sellers would realize that they are NOT holding gold in their lands.

Oh, well.  I can only hope that the coming of the future tells them the truth -- even if Buyers want to ignore recent sales; and Sellers try to use non-comparable properties to justify an unrealistic value.

But, what hasn't changed in the 20 plus years while working CRE in Las Vegas is the dance.

Yes, the Buyer/Seller dance that starts with either the Seller or the Buyer -- it doesn't matter who starts dancing.  As long as one party or the other finds the property attractive enough that one or the other begins a dialog which might result in a potential sale.  That's what us Real Estate Brokers want to occur.

Usually, the Buyer finds a property of interest to them; then the Seller plays the hard to get game; followed by Buyer changes the viewing/walking the property time; then, the Seller fights back with  'we need to know certain Buyer qualification conditions in order to move forward;' which the Buyer then will flash their qualifications; which the Seller refuses to accept or budge.
You get the picture!

And us frustrated Real Estate Brokers are the ones who end up playing conductor.
We would be in charge of the Buyer/Seller orchestra as it plays.  All we can do is to keep trying our best and to keep up and (pretend maybe) to be fully in charge of this crazy scenario.

Now, you will have to trust me on this.  I am fully capable and experienced in helping anyone acquire a CRE property; or help a Buyer or Seller close a real estate sale -- but it is essential that the Buyer/Seller parties co-operate.

And, that is the key.

As the conductor of this musical chair scenario, it's my job to help the parties find the common ground.  Which is ground we all can stand on with two feet solidly on a firm surface.

But, as this dance is playing out, inside I am thinking: "Holy (insert your favorite word) !!!

My weary feet usually don't find the rest they need until the Escrow is closed and the property officially transfers -- changing ownership via Recording at the County.

So, you ready to dance?

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, April 17, 2017

Real Estate Commission: Is it a Representation Fee OR Marketing Fee?

Around the first of the year, I started seeing properties listed For Sale with "Price NOT Disclosed."

Now, it's one thing to try and keep the sale of a Commercial Real Estate property quiet.  It's another to know what a property is actually worth and list it for sale at that price.

First: Keeping the For Sale aspect quiet usually means the Owner/Seller doesn't want to lose Tenants IF the Tenant finds out the Owner no longer wants to own a specific property.

But, to list a property For sale and NOT have a set selling price in mind, to me, means the Owner/Seller doesn't know what his property is truly worth.  And, for that matter, neither does the Listing Broker.

And when a Listing Broker accepts such a listing, they actually are doing a disservice to us fellow Real Estate Brokers.

Second: the Owner/Seller/Broker compounds the selling problem with the little known and rarely seldom used: "Buyer to Pay Procuring Broker's fee."

C'mon, really?



Recently, I discussed this with another Real Estate Broker.  He said that if the Owner/Seller is trying to maximize his selling price/value, he needs to make the Selling Price open for interpretation. Meaning, he wants a bidding war.

The problem with that is that unless you have a well located property and it is in a high demand area, you are NOT going to garner top dollar.

And if you think going the auction route is going to get you top dollar, think again.  Most auction participants are looking for a steal.  And, I mean a real bottom dollar type of steal.

Then, on top of that, the Owner/Seller doesn't think they should pay a fee to a Procuring Broker who is representing a Buyer.

Wait a minute!  Why not?

Yes, it is widely known throughout the real estate industry that representing the Buyer is NOT a legal representation.  So, why would an Owner/Seller refuse to do so -- when it is common practice throughout the world.

Plus, when a Broker is helping a Buyer procure a property, yes they have a fiduciary duty to deal with the Buyer in an honest and forthright manner.  But, there is no legal representation.  Real Estate Agents/Brokers are NOT Attorneys.  They don't specialize in law.

They specialize in marketing.  So, when  Buyer's Broker brings a Buyer to a property, the Owner/Seller is (usually) paying the Brokers Listing and Selling a fee -- which they usually split 50%/50% for marketing the property.

So when recently, I've run into this scenario where the Owner/Seller believes that he is only entitled to paying a Listing Broker, I then know that the Owner/Seller doesn't understand the real estate commission fee situation-standard.

What to do?

I think that more Real Estate Brokers need to understand that fact to and stick to the normal real estate commission fee practice in their area of operation.

Hey, I didn't start the practice of the Owner/Seller paying a real estate commission that's split between two brokerages; I would just like to be compensated for helping an Owner/Seller sell their property through my marketing expertise.

Your Thoughts?

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, April 12, 2017

Las Vegas Raiders! Did anyone ever think the NFL would allow a team to move to Las Vegas?

The NFL has become an 11 month sport.  And with the NFL Draft just around the corner, you can be sure that Football is back in full swing!

With that said, there are fabulous Sports Bar Ownership Opportunities available in Las Vegas for the correct NFL Loving enthusiast.

Now, you don't have to open and run the business yourself.  You could acquire the real estate where the sports bar is located as a Net Leased Investment (NNN).

A NNN is where the tenant pays most (if not all) of the costs on the property to include Real Estate Taxes, Insurance and Common Area Maintenance.

Now, most local Las Vegans didn't or couldn't go to games of their favorite teams, so they just sauntered on down to the NFL Team Bar that are all over the Las Vegas Valley.

There, they could wet their whistles and make friendly talk and even wager on their teams games right inside of the bar!

That's right!  Some Sports Bars have what is known as a wagering kiosk that can accept bets on the NFL games playing that weekend.  And, this allows you to make a wager without having to go to a major resort to place a bet at a sports book!

And, these are located in particular sports bars because of the credibility of the Tenant -- which makes owning the real estate that the bar operator is located a more than solid NNN Investment!

And, one of the benefits of owning and renting a Nevada Property, if you are a Nevada Resident, you don't have business nor personal income tax on the monthly rent you receive.

It's one of the main reasons high profile persons will also own a home and live in Nevada.
That way they only pay income tax on money they earn while working in other states.
Many Celebrities do this.

(Please consult your tax person for details.)

So, if earning a passive income of +/-$10,000 per month sounds interesting to you, you need to contact me quickly.

There are real estate properties available.  But, for further details, you need...

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

Friday, April 7, 2017

'Hypothetical' Market Value!?

In my years as a Licensed Real Estate Broker, I think I can smell a rat when I come upon a rat.

This is just a revelation of a recent event that took place here in Las Vegas, NV.

A fairly new client is searching for a particular property.  He's young yet has some experience.  He has a particular Acquisition Criteria that to me makes sense.

He is searching for this property type in the $10 to $30 Million range; must NOT be older than 1990; and must be fairly well taken care of (preventive maintenance wise).

Okay, not too many properties fit this; but i am willing to "search" for that type of property given the anticipated fee I would receive upon the close of a sale.

Anyway, with that said, I found a property that fit.



The current owner had acquired the property out of foreclosure and had marketed the property to re-sell.

The problem was/is, the current owner thinks his property can be converted to a resort casino.

(Just so every reader knows, just because you own a property in Las Vegas doesn't mean you can have an Unrestricted Gaming License to operate a casino on your land.)

So, I found the property, negotiated a fee and signed the appropriate agreements to proceed with 'selling' this current owners property.

As the information about the property was received in my Inbox, I perused it and was amused at the verbiage while reading the appraisal.

Digging into it further, I re-read the appraisal and was concerned at the verbiage: Hypothetical Market Value.

Now, as everyone who has ever acquired a property -- most of you might have bought a house -- knows, that the appraisal sets a market value for a property -- usually for the lender's purpose of financing the purchase.

So, when I read the words: Hypothetical Market Value in this current owners paperwork I knew that the appraisal wasn't going to be able to be used for any financing.  And, it would never pass a review appraisal process.  I had a good chuckle.

I called my client and asked if he had noticed that.  He did.  But, he wasn't using that as a basis of value.  He was using the current owner's financials for the property and he determined that the property was worth about half what the current owner was asking.

I had to agree.

Well, I emailed the current owner and told him my and the client's concern about the value.

Even though the property was located on Las Vegas Blvd, it was no where even close to being on the "World Famous Las Vegas Strip!"

And even though the zoning was H-1 -- and there was a resort casino nearby -- obtaining an Unrestricted gaming License on this property was going to be difficult at best.

(FYI: Most resort casinos don't share a property line with a SFR residential neighborhood.  Check that out the next time you are in Las Vegas for a visit.)

Bottom-line here is: Just because you own a Las Vegas real estate property, and just because their street address contains Las Vegas Blvd, that doesn't mean the property is valued at or even worth $10 Million an acre.

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, March 29, 2017

A New Beginning for Las Vegas?

Las Vegas!

Everyone knows your name!

Translated, it means Fun! (Not really.)

But, when some one, anywhere in the world says: "Let's go to Vegas!"
Everyone, no matter where you are in the world, knows what they mean.

And Fun means: Lots of Free Alcohol (if you are gambling), Gambling (if you are drinking free alcohol), and Partying all night long (a result from gambling and free alcohol).

So, when the NFL took up the topic of: "Should the Oakland Raiders be allowed to become the Las Vegas Raiders?  For some reason, they voted 31-1: Yes!

And as the insert article from Casino Industry Gaming News states: It was money!

Gambling Finally Becomes Non Issue With NFL Owners

That's because "Money Talks and Bull S@&t Walks!"  Is the old saying, isn't it?

And, they Voted, Yes despite the facts that Las Vegas doesn't rank very high media wise,  But, according to their vote result: Las Vegas still ranks! (No pun intended.)

Las Vegas City Rankings (Just for Fun!)

And, lastly, and this is my personal assessment, as a place to live, work, and raise a family (having lived and worked in other markets) Las Vegas is Number 1!

I think the best thing is: Nevada doesn't have a State Income tax.

Lots and Lots of money pours into Nevada via the Mining Industry, just as well as the tourism industry.

Las Vegas roads are wider than any other city in the world -- even wider than the city (supposedly) built for cars -- Los Angeles.

And on the outside looking in, Clark County and City Planners are more up to speed as to what is necessary to make traffic flow easier around the valley.

When people I'm with complain about the "Orange Traffic Cones" lining the streets, I remind them  that, that signals progress and growth!  We may NOT see the results of that growth immediately, but we will as traffic volume increases, the roads are already wide enough to handle that traffic.

And repairing roads, building much needed On and Off-ramps, wider Freeways and Streets, is all part of a growing economy.  A Valley destine to grow even larger.

Years ago, a developer told me: "If you don't have orange cones in your roads, you have a dwindling economy."

I think Mark Davis knew this and wanted to be apart of it.

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, March 20, 2017

How Do You Make Money Living In Las Vegas?

Not too many people ask me this question.

Most family members and friends understand that I am not too tempted by gambling.  Oh, sure, once in a while I will play $21 in Megabucks.  And I have driven a handful of times to Prim or even to Arizona to purchase a Power-ball ticket.

Yes, those, in retrospect have been such a waste of time and money.

But since the most money that I have ever won at gambling is $150 dollars, I quickly cashed out and put that ticket in my pocket. (I guess I'm cheap like that.)

Anyway, since it isn't a well-known fact, that the average Las Vegas resident gambles +/-$2,000 per month while living here, I like being the one that doesn't gamble at all -- or truthfully anywhere near that amount.

When I first moved here and was searching for a Real Estate firm to hang my Nevada Real Estate License, I had one meeting with a broker at the time who knew just what to do when the subject about real estate commissions came up"

He asked me: 'How do you make money in Las Vegas?'

Stumped, I gave the standard response of: work hard, be persistent, etc.

He said, in his experience, he has seen way too many real estate agents take a hard earned commission check down to a local casino, cash it, and by the time they leave (usually several hours later) they have nothing left.

He took a piece of paper (like below) and wrote the word Casino in the middle, he circled the word for emphasis.

Then, looking at me with earnest intent, he said, "Stay out of the casinos!'

Well, I took that as probably the best advice I had ever heard.  For one thing, I don't like the 'Strip' casinos because they are well, you know, greedy.  And, the noise and crowd isn't something I am attracted to.

Besides, once I moved to Las Vegas I found out for the first time that a casino would be willing to cash a pay check -- without taking the usual 15% that check cashing places take.

I told the broker, that I have a young family and cashing a real estate commission check at a casino wasn't something I was going to do.

I remember him saying something like, 'I hope not.'

It was apparent, that this broker knew too many agents that did that.

Eventually, I hung my license at a firm closer to where I was living at the time, and through the years, I have learned that agents do -- for whatever reason -- gamble away their commission checks.

To me that is probably the dumbest thing you can do.  The reason I know this to be true is: only one person makes money in a casino -- the owner.

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, March 17, 2017

Anyone know what you can do with a Shuttered Prison?

When I first read this, I thought:
Why not convert it into an office?
Then, I remembered, offices are losing traction because computers are taking over most office work functions.

Then, I thought:
Why not turn them into schools?
Well, I already proposed that vacant malls be schools because the conversion would cost less in the long run.  Besides, a prison as a school?  Most children already consider schools like they're prisons.

So, what do you do?




As this news story from the Las Vegas Review Journal indicates, there is not much interest in anyone acquiring a former prison.

So, that leaves me with the only suggestion that I think will work long term.

Tear it down.  And leave the vacant lot as a garden park.

The one potential bidder in the below story thinks turning it into a theme park would work.

Oh, well.

Shuttered Prisons

What would your thoughts on this be?

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, March 9, 2017

Simply for the Benefit of Building a Hotel in Moscow

With the "surprise" results of the 2016 Presidential Election, I don't think - looking back -- anything would have changed,

Trump made promises that, at the time, I knew he wasn't going to keep.

"Make America Great Again!" Great slogan!

But his promises to the 'non college educated' will ring hollow.  Several news agencies who have had sit down talks with these former factory workers who voted for Trump simply because they felt he was "one of the union guys."  He is going to bring our jobs back, they say.

LOL!

Trump a union guy?  You have to be kidding me!  Bring jobs back?  My question to these former factory workers is: Are you that uninformed?

+/-60% of all jobs lost since 1979 have been to automation!  Those jobs are NOT returning to human workers!  Never, Ever.

And the guy who you think of as a 'Union Guy,' actually refused to pay the union workers when they did work on his bankrupt casinos!  I don't think of Trump as a union guy.  Never will!

So, don't get me started.

And, with the Trump White House calling the media the "enemy of the state" simply because the news media has dug up information revealing Trump (and/or members of his team) have had constant contact with Russian officials throughout the 2016 campaign, that actually bothers me more than it should.

Apparently, Trump is more than desperate to (allegedly) build a luxury hotel in Moscow.  This is the only thing I can think of that would make him as a patriotic American turn his back on his country, his countries allies, and destroy the America way of life as Trump seems to be (allegedly) doing.

This article is one of the best at explaining the Trump Putin connection situation.

Trump Ties to Russia


I will let you decide whether or not Trump is 'unpatriotic.'

But, wanting to build a hotel in Moscow must be worth more than we can imagine for Trump to put together such a diverse team who all have such close ties to Russia, Russian officials, and Putin.

For one thing, World War II should have taught us that if Europe is divided into individual Republics, it is easier for a more powerful nation to knock them down, one by one, like dominoes.  This is because the neighboring Republics don't want the more powerful nation attacking them.  But, as history has shown, the powerful nation usually attacks without provocation anyway.  (See Germany circa 1939)

But, as a union of united European nations, if the powerful nation attacks one; then, they have attack them all.

And, Putin understands this.  He is all for European Republics being separate nations.
This makes me think that Putin (allegedly) even wants the United States to be 50 individual nations.  You are capable of doing the math.

Also, it is reported that in order to do business in Russia, Putin (allegedly) demands a large portion of that business so he will allow you to do business in Russia.  And, (also allegedly) it has to be given to him.

Just ask any of the Russian Billionaires who refused Putin.  There are stories of them being thrown in prison until they agreed.  (And sadly, some stories say they have even have been killed.)

Its a sad, sad world we live in right now.  Enemies are pretending to be friends; a President is pretending he can lead, and the White House Staff is squirting out the fake news insult phrases when the media contradicts Trump.

I don't know about you, but I find this absolutely annoying.  All it is doing, is helping to divide the United States into the Confederate States once again.

If only the GOP controlled Congress would stand up to the bully at the pulpit.  They could nip this in the butt and right the ship.

So, I ask: Is Donald Trump truly that unpatriotic that he would lead Americans to their demise -- simply for the benefit of building a hotel in Moscow?

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, February 27, 2017

Urban vs Rural; OR, Blue vs Red

A couple of weeks ago, I wrote a blog about how 57 counties in the US of A are responsible for 2/3's of the nation's GNP; while 3,182 counties or there about only contribute to 1/3rd of that amount.

This got me thinking about an article I read a long time ago from a Princeton University Professor who said we didn't live in Democrat or Republican Societies; we actually live in Urban and Rural Societies.

I now know this to be more true than ever.

For the most part, Urban societies are about growth, working and living close to each other.  This actually requires Urban Society rules of courtesy and accommodation; whereas, Rural Societies are more about individual strength, living on your own, providing for yourself and family what the land gives.  They are more encouraged by self governing, and not worrying about whether your neighbor is making too much noise at 2 AM.  Rural Society feels that any government regulation is an intrusion upon their lifestyle.  So, they are not going to have any part of it.


Once, while talking to an Urban Planner, he remarked that Urban Society rules will work in a Rural Society Setting just as wells as in the city;  but, he continued, that, Rural Rules would never work in an Urban Society Setting at all.

And, I think that is the reason Rural Society doesn't like or fit into Urban Society -- especially when Urban Society moves too close to Rural -- think Oil and Water.

Let's take for example, this current news story from the Las Vegas Review Journal.  A lot of you will have no idea what or where Blue Diamond is -- except you might think that, that is the name of a Street here in Southern Nevada.

Blue Diamond Development

But, a local developer, who acquired +/-2,400 acres on a Mesa in the southwest of the Las Vegas Valley, wants to build single family homes on what was once a Gypsum Mine located on this Mesa; and, the good folks of Blue Diamond, being the proud members of a Rural Society, don't want the influx of traffic, the new homes, and especially -- the number of people who would be using this new development as their place of residence.

That's right.  The current residents of Blue Diamond don't want Urban Society invading (moving into) their Rural Society.

Which is sad, because, with the influx of the new homes, this Rural Society would see the increase the Blue Diamond's revenue, increase in retail spending, newer commercial development, and the ease of expanding their economic output.  Thus, in other words, increasing their profit potential from adding to the County's, State's, and the Countries GNP!

But, because of their 'back off!' attitude; which could easily translate into we don't want your kind, which is mistaken for racial prejudice -- regardless of Who actually moves into the new development, they would forgo the economic improvement to their lives because...well, their Rural Society Lifestyle would have to change -- for the most part.

Now, I am sure that the current residents of Blue Diamond are very, good God fearing, wonderful people.  But, unless they understand that the only way to improve themselves and to improve their lives is to embrace progress, their community will eventually die -- just as other counties in other states where they solely only want their old factory job to be returned to them that in reality is never, ever going to happen.

In an Urban Society, from what I can tell, progress is the way for an Society -- whether Urban or Rural -- to continue to look forward to the  horizon that is directly in front of you.

If you are just looking at what was, and not at what could be, this has and always will lead every Society to ruin.  Just take a look at the numerous ghost towns that failed to see what was coming.

Urban or Rural.  Progress keeps a Society active and economically growing.

Just my two cents.

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, February 25, 2017

Las Vegas CRE Resort Investment Property Do's and Don'ts!

For some reason, quite a few "investors" ask me about financials for certain 'well located' Resort, Hotel, Motel and Gaming Properties.

Looking at and analyzing the financial statement would be the normal way of processing whether or not a 'well located' property is worth a specific sales price.

However, Las Vegas Resort properties suffer from the fact the Owners are well aware about their property situation, and the prominence of their location.  And, since most of the 'Buyers' are unaware, it is important for these Buyers to know and to understand -- before even asking -- that the most important feature of these properties are: the H-1 zoning, the fact that they lie within the Clark County Gaming Overlay; and that there is a future upside IF a certain Resort Property has elements  surrounding the property that would evolve into a massive development.

So, what is the current owner to do?  Well, that answer is easy: they hold out for their price.

Unfortunately, these well intended Buyers come along, and they 'think' they are smarter than the Sellers; and they try in vain to overtly explain to the Seller the 'why?' the Resort property isn't worth what the Seller wants in order to sell.



For example, the $10 Million an acre is a number that is thrown around here in Las Vegas for property located on the Famous Las Vegas Strip.  (Now, this is an approximate measure of value that the land under the Resort hotel, motel that Sellers use as their gauge of value for their property.)

The problem with this is that there are some Buyers who will -- because of a sense of desire -- overpay for a property -- thus set an unrealistic bar for us Real Estate Brokers.

Yeah!  It is great for our bank accounts.  However, it sends an unrealistic value ripple effect through the neighboring properties.

When this happens, the Owners/Sellers now think that their property is worth that or more simply because their properties are NOT vacant, better maintained, even though NOT as 'well located.'

So, when I know of a property that is available for sale at $10 Million an acre, lets say, that I know that, that price -- set by the 'Seller' -- is in fact worth that amount because a similar property down the street sold for that exact amount.

And because of this established price, asking for financial information, will NOT reflect the Sellers Selling value adequately.

I do know that the financials show a particular Cap Rate; and, I do know that the high asking price will be more than a buyer is used to paying to acquire a well located property.  But, since the Seller has bought and Sold properties through the years, I do know, that they know the value and will sell at that value.

You understand, right?

So, potential Resort Buyers, please listen to me: when you review the marketing information I send you, please remember that the price is the price -- especially for a Resort property along the "Strip."

So, 'Do' ask me questions about Las Vegas Commercial Real Estate!  I will gladly answer all of your questions as honestly and as effectively as I can.

But, please 'Don't' come to Las Vegas thinking you are going to acquire a 'well located' Resort property below market value.

Hopefully, you and I are now on the same page?

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, February 18, 2017

Well, Caesar's had to have had a way to pay for their Bankruptcy!

When I first heard this, that's what I thought.

Caesar's Entertainment just completed their bankruptcy and since it cost them tens if not hundreds of millions in attorneys fees, I knew that, that cost would be passed on to their visitors somehow.

Well, that's not the official standing, anyway.
The Caesar bosses are proclaiming better WiFi service in the rooms, maintaining passes to their property's fitness center, and a whole lot of other gobble-gook.

But, the fees are here to stay -- and they will charge them for as long as visitors continue to book and stay at their properties and are willing to fork over their hard earned money.

Resort Fees to Increase at Caesars Entertainment Properties

Anyway, the other sad note is that even Free Parking at Resort Properties is a thing of the past, too!
Now, if you are staying at the property there is a discount. But, that varies property to property.

Years ago, when I first moved to Las Vegas, I took a part-time job as a taxi driver -- to get familiar with the city and 'Strip!'  And, once picked up a lady at a casino and drove her to the airport.

Along the way, as we were talking, she said (paraphrasing here) that she remembered when Las Vegas was eloquent.  She said, Las Vegas had turned into a K-Mart.  When she first came to Las Vegas years ago, it was a different time; a time when people dressed up to go down to the casino just to gamble.



I asked: why did she think it changed so much?  What she said next, I will remember this for the rest of my life.

She said, Las Vegas changed when the casinos were bought up by corporations.  She said when the 'mob' ran Vegas, they made sure you got a meal and freebies to remember your visit.  Now, she continued, everything is a profit center.

And she laughed, even housekeeping.

As I sit here today, I ponder her statement. and ask myself, How are they going to make money through housekeeping?

Oh, that's right!  In the future -- near or far -- prepare yourself for a Resort to charge a "Housekeeping Fee."

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