Showing posts with label CRE. Show all posts
Showing posts with label CRE. Show all posts

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!

Monday, April 16, 2018

My Internet Subscription Conundrum

It's been about six months now when I first realized that the TV ads promoting certain web sites for real estate are actually killing off the real estate broker business.

Take for example: Realtor.com.

Now, I do not sell houses.  I don't want to.

I sell Commercial Real Estate and it's where I find my solace as a hard working person.

But since those ads have appeared, a light bulb went off in my head that said: "You don't need an agent to buy a home!"

I'm sure you have watched this commercial.  You know the one that has the 'NOT YOU!' tag line.

Realtor.com is saying to a broad customer base that you can find your home on this web site without an agent/broker.

I'm sure Realtor.com didn't realize this when they first thought of the ad.  But I bet they do now.

My problem is that a national commercial property web site has been doing the same thing for years.

I listed several motels in the Las Vegas area and wanted to put them on the web site.
But, I couldn't because I wasn't a premium subscriber.

Huh?

It's three listings!

But out of the three, only one would be available for other subscribers to see -- unless I pay a ransom of $69 extra per month to have the other listings made available for others to see.

AND, if I only want investors to see them, that's an additional cost.

I am calling out "Highway Robbery!"

The marketing person I ended up dealing with tried to say that if I advertised in the classifieds I'd be paying.


Such an ass!

Yes.  Newspaper advertising is expensive and limited.  But, because I am a basic subscriber, I only get limited listing exposure.

And the fact that they hide, hold back or prevent these "Investors" from seeing my listing is unconscionable.

It's the realtor.com scenario all over again.

I told the marketing guy you are killing my business.

Of course, he disagreed.

But, the bottom-line of all of this is GREED.  And, because of this need for Greed, they are killing my business, and every other real estate agent/broker's business as well.

But, since I know more about the Las Vegas market than their web site, you will find out that when you contact me that acquiring that specific commercial investment property will be smoother with my help!

Give me a call to see!

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

Monday, March 26, 2018

Nevada Motel Casino For Sale!

If you are intrigued by owning a Nevada Motel Casino, send me an email and we'll begin discussing the aspects of Casino Ownership.

I have listed a Nevada Motel Casino that the owner wants to sell.

Will it be a steal?
No!

No active casino property inside of the Nevada state lines will be a steal.

Former Frontier Hotel Casino Marque

If it's an operational casino, it's going to cost to acquire.

Now, I've had a lot of foreign "investors" wanting the property details on this without disclosing their capability to buy.

The owner says no to those.

You must be willing to disclose your financial capacity prior to being issued property information.

It's the way the owner wants this handled.

His asset; his way.

So, if a $2 to $3 Million price tag is within your reach, email me your contact information, I will reply with the Confidentiality Agreement.  Sign and email that back to me and then we'll 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!

Monday, March 19, 2018

Commercial Real Estate 101

Recently, I realized that when it comes to real estate terminology, when someone like me comes along and I start to refer to Real Estate investing in terms such as: "Passive" or "NNN" or "Net Leased Property," the person I am speaking with usually will give me that "Look."

You know the one I'm talking about.  That, 'Ah-Huh!' "Look" that signals they are trying to convey to me they completely understand what I am saying! (They usually don't.)

No?

Okay, Let's try this.

"Triple Net!"

No? Don't know what that means?

Las Vegas Sign at Dusk!
How about:

"NNN?"

Still, No?

How about me saying: These types of real estate investments are the most popular type of real estate ownership for investors.

You want to say, 'That's nice!' Right?

Well, just let me state that:

Even experienced real estate investors looking for a better than average Wall Street type of investment product, will acquire these types of properties 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.

Still lost?

Well, let me explain -- No, why don't I summarize. (If you still have questions, you can contact me directly.)

Anyway, when you are an owner of a "Net Leased Property" that (usually) has a National Credit Tenant under a "Triple Net Lease," you simple collect rent.  Your monthly or quarterly responsibility is solely restricted to depositing the Tenant's rent check.   (Well, with direct deposit, it is checking to see if it the rent was deposited.)

Another advantage is that even without a mortgage loan secured by a Note and Trust Deed, you still gain 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.

Too much information?

I tell you what, if interested in learning this, give me a call.  We can discuss this further.

I know that once you have seen the benefit of a regular Triple Net Investment's monthly income, you will NOT want to go back to real estate business as usual.

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

Monday, March 12, 2018

I heard it through the grapevine....

When it comes to real estate, it seems to be getting worse for us Commercial Real Estate Brokers.

Even Residential agents have to deal with buyer/seller clients who try to impress you with their vast knowledge of Real Estate.

The truth is, web sites are making the broker/agent's job that much harder.

When Realtor.com advertises on TV that if you searched for your house on their web site, you won't become a "Not Me!"  That sends an definite signal, that a broker/agent is no longer necessary or needed.

The striking thing is: Realtors are supposed to be the reliable expert!  And, if you are working with a Realtor, you are supposed to be getting excellent service.

Now, I'm NOT a Realtor.  I choose NOT to be because of the monthly and yearly expense that I can't afford and/or don't need.  But, it doesn't mean I am NOT capable.

Anyway, recently, I heard from a land owner (who is also a real estate agent), that another real estate agent from another real estate company had approached her about a larger than normal parcel of land she owns.  After talking to this other 'agent,' the owner/agent knew that this agent was working with the same client I had approached her about to acquire her land.

Being the upright agent she is, she called me to inform me about the inquiry right away!

Okay. Buyers will sometimes engage other agents to try to get the best deal. It happens.

Not wanting to be confrontational with the client, I had had just about enough of the client's I'm  smarter than you attitude.  You see, he wanted a property at a prime location that he could buy cheaply.  After dealing with this buyer for several months, I thought about my time he wasted with this effortless pursuit.
So, I thought he needed some pay back for running me ragged searching for land that he was never, ever going to buy.

Anyway, I suggested to this client another parcel (which was an airport owned parcel) and pretended I didn't know who/what had the land lease on the parcel.  (It's a local developer -- But, I didn't want to tell him that.)

Anyway, since he wanted to buy at a rock bottom-feeder price, I knew the airport was never going to sell this parcel. (The developer has a 99 year lease.)
But, I suggested it to him anyway.

(Side note to non-Las Vegas resident: In 1998, via an act of Congress, McCarran International Airport (Clark County owned) was able to acquire 5,500 acres of BLM land and have full control over the future development of said acres. Thus the creation of the Cooperative Management Agreement (CMA)).

Now, this CMA grants McCarran a deed restriction over certain parcels within a certain area.  If you are inside of this CMA Area, McCarran can say whether or not you can/can't develop certain properties, whether they own the land or not.)

Well, the client got mad when I (finally) admitted that the airport owned the parcel and we should find something else.

I understand his anger.  But, I had found him two perfectly good parcels outside the CMA that he rejected:
Parcel One was adjacent to a Wal-Mart.  He didn't want to be near any Wal-mart at all (I don't understand it either);
Parcel Two was the owner/agent's parcel who called me.  It had everything the client wanted/needed  but it also came with (former) NV Energy Power Poles that were no longer being used.
(NV Energy would take the poles down with a future development, but NV Energy wants the land owner to pay for the pole removal. (I know, Huh?!))

Well, I can only imagine the poles costing +/-$10,000 to $12,000 to remove.  But, still, he didn't want to pay; neither does the current land owner.

Now, I know it was mean of me to get the Client excited about a parcel he could never develop his concept on, but when I learned the Client was willing to go around me and directly to another agent/developer, I wanted to waste some of his time.

Besides, the Client wouldn't accept the truth no matter how it was presented.
He wanted what he wanted and any advice I gave him was countered by his ambition to screw a land owner over out of the equity in the property.

I came to the conclusion, right or wrong, that working with this Client was a waste of time.
It happens:

So, long story short (Too late?): Since he was working with another agent all the while he was working with me, I decided to cut my losses. In poker terms, I folded.

Now, I understand the logic behind clients doing this;  But, I don't understand the reason why.
If you are working with two brokers/agents at the same time, both are NOT going to purposely hide any available properties from you -- especially if the client qualifies to make a purchase.

And, since he was perusing the listing sites directly, this made my job extra hard.  He was making me jump through hoops that weren't necessary.

Who's to blame for this scenario?

First: I will blame the real estate web sites who make it easy for just anyone to search for properties without an agent.
Second: I will blame myself.  It is my fault the client is angry with me.
(It's never the clients fault even if they purposely waste your time.)

So, I accept that the Client is angry with me; the agent who referred the client to me is angry with me; and I am angry with myself for NOT being a better student of buyer/client behavior.

But, I have my sanity and I'm staying honest regardless of any dirty tricks Clients pull.

The moral of the story is: There is no reason to lie when it comes to real estate.  I truly don't understand why client/agents would.

Much appreciation to the loyal brokers/agents who Rat on lying, deceitful clients.

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, March 6, 2018

Residential Income Houses UPDATE!

It's been more than 45 days since the multiple property owner emailed me to sell his residential income houses.

He at the time said he needed a quick sale.  Four offers later, he hadn't accepted any.

Then, he let slip he was refinancing them. Sigh!  What a waste of time.

Or, so I thought.

But it hasn't been time wasted.  That's because I do my best to make lemonade out of lemons.
I would add some sugar because lemonade can be acidic.

Since I have marketed these properties, I have come across several investors still searching Las Vegas for properties.

Even a Hollywood Comedy Club owner called me.  Okay, we'll see how that goes.

Anyway, the last investor looking questioned the higher than normal income for several of the properties.

He actually hit the situation on the head with: "Are these properties where the tenants are renting rooms?"

Yes!

He said he's been down that path before and it usually doesn't end well.

You see, in Las Vegas, as is many other urban cities around the nation, Landlords of SFR's or small multiple unit buildings, find that they can rent out a bedroom with the hall bath and kitchen being a "common area" for more money by the bedroom.

My owner client went one better: He'd install a wall blocking off the living room and make that another bedroom.  More money!

Of course the bedroom with the attached bathroom paid the most monthly rent.

But, even in my middle class neighborhood, there are several houses that I know (no proof) are being leased out in this manner.

Is it legal? NO!

But, they do it anyway.



It's because instead of getting $900 or $1,200 per month for the 2 bed 2 bath property.
They get $500 per month per bedroom - and more for the bedrooms with the 'private bath!'

Sounds like a money making deal, right?

Well, I wouldn't rent there.  But, that's just me.

So, cash buyers!  Interested in earning +/-$170,000 per year owning a few multi-tenant properties?

Just remember: You will have to be a cash buyer for this.

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!

Tuesday, February 20, 2018

Investing in Las Vegas Makes Sense!

Here is an investor's perspective on his involvement in acquiring Las Vegas real estate and why it made sense to him!

Why-Investing-In-Las-Vegas-Real-Estate-Makes-Sense!

Stop delaying!

Contact Me 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!

Wednesday, February 14, 2018

Las Vegas No Tell, Motels For Sale

An owner has decided to cash in on his investment by selling his three No Tell, Motels!

There are 123 units in these three properties.




All three can be acquired as a business purchase! (Ask me how?)

Contact me with any property questions, or for details.

All are NON-Gaming!

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, February 11, 2018

"Fire and Fury" is a Must Read!

Curious as to why the media was so solidly pumping Michael Wolfe's "Fire and Fury' I ordered a copy.

Having just completed reading it, my previous stance during the election of 2016 that Donald Trump was NOT qualified to be president is re-enforced.

The basic premise as written from a reporter's point of view is that (Trump) "-- didn't have the wherewithal to adequately function in his job."

And, it is my hope -- we survived the incompetence that Trump is raining down upon us.

A client from London recently stated that he is raising "European Money" in an effort to acquire US real estate assets because the "Trump Affect" has driven the value of the US dollar down to where US real estate assets are more affordable to European and Middle Easter Businessmen.

Another potential client from Australia told me via text message the Chinese investors who acquired US real estate assets over the past few years are quietly seeking to sell them -- given the potential profit they could bring.

My guess is that they want to sell before they find out the equity they acquired would be millions rather than billions on them.

With the current stock market volatility - up and down, and the Trump effect on US Ally relationships, this is cause for concern from a "businessman president" who truly doesn't know what he is doing.

It's my hope Congress finally realizes their success is hinged to giving Trump a permanent golf vacation via Impeachment.

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!