Showing posts with label Strip. Show all posts
Showing posts with label Strip. Show all posts

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

Tuesday, December 27, 2016

The State of Nevada earns $35 Million from unclaimed Slot Tickets!

Have you ever left Las Vegas with a slot ticket?  And, once you arrive back home, have you thought: I'll just cash it when I return to Las Vegas?

Well, unfortunately, for you, you only have six months to cash that ticket.  If you don't, that ticket becomes worthless because after six months that unclaimed cash -- whether a few cents or a few dollars -- becomes the property of the State of Nevada.

And over the past five years, Nevada has collected $35 Million from unclaimed slot tickets.

http://lasvegassun.com/news/2016/dec/26/nevada-reaps-35m-in-5-years-from-unclaimed-casino-/

So, before leaving that casino, be sure to cash ALL of the slot tickets or just like that -- POOF! -- the money is no longer yours.

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

Wednesday, December 21, 2016

Happy Holidays!


Happy Holidays! to ALL and let's all have a profitable New Year!






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

Wednesday, December 7, 2016

Trump Can NOT save 3.5 Million jobs!

I was going to title this blog posting: "Stupid White Americans" -- But, I deemed that as politically incorrect,  So, how about: "Non-College Educated White Americans"  Is that better?  Or, would you rather be called "Deplorable?"

Anyway, Donald Trump ran for president on a platform of: "We're going to bring those jobs back!"

The problem is: most job losses since 1979 were to automation -- NOT a foreign country.  Now, since Hillary didn't combat this during the campaign with knowledge, the Trump hype succeeded in fooling these non-college educated white Americans into voting for him.

And, this reminded me of what Mark Twain once said: 'It's easier to fool someone; then, to unfool them.'

So, congratulations to the "Stupid" white Americans!

Now, listen up, Stupid Americans!  I think the following is important.  I received this today in an email. And, Susan Phillips makes a very good point:

"Worst Job Killer
 Remember Pearl Harbor because the ensuing war taught America the greatest lesson of all, just because you can do something, does not mean you should do something. The world quite successfully halted the proliferation of nuclear warfare. Today President-elect Trump warns companies, who shift jobs overseas, there will be repercussions for these American job killers. But "Fortune" reminds us the real job killer may be technology, "Roughly 3.5 million people are in roles that are at risk of being automated away, compared to the World Trade Organization estimate the US lost 3.2 million jobs to China from 2001 to 2013. "Amazon debuted its new bricks and mortar grocery store, "Go store," with a design which hints at a future of shopping with no human interaction. We don't need the government to stop technology job killers. Tell Uber driverless cars and Amazon Go, "Hell no, we won't Go. "It's how Baby Boomers stopped a war. Uber's original business model employed so many; our wallets can prevent companies from taking a bad turn on the road to success."
 Susan Phillips, CEO - SelectLeaders

So, that widget making job you lost to a machine is NOT coming back.  (The robot does it much, much better, quicker and for so much less per hour than you ever would work for.) 

But, there is something you can do about other company's attempts at automation.  And, try using your brain this time and NOT partake in those industries that are gearing up to take more humans out of other jobs!

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

Saturday, December 3, 2016

Trump definitely needs to Thank the 'Looney Tunes' American Worker!

After visiting my doctor yesterday, she said something that I knew: but I hadn't truly focused on: She said that Trump got elected by telling the non-college educated people what they wanted to hear - not what they needed to hear.

Then, this made me think about a Mark Twain quote: 'It's easier to fool someone than it is to un-fool them."

And, fool them Trump did into voting for him because he made promises logical people know that he won't be able to keep.

Hey, even Sarah Palin is now saying his Carrier deal can't be done to keep every company from moving jobs overseas.

You see, most cities, counties or states can't afford to provide the millions in tax incentives which the state of Indiana agreed to, to keep jobs!

And, what's sad is that those very same non-college educated workers will have to accept tax increases on themselves to pay for those incentives.

Plus, the true way to keep their jobs is to accept the same rate of pay as the foreign country workers are willing to work for.  Do you think that is going to happen?

So, after hearing and thinking about this, this made me think about just how "Looney Tunes" these middle American non college educated workers are.

If you view Trump as Bugs Bunny, then it makes sense. "What's up, Doc?"


Also, the jobs lost to automation are never, ever going to be returned because machines can do a much better job of welding, riveting, assembling, packing, etc. better than any human for much, much less per hour.

Now, are these very same non-college educated workers going to work for what in our society is basically a slave wage?

No, they are not.

So, non college educated working Americans, if you truly want your old job, you can have it back. But you must be willing to work for less then $3 per hour.

Are you ready to get back to work?

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

Friday, October 28, 2016

Why am I still worried about a Trump Presidency?

A few days ago, MSNBC ran a segment on this year's potential electoral college vote.  As it stands, Clinton already has enough electoral votes if she wins the General Election.

And, MSNBC said, that if Trump wins all the current 'swing states,' he still comes up short to Clinton by 272 to 266 votes.

This means, they said, that Trump has to "flip" (their word) one of the states that is solid in favor of Clinton in order to win the US Presidency.  (MSNBC doesn't think he would be able to do that.)

Well, if this is true, why am I still worried?

So, I did my own research on this topic; and I found that what MSNBC said is true.

So, even after researching this, and seeing that, that possibility isn't going to happen, why are other news organizations still saying that Trump may have an outside chance. Oh, my!



I even saw Karl Rove on FoxNews say that Trump has already lost the election.

Anyway, the reason I am rooting for Trump to lose is that I have a written a Purchase and Sales Agreement for a Las Vegas Resort Property. This 'offer,' currently in the Buyer's hands, is waiting for the US Presidential Election result before his board will allow him to authorize me to submit it to the Seller.

Yes.  The offer is a very large sale. (In the billions.)  Yes. The commission of said sale is very large. (In the millions.)  And, Yes.  That is the reason I am so worried about Trump winning.

If Clinton wins; I win.  If Trump wins; I lose.  It is as simple as that.

(With apologies, I am headed back to needlessly worrying about this.)

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

Tuesday, October 18, 2016

Update! Las Vegas Resorts, Hospitality, Gaming & Restaurant Properties!

Are you interested in owning a Las Vegas Resort, Hospitality, Gaming or Restaurant Property?

If so, I can help!  Since the economic meltdown, the few that remain means they are pretty good investments.

And, if a 'major' Las Vegas Resort is within your acquisition criteria and financial capability, please click on the Las Vegas Casino Information button in the right hand column. There you will find an Agreement.  Please have your company's CEO or Authorized Signature fill this out completely, sign, scan and email back to me for further details on those properties that are available.

For less expensive Hotel-Motel, Gaming, Restaurants and Bars, please email me your contact information and acquisition criteria.  Once I have received this, I will be able to forward those opportunities as they arise.

I would also appreciate being able to add you -- if you qualify, to my investor client list. That way, when a specific property that I know you are interested in comes available, I would like to be able to send it to you quickly so you can better judge the property information and gauge the extent of your interest in acquiring it.  If not interested, just simply delete and wait for the next property to become available.

Lastly, if truly interested in becoming a gaming proprietor, you will need to apply for and be approved by the State of Nevada Gaming Control Board.  I can refer an attorney to you.

Please understand, that this will be required whether you are trying to acquire a resort casino or a small tavern/supper club property.  Being approved prior to making an offer, will speed up the purchase process since most Sellers will NOT have a close of escrow contingent upon you receiving gaming approval.

I appreciate your patience in this and hope to be able to bring you other Las Vegas Properties to you for your review in the next few months.

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

Tuesday, August 9, 2016

Bullies have been and will always be Weak People

We know the cliche.

The high school quarterback picks on the nerdy student because the nerdy student is "weak" according to the High School Quarterback.

Hey, "nerdy student" do my homework or I will beat you up!

So, sad.

And as a society that is trying to re-educate our children that being a bully is wrong, How, why then do we allow a bully to take the political pulpit and decry the American system of government as "Corrupt" or "Rigged" when 'things' don't go the way they want them to go?

Bullies invalidate people for one reason only: They are weak people.

Men who abuse their wives or significant other are weak; Most people who end up in prison are -- for the most part -- weak.

I even find that gang members are weak.  (They think they are strong when in a collective, but they are just a collective of weak minded individuals.)

(Did I hit a raw never, there?)

Anyway, weak people fear-monger; weak people are prejudice; and weak people bully others when they are in the wrong -- know they are wrong -- and they insult and invalidate others when backed into a corner trapped in their small mindedness.

I saw this article today;

http://fivethirtyeight.com/features/the-polls-arent-skewed-trump-really-is-losing-badly/

and, it did for a while give me hope that the one person stopping a foreign buyer client of mine from buying -- and preventing me from making millions -- will (hopefully) lose the general election.

If this one person does win, the US is in for a world of hurt. (My opinion.) 

I have had this discussion with several people who are Trump supporters.  The underlining theme from these people for their support is that Trump will lead us in the right direction. (I know he won't.)

The reason Trump would fail as president is that he still thinks of himself as the high school quarterback who knows how to kick the nerdy kids butt.

What people have forgotten is that the nerdy kid from high school is now, today, the former bullies boss.

And, Trump's problem in this election is....

Oh, wait.  I don't want to say.  It might get back to him.  He would change his course, and win -- which I don't want because it will cost me millions.

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

Monday, July 25, 2016

Las Vegas CRE with +/-8% Cap Rates are NOT selling! Why?

You know, I believe that anything is possible.  I think it's the optimist in me.  So, when the economy turns and I see deals starting to come along, and they turn to steals, this is when I believe that I can help any investor buy any Las Vegas investment property.

However, the problem I am having today is kind of complicated.

You see, there is an election going on in the US and both candidates are either well liked; or hated.

The sad thing about this is -- since I am subscribed to several property listing services -- I am being barraged with other CRE company's emails claiming that they have SOLD property in surrounding states at such a high price (or low Cap Rate) that right here in Las Vegas, Sellers are struggling to even attract investor's attention at +8% Cap Rates!

I am, after all, more than willing to help a Seller get as much money for their property as long as the Buyer is willing to accept the Seller's price as a great deal (maybe a steal) from acquiring a real estate property.

What confuses me more than anything else is that our +8% Cap Rates are a steal!

Especially when a McDonald's in Southern California sells for a 3.54% Cap Rate!!  OR, a Walgreen's in Arizona Sells for a 5.33% Cap Rate!

I find this not only confusing, BUT unbelievable!  Why would an investor buy such a property at such a high price -- just because it is located in another state?

IF you are NOT one of these investors, or you are and are now just realizing your mistake, please send me an email and I will gladly send you the latest on the better than average CRE properties that are currently available.

I appreciate your support.

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

Friday, April 15, 2016

Looking For a CRE Steal in Las Vegas? What about a Great Deal @ +/-9% Cap!

In the past I have written about Las Vegas CRE Cap Rates.

But, most investors I deal with on a regular basis truly don't understand how Cap Rates work.

Now, I don't mean to insult anyone, but I do need to explain that as long as long term interest rates are set at a number so low, the cause/effect of those low rates will keep CRE selling prices high -- which means low Cap Rates!

You see, if you get a loan at 3 or 4 percent, Cap Rates will remain at 5 to 6 percent.  It's just fundamentals. (Please contact an economist for further explanation.)

Anyway, back to my theme...

A local property owner contacted me last week to ask me if I could help him find a buyer for a property he acquired out of foreclosure a few months ago.  You see, he re-leased the property to the existing tenant on new five year lease; and now wants to sell where he would make a small profit. (I always consider $100,000 a small profit.)

Anyway, I took the property information, sent it out to six or seven experienced property owners I had grown to know through the years and waited for their response.

One, called me right away and said: "That property is Crap! Find me a Good Deal!"

Not insulted, because I do understand this investor's thinking.  He was actually the one who wanted me to find him a Walgreen's at an 8% Cap Rate. (They currently don't exist anywhere in the US.)

Anyway, I had to explain to him that the tenant's lease was a new ink not dried five year lease, with a five year option.  I told him he would actually be buying this property at a 9.5+/-% Cap Rate.  In essence, this is a steal!

So, the tenant isn't a national credit corporation; the tenant only has this single location; and he had been very, very busy operating his auto repair/tire business here for many, many years.

Is the property old?  Of course.  The building was built in 1970.
Was the lot large enough for his use? Yes, it is!  It is on a .51 acre parcel right on a corner. (And, it is fenced!)
Is the street traffic busy enough? Yes!  It is addressed on a heavily traffic street that runs east west across the Las Vegas Valley.
Plus, there is a Lowe's and a Walgreen's in what I term: "Within Throwing Distance." (Now, I know for a fact that I can't throw that far, but you get the idea.)

Still, the price, the newness of the lease, the fact that the tenant had been there for a long, long time and is paying a good monthly rent of $5,200 NNN per month, you would think that this might be flip-able in the near future(?).

Well, if you buy at a 9.5% Cap Rate -- when long term interest rates are at 3-4%, all of you should be picking up your cellular phones and calling me ASAP!

Asking price? $750,000!  Selling price? $650,000.

What are you waiting for? 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

Monday, March 7, 2016

UPDATE! -- TWO LAS VEGAS RESORT CASINOS ARE AVAILABLE - UPDATE!

First of all, if you are an experienced hotelier, you need to download, fill out, scan, and email back to me the form under the Las Vegas Casino Information button in the right hand column.

Once I have that filled out formed -- and signed by your company signatory -- I will forward the appropriate property detail for your review.

But, to wet your appetite, there are two up and running resort properties that could be acquired.

The First is a large Las Vegas Resort Casino Property.  Then, again, the Non Circumvent and Commission Agreement is required in order to receive any details on either property.

The Second is a smaller property and costs... Then, again, the form...

But, I will disclose that these will cost you in the hundreds of millions -- each.

If interested (and you are qualified to apply and receive a Nevada Unrestricted gaming license, you must provide the Seller with your financial capability and Proof of Funds to close!

And, this is needed prior to the release of any property information.

The Sellers are looking for people/companies that are either licensed already - or are people/companies that have the capability of being licensed with the Nevada Gaming Control Unrestricted Nevada Gaming License.

NOW, lastly, there is still property that is "develop-able." But, please still adhere to my Las Vegas Casino Information button to receive that property information as well.

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

Sunday, February 21, 2016

What other people think (of me), is none of my business!

About 20 years ago, I learned about this quote.

When I first heard it, it was attributed to A.L Williams. (Yes, the Prime America guy.)

And, every now and then, especially when I start feeling as if "others" around me (business and personal relationships) are invalidating me, I have to force myself to NOT reply or respond to anything they are saying.  I do my best to just let them vent and then, I try to ignore them as much as possible.

You see: when "others" are being critical (invalidating) of you, they are disrespecting you.  In my case, as a real estate broker for 25 years, I am the most knowledgeable about real estate within my family and small circle of friends.

But, since my sibling family members like to refer to me as being "Bossy," this form of criticism always comes across as disrespectful -- even though they think it is being helpful.  And, I believe the reason for their disrespect is that I do have a better working knowledge about real estate than they have.  However, I believe this makes them jealous.  And that jealousy is what leads them to being so disrespectful of me.

Fortunately, my 'clients' refer to me as "Knowledgeable,"  So, I will take this criticism gratefully.

For example: one of my younger brothers thought he should get into real estate to buy and rent out houses.  He was going to grow his real estate portfolio and become rich.

So, once he owned a few properties, loan rates went down, so he decided, back in 2005 or 2006, to refinance the three residential properties he owned.  Back then, I warned him to NOT refinance ALL of his properties at once with the same lender, because I knew his lender of choice would cross-collateralize his properties.

But, he said that wasn't going to happen, because he said the Loan Officer said that, that would NOT happen.

Then, last year, he tried to sell one of the houses.  Once in escrow, the lender send a payoff  amount for all three loans at the same time.  He decided to sue.  He lost his lawsuit.

So, now, I am NOT being boastful about this.  I am only emphasizing that I know more about real estate than a wanna be house owner landlord.

Am I sorry for his dilemma?  No.  I just wish he had listened to me (and I wish he had viewed my advice as being the truth based on my years of experience in real estate).  But, since to him, I was being "Bossy," he listen to "others" who were in fact, lying to him just so they could earn the loan origination fee.

Unfortunately, since he viewed me as being "Bossy," he is now in a situation where he has to sell all three houses at once to get out of the loan(s).

I can only be reminded what Mike Sitren told me years ago: Don't help family with real estate.  They will never appreciate your efforts.

So, if you are going to call me Bossy, because I suggest you do/do not do something in real estate, best of luck to you.  I don't need your invalidation and...

...what you think (of me) is none of my business.

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

Monday, February 1, 2016

Is China trying to force Macau Casino Owners Out Of Business?

For a long while now, I have had several discussions with Las Vegas Gaming executives, some still employed and others retired, about how China is treating the current casino owners in the gaming hot spot known as Macau.

I believe that China (recently) closed their borders to Macau in an effort to force the casinos owners out of business.

Of course, their standard PR line is/was: ...to stop corruption.

But, I think that China saw just how much money the casino owners were actually making and decided that they should be in charge of the properties -- thus, they would be raking in the billions that China's citizens were gambling away every month in order to become rich so that they could improve their lives.

Now, I have absolutely no proof of this at all.  It is just a gut feeling I get from reading various news reported stories about the Macau enclave.

The latest is this article from re-known gaming reporter Howard Stutz of the Las Vegas Review Journal.  (You may have to copy and past in your browser to read.)

http://www.reviewjournal.com/business/casinos-gaming/macau-casino-revenue-falls-214-percent-january-20th-straight-monthly-decline

In his article, Howard outlines that Macau revenue has fallen for 20 straight months; and, it fell 21.4% this recent January, 2016.

To me, the fact that it is only down in the hundreds of millions, is not as bad as the fact that the casinos are still earning Billions in US dollars per month.

I believe that that amount of money being earned there by Las Vegas casino operators is too tempting to the Chinese officials to allow to be continued to leave their country.  Thus, I believe that China will in the foreseeable future take over the properties as a means to control how their citizens are spending their hard earned money.

If I am wrong, I will apologize right here, right now.  But, my gut says otherwise.

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

Saturday, January 30, 2016

Update! Resorts, Hospitality, Gaming and Restaurant Properties!

Update! Resorts, Hospitality, Gaming and Restaurant Properties!


Are you interested in owning a Las Vegas Resort, Hospitality, Gaming or Restaurant Property?

If so, I can help!  Since the economic meltdown, the few that remain means they are pretty good investments.

And, if a 'major' Las Vegas Resort is within your acquisition criteria and financial capability, please click on the Las Vegas Casino Information button in the right hand column. There you will find an Agreement.  Please have your company's CEO or Authorized Signature fill this out completely, sign, scan and email back to me for further details on those properties that are available.

For less expensive Hotel-Motel, Gaming, Restaurants and Bars, please email me your contact information and acquisition criteria.  Once I have received this, I will be able to forward those opportunities as they arise.

I would also appreciate being able to add you -- if you qualify, to my investor client list. That way, when a specific property that I know you are interested in comes available, I would like to be able to send it to you quickly so you can better judge the property information and gauge the extent of your interest in acquiring it.  If not interested, just simply delete and wait for the next property to become available.

Lastly, if truly interested in becoming a gaming proprietor, you will need to apply for and be approved by the State of Nevada Gaming Control Board.  I can refer an attorney to you.

Please understand, that this will be required whether you are trying to acquire a resort casino or a small tavern/supper club property.  Being approved prior to making an offer, will speed up the purchase process since most Sellers will NOT have a close of escrow contingent upon you receiving gaming approval.

I appreciate your patience in this and hope to be able to bring you other Las Vegas Properties to you for your review in the next few months.

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

Friday, January 8, 2016

A Funny Thing Happened on the Way to My Blog!

Three of the last four of my blog entries have outlined the reasons why I left Lee. I hope you understand the 'why' I was so angry about having spent so much time there and NOT having achieved the one particular goal I wanted which was to be named a partner.

Anyway, just after I posted the third blog, I received a telephone call from the CEO of Licensing for Lee.  He asked me (politely) if I'd take any mention of Lee out of the blog because he said that they were a different company now and it would hurt their efforts to re-establish an office in Las Vegas.

He did emphasize that they were NOT looking to file a law suit for defamation or anything, because he said, everything in the blog was more than 10 years old.

I asked him if he knew anything about me.  Of course, he didn't.

I explained my background and the reason why I omitted the names of actual people who were involved in my time there.  (They truly don't deserve any publicity.)

So, I had to explain to him just how Libel works.  In the end, he convinced me they were NOT going to sue.  (If they did, I would win because all I needed was to present the truth.)  Besides, with so many agents who had worked and left the Lee Las Vegas office through the years, I told him that it would be easy for me to find just one person who had a similar experience as mine, and that would seal the deal, so to speak: Case Closed.

He did re-emphasize, he just wanted to ask me to remove any reference to Lee because he kept saying this incident was ten years ago.

However, I was amused by his next question:

He asked: Would you consider spearheading the next Lee office in Las Vegas?

What?  No!  Of course, not!

He kept saying that as a company, Lee was different now.  They were a national company and one of his priorities is to re-establish a Lee office in Las Vegas.

Obviously, he has been trying to find a Nevada Broker willing to take on that project.  And, with Lee's reputation in Las Vegas being so bad, he was having a hard time finding a broker to do that.

I didn't even thank him for the offer.  I just stated, 'No;' and, that I would never, ever allow Lee to have any of my commission money ever again.  (I didn't care if he thought Lee had changed.  It was still the same to me whether last week or ten years ago.)

I did wish him luck as we concluded the telephone call.

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

Tuesday, December 29, 2015

Why I Left Lee Las Vegas - Part 3

So, just as this becoming a partner debacle was unfolding right in front of my eyes, I decided that I was no longer going to be involved with a company that allowed partners to screw the associates so much and so often.

I could go into stories from other real estate agents who worked there before, during and after me --about how the partners screwed these agents, but I think my story is enough.

Anyway, during my meeting with RH, where he was doing his best to describe his discontent for the partners NOT voting me to become one, he did say (maybe off the cuff) that some of the partners, had more say than others in the direction the office was heading.  And, the reason was they were being paid 94% of the gross total commission earned off of their deals.

WHAT?!  How does a brokerage survive if an agent is getting 94%?  (6% was to be paid to the capital investors in the office.)

I was surprised by this.  To me, top producers (maybe) got 75% or even 80% if they did lots and lots of closings in a month.  But, when he mentioned that SP and another founding partner were the ones being paid this high of a commission amount, and they were being compensated without a desk cost, I knew right then and there that the Lee Las Vegas Office partners were idiot businessmen.  (And, apparently, SP and this founder had been paid this amount for quite some time.)

I asked, "Why?"

He said it was because they were the top producers of the firm.

I was surprised.  But, then he let out a bomb shell that hit me like a nuclear blast.

He told me that ALL sign calls were sent to SP first -- so he could "qualify them."

I was shocked, "Even mine?" I asked.

He replied yes.

He explained that in order to make sure that the associates didn't let a qualified client slip through the cracks, the partners trusted SP to make sure the client was qualified to buy, sell, lease before a deal was made.

I had wondered why I wasn't getting as many calls on my signs.  Now, I knew.

AND, (a little while after my RH meeting) I talked to the receptionist and she (reluctantly) confirmed this was true.  I was so mad at this disclosure that I immediately called another Broker, who had in the past asked me to join his firm.  I immediately left Lee Las Vegas for good.

I went to work for the other firm and lasted there for only a year.  Shortly after joining there, I found out that PTB was going to join the firm, too.  He said, he had a disagreement with the partners after I left.  I know for a fact he was "let go" by the partners for commission stealing another agent who was a partner's wife!

(I always wondered why they let PTB go for doing that but NOT SP.  (I guess the wife relationship had something to do with it.)

Anyway, after PTB arrived, he asked me to work with him again.  I said no.

After being there for a year, another agent (let's call him GG) who had been at Lee Las Vegas too who left just before I did, called me and asked me to come work with him at a boutique firm that he went to.  Because of the situation with PTB at the firm, I felt it appropriate to leave and went to work at the boutique company.

There, GG and I worked for almost two years together, until the boutique broker felt I didn't earn him enough money.  That is when I started my own shop by myself.  Recently, GG joined me.

Anyway, since my departure from Lee Las Vegas, many other associates left.  A couple were promoted to partner and then they left for other firms.  Apparently, my honest approach to clients, and other brokers was being too honest for Lee Las Vegas.  I left Lee in March, 2006.

It has been almost 9 years since I left, Lee Las Vegas.  I heard last summer that they defaulted (to my knowledge) on a leased space they had occupied, moved to another small office warehouse space closer to the 'Strip.'

And all the while, (I am still trying to confirm this) SP was still getting his 94% even though the company could NOT pay it's rent.  I learned that the last of the associates left just before they quietly announced they were closing.

Lee & Associates Las Vegas office closed it doors in June, 2015.

Now I know why Lee Las Vegas filed Bankruptcy back in the early 2000's -- it was to get out of a high rent office space they were in.  The space was well located and easy for clients to get to.

Also, I now know why certain other brokers around town, that became Lee Las Vegas competition had left.

As far as I am concerned, good riddance.

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

Monday, December 28, 2015

Why I left Lee Las Vegas - Part 2

PTB and I started off with a bang.

He had marketable listings that were (in hindsight) very good properties.

One that I marketed for him brought Konami Gaming into the fold.  I had heard through the grapevine, they were NOT happy with their current Las Vegas office they had leased; and, they were looking to not only move, but they wanted to buy an office warehouse.

After sending them brochures of various properties, I received a call from their Human Resource VP.  She said that the president wanted to meet and discuss the properties I had sent over.

The meeting went well with PTB giving a good presentation.  However, they were leaning more to buy than lease.

So, I went to work searching for a buy situation.  Nothing seemed to fit.  Anyway, after several months and some going back and forth with Konami, I ended up with a call that said the CEO for Konami Gaming out of Australia wanted to see some of the properties with me that I had sent over.

So, I met with the Corporate CEO and we drove around looking at what was available.  During this time, I got the impression that he had seen most of what I was showing him.  (The one property he hadn't seen was the listing PTB had.)

Our listing was big enough, but the owner steadfastly didn't want to sell.  So, I purposefully ended our drive on a large 12 acre lot at Bermuda and Sunset.  It is the parcel where their building now sits with a view of the McCarran International Airport.  Here I said that even though the owner of this lot didn't want to sell either, I thought we could structure an offer where in a few years, Konami could buy the building from the owner that the owner would build to suit to lease.

The CEO was impressed.  I also asked if Feng Shui would play apart in his decision. (He looked at me incongruously.  (I think I surprised him.)

He said I was the only broker that he has met that asked him that.  And, he said Yes, it would play an important part of his decision.

With this knowledge, I began to point out the Feng Shui aspects of the lot we were currently sitting on.  The CEO said he would get back to me.

PBT turned out to be very helpful in completing this build to suit for lease -- with the provision that Konami Gaming could buy the building in the future.

Anyway, during this period my mother-n-law had been diagnosed with stage 4 lung cancer and had been given "only a few months" to live.  So, PBT took over and handled the lease negotiations, etc. If not for being copied on the emails through the lease negotiation process, I think I would have never known the full extend of the progress.

I did tell PTB that I could make meetings if needed.  But, he never included me in the meetings and I felt betrayed since I had initiated the whole deal.  PTB said he just wanted me to focus on taking care of my wife's mom.  I thought this kind of him -- but it was unnecessary.

Fast forward: With this lease deal closing, I learned that the commission was going to be the largest that Lee Las Vegas had ever earned.  And, this commission qualified me to become a partner.  The entire commission was more than $1 Million.  Everyone was congratulating PTB on a deal well done.

Well, I stopped by the office about the time my Mother-n-law passed away.  It was a difficult time for my wife and I.  She had become an intricate part of our daily lives.  (She was our day care provider for our two children as well.)

As you can sense, something was about to happen to me, again.
I arrived at the office and PTB wanted to meet with me in his office.  You guessed it, PTB wanted a larger share of the commission because he had done so much work to get this to close.

My first thought was what an A--Hole!  Here I thought I could trust him when all the while he was planning on cutting me out of commission, too!

Even though, PTB had privately congratulated me for being able to "find" the client, deep inside, I was pissed.  But, I tried to let it go.  I was looking forward to being qualified to be a partner.

PTB and I agreed to split the commission 55/45 which since then, I have regretted.

Anyway, since I was up for being approved as a partner; and the partners annual meeting was within the month, I just wanted to be on the agenda.  I thought I had proved that I was worthy.

The Office Manager did ensure that I was on the agenda.  So, I waited for word of them approving me as a partner.

After the annual meeting, I sensed something was wrong.  PBT came into the office and completely avoided me.

The then back as President of Lee Las Vegas again was RH.  He came to my desk and asked to see him in his office.

He started by saying (in order to be a partner) I had to apologize to SP for accusing him of lying and stealing when RH claimed that SP said he hadn't.  I told RH that I wasn't going to apologize for telling the truth and I said SP should be apologize to me.

As you can tell, that wasn't going to happen.  He said that I needed a unanimous vote to become a partner.  I asked what the vote was.  He said 6-2.  (Another partner I had a falling out with earlier who was a jerk, right behind my back, tried to steal another client I was working with.  This partner even attempted to make me look as if I was stealing the client from him.)

Back to my story, I told RH that the office manager and I research the bylaws for the corporation for becoming a partner.  I told him there was never any mention of a vote ever having to be unanimous. It just called for a majority.

RH, then, backtracked and said it wasn't an official vote. (RH has since deceased.)

Part 3 will conclude this story.

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

Saturday, December 26, 2015

Why I left Lee Las Vegas - Part 1

From February, 1998 to March, 2006, I worked as an Associate for Lee Las Vegas.  The reason I left is one that most of the people who had left Lee Las Vegas through the years would agree with.  I just thought that giving you my reason, will give you an insider look at how NOT to run a Real Estate Brokerage.

Anyway, here is my story:

I had been working in residential real estate since first obtaining my Real Estate license in California in October of 1991.  I then earned my California Broker's license in 1993.  In 1994, I earned my Nevada Broker's license and then moved to Las Vegas in November of 1995.

From November, 1995 to February of 1998, I worked at a variety of real estate companies -- not fully satisfied with residential sales and loans.

In February, 1998, I was more than ready to move onward and upward.  It was recommended to me by a Public Relations person that I should get into Commercial Real Estate.

Initially interviewed with the managing director at the local CB Commercial (since then it has been bought and re-maned CB Richard Ellis).  I came away from that interview like they didn't want me.  The feeling I got was because I would NOT bring them enough listings for them to market.

Apparently, they only want agents who can bring potential listings to the table.  As for some one who works the telephone well and will spend hours hunting for qualified buyers, that wasn't their cup of tea -- so to speak.

So, I spoke with the PR person again, and she recommended that I talk to RH, who was at the time the President of Lee Las Vegas.  After an initial interview with RH, he introduced me to (for the sake of a potential legal hassle, I will refer to this agent as Selfish Person or SP for short) -- who at the time was the top producer for Lee Las Vegas.  Anyway, he did have many, many family members who helped him get to partner very quickly.  (Which was good for him.)

However, we eventually had a falling out because he felt that my request to split a small lease commission 50% was way too much commission for me to be paid.

Unfortunately, this small lease commission was for a small deal with Bigelow Aerospace, which due to my being okay with cold calling people, I brought to Lee Las Vegas.

You see, I had heard that Robert Bigelow -- who at the time was still a Nevada Licensed Real Estate broker -- wanted a large warehouse to house the initial work he was funding for a hotel in space concept Robert Bigelow wanted to develop.  He needed to lease a large enough warehouse for just 12 months.  My commission check was $575.00.  However, SP said that I had asked too much -- as I mentioned above.

Then, as this was going on, I had found the +/-12,000 SF warehouse which they made an offer on; it was accepted, and we entered escrow.

The purchase price was $540,000.  The procuring commission was $16,200.  And, you guessed it, SP  only wanted me to be paid $1,620 or 10% of the total commission.  It was, 'what I had earned' since I was paid more than I had earned on the leasing deal we had concluded earlier.

In the meantime, Bigelow's secretary called me and asked me if I could find Robert some land so that he could build a campus where he could actual manufacture proto-types for his hotel in space.  I did and sure enough, I had to have SP involved again.

This is where the problem started.  I let SP handle this escrow.  I don't know what I was thinking, but since he hadn't kept me informed on the earlier one, why was I letting him handle another.  This was a big mistake on my part -- which I will explain in a minute.

This time, I found them 20 acres in North Las Vegas where they could build the facilities that they needed so they could develop and test a hotel in space proto-type for orbiting earth in space.

When the time came to close, I asked SP about this and he told me that it had "fallen out of escrow."

Disappointed, I did what every good broker does and what I usually do: I called the client back.  To my surprise, I was told they did indeed close on the land.  I went back to SP and asked why he lied to me?  He said I hadn't earned enough on it to get a split of the commission.  He gave me what he thought I was owed: Nothing.

Because of this, I complained to the powers to be (Some of these people are now deceased or out of the business.)

Well, I went to the powers that be and accused SP of stealing commission, lying to me, and just wanted what he should have paid me.  (Unfortunately, the powers to be sided with SP because he was their top producer.)

Needless to say, since SP had cut me out of the commission completely.  He wanted the entire +/-$26,000 for himself.  So, I stopped working with SP completely.

At this point I almost quit Lee Las Vegas.  But, I was talked out of it by one of the powers that be. Looking back, I should have listened to my wife and mother-n-law. (They said to leave and work on my own.  I didn't need them.)

Anyway, I relented and agreed to work with the other broker because he did have some marketable listings.

(As a side note, I did end up working one other deal with SP.  If I could have, I would have cut him out of the deal except for that fact; His "cousin" owned land where the Buyer I found, Pavestone, wanted to build a batch plant.  It was zoned correctly for their use -- and SP knew that.  Fortunately, I stayed on top of that escrow and did walked away with half of the commission on this.

Anyway, after that, I began to work with PTB, who had talked me into staying and to work with him, (He eventually was voted by the partners as president because RH wanted to step down.)

PTB knew of my ability to work hard to find buyer clients and wanted me to work on some of his listings.

Part 2 will continue this story.

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

Tuesday, December 1, 2015

Out of State Brokers only "think" they know Las Vegas!

Having lived and worked here since 1995, I have learned a thing or two about how 'business' gets done in this particular neighborhood of the country called Las Vegas!

One thing: Las Vegas commercial real estate (CRE) requires that you build a client base. So, in the 19 plus years of working and living in Las Vegas, I have developed relationships with 'key' people who will help me help you.

Thus, this gives me the advantage that you need IF you are truly interested in acquiring a Las Vegas Resort Casino. Knowing who the 'key' person to approach requires an important decision on your part: Go it alone; employee an out of state broker and see what happens; OR sign me up to help you get to those 'key' people.

Now, most Resorts in general do NOT want to even deal with Real Estate Brokers at all. They think 'brokers' are an unnecessary element that just gets in their way.  I understand their plight.  I have seen, first hand, Real Estate Brokers  -- some from half way around the world -- way over-charge their Buyer clients simply because the Broker thinks the information they have (usually a rumor about what is for sale) is worth more than it actually is.

And, because those Brokers think they are special, that is the key to my success.

Yes. I know which Resort Casino properties are truly being considered for sale!

And, "Yes!" I know the 'key' people to contact at those properties.

And, unfortunately, just as the other Brokers, the key element involved requires you -- as the Buyer -- to compensate me.  BUT, that is where the difference lies between me and them.  I actually know what is going on and the advantages of that, is what makes me worthy of being hired by you rather than the real estate broker from Los Angeles, San Francisco, or even New York.  And, yes, I ask for a 1% commission fee.  But, just as everything else in life, I am flexible.

Recently, a CA Broker told me that he has a Buyer from the South Pacific rim who wants to acquire a Las Vegas Resort Casino AND he is willing to pay him a ridiculously high fee demand of 3%!

I'm sorry. But, I do NOT know of any Buyer who is that ready, willing and able to pay a 3% fee on a $1 Billion dollar property. How much is that? $30 Million?!

Given that Resort Casino prices are mostly in the hundreds of millions, my charging 1% fee can be too much, too. So, I am willing to be compensated on a flat fee.

Now, please be aware of Broker Chains. This is where two or more Brokers want a piece of the commission pie simply because they learned that a buyer - such as yourself - has made it known that you want to Buy a Las Vegas Resort.  These Brokers feel that they are due a larger piece simply for only referring you to me -- which is usually too high. So, ask yourself: Is it truly worth their demand for more money just because they passed along a Buyer client's name or telephone number to me.

IF you did a little more research, you would have stumbled upon me.  Thus giving you access to the seller directly.

I truly do NOT want to be a a part of these broker chains.

However, IF you are truly interested in acquiring a Las Vegas Resort Casino property, please forgo the Broker chain, and sign with me directly as your Broker. And, "Yes!" that requires an officer of your corporation duly authorized to sign a Non Circumvent Commission Agreement that you will compensate me directly from Escrow upon the Close of Escrow or the Sale of the subject Resort Casino Property!

But, remember, I do know which Resort property(s) are actually for sale. Signing up with me to represent you doesn't mean a deal will get down. That could take time and effort on your part. And, of course, there are attorneys involved. But you will actually get closer to submitting an LOI or Offer to the correct person; which gets you closer to Resort Casino Ownership; which with my help -- and you compensating me a fee to represent you -- is a small price to pay for a Resort Casino property Ownership.

Lastly, ALL interested parties will have to disclose their financial capabilities to me. That way, I know upfront that you are able to complete a purchase prior to making an offer. And getting that LOI or Offer with the appropriate financial qualifying paperwork to the 'key' person, protects my reputation as a Real Estate Broker and will allow them to know that YOU are qualified to Buy.

I appreciate your patience and tolerance in the matter.

For Information about Las Vegas Commercial Real Estate Investment Property, contact David Howes at: davidAtdavidhowesDOTnet OR 70 25 01 93 88

Wednesday, November 25, 2015

Happy Thanksgiving!

It's a Wednesday before the American Holiday, Thanksgiving, and I sometimes get nostalgic about my ancestry during this time of year because; YES, I am a direct descendant of William Brewster.

My father's side of the family has been keeping track of our family heritage for, well, since the Pilgrims maneuvered the Mayflower beside a larger then usual but still small boulder they called Plymouth Rock in 1620.

Anyway, have a peaceful, safe holiday. I was going to go sit by our pool and relax, but it is cold here in Las Vegas, NV.

If you have any questions about Las Vegas Commercial Real Estate....

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