Saturday, August 31, 2013

"You are the Best Real Estate Broker Ever!"

Okay. I know. I am (shamelessly) patting myself on the back. But, I thought it should be known. With that said, I usually don't ever say anything to anyone anything about myself.  I try to let my actions speak louder.

But earlier last week, a long time client of mine, called and asked me to go get a cup of coffee with him. So, I agreed. When we met, I even offered to pay but he refused my gesture and paid.

As we were sitting down, a third gentleman entered and sat with us. It turns out it was my client's older brother. He had a real estate dilemma on his hands.

To cut to the chase, the brother needed to deed his house to his son so he could return to his country of origin to take care of some business there and was going to be gone for at least a year.

He wanted to deed his house in Las Vegas to his son but he wanted to keep some form of control over it so the son couldn't sell it without his permission. (I got the impression that this was more of a father-son control issue.)

Anyway, I set up a meeting at a Title Company so that the paperwork could be done correctly.

Anyway, while we were meeting, my client said something in their native language to which his brother who turned to me and was really glad to meet me. I thank him and we proceeded with the above discussion.

Afterward, the brother excused himself having to have to attend to other business. My client and I sat for a spell talking about the how real estate changed over the 10 plus years we have worked together.

(My client wants me to look for a property with long term income. He is going to retire and needs an income to last a good 10 to 15 years.)

Anyway, I asked him what had he said to his brother that made him change in enthusiasm when he first arrived?

My client said, he had told his brother when he arrived that he was meeting the Best Real Estate Broker ever. His brother didn't believe there was ever such a person because my client had at times said to him he was working with a broker that he felt was the best.

He said his brother was surprised to have finally met me. My client said his brother had always doubted him there was ever such a person.

Anyway, since that date, the deed has been taken care of; the brother has returned to their country of birth; and everything seems to be in order -- well, as much as I can tell being on the outside looking in.)

And since then, while my client and I have gone back and forth about investing in various parcels, my client injected into one of our conversations that his brother had let him know he was very happy I had helped him.  I said, "Tell him, 'Thanks.' I was just doing my job."

My client said that I have been the only real estate broker who has never, ever tried to "Sell" him something he didn't want. I always would make suggestions to him and then I would let him to decide. He has always been very appreciative of that.

And, before we departed he said that on every property he has bought and sold through me, I was always able to make him money.

Fortunately for me, my client was always smart about the "when" to purchase and the "when" to sell.

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

Sunday, August 25, 2013

"Moving to Nevada was like getting a raise in pay."

A Porn Star was quoted recently in a local news paper as saying that moving to Nevada from California was liking to a pay raise.

Over the years, I posed this question to only a few of the clients I work with and most seemed to never have even thought of it that way.

Now, several celebrities are residents of Nevada and they (still) live (part time) in California. I am sure that the California tax folk would be inquiring about this IF there was a sudden change in many wealthy Californians exiting the state.

But, one of the benefits of a Nevada Residency is that IF you earn income outside of California, you do NOT have to pay California a portion of those earnings.

And, Nevada being one of the few states without a State income tax, it's like the Porn Star said: "It's like getting a pay raise."

So, maybe when you are searching for a good CRE income property, you could also find a nice residential place which could become your new home.

This is just something to think about.

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

Monday, August 19, 2013

Four Downtown Las Vegas Properties For Sale in the Path of Tony Hsieh's Re-development Project!

With Tony Hsieh trying to acquire all the residential properties in the East Fremont Street area, I have Four properties listed that could make the right investor money.

Each property in itself is unique. And, they are (mostly) surrounded by Tony's Downtown Project crew.

One is just north of Ogden on 9th called the Alpine Motel.  even though Tony has concentrated on acquiring the residential properties down town, he walked into this one while showing Ashton Kutcher what he is doing, announced he was buying the place which resulted in the owner calling me and chewing me out for NOT telling him a showing was going to happen.

The truth is, Tony didn't tell anyone he was going to do this.  Even his RE Broker was caught off guard.

Then there are two small office buildings which are owned by a life long Las Vegas resident.  One building faces Ogden and the other faces 9th Street.  These are store front office buildings which could be used as an office on addition to Tony's downtown high rise office building where he plans to house a bunch of start ups!

If you are already in business and well beyond the start up phase, this building could be for you.  It will have access to all the surrounding properties that will be re-developed or constructed on the vacant land in this area.

Another building in this 9th Street area is an old assembly hall -- The Lodge.  This is very old and dilapidated building that has seen better days.  This will have to be torn down.

The last is a property that Tony should have bought late last year.  It is a duplex.  It is small ans the lot is small.  But, it is the last building on the block to complete the block's assemblage.  I have no idea why Tony's crew just does NOT make an offer and move forward.  He will need this lot to do anything along this corridor.

If interested in this area; and/or you want to make some money by flipping to Tony, these properties are worth going after.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATavidhowesDOTnet OR call 70-25-01-93-88

Sunday, August 18, 2013

Only One +/-8% Cap Rate Left for Las Vegas CRE Investment Property!

About a two weeks ago, I notified you blog readers that there were Two 8% Cap Rate properties available here in Las Vegas. These have credit tenant's on long term leases.

Unfortunately, there is only One left! And, that one (should) will be gone (hopefully) by Friday.

Most of you will NOT be able to acquire this because of the $3 Million price range.  But, those of you who have verifiable funds, should contact me today.

Because, those of you who will qualify, it pays an annual rent of +/-$250,000.00 -- which is more than enough money to help you maintain your life style which you have become accustomed too.

And, the first investor (out of this group of readers with verifiable funds) will have the opportunity to acquire this property today.

This is NOT a teaser. The property is leased long term by a regional restaurant company; and it is in a higher than normal income neighborhood.  And because of the strict zoning requirements, they are NOT going to give this location up!

So, IF interested, email me ASAP!

Las Vegas real estate is recovering quickly and acquiring a CRE property at an 8% Cap Rate is disappearing.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88!

Sunday, August 4, 2013

8% Cap Rates for two Las Vegas CRE Investment Properties!

That's correct.

And, the first investor with verifiable funds gets the worm.

This is NOT a teaser.  There are two CRE properties in Las Vegas that can be acquired for an 8% Cap Rate.

One will earn you $+/-315,000 in annual rental income!
The other will earn you $+/-250,000 in annual rental income!

The first is a retail center with a 7 Eleven as its anchor; the second is a freestanding PT Pub!

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88!

Saturday, August 3, 2013

"Clients who continually question the minor Purchase Agreement items are NOT Buyers!" Mike Sitren.

I miss Mike Sitren.

He was the best RE Broker I ever worked for.

Way back in 1991, when I left Retail Management for Real Estate, Mike Sitren took me under his wing and taught me a lot about real estate.

He was a short, stocky man who had been in California real estate for more than 40 years when he died in 1993.

In those two short years, he gave me more information about real estate client particulars than I have learned in the last 18 years all together.

He would say things like: A Buyer who demands an unattainable interest rate, is NOT a buyer.  Don't waste your time with them.

He admonished me for trying to help my wife's sister and her husband with a re-finance loan years ago.  He said never do anything in real estate for family; they will not appreciate it; and, IF something goes wrong, YOU are to blame.

I, unfortunately, made this mistake one other time.  It was THEN that I learned that Mike was correct.  (I don't speak to my brother anymore.)

Even as of today, when "things" happen during a real estate transaction, I remember his words of wisdom of what he taught me.

Recently, a client from New York wanted to "buy" a lease. That's what he said.
I asked: "Do you mean buying a property with a NNN leasehold encumbering it? Or, do you want to buy a leased that is a ground lease and you pay the fee simple owner a rent.

"No!" he said.  He wants to buy a property where the tenants pay ALL the expenses.  So, you want to buy a real estate property that is encumbered by a NNN Lease where the tenants pay ALL the RE taxes, insurance and CAM.  He said that's right.  I said, Okay!

So, I found him one. Then, as we are writing a Purchase Agreement, he starts demanding that in the offer, we outline the provisions of the lease that he is buying.  (What?)  In Nevada, they will give you basics about the lease, but NOT the whole lease prior to the Buyer supplying the Seller they are qualified to buy.

Well, he didn't want to put up an agreement or even provide the Seller with a financial statement he said has the appropriate amount of money to close the deal until he got to look at the lease.

I finally realized late today, that this New York Buyer didn't have a clue as to how or what he was trying to do.  He kept asking for things that would NOT be available until we were in escrow.  Mike said that buyers like this guy, are never a real buyers.  So, don't waste your time.

And, unfortunately, the more I tried to help him understand this process, the more he began to question other minor and basic purchase agreement items.

That's when I remembered Mike's warning.  Any buyer who continues to question minor items in a contract, is NOT a real buyer.

So, IF you are a real buyer, I have several properties that are worth the price because they are in the 8% Cap Rate range.  However, after this one, sending me your qualifying information is required -- up front.

And, IF you have been following my blog, you would know that an 8% Cap Rate for a property these days, IS a Steal.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 2-50 1- 93 88

Thursday, August 1, 2013

+/-8% Cap Rate in Las Vegas Commercial Real Estate

A fellow RE Broker/Developer here in Las Vegas wants to sell a property he developed a few years back. He wants to cash out so he can use the money to complete another property he is working on.

So, this is for Principals Only!

A small retail center on a Section Line street corner is available for sale at $3.9 Million. He is asking an 8% Cap Rate -- which every investor knows is a great steal currently.

So, Principals, send me an email and I will forward the details to you.

The tease about the property is that it is +/-13,000 SF with a national credit tenant on a corporate lease as the anchor. There is also a regional gaming operator on a leasehold here, too. There is also a 4,500 SF portion that is currently being brought to a vanilla shell which is the value added part of this property.

So, IF interested for more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88.

This is NOT going to last long at all!