Monday, November 19, 2018

Look! A Four Property Portfolio Available at a 9% Cap Rate!

DON'T LOOK AWAY!

If you do, this four property portfolio will be gone!

The Owner is willing to sell at a 9% Cap Rate OR Higher.

Three Motels that have been renovated; AND, a 42 unit Studio Apartment Building that needs renovation.

Altogether, there are 139 units for sale at $12 Million!

OR, on a Cap Rate basis, that's a 9.1% Cap Rate!

And based on the 2017 PLS, this portfolio is worth +/-$14 Million!

In this market, that's what is called a STEAL!

30 Units

15 Units

52 Units

42 Units

If you are a qualified Buyer, and you want to take advantage of this Steal of a Deal...

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 0 1 9 3 8 8
AND Please #Follow David on Twitter: @DavidAHowes
Have a nice day!

Thursday, November 15, 2018

The Alpine Motel Apartments!

Alright, it's a misnomer.

It's actually 42 Studio Apartments of which 34 have a Kitchenette (or Kitchen Area).





Plus each unit has a full tub shower bath!

AND, it could be yours for the reasonable price of $2.8 Million.

And, because the net income is $20,930 PER MONTH!, that's a 9% Cap Rate to you!
The property does need renovating. But at $2.8 Million, there is room to make changes.

Interested?

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, November 8, 2018

The Lucky Dragon Should have never been built!

There are Good Ideas; and there are Bad Ideas.

The Lucky Dragon was a Bad Idea.

Sure, a resort casino dedicated to the Asian Gambler was a Good Idea  -- at concept.
However, a resort casino dedicated to just the Asian Gambler is a Bad Idea -- at the end result.

My take is, you don't build a tourist attraction anywhere near the 'edge of sketchy,' as one investor I was dealing with called it.
But, that's exactly where they built this property.

The neighborhood to the north is well known as The Naked City.  It's a collection of 6 to 10 unit low income apartments which have always had a difficult time maintaining tenants simply because they only attract the low income minimum wage workers who can barely afford their monthly rents.

(I know several owners of properties in this area.  They constantly complain about the lack of qualified renters. One, I know, had let his 8 unit apartment property go into foreclosure only to re-acquire it post Trustee Sale for less than half what he owed.)

Oh, well.  But, as this news story tries to explain, the bank thinks this location will be successful some day.  I think they are being overtly optimistic.

Have a read for yourself to see if you agree with me: Lucky Dragon


Since most of the hotel rooms were never used, I think a major re-tool as a locals casino is more in line than as an Asian Gambling Resort.  But, I think it's days as a major Asian Resort are long gone.

That's 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!

Sunday, November 4, 2018

How much are your fees?

Yesterday, I saw a posting from a lender blog that stated For Sale By Owner (FSBO) is a good source for originating new loans.

Now, in their blog the author was stating that FSBO's are cost sensitive; and, they are a good market for loan originators to solicit business from because they can refer you potential buyers for you to qualify.

Okay.  This is NOT an original idea.  Twenty plus years ago when I was still working real estate by doing homes and loans, I did this.

As a loan originator, I'd approach a FSBO with the slant that I will qualify ALL of their potential Buyers that needed financing for free!  I worked this angle for a few years -- until I realized that all of the potential Buyers they were referring were NOT qualified to borrow anything -- let alone money to buy a house.

Now, years before, when I first started out in the real estate business working for Mike Sitren, he once told me that, "if a seller, buyer or agent is worried about their cost in fees, they're seeking a kick-back.

Huh?

I was surprised to hear this given I had been to several real estate brokerages and heard this a lot.
One brokerage sales manager even sat me down in his office and point blank told me that unless I paid him 1/2 point per loan, I'd never get any loans from his office.  (Illegal? Yes!)  But, he didn't care.

So, when I recently heard a seller tell me that my fee must be obtained from the Buyer, I keep thinking this thought in mind.

Since the world knows the seller pays the marketing fees for selling their property when they are selling, it is just surprising to learn that a recently listed for sale Las Vegas Resort casino owner told me that I would have to get my fee from the buyer. 

You know what crossed my mind upon hearing that line.

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, October 28, 2018

The incredible shrinkage of Las Vegas M-1 Land!

For about two maybe three weeks now, I have been conversing with a Las Vegas Land Owner (Client).

During this time, this Client has educated me on some particulars about being a Las Vegas Industrial (M-1) Land Owner.

This very intelligent man owns a large trucking company located in Las Vegas.  During the housing boom of the last 30 years, the Client was one of the largest supplier of trucks to developers so that they could haul/transport building materials, equipment, dirt and debris in and around the Las Vegas Valley as they moved dirt and built real estate.

To see the Client on the street, you'd think him a poor, old man.  That's the way he likes it.

Anyway, he has a decision to make and it's about two of his "yard space" parcels he owns in the southwest of Las Vegas.

He wants to sell his property to a neighbor -- who is even a larger land owner in Las Vegas than my Client -- but he knows this other Owner is trying to low-ball him.  And, this other Owner has already bought, or is buying up, the properties around my Client to kind of force Client to sell to the other Owner at the other Owner's price.

My Client knows that the other Owner has plans for a very, very large rail served warehouse, marshaling yard in the area. 

Now, with the limit of M-1 Land in this area, my client is willing to sell to the other Owner; it's the price that's the sticky situation.

My Client just doesn't want to be taken; NOR, does he want to stop the development.

You see his dilemma?



This is why we met yesterday for lunch: to strategize a selling procedure in which we hope will be beneficial to all parties.

Hopefully, in the next 7 to 10 days, we will have a sale.

In the meantime, if you have any Las Vegas CRE related questions, contact me.

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, October 20, 2018

Underwriting says the property won't pencil out!

The headline of today's post is a lie!

It's what California investors have been telling me about one of my Downtown Las Vegas listings that's for sale at $2.8 Million. That's the Owner's selling price.  And, I agreed he shouldn't sell it for any less.

But, a lot of the California Investors that have approached me on this studio apartment building just want to steal.

They are retreating from California because the prices are way, way too high there.  So, they are crawling into Las Vegas trying their best to steal a property.

Now, some have been doing this for years and years.

Others, are new to this market.

But, when I tell them about the benefits to buying at a 9.9% Cap Rate and that area rents are slowly increasing, they take the information under advisement and then -- a few days later -- they give me the phony excuse.

The Alpine Motel Apartments Downtown Las Vegas, NV
(And the parking lot is part of this parcel.)

Yes, the property needs remodeling.  Paint and carpet has a cost but NOT a $1 Million dollars worth of cost.  Besides, the already renovated 27 unit apartment property one parcel north SOLD for +/-$87,000 per unit six months ago!

These investors seem to like wasting my time.

If I had $2.8 Million, I would have acquired the property already.  But, I'm short in that area.

And, no I'm NOT going to play the lottery even if it's more than $1 Billion.

Too many dumb people play just to make one dumb person rich.

So, I will continue on with my marketing.
There is a buyer out their looking for a fixer upper who doesn't mind earning +/-$21,000 per month!

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

Thursday, October 11, 2018

Operating Brothel For Sale!

This morning, I received this via email.

I've never sold a brothel even though they are legal in Nevada.

I just had to blog this so you understand that when it comes to real estate, a business can be included in the sale -- which this business sale includes the real estate!
Operating Brothel - Owner will finance
Located in Northern, NV 
Asking Price:       $2,000,000
Cash Flow:           $245,772
Gross Revenue:             $469,444
EBITDA:                       $245,772
Real Estate:                  $440,000
Business Description
Rare opportunity to purchase a Licensed Brothel. Seller Financing.
One of the last truly cash businesses available. Legal, operating, turn-key Brothel. Management in place and Seller will provide training. Limited competition located at the intersection of 2 major highways. Seller financing to a qualified buyer. Real estate included. Rare opportunity – these licenses rarely transfer to new owners!


Detailed Information
Inventory:                 Included in asking price
Real Estate:             Owned Included in asking price
Building SF:             6,590
Employees:              4
Facilities:                  6590 square feet, new roof. Real estate assessed at $436,229
Competition:            Very difficult to get into this business. Licenses are limited and none      are available in this area at this time.
Financing:                with $450 K Down
Support & Training:          Seller will train new buyer. Management is also in place

Reason for Selling:            Retiring

If interested in owning/operating a brothel...

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

Wednesday, October 10, 2018

Unemployment is DOWN! Under employment is UP!


Unemployment is at such a low, low number.
This is great news!

But, as my PhD in Economics uncle once said while bragging, 'The economy is doing great! More people are back to work and off unemployment lines.'

To which my Mom replied to her brother, 'That is great news! Now, if only they had found equal work to what they were doing before they were laid off!'

Such is the case today.

Unemployment is down.  Workers have run the fixed time that they can collect unemployment. (Which is six months.)
But, have those people truly found work?

OR, did their unemployment time just run out on them.  And, since they are no longer collecting unemployment checks, have they truly found a job?

You see, historically once your unemployment runs it's course, the government considers you have have been re-employed -- whether you truly are or not.

But, in truth, most probably did find a new job.  They probably did become re-employed.
But, that new job most probably came with a drastic pay cut.

To go from earning $40,000 per year to earning $16,000 may be considered re-employment, but that doesn't cover the bills.

If these former unemployment collecting workers did find work, it was that they had to settle for a job that pays much, much less then what they were earning.

That's IF they actually did find work!

So, until I see a more comprehensive study on this matter, I'll keep my excitement for the re-employed to myself -- for now.

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

Monday, October 1, 2018

LAND! HO!

Since I live and work in the Southern Nevada Desert, this doesn't make much sense.

But, my ancestral line runs smack through east coast whalers who captained the ships on those long ago whale hunts.

But, as I live and breath dusty desert air, I do find myself helping land owners to sell their land.


This one particular parcel is actually two parcels that are very close to each other.

A 7.89 Acre parcel and a 5 Gross Acre parcel.  Each has water, power and telephone service to their sites.  Each is on Septic Tanks.

Anyway, the Seller's asking price was $12.18 PSF.  We immediately received an offer at $13 PSF.
I strongly suggested to the Seller "Take It!"

He did.

The property details are it is M-1 Land with outside storage.  Most of the land in this area is ground leased to contractors.  These particular parcels generate more than $10,000 per month in gross rent.

The Owner is a local business man who owns a large local trucking company.

I think he's done well for himself through the years.

Still, you blog readers can do the same if you give yourself time and effort.

You just need to begin.

And, you begin by contacting me to see where your starting point is.

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

Monday, September 24, 2018

Sports Loving Investors! A Las Vegas Sports Bar For Sale at +/-6% Cap Rate!

With Football back in full swing, I'm hoping for a tremendous Football Season!

Okay, I'm a Patriots Fan and they forgot to show up against Detroit!
(I guess they wanted Matt Patricia to win so badly, they gave him the game?!)

Ouch!
Sorry, Lions fans!

With that said, there are fabulous opportunities for the right Sports Loving enthusiast to acquire a perfect Net Leased Investment Property where local Las Vegans go to wet their whistles and make friendly wagers on the games right inside of the bar!

That's right!  These Sports Bars are now licensed to have a sports wagering kiosk that can accept wagers on the game right at the bar location without having to go to a major resort to place a bet at a sports book!

And, these are located in these particular sports bars because of the credibility of the Tenant which is a National Credit Tenant who -- at this particular location -- is on the hook for at least 13 more years with a Corporate Guarantee!


So, if you are interested in a long term Net Lease Investment, this is the property to acquire!

Not only does this property have 13 years remaining on the initial lease term, the tenant is paying a 2.5% increase per year (which doesn't happen anymore for this tenant), and for the options, the rent increase is 3%!

AND, for a long, long time, I have blogged about these types of properties because I feel that these NET LEASED INVESTMENTS! are the best to have and hold long term.

The Tenant at this location pays for the building maintenance, the building's Real Estate Taxes, and Insurance on top of their  $202,000+/- annual rent!

So, if you have been searching for a long term single tenant NNN Investment, this is for you!

Don't wait!  Email me right away so you do NOT swing and miss on this too good of an investment opportunity!

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, September 15, 2018

RIP, Tiah Brooks!

Way back in 1998 when I decided to stop selling/financing homes and to get into Commercial Real Estate (CRE), I met a nice, professional woman by the name of Tiah Brooks.

She was an enthusiastic title representative, a mom and a wife! (This is the order that I knew her.  It's NOT the order that others knew her. I hope you get the drift!)

She helped me through several escrows, and she was instrumental in making sure I continued to think First American Title when any CRE sales popped up on my CRE schedule.

Anyway, the last time a saw her was a while ago.  Her daughter was attending University of Nevada Reno and she was going to make a journey up to see her.  She never let on that she was sick or just how sick she was.

This past week, I just found out, Tiah passed away.  Apparently she had been very sick and she only allowed a few people to know just how sick she truly was.


RIP, Tiah!

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

Tuesday, September 11, 2018

Here Come The California License Plates!

Full Disclosure!

I am guilty of this!

Years & Years ago, I grew tired of the hustle & bustle of Massachusetts!

Longing for a change, I broke up with my then Girlfriend, packed my things and moved to California!

At that time, I had always wanted to go to LA.  The warmer climate suited me.

While there, I worked a variety of jobs, some on Film/TV sets, and I met my wife/life partner.

Recently, we were discussing the heavier than usual traffic in and around our Las Vegas neighborhood.  I mentioned that I am seeing a lot more California license plates on various vehicles and she reaffirmed this.

She added, "Their driving is atrocious!"

Bemused, I agreed.


Lately, for some reason, there seems to be a lot more California license plates on vehicles driving around Las Vegas.

I don't know the reason.
I don't have any statistics that would confirm this observation or not.
I have NOT discussed this with anyone else, so this is just my opinion.

Now, I don't care if there are more Californians moving to Las Vegas.
(I'm guilty of this when we moved out of overcrowded Los Angeles in 1991.)

I take it in the ensuing years, things have just gotten more crowded in Southern California.

I try my best to NOT go there unless it is absolutely, impossible to NOT go.

Lately, I've succeeded in staying away.

And, I do receive a lot of up calls from real estate investors considering acquiring a Las Vegas property -- which is okay with me.  If you have cash, give me a call! I will find a suitable CRE property for you!

Will this trend continue?
I hope so.

In my profession, I really don't care where buyers or sellers hail from -- as long as they are qualified!

If qualified,

Contact David Howes at: davidATdavidhowesDOTnet
OR; 7 0 2 5 0 1 9 3 8 8
AND Please #Follow David on Twitter: @DavidAHowes
Have a nice day!

Wednesday, September 5, 2018

Passive, Net Leased, Freestanding Real Estate Investment Income UPDATE!

With the recent news of Actors/Entertainers working day jobs, I think this should bring into focus just how volatile your work income could be.

Actors/Entertainers will work on a single project for maybe a few days to a few months.  If they are lucky enough to work on a popular TV Show or in a Hit Film, or even if they sing/write a hit song, they will have a steady flow of residual income for a particular period of time post the end of that project.

However, most end up working a "Regular Job" to make ends meet.

And, there is nothing wrong with that!

However, what is wrong is the lack of investing in income sustaining investments -- whether stocks, bonds or in my expertise, Commercial Real Estate (CRE).

The wife recently made me realize that in the blog readers everyday life, if you are NOT experienced in Real Estate, when someone like me comes along and I refer to Real Estate investing in terms such as: "Passive" or "NNN" or "Net Leased Property," you might conjure up an image of troublesome tenants who you will have to hunt down to collect your monthly rents.

Then again, I am NOT trying to point you in the direction of becoming heavily involved in property management.  My intention is to help you -- if you are a novice when it comes to real estate investing -- to become more educated and to better understand this lucrative world with as little anxiety for or against property management concerns as possible.

And, a "Triple Net" or "NNN" property is that type of venue for you.  These types of real estate investments are the most popular type of real estate ownership.  AND, even experienced real estate investors looking for a better than average Wall Street type of investment product, will acquire these types of property simply because of their better than normal Return On Investment (ROI).  Unfortunately, most normal people do NOT understand this because these properties are the last thing you would think about when you think about real estate.

Summerlin Area Map


So, you see, as an owner of a "Net Leased Property" that has a Credit Tenant under a "Triple Net Leased" property, you simple collect rent.  Your monthly or quarterly responsibility is to cash the Tenant's rent check.   (Well, with direct deposit, it is checking to see if it was deposited.)

Another advantage is that even without a mortgage loan secured by a Note and Trust Deed, you still gain an the equity of the property for the time you own the property.  And, the Tenant in a "Net Leased" Property is (usually) responsible to pay ALL of the expenses associated with the property.  That means, your property's Real Estate Taxes, Insurance and Common Area Maintenance (CAM) are paid by the Tenant.  AND, you will receive (in most NNN Leases) an annual increase in the Tenant's Monthly Rent.  So, as you can see, the longer the tenant stays either through their initial lease or through their options or extensions, their annual rent usually goes up and they will cover your property ownership cost as well.

Sure, in the last few years, we have seen a decrease in real estate values.  Monthly rents have decreased as well.  And, as Tenants have gone out of business and moved out, it was because Tenants could no longer afford the rent because their business has suffered dramatically from the collapse of the housing financing market.  But, the properties mostly hurt in the Commercial Real Estate (CRE) realm were Multi-Tenant properties, such as: Business Parks, Shopping Centers and Professional Offices.

So, for properties that are free of the property management hassle, a freestanding NNN passive, investment property is the way to go.  Thus, the current higher than normal demand for these properties has driven the acquisition price higher.  Thus, lowering the Cap Rates.  And, thus -- just like the rest of the US, Las Vegas Cap Rates for these properties is heading down -- which means acquiring a 9% Cap Rate property is far and few between.  In other words very, very few remain unsold.

So, be brave.  John Wayne made his fortune in Orange County Real Estate development.  Why do you think Orange County named their airport after him.  And, Wayne Rogers from the early M*A*S*H! fame, quit TV because Real Estate even back in the 1970's was making him more money than TV.

And those of you currently earning a majority of your income from TV Royalties, you will soon learn the fate that Alan Alda learned as M*A*S*H! grew old in syndication.  The show quickly lost appeal as the show grew older.  And, this makes the TV Show less valuable.  Thus, Alan Alda earned less and less as the show grew older.

And, even IF you want some of the rent income to go toward charity or just to pay your monthly household expenses, a steady income from a Net Leased property allows you that opportunity.

So, give me a call.  Let's discuss this further.  Once you have seen the light of a regular monthly income, you will NOT want to go back to business as usual.

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

Tuesday, September 4, 2018

My 89 Year Old Mom Fell and Broke Her Ribs!

OK, something personal this time around.

My Mom turned 89 this past May.

She still lives alone and was laundering her sheets when she tripped and fell on them while remaking her bed.

Now, us siblings have long said she needs someone to live with her.

One of my younger brothers has been, but he also has a full time job, and can't be there full time.

So, another younger brother suggested we get her an "assistant."  I reminded the siblings that, that will never work because Mom wants to remain independent.

(If your Mom is like my Mom, you understand.)

(Just to clarify, I have four brothers and three sisters.  BTW: the Irish Catholic rhythm method doesn't work.)

Anyway, last week my sister, Susan, texted that Mom was in the hospital because she fell while making her bed.

My brother, Thomas, confirmed later that Mom broke 5 ribs but they weren't displaced.  I guess that is the "Good News!"

The wife & I decided to send a 'Get Well' gift to my Mom.


As of Monday, my Mom was home and resting.

Since she lives in Massachusetts and we live in Las Vegas, there's probably a field trip over the holidays to visit her.

Hey!

Your Mom is your Mom regardless of your ages!

Get Well, Mom!

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, August 31, 2018

The First to $2.8 Million gets the Property!

For about 8 months now, I've been trying to get a listing that I have in Downtown Las Vegas SOLD!

It's been a rough 8 months but when I finally convinced the owner to drop his price to an 8.5% Cap Rate, "things" started moving.

Very recently (I mean this past week) I have had a lot of inquiries about the property.  I think it's because of the reduced price.

But, something else is brewing -- as far as I can tell.

One of the inquiries to purchase this 42 unit Studio Apartment property was The Downtown Project located right here in Las Vegas.



They came by, did their inspection and then decided to pass. (I guess Tony has gotten smart about buying Downtown Properties.)

Then, a procession of investors came inquiring and all of a sudden, a national Computer software company is interested.

Wow! Was my immediate thought.

Anyway, if any of you blog readers have $2.8 Million and are the first to successfully negotiate a purchase agreement, you will rule.

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, August 20, 2018

Don't You Wish You Had!

This past Saturday, I was roped into helping my Son and his Finance move some items to and fro to make room in their 2 bedroom 2 bath condo.
(They have a lot of stuff!)

They had to rent a U Haul truck for the occasion.

After it was over and we were returning the truck, I went to use the rest room.

Inside, I found these prints of an old, old Las Vegas from years and years ago.
(I didn't see any particular date as to when these were taken.)



But, as you can see, these are from a time when there was a lot of open space in and around the "Major Casinos."

And, in the background, there is even more land spread out as far as you can see.
And, it was all undeveloped.

But, who knew?

Who knew Las Vegas Land would be so extensive and spread out and most likely even back then: Expensive!

Now, I know a few people who did buy and sell land in Las Vegas back then and still do so on a smaller scale today.  And, through the years, they would developed some and rent them out.  And, during that time, they made millions!

Which brings me to my point.

There is a large parcel of land that could be developed either as a casino or retail and it sits in an area which indicates it should already be developed.

And, it is for sale for the right price.

Interested?

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!

Monday, August 13, 2018

"We need your expertise!"

Late last week, I received a call from an "Investor" who called me because he was waiting for a resort property to recommend an agent to him that could help him buy their resort property.  Since he was impatient, he found me and gave me a call.

OK, not a bad situation on the outside looking in.

Yet, he admitted that he had already made an offer for a 'Strip' resort property and wanted my expertise to tell him whether or not the price the resort wanted to sell was too much.

He felt it was way too high.

Now, in the past I've received calls like this and they all turned out to be fake buyers.

But, this Investor claimed he had already contacted the resort directly, then called me to get advice on whether the resort was asking too much?  I sensed I was talking to a rookie.

Anyway, he wanted to meet today in Las Vegas to discuss his situation.

Since he already contacted the resort directly, I said, OK, but I want 1% paid by you the Buyer to help you!

He asked if I would just accept an hourly fee for giving him an opinion.

I said, 'No!'  I retorted , 'If you want my help, you pay me a commission!'

That was the deal killer for him.

Over the weekend, while out to dinner with my wife and family, I mentioned this scenario.  My wife agreed with me.  If you are an Investor/Buyer, and you want my help acquiring a Las Vegas Resort Property, you call me first!

You then, sign an agreement that if you are successful in buying a resort property, you compensate me for my time and effort.

I did ask which resort he made the offer to? He replied with something about a confidentiality agreement and couldn't disclose it.

I know this is BS!

Most resorts will NOT even accept an offer unless it is at their price and they have fully vetted you.

This Investor, after researching him via Google and another web site I've come to rely on to verify client statements, doesn't appear to be able to complete a multi-million dollar sale.
(I could be wrong, but since I've been down this path before, I'll take my chances.)

My thought first thing this morning is, 'OK, I did kick him to the curb.'

In my time here as a Real Estate Broker in Nevada, I've run into too many want-to-be casino owners barking up the wrong tree who usually end up NOT ever closing any deals at all.

I wish the Investor all the best.

Interested in a Las Vegas CRE property?

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, July 29, 2018

Las Vegas "Strip" land is too expensive for me!

Years ago, I was dealing with an investor about some land on Las Vegas Blvd that sat right smack in the middle of the "Strip."

I found this picture of where the land was vacant at the time.

Las Vegas Blvd mid 1990's

It once was a helicopter pad with the Jockey Club to the north and several No Tell Motels to the south.  You can even see the former Dunes Golf Course is in the background.

Now, back then, price per acre was maybe $1 Million an acre.  The SWC of Tropicana & Las Vegas Blvd had been purchased by Mike Ensign for $60 Million for the 60 acres.
(What's there now?)

A short while later, MGM (Kirk Kerkorian) bought this parcel and developed City Center. So, you see, price for land is relative.

Currently, there is a +/-40 acre parcel for sale on Las Vegas Blvd.  One acre that was owned separately and is surrounded by this land recently sold for $7.4 Million.  To me, that makes the land surrounding it +/-$5 Million an acre(?).

Anyway, I think a Retail Mall with multiple national credit tenants could work at this site.
I don't think a full scale Las Vegas Resort would work simply because of the Airport Noise that would be 24/7 -- just as Las Vegas is.

So, if any of you are ambitious enough to create another outstanding Las Vegas Retail Mall on Las Vegas Blvd, email me for the property details.

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

Tuesday, July 24, 2018

Everyone wants to own a Las Vegas Resort Hotel Casino!

All of you.

Yes, every single person has dreamt of making millions in a single roll of the dice; or the pull of a slot machine, and on a single try.

Okay, I used to think that would happen to me. (Never has.)

So, I decided years ago, to keep my hard earned money in my pocket (OK, bank account) and never, ever gamble more than $20 dollars if and when I do go gambling at all.

(It's usually on a Mega Bucks machine and I would always bet the max of course, because otherwise, you don't win the Mega Bucks jackpot.)

But, I learned recently there is a resort property quietly for sale which will probably be sold in the next yer or so.

The problem with the property is that it is NOT earning any money.  It desperately, needs to be re-positioned -- that's the polite way of saying that in it's current state of operation, the property is going to fail before the year is out.

Anyway, No.

I will not ID the property.

If you want information on any Las Vegas Resort, you need to click on the Las Vegas Casino Information Button, print the form, fill it out, have it signed by a company signatory, scan and email back to me.

Then, once I am satisfied with your qualifications, I will begin to send you property details of what you qualify for.

If it is a Mega Resort? Great!
If it's a small, restricted gaming property?  Great!

Let's get started.

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, July 19, 2018

Proof Of Funds! Or, Proof Property is For Sale!

The past few weeks to more than a month have been a very stressful time.

I've know about a property that is "Off Market," yet "For Sale" according to the Owner.

BUT, when I approach the Owner about selling, he continually reminds me that he needs "Proof of Funds" (POF) so he knows whether or not the Buyer is capable of closing on the purchase of his property.

Now, this isn't just an everyday house sale.  This isn't an everyday commercial building, or apartment property in the several hundreds of thousand dollar sale.
This is a property worth +/-$25 Million.

A couple of weeks ago, I present the property to a national credit buyer and they said they'd get back to me.

OK, they need time to mull it over.  I get it.

I gave the usual spiel, blah, blah blah, Proof of Funds, etc.


Well, I just fond out that this one particular buyer has decided to pass on the property.
Everything about it fit the Buyers Acquisition Criteria -- except the Proof of Funds!

Now, this company owns about 100 properties nationwide.
They buy, develop and hold long term all of their acquisitions.  No flipping for them.

Well, I just had to know the real reason why they decided to pass.  So, I gave my contact a call.

Boy, did I get an ear full.

Apparently, the experienced buyer for this company has heard this phrase: Proof of Funds more than he wants to count.

He has come to learn that when he hears this phrase, the owner truly doesn't want to sell.

In his 30 years as a Property Buyer for this and other National Multi-Family Companies, when he is told to provide Proof of Funds, it tells him one of two things:
1.) The Seller is inexperienced
2.) The Seller doesn't truly want to sell

When I spoke to the Buyer today, he was leaning more to number 2 on this property.

In his experience, once that phrase is uttered, he turns his focus on other potential acquisitions.

I don't blame him.

If an owner is being so tight about POF, the Buyer knows it will be extremely difficult to get a property into escrow; and even more difficult to close escrow.

So, I learned something new today.  I never knew that, that phrase was the Seller's way of stating, "I don't want to sell!"  Why don't Sellers just say, I'm NOT selling?

All I can say is: "Lesson learned."

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

Wednesday, July 11, 2018

To Opendoor or NOT to Opendoor?

First of all, I love easy real estate transactions.  They run smoothly and there are no hassles from the details.

Second, I absolutely don't trust easy real estate transactions at all.  Having worked as a Real Estate broker for 27 years, I've learned that the easy transactions usually turn into the hardest to close in a split second.

Now, yesterday, I received a solicitation from Opendoor to have them assess my home for free to see if I'd like to sell.


Inside was this nifty letter stating that I deserved a hassle free sale on my home.

(Now, I am NOT going to investigate this any further.  I want to be fully upfront about this.  But, I am going to analyze this without investigating this.)

The reason is, I think (I could be wrong.) that I know how this works. I think this is kind of like trading a car in to a dealership that is offering to "purchase" your old car in exchange for a new one.

You see, (most) car dealerships will make an initial offer that is very, very low. (65% of Low Blue Book Value.)

And, whatever is owed (if above that value) is added on to your next vehicle's purchase loan or lease.

House Flippers -- if you have watch enough Home Improvement TV -- demonstrates how Flipper's buy low and sell high.

I think this is what is happening here.

I don't have any proof of this.  And, I'm not saying it's bad.

It's something, as a Real Estate Broker for 27 years, that I will not get involved in.

Flippers are always looking to steal a property; then, flip the property (usually after just painting and carpeting the house) for as much as a sucker (I mean, Buyer) is willing to pay.

Years ago, the first Real Estate Broker I ever worked for said: "Never buy a house that's being flipped." 
At the time, I was a novice in real estate, so I didn't understand. Many, years later, his words of wisdom still ring true.

Since I don't work in the residential real estate arena, I wish Opendoor lots of luck.

Hopefully, this isn't a means to eliminate real estate brokers completely -- which I am seeing from other real estate web sites!

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, July 5, 2018

Rita Suites, anyone?

About six or seven years ago, the Owner of this property was thinking of selling.  He had plans to redevelop it into the high rise condo hotel -- then, the market collapsed and you know the rest of the story.

Since then, he has had it on the market and off.

It is currently OFF the Market.  But, he will entertain offers IF there's a Purchase Agreement and Proof of Funds to close.

Okay, so he's set a hard line that must be crossed in order to make him move forward.  It doesn't mean he will NOT be reasonable about selling.

At +/-$10 Million an acre for land within the Clark County Gaming Overlay, the Owner is asking a very reasonable price.

The Rita Suites, Las Vegas, NV

If interested and have hotel/motel experience - and the funds to close a multi-million dollar property -- email me your contact information and I will reply with the property details.

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

Monday, July 2, 2018

Happy & Safe 4th of July!

To Everyone: Have a Happy & Safe 4th of July Holiday!

July 4th Celebration from Las Vegas, NV!


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, June 28, 2018

Sports Bar Ownership? OR, Real Estate Ownership!

Football is about to be back in full swing!
Training Camps are just around the corner.

With that said, there are fabulous opportunities for the right Sports Loving enthusiast to acquire a Net Leased Investment Property where local Las Vegans go to unwind and cheer for their favorite NFL Team.

Yes.  The Raiders will be moving to Las Vegas in a brand new football stadium.  But, since Las Vegas was always a destination city, rather than an anchor city, most fans root for the team where the fan grew up to love and behold that area's team.


But, as the Las Vegas Golden Knights have proven, Las Vegas can hold their own.

So, hopefully, the Las Vegas Raiders will attract a local following.  Well, if they win, right?

Recently, I watched an interview of Dwayne Wade talking about his up coming post professional sports playing career.

In it, he said he did the Sport Bars concept and lost a ton of money.  He blamed it on being young and not business savvy as he thought he was.  He did admit he was only 23 years old.  Then, he joked that it took him three years in the courts to unwind that decision.

My immediate thought was: But, did he own the real estate?

You see, owning a sports bar is all well and good IF you are familiar with the bar business.
If not, you would be better off being the landlord of the sports bar and collecting rent.

Sure, one is you are providing enlightening beverages to patrons; the other is you are collecting rent.

One seems glamorous! The other mundane.

In truth, I'd take the mundane simply because of the monthly rent check that comes due even through the hazy fog of a hangover.

And, with that said, if you hold a Triple Net Lease (NNN) on the building, the Tenant pays for the building maintenance, the building's Real Estate Taxes, and Insurance on top of their  annual rent!

So, contact me!  Let's start a dialog on where you stand financially.

If sports bars aren't for you, then there are alternatives.

And, you don't need a million dollars to start.

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, June 19, 2018

Are there 8% Cap Rates in Las Vegas?

Yes!

I have one listed where the Owner is willing to sell his Downtown Las Vegas Studio Apartment building for an 8.2% Cap Rate.

This is a steal in today's market given that development along the north 'Strip' is picking up.

Alpine Motel Apartments

Now, the average net income for this property runs about $245,460 (Your numbers could be different.)

So, at a $3 Million Sales price, that puts the Cap Rate at....You guessed it! 8.2%.

If you have an interest in acquiring a value added multi-family apartment building in an area prime for re-development, this is it!

I am having a lot of up calls on this property, so I know it is NOT going to last.

Email me for property marketing details.

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

Wednesday, June 6, 2018

Millionaires' Tax

This morning I saw an email from www.SelectLeaders.com that stated several states/cities are considering applying a millionaires' tax to real estate.

Their thought is: When the citizens are unable to afford a home in the city they live and work in, officials try to penalize those wealthy enough to buy homes within their municipal jurisdiction.

Is it right?
No.
Is it wrong?
No.

I understand trying to keep housing prices affordable.
But, IMAO, the way to do that is to develop/redevelop more affordable housing.
Yes!
You have to tear-down the old to build new.

But, you get some people who long for the "old days," who view new development as a sin on their city.

Thus, the stagnation on property and the escalation of property values.

Just my two cents!

Here's the article:

Millionaires’ Tax

Think the elimination of the state tax deduction on federal returns will affect real estate? New York City just upped the challenge proposing an additional Millionaires' Tax. Seattle passed a similar tax and Massachusetts will vote in November. Expensive cities may learn a lesson from their neighbors to the North. Vancouver is so expensive their politicians want to tax its real estate market into submission, and one out of five homeowners surveyed want home prices to fall 30% or more. Unlike Silicon Valley, London or New York where high-paying tech and finance jobs helps explain the high prices, Vancouver has such low salaries they courted Amazon with the boast, "The lowest wages of all North America." It is hotly debated if Chinese buyers are to blame for the 60% increase in home and condominium prices, but Vancouver increased their Foreign Buyer Tax to 20%, increased property taxes on second homes whose earnings come from abroad and added an Empty Home Tax. The sentiment: people who work in the city should be able to live here.

Susan Phillips, CEO, SelectLeaders Job Network 


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!

Saturday, June 2, 2018

Californians are moving to Nevada - Again!

Yesterday, a Multi-family investor from the Midwest that I have been trying to help buy a Las Vegas motel/apartment property, asked for the impossible.

Using the all too typical phrases of: "I'm a cash Buyer." "I can close quickly." You get the inference.

He's looking for a property which he can steal.

I've tried over the past two weeks to emphasize that the steals have been gone since 2012-13.

Here in 2018, you must accept the fact that a 10% Cap Rate purchase is NOT going to happen.

With the large national real estate firms in the passed year having acquired the larger apartment complexes in Clark County for Tens of Millions of Dollars, this has driven the smaller apartment owners/sellers to raise and keep a firm stance on their selling prices.

Sorry but if the national firms are buying at a 5% Cap Rate.  Your 10% offer is going no where.

The current problem causing this is the housing problem in California.  There was a report that the cost of California housing and apartment rents are so high, that (employed) people find it cheaper to buy an RV, park it on a quiet street, and live there -- all while they have a day job!

This housing crisis in our west neighbor has caused a lot of it's potential residents to move east to "cheaper" housing in Nevada!




Now, I'd sell my medium income neighborhood home to any qualified person.  I just don't have a place to move forward to.

And, as the wife said at dinner last night while discussing this topic, we don't want to start over - again.

So, even though our empty-nest home is worth three times what we paid for it, it would cost us three times to acquire a 'newer' residence.

This leads us back to the problem of multi-family acquisition cost.

Unless you understand the economics of the Las Vegas Valley situation, prices are going to be too high for you.

One seller I represent, has a portfolio of homes that he rents out by the bedroom.
If the home has three bedrooms, he rents out each bedroom to a different family.
He does this because it is cheaper for the low income family to share a house than rent one out by themselves!
Plus the landlord is able to get a higher than normal rent with three tenants than one!
Is it legal?
Hell, no.

But, it is happening all over the Valley.

Also, the Motels aren't as cheap either because before finding a stable place to stay, most transient families will stay at a low rent motel for up to 30 days, then move to another place -- all the while searching for work and a home.

So, will the Owners sell cheaply?
NO!
But, as the buyer, will you have a lot of potential tenants?
YES! (for right now).
Who knows what's going to happen to real estate in the near future?

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 26, 2018

ICSC Las Vegas -- More like Deal or No Deal!

It has been more than 10 years since I last attended the weekend long Council of Shopping Center's (ICSC) Las Vegas.

Back then, I did my best to attract Buyers, Sellers, Landlords and Tenants in my attempt to establish a career for myself as a Commercial Real Estate Broker (CRE).

Back then, the cost for the entire weekend was +$600 for full access.

Yes, they had good seminars, panels, and key note speakers.

I learned a lot about what I already knew.

I tried very hard to meet and begin relationships with national credit tenants, landlords and investors.

To this day, all that work added up to $0 in earned commissions.

So, when I see an article like this: Six Take Aways from ICSC Las Vegas, I wonder why I ever went in the first place.

The Meet & Greets (that I was invited to) were nice.  Since I live and work in Las Vegas, going to a casino wasn't or didn't have the same thrill to it as for those who wandered here to represent their companies - and then find themselves lost in the shuffle of the gaming floor.

I'm sure going to ICSC is beneficial for the representatives of the various companies who regularly attend.  But, when you are a CRE Broker, it's a hard time to even get them to even press flesh (get a hand shake); get some one on one face time (exchange business cards); and/or even interested in doing business with you (because they do their own real estate deals; OR, they already have their real estate being handled by a national real estate firm).

So, I take articles like his with a huge grain of salt.
I don't even go anywhere near the Las Vegas Convention Center this time of year.
(My brother in law works there as a fire inspector. He says it's a mad house.)
But, I keep pressing on phone calls, emails and even try to re-kindle long term (former) clients to see if their last deal we did was still working for them.

I'm moving on without the cost or effort it takes to attend ICSC.

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, May 24, 2018

Great Britain -- Yes, we finally made it

For more than a week now, I've debated -- with myself mostly -- as to whether or not to share some other (more personal) photos of our the trip that sailed around the island known as Great Britain.

Since I have never liked any photos of myself -- nor does my spouse like any photos of herself -- I decided to at least show us as a group having a pleasant time.

I can say this because it was the day of our disembarkation. We were traveling from London to Southampton to board the Norwegian Jade later that day. Stonehenge just happened to be on the way.

The traveling crew at Stonehenge

Since the people in charge of keeping Stonehenge nice and tidy, they don't allow anyone to go anywhere near the Stonehenge Monument any longer.  (I think it's for safety reasons.)
Anyway, this was as close as we could get.

It's okay.  Massive stones that were brought to this site thousands of years ago is as amassing as the recently erected gift shop that helps keep the place operating.

At every stop, there were multiple places for us tourist to drop a few pounds along our way.

I came home 5 pounds heavier than I left.

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, May 17, 2018

London - A nice place to visit but I wouldn't want to live there!

Backwards.

That was the initial thought I had as we climbed into the taxi from Victoria Station to go to the hotel.

Even on our last day there, as we loaded up the taxi for our trip to Heathrow Airport, I mistakenly walked to the right side passenger door to get in the passenger seat.  When I realized my mistake, the Taxi Driver humorously offered me the keys asking if I wanted to drive!

Embarrassed, I beg my apologies and scooted around to he the left side.
Oh, well.

London was great!
Great Britain was better!

 Big Ben Being Repaired!

 The Queen was NOT Home this day!

 Carol & the Tower of London!

No Golfing on Sunday at St Andrews!
=(

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, May 1, 2018

I'm leaving on a Jet Plane...

Wish Us Luck!

The wife and I are heading off to London (for +/-48 hours); then on to a two week European Cruise.

At the last minute, yesterday, I received an offer for one of my motel listings. 
Told the Buyer's agent no response until May 17, 2018.

Fortunately, he replied, "Have a Great Trip!"

So, I'll see you all back here on May 17.

Can't wait?

Email me & if I have Wi-Fi access, I'll reply!

(Don't count on 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!

Friday, April 27, 2018

There are 34 Million Reasons Why you should Invest in Las Vegas!

I've known Jeremy Aguero for more than 20 years. I remember when he started his company back in his sublet offices of the (former Las Vegas) Lee & Associates Office -- when they were important in Las Vegas.

In this article, he points out that investors who go for it have a better than average chance of making money in Las Vegas.

Sure, property in Las Vegas seems overpriced.
Sure, some properties that have been recently acquired are at prices that seem to be a deal.

But, unless you get active and engage in attempting to acquire properties here (whether they be a resort property or an investment property), you will be left behind.

Thus, you will fail.

34 Million Reason why to invest in Las Vegas

The problem with Las Vegas isn’t the fact property prices (seem) high.  It’s investors from outside of Las Vegas don’t understand Las Vegas.

When Bob & I met for lunch yesterday, he said that when he entered the gaming business back in the 1960’s it was all about gambling.

He said, today it’s about the experience: the amenities, the wining & dining, the spa treatments, and shopping.

People are coming to Las Vegas. 42 Million last year alone.

You either want to be a participating observer; or you want to remain an observing participant.

Regardless of your investment size, a piece of the pie could be yours but you have to stop observing from the stands.

It is time to get into the game.

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, April 26, 2018

Subway to Close 500 more stores!

Subway has more than 40,000 stores worldwide.

Yet, they will be closing 500 stores here in the US.

Plus, in the same announcement, they will be opening 1,000 new stores around the globe.

This makes me think. ( I know, a bad trend for me.)

I don't eat at Subway.  I stopped going when I realized that the meats I was eating were similar to the meats I could acquire at a local grocery store. package and processes. It's probably always been that way, it's just that I suddenly noticed. Why would I want to buy a sandwich with the same meats I could get at home?

Is this cheaper for them to make my BMT?

A Subway restaurant is seen as the company announced a settlement over a class-action lawsuit that alleged that Subway engaged in deceptive marketing for its 6-inch and 12-inch sandwiches and served customers less food than they were paying for on October 21, 2015 in Miami, Florida.

Anyway, I gave them up even though other Subway sandwiches were a foot long for $5.  It wasn't enough to keep me coming back.

But, I think the core of their problem started when they changed their breads. I don't need 5 or 6 types of bread to choose from.

White or wheat will do for me.

But, I understand they were trying to be competitive and expand beyond their well established brand protocols.

Then, again, if they survive, I will most likely give them a try once again in the future.

I do have to eat!  Everyday!  At least three times!

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, April 22, 2018

Hot Las Vegas Housing Market!

Earlier this year, a local real estate investor that I've known for years, asked me to sell 8 residential properties that he has leased out.

The portfolio consists of Five Single Family Homes, a Condo, a Tri-Plex and a Four-Plex.



Since January, 2018, I've had more than three dozen inquiries for details about all the properties in the portfolio.

I've received two offers.

Both were so low, the owner just out right rejected them.

This article makes it sound as if you just have to meet buyers and they agree to buy.

HOT Las Vegas Housing Market!

I'm not finding that to be true at all.

There are not too many places where you can acquire 8 properties for around $1.5 Million.
AND, they still would be 'flip-able' post close.

The sad part of all this is that these buyers -- the one I'm running into -- don't want a deal.  They are demanding a steal!

If interested in these 8 residential properties that are currently earning a +/-$113,000/year rental income, email me at the below email address.  The deal is $1.5 Million for all eight!

Much Appreciated!

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