RVP's Don't Have The Authority.

Since I found out, about 10 years ago, that a Las Vegas Resort was For Sale -- then, Not For Sale -- I have diligently been working the high end corporate market for a Resort Buyer.

Of, course, me being just a Real Estate Broker, they don't take me seriously.
OK, but, I plowed on.

Now, it seems I have a well qualified buyer who is interested, yet, they don't want to submit an offer until they arrive, walk the property, and have had time to digest the situation.

Again, OK. That's normal.

But, when I get approached by a Buyer (for lack of a better word), who claims they are connected to the Corporate Ownership entity via the Resorts Ownership where they own a casino in another part of the Country, and they say that they don't need me!

Okay, I can live with that.  (They supposedly have connections.)

It happens.

Well, as it turns out this one (supposed) Buyer had made inroads into the corporation and found one Regional Vice President who was willing to disclose Board Meeting secrets as a way of helping this Buyer get into the inside.

Is that dumb?

If not, I would think it is.

Anyway, I discussed this with my retired gaming, Golf Buddy who said I should report the Connection because my retire gaming Golf Buddy said "If it's not unethical or illegal, it shows the lack of loyalty that is needed from personnel in authoritative positions."

So, yesterday, I sent an email to me corporate executive contact.  It usually takes him a few days to reply.  So, I sit and wait for the outcome.

In the meantime...

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!

A Potential Buyer Just Chewed Me Out!

As I cruise through life encroaching on Old Age, I seem to have gotten used to being yelled at!

Not so much a screaming match (since the Buyer is 14 hours ahead of Las Vegas time), but yelled at via a text message.

Now, it wasn't ALL CAPS yelling, but it was a butt chewing all the same.

Okay, a little over dramatic.  She was angry that I had made contact with her partner before she contacted me.

Yet, the contact with the partner resulted in her contacting me.

Now, just because she is a woman, doesn't mean I will treat her with any less respect than a man. (I know better.)

But when she didn't respond to my approach through emails or texting, the person who referred them to me said contact the man.  So, I did.

He responded.  We discussed a few details about buying Las Vegas property.  And, I was under the assumption, we were moving forward.

Then, a week later, she is giving me the business for going around her.

Okay, I went around her BECAUSE SHE NEVER REPLIED TO MY INQUIRIES!

Sorry, didn't mean to yell there.

My point is, if I send you an email and you never reply, I will only assume you have no interest in moving forward with acquiring a Las Vegas Property.

Now, if you are referred to me as a buyer, and you don't reply, when the person who referred you to me calls to get an update, and they ask "Is there a potential deal" going forward, and I have to say that the referred person never replied; and then, that person says, "Why don't you call X," and I call X; don't then contact me in an angry manner chewing me out for contacting X! 

Make sense?

I think she was made because 'X' most likely called her after we spoke and chewed her out.

Okay, Sorry!

But, if you had replied when I first tried to contact you, the situation would have been dramatically different.

Didn't mean to make anyone sad; or mad; I will accept glad, tough.

So, if you are interested in a Las Vegas property...

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!

I am going to die of a heart attack!

Okay, that's being over dramatic.

But, being a Real Estate Broker is a stressful business.

And, even though I've been at this for almost 30 years, I like to think that I learn something new everyday.

Recently, one of my escrows canceled due to the Buyer falling and hitting his head.  (I am told) he went to the hospital and was diagnosed with a terminal disease.

Then, last Friday, at or about 5:30 PM, I get a call from the Buyer's agent for my other escrow saying that his buyer's Up Sale property fell out of escrow, too!

F*@&!

You get the picture.

Now, this morning I awoke suddenly by a dream that startled me.
I dreamt I was having a heart attack!

What?

I know. I know.  I am being over dramatic.

Anyway, I got up, took my Meds and began my day.  That was like 4:30 AM.

After sending out about 12 emails to the other various potential Buyers for my listings explaining their "Back On The Market" status, I realized that it was now only 7:30 AM.

This reminds me of what the first broker I ever worked for once said about problems, obstacles and challenges that real estate brings along.

"It's Real Estate!"

=(

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!

2019 has started with a Big Bang!

Years ago, when I first started working in real estate, I worked at Sitren Mortgage in Victorville, CA.

Now, the owner of that company was Mike Sitren.

He was a Brooklyn born Jewish man who took me under his wing and taught me just about everything I know about Real Estate.

His passing at the young age of 63 was heartfelt to me.  He left us too soon.

Anyway, I have always tried to maintain the premise that Mike taught.

Be honest to everyone.  He would at times, when 'things' were starting to go sideways say: "It's Real Estate."

And, since the start of the new year, "things" have gone from slow to lightening speed in what seems like a heartbeat.

Almost like when the universe was created with a Big Bang!

I am NOT complaining.

I still have 12 SFR's available that meed to be sold.

If interested in SFR residential real estate rental income...

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!

Snow Day in Las Vegas!

It is a very rare sight to see.

But when it does, it is a sight to behold!

Snow falling in Las Vegas, NV!

Nothing like seeing snow falling in your backyard!

Brrr!!!  Not going in the pool today!

With the high today of 41 degrees, I think I'll stay indoors.

And, if interested in any Las Vegas CRE property, you can...

...Contact David Howes by: davidATdavidhowesDOTnet OR; 7 0 2 5 0 1 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a Stay Warm Day!

Truth from another Point of View!

Recently, an agent tried to get me to sign an agreement to pay his firm 2.5% of a sale purchase agreement.

Okay, normally, when you purchase a property, the Seller pays a "marketing fee" and that fee is usually split between the procuring broker and the listing broker.

In this transaction, I am the listing broker.

It has to do with five multi-family properties I have listed.

The agent sent me a form to sign that would have held me and my company liable for commission even though there was no buyer mentioned in the form.

Now, having the experience I have in my near 28 year real estate career, I have only run across this scenario once before.

It's a backhanded way of stealing commission from a broker.

You see, if I signed this form, this agent could in turn claim a commission if I sold the property to a buyer NOT affiliated with the agent -- even without this agent involved -- the form states that I would owe them part of the commission.

Not going to happen.

I work too hard for the little money I earn.

Anyway, the agent called me.  I politely took the call.  And, he began to invalidate and bully me because of my steadfast refusal to believe his truth from another point of view!

His bullying included insults for not seeing this his way of trying to earn a procuring commission by stealing.

I told him that this call was over and I hung up.  I even blocked his number.

Anyway, who needs this attitude.

This guy is an idiot!  Fortunately, I am smarter than the average bear to NOT be stupid in signing  away a commission to an agent who comes across as sleazy.

I proceeded to persuade another buyer to make an offer.

We'll see what happens.

=)


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!

He has $60 Billion in the bank!

So, I wished this to be true!

Unfortunately, as a skeptic of agents (or Buyers) or even investment advisers who attempt to persuade me that they, or their clients, are wealthy, I do what I can do to verify -- or, dispel -- such claims.

Recently, I asked this contact at a resort casino/hotel whether or not, they would sell one of their large Resort properties, which is rumored to be for sale -- was true or not.

It is true.

Great! Because, I was working with a middle eastern businessman/hotelier who had an interest in acquiring a Las Vegas resort.

But, Don's racist presidency killed any chance of them moving forward to invest at that time.

Oh, well, I will find someone else.

Anyway, another investment company I have worked with in the past referred me to a third investment company who claimed they had a buyer for a Las Vegas Resort Property.

Ok.  Prove it to me.

After assembling the Buyer pays me paperwork, a get a confirmation letter and a bank statement from this investment company which they claim is the buyer's true net worth.
Well, I give it to my retired gaming business partner friend.  He says, it looks good, but why don't you call the bank to see if it is real?

Oh!  Good idea!

I proceed to email the two forms to the bank, hoping beyond hope that what I was given is real.
Two days later, I get the bank's reply.

Thank you for your e-mail of 2 February regarding the Bank Confirmation Letter and Statement. After checking with our department concerned, I would like to confirm you that the letters you attached on the e-mails are not genuine or issued by our bank.

Son of a B**h!

I hope you know how I felt.

There are too many persons in the world who want to be involved in a fraud.  I am so glad to have done what I did to prevent me from damaging my reputation by a want to be criminal trying to pose as a high wealth individual.

All I can say is good riddance to this agent/investment adviser. Never again.

Lastly, I don't need anyone to waste my time, I am perfectly capable of doing that on my own.

At this point, I can honestly say, Lesson was learned and I am glad to have followed the advice to check the information myself.

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!

SOLD!!! ...okay, it's just in escrow.

Finally, after nearly 12 months of haranguing, negotiating and cajoling, I was finally able to open escrow on the four Downtown Properties I listed early last year.

Now, I didn't get the owner as much as I thought I would.  But, the Buyer, from California, understands the operation of low-income motels and apartments.

AND, while I was in Downtown Las Vegas, I stop by another owner's property to check on the condition the property condition is in.

(Yes.  He bought these low income motels and is dead set on converting them into studio apartments.)

Okay, I can still help!

BTW: I also have listed five multi-family plex properties for sale as a portfolio in Downtown Las Vegas, too!

These will only set you back $1.5 Million!

But, they Gross in rent $14,000 per month.

Send me an email for 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!

"Just hope he's cool with Mexicans"

While texting a manager at one of my listings, to set up a showing, the manager texted me back that the manager: "Just hope he's (the Buyer) cool with Mexicans."

At first I was surprised by this remark.

Then, after thinking about it for a while; and, being constantly being reminded about the Twitter Washington stand off with high school white kids and the Indian Vietnam Veteran, I realized what he meant.

As a Real Estate Broker, I learned early in my real estate career, and in life, that you need to treat everyone with respect and admiration.

If you are one political party, don't let a political discussion with any client get in the way at all.

Yet, since I haven't ever been discriminated against, to me discriminating or invalidating some one isn't something I care to do. (At least I don't think I ever have been discriminated against.)

I value my time, effort and knowledge to the point that discriminating against anyone, to me, is to lose money.

The first Real Estate Broker I learned real estate from once said, the only thing you should care about as a real estate professional is how much money your client can qualify for.

To me, I look at people/clients I deal with NOT as what their skin color is; but, rather, how much worth do they have for me to provide them with my services.

Even though I am NOT a Realtor, I still value the Realtor HUD commitment.

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!

Rain, Rain, Go Away! Wait, we need the rain....

Rain in Las Vegas is a rare occasion.

Yet, recently, Nathan Tannenbaum, of Channel 8, reported that Las Vegas has had more rain this year than Portland, OR.

Ok!

Since we've had a lot of rain recently, I'll go with it.

But, that's not the only thing that is raining.

Since it is very early in the process, I can only tease you until the paperwork is signed, sealed and delivered.

Stay tuned!

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!

Dancing! Dancing! Dancing!

Yes!

I seem to do a lot of dancing.

Not any particular form of dancing.  It's more as if I do a lot of dancing around.

I suppose I could call it the Soft Shoe, or Jazz, or (since I live and work in Las Vegas) Line Dancing? If that's a real form of dancing.

Anyway, it's definitely NOT ballroom dancing -- though I do dance at my desk while marketing Las Vegas properties!

The latest is all of the activity I've had on the three motels and the studio apartment portfolio I have listed.

Since the Seller has given me his 2017 PLS, more potential Buyers have shown an interest in this portfolio.

Yet, I get the feeling that even though the Seller's selling price is in the Buyer's favor, they want an even better price.

Oh, well.  I suppose I should be appreciative the amount of calories that dancing burns off!

Back to more dancing.

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!

HAPPY NEW YEAR FROM LAS VEGAS!

HAPPY NEW YEAR 2019!

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!

It's a tear down!

To the average tourist, walking into a Las Vegas Resort Casino is usually a wonder.

How did they build this?  It's amazing how such structures are even conceived.  Etc, etc.

Yet, when a bank forecloses on a property; OR, an owner tries to cut cost by ignoring simple maintenance issues because the owners are (desperately) trying to maximize their capital investment, they will do the usual paint and carpet to try and hide the simple problems that slowly erode the property to the extend that this erosion effects the property's mechanical systems and so forth to the point of decay thus effecting the buildings structural integrity.

Okay, this just means that the lack pf preventive maintenance has eroded the property and thus are no longer able to supply comfort to the tourist staying at the properties.

Such is the case at two well known Las Vegas Resorts.

Yet, the companies that own these properties currently, want top dollar for them.

Recently, I had the privilege to meet with a long time, very experienced casino-hotel operator who has his own opinion about both properties.

His reaction after viewing the properties was surprising, yet not surprising.  He referred to both as, "It's a tear down!"

He stated that the only value they have left is in the land.

And, after touring the properties, I am in agreement.

What is that old saying?  If you put lipstick on a pig, it's still a pig? That applies here.

Sure, the owners want as much as possible to be rid of these problem properties they have continued to throw money at.  But from the very beginning, the fact they they continued to throw money at them was in reality wasting money. (They should have known better.)

If you want to know which properties I am referring to, email me your contact information, I will send you my Non Circumvent, Confidentiality Agreement, then we will continue this discussion.

Happy Holidays!

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!

Las Vegas Resort Properties For Sale!

It is a notch in your belt.
It is something you will talk about forever.

Selling a Las Vegas Resort is considered a pinnacle of a real estate career.

But, most will never accomplish this for one reason.
They don't understand the Las Vegas market.

In order to acquire a Las Vegas Resort, Buyers MUST compensate the real estate broker.

It's simply because the Seller, which in a normal real estate transaction usually does, won't when it comes to such a big ticket item.

So, just FYI: when it comes to a sale of a Las Vegas Resort, the Buyer must compensate the broker.

Why?

Because the Seller's corporate attorneys will handle the paperwork - thus handle the entire transaction.

They do this because it is big money to their firms and to them.
They don't want an outsider (a Broker) interfering in their transaction.

It's a sad state for us Brokers, but that's the way it is.

If you want my help in acquiring a Nevada Resort, Casino or Hotel Casino, email me for my 'retainer' form. Once received, fill it out, sign it, email it back then will I proceed to help you acquire a casino type of property.

If you are a qualified Buyer...

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!

United States Land Use News Story

This Bloomberg news story on the use of US Land was interesting.

OK.

Maybe it's only interesting to me.  But, I learned something by reading it.

Maybe you will, too!

Please enjoy.

2018 US Land Use

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!

The constant state of receiving Low-Ball Offers!

Recently, I've been trying to sell a property that is producing a steady monthly net income.
It's NOT for everyone.  It will require some work from the Buyer once they are situated as the New Owner in order to keep this property income solid.

The Property in question is priced so that a qualified Buyer can, and will, be able to make the necessary improvements to keep the property's income flowing in on a monthly basis.

Yet, for some strange reason, Buyers continue to make less than admirable offers.
(Yes, that's a nice way of referring to those offers as Low-Ball.)

And, when you are dealing with a procuring agent who insists their Buyer's offer is above value because of the state of the property, it makes me wonder why I am even dealing with that agent.

You see, if the Seller was going to accept a Low-Ball Offer, I would have Sold the property already -- by myself -- with one of the thousand (it seems) of Buyers who "Have the ability to acquire these types of properties and turn them around," who I already have their contact information in my Outlook Contacts!

And, why would I want to split a Low-Ball Offer commission with an agent representing a Low-Ball Buyer when I can do that myself -- without their help?

Sigh!

So, I contact my Seller, tell him my concern, he authorizes me to turn down all Low-Ball Offers below a set price; and wants me to try to find a better type of Buyer.  OR, at least, a Low-Ball Buyer who offers more than the current one.

Good thing I love working Real Estate!

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!

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!

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!

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!

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!

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!