Showing posts with label Casinos. Show all posts
Showing posts with label Casinos. Show all posts

Tuesday, May 28, 2019

'I made him an offer he didn't refuse.'

Speaking of successful business persons, I ran into an old Client a while back who met me for coffee at a national chain sit down restaurant on the west side of Las Vegas.

After meeting, as we were leaving, he walked up to a (fairly new) White Rolls Royce Ghost parked just outside the restaurant.

I made a comment about him having completely moved to Las Vegas, otherwise, why else would he bring his Rolls with him.

He replied, 'No, that one was still in LA!'

He added, that another business man we both know had asked him for a short term loan.  My client asked the other business man what he had for collateral?
The other guy said he would put his title to a new Rolls Royce Ghost up.


So, they struck a deal. "I made him an offer he didn't refuse," the Client said.

My client took title to the $300K valued Rolls in exchange for a $200K loan.

I asked, So, the other guy never paid you back?

My client replied, 'Of, course not.  That's why I have a Rolls here in Las Vegas and my other one in LA."

Smart man.

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 14, 2019

A Re-Look at Tony Hsieh's Downtown Las Vegas Five Years Forward

Almost five years ago, I wrote a blog about how Tony Hsieh had bought up a lot of the east section of Downtown Las Vegas.

Then, I was critical of his lack of development vision of this section.

True, I helped Tony buy (over pay for) some properties of Owner Clients of mine.  AND, I failed to get Tony to buy other properties.

Tony Hsieh

Yet, at that time, Tony was buying and sitting on properties.  This made me wonder: why'd he buy them in the first place?

Did he run out of money?
Did he NOT have a plan?
Was he being represented by unscrupulous agents/attorneys, etc?

The answers to those, I will never know.

Here is the blog that I had written then.

Where Tony has Failed Blog

Now, Five years forward, it's time for me to admit I was wrong -- five years ago.

Tony has, on his schedule -- not mine, begun the re-development of this area.

Tony has brought in people who seem to now have his back when it comes to acquiring Downtown Las Vegas properties. (In other words, they now low ball like the others were doing years ago and flipping them to Tony!)

And, my clients have moved on to other properties where they are making returns that suit them.

Why do I have a change of attitude toward Tony Hsieh?

Well,

Tony developed the Fremont 9 Apartment property.
Tony financed the building of an event hall (with underground parking!).
Tony constructed a dog day care.
Tony holds an annual event called Life is Beautiful which was designed to get foot traffic into the downtown area.
Tony's original development was the Container Park.  (I still think this isn't successful. But what do I know?)
Tony has bought or developed a lot of businesses; from motel properties, tavern properties and even a business that rent out fifth wheel vehicles/trailers to tourists so that they can come to Las Vegas , then get out of Las Vegas to visit/camp-out at one of the nearby National Parks, etc.

So, did my criticism of Tony have anything to do with this?
No.

I now think Tony Hsieh knew exactly what he was doing.  I am convinced Tony had a plan all along and he was smart enough to ignore his critics (like me).
(It's what you need to do to focus on your vision.)

Lesson Learned.
I wish Tony all the best in his future endeavors!

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, May 12, 2019

Wednesday, March 20, 2019

Happy Birthday To Me!

Tomorrow, March 21st, I grow another year older.

And, patting myself on the back for living long and (somewhat) prospering isn't something to celebrate - especially at my age.

Oh, well.  At least, I'm alive and kicking!


Have a wonderful day!

=)

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, December 15, 2018

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!

Tuesday, December 11, 2018

Where Nevada Ranks in Best-Worst States for Women

At least Nevada isn't Louisiana! OR, Arkansas! Or Mississippi!

But at 44 out of 50, that's still horrible.

Maybe Senators Catherine Cortez Masto and incoming Senator Jacky Rosen can have some effective change on this.

44. Nevada
Total score: 44.22
Ranking for women’s economic and social well-being: 39th
Ranking for women’s health and safety: 50th


Nevada scored poorly in two categories relating to women’s quality of life. It came in third from the bottom for women without insurance, and it’s tied with three other states for having the highest rate of women killed by homicides.

For your own perusal of the story, click this link. Best Worst States for Women

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!

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!

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!

Friday, January 5, 2018

Las Vegas Resort Casino Hotel For Sale Quietly....

This morning, I finally got a hold of the owner of a small Las Vegas Resort Casino Hotel.

He's interested in selling;

OR,

He's willing to take on a new partner!

So, if you have the stomach for acquiring a Las Vegas Resort property and the necessary $150 Million it will take to buy it, CONTACT ME ASAP!

OR,

If you want to invest in a Las Vegas Resort Property and have a minimal of $20 Million to invest in it, CONTACT ME ASAP!

Either way, you could be on your way to casino ownership!

But, you need to physically...

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, October 17, 2017

Las Vegas Hospitality, Resort & Gaming Property For Sale?!

Yesterday, I noticed that another International (supposed) Real Estate Agent (IREA) was marketing a (anonymous) Las Vegas Resort Casino as For Sale.

So, as usual as I do, I decided to call my Resort/Casino connection at the resort casino that I think the IREA was referring too.

Turns out the connection denied it was for sale; and when I told him the price the IREA was saying  their property was for sale at, he laughed!

He said the price was, "very, very wrong," even if it was for sale.

He reminded me that "IF the Fontainebleau Las Vegas sold for $25 Million an acre, their price would be equal or even higher!"  (Plus they have more land that remains develop-able around it.)

So, IMO, any potential Buyer would be looking in the PLUS $1.5 Billion range. I think that's cheap given the rebounded state of the Las Vegas economy.

In my experience, most high end buyers are actually bottom-feeders who want to acquire a property at the lowest price possible.

So, even though this IREA implies on his web site that he is the Listing Agent, my connection assured me there is NO LISTING!



Which is good news for you -- as a potential buyer for any casino, resort or hotel, multi-family investment property.

The reason for this is simple: I have an inside tract to (most) of the property owners here in Las Vegas.

With that knowledge, this inside tract enables you to get your interest in acquiring any Las Vegas  property directly to the decision-maker.

And, if you need a little more time to get your money together, I know of several properties where the owner could Carry-Back loans for a short period of time.

So, IF you have the pre-requisite amount of money or financial capacity, and you are interested in a Las Vegas property -- on or off the "Strip," email me your company's corporate authority's information, and I will get to work -- as the saying goes.

If a large resort property is on your radar, my standard Non Circumvent and Commission Agreement is located under the Las Vegas Casino Information Button on the right side of this page.  Please click, print and have your company's authorized signatory sign; then email it back to me.

Once received signed by your company's authorized signatory, I will forward the property details!

And, as of today, there are Three Resort Properties in and around Las Vegas that are available For Sale!  These will run you 'As Is' in the $20 Million, $250 Million and much, much more range!

Also, IF you are more interested in a smaller investment properties -- such as a Net Leased Investment, there are several that can be acquired together for a +/-7% Cap Rate; OR, +/- $2 to $5 Million.  These are currently generating +/-$400,000 or more in annual income.  (Not bad for passive income!)

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 26, 2017

The dog days of (potential) economic recession!

On September 15, 2015, when I thought "things" were about to get really, really better (economically speaking), I wrote a blog about the Chinese devaluing their Yuan.

(Here is part of what I wrote:
Algebra!  It is the curse of me.  To this day, I do not understand: x+y=z!  Huh?
The odd thing is, my dad was an electrical engineer; thus, algebra was easy for him.
My wife, also, understands algebra.  She uses it everyday at her commercial interior design firm.

I even have an uncle who has a phD from HAAV-VAARD who I know understands algebra, too!

But, most of you, are probably just like me.  Algebra is a foreign language -- much like currency exchange.

I bring this up because, like you, I read that China devalued it's Yuan.  (Please do not try or even think of attempting to explain this to me.  I am lost just thinking about it.)

So, as of this AM, one Yuan is equal to $0.16 US.

I suppose this is good.  However, since I know very little about currency exchanges, I can only assume that the Chinese government did this to prevent anymore money from leaving China.  With the Yuan devalued, I guess it buys less foreign property and/or goods.  Am I right or wrong?

So, since this investor's money is coming through China, I don't understand the algebra of it.

How does depositing money into China, thus turning it into Yuan, help you acquire a Las Vegas Resort for less while also gaining more in value?

One day, I will probably understand.  But, I am not going to just sit around waiting for the answer to come to me.

So, was I off my much?

I ask because I just received notice from my Co-Broker Partner who lives and works in Australia that the Chinese Government is (essentially) halting any more Chinese firms from investing further in USA Real Estate.

Why?  Your guess is as good as mine.  From what I've read, the Government fears a cash shortage if anymore Yuan's are converted to Dollars and they leave the country.

(This relates to the algebra problem I mention above. =) )

Anyway, as I sit hear wondering just when this crack down on money exiting China (?) will end, I am hoping to between now and then, my survival mode keeps me aloft.)

The only thing I think right now is closing something.

Did I mention I listed a motel casino?  Give me a call if interested in the 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, June 12, 2017

Las Vegas Gaming Property Acquisition Do's and Don'ts

It's that time again where potential Las Vegas Gaming Properties -- may or may not be available for sale.  And, I (feel as if I) have to remind ALL potential 'investors' that you simply can NOT expect the owners to be 'dumb.'

Not going to happen!

And, YES! Because I live and work in Las Vegas. I do know of several "gaming properties" that are for sale -- but the owners will NOT state (or allow me to state) that publicly.

Yes.  There is a large parcel for sale that is listed -- but you don't want to buy that parcel because you will only receive slightly less than half of the total acreage fee simple.  The owner of the 'other (slightly larger) half is never going to sell.

How do I know this?  Simple: I know the owners.

Anyway, when I give you a price of a property; and I tell you that's the sale price, you can -- but it's not going to happen -- try to reduce that price it by saying the financials don't support that price.

In most Las Vegas gaming zoned property cases, the financials will never, ever support the selling price.

So, please take my word for it.  The price I give you is the selling price.

Okay?



The reason I stress this is you have to remember that the current owners of these gaming properties know the value of their land.  If the property is worth more as a tear-down, they already know that.
If the property is worth more via the financial statement, they know that, too!

So, if you are in the market for a gaming property in Las Vegas, be ready to acquire it at the stated market price!

The time for acquiring a gaming property as in a buy and flip, is gone.
In the reality of today's Las Vegas, the price of the property is the price!

And, unless you are going to buy and tear down, I suggest you stay on the sidelines.

An example of the last major company to come to Las Vegas, buy a gaming property at a rock bottom price, and trying to just paint and carpet to turn it around is failing miserably.

Of course, at that time they were saying just how proud they were to have been able to acquire the properties for below market value.  But, when they didn't do anything more than paint & carpet, the sophisticated casino patron moved on to another resort property.

The casino properties they acquired were at or very near foreclosure; They paid pennies on the dollar and tried to run them 'As Is' just as cheaply.

The end result speaks volumes about this approach.

And, all the while, they continued to lose market share because of their cheaper than cheap corporate attitude.

How do I know, you ask?  I live and work in Las Vegas, NV!

So, do you want honesty and a true to life assessment of the potential properties in question? If you do, then click the Las Vegas Casino Information Button in the right column, print, fill out with your company's signatory signing it, and email it back to me.

I need this form back BEFORE I release any information about any property to you that I know might be for sale.

Otherwise, Have a Great Day!

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, January 26, 2017

And that is the way it should be!!!

The Nevada Supreme Court upheld the HOA's right to foreclose on a property which voids any and all mortgage liens that affect the property.



If you are a lender, bank or investment company, and you don't keep an eye on your investment, then losing your interest in that property is the end result.

HOA Auction Story

A few years ago, I went to one of these HOA auctions to check it out.  I soon learned that I didn't have enough money to compete with 99% of the investors there.

But, I watched, listened and learned just what these investors already knew.

Acquiring a property (usually a SFR/condo home) at an HOA sanctioned auction was the best way to acquire one for under market value. (Please keep that between you and me!)

And, the winning bidder receives the property for cash free and clear.

When I was there, two investors continually tired to out bid one another for a home.  The property was eventually sold for $151,000.  I learned that the losing bidder just hadn't brought enough money to the auction.

Later, I looked the address up and discovered it was a Summerlin mansion that the owner couldn't afford the HOA payments on anymore.  The HOA foreclosed, did their necessary disclosure work, held the auction and the bank was out!

And, while there, I noticed that a lot of the homes being auctions off were already bank owned and the banks simply just didn't pay the monthly HOA fee.  Thus, the bank had foreclosed on a property, added it to their asset list and simple stop maintaining the HOA monthly fee.

Well, the HOA needs that Monthly assessment to maintain their communities. So, too bad, Mr. Bank.  I truly don't feel sorry for you for any bank or mortgage company that created and funded those horrible loans 10 to 12 years ago -- just to sell loans on the Secondary market.

And now the bank are considering bring them back, again?  Obviously, the lesson wasn't learned.

Sure, let's buy a home (we can't afford) on a 100% LTV stated income loan!  Stupid is what it is.

Now, hopefully, I will close a few more deals; and then, I will have a little more extra cash to try the HOA auction process again.

See you there!

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

Sunday, January 22, 2017

Could Vacant Malls be Renovated into Schools/Classrooms?

As I await for the continuation of the NFL Playoffs, I was cruising the usual Internet sites and came across an article about Department Store CEOs who are being replaced because of poor retail sales.
(Of course it is exciting to me!)

Anyway, with Amazon and e-bay taking rather large bites from this sector, and the fact that stores and malls are closing left and right, it got me thinking: (I know, not a good sign.) Since most communities still need schools, and most communities can NOT afford to build new schools, why aren't those school districts taking these already built and ready for (their) Tenant Improvement buildings and converting them to schools?



I'm sure that the banks would sell cheaply; or, they would lease to the school district cheaply in exchange for them taking care of the property while the bank tries to figure out what to do with the property next.

It has to be much, much cheaper to place a school into one of these buildings because the big box buildings could be divided into classrooms, auditorium, and gym; they already have the essential elements needed to supply children, teachers and administrators what they need.  Especially the smaller retail stores could be classrooms, etc.



Malls have built in Food Courts, Bathrooms, Hall Ways, Indoor Gathering Areas, Outdoor Gathering Areas, Ample Parking, and ease of access to and from the grounds.

The question I have: Why hasn't anyone else thought of this before?

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

Monday, July 18, 2016

'You hook them by selling the dream..." former employer selling a get rich quick scheme

Years and years ago, while I was living and working in Los Angeles, CA I worked (very shortly) for a person who was selling success!

Yes, I was young and fell into the trap of getting rich quickly, but I got out just as fast before I invested any money in his scheme. (Good thing for me: I didn't have any.)

Anyway, I saw this today on CNN about democrats living and working in Youngstown, Ohio who have fallen for Trump's scheme.  You know, the one about how he is going to fix the numerous problems that Americans currently have: lack of jobs; desperate about what is in their future.  You know the routine.

While watching this on the Internet, I immediately thought back to the old saying spouted by a person who I shortly worked for.

"You hook them by selling the dream that they can make it rich.  You and I know that most are never, ever going to be rich, but that's what you sell them."

(After realizing the impossibility of his scheme, I exited his employ to his invalidating harassment for a few months that followed.)

And, that's how I felt for these people that were interviewed in this news piece.  They are desperate and are searching for a quick answer to their daily problems.

http://www.cnn.com/2016/07/18/politics/cleveland-youngstown-ohio-democrats-republicans-political-anthropology/index.html

You see, this town lost their steel industry, and they fully believe that Donald Trump is going to bring that back to Youngstown, OH.

Now, every sane person does realize that as long as the corporate CEO's are making more money by having their industry in a country where they don't care about their environment, that is never going to happen.

What these people -- who have been suckered into thinking this impossible dream -- don't realize, is that Americans are NOT going to work for the low, low wages being offered and accepted in China.

Unfortunately, these middle-aged white people long for a former "better day" where jobs were just down the street. You know just before the steel factory that was ordered by the EPA to stop polluting.

Okay, says the CEO, off to China we go!  (Hey! They stopped polluting!  Well, they stopped polluting here in the US anyway.)

Lastly, the jobs are going to stay in China regardless of who wins the election to occupy The White House.

The reason: Americans want and will always demand clean, drinkable water; clean, breathable air, and to be able to eat non-contaminated food.

And, they will demand to earn a livable wage -- which is higher than what the CEO's are willing to pay.

So, Trump's selling a dream that he will never, ever be able to deliver -- but that is what is most important: Hook them by selling the dream.

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

Sunday, July 17, 2016

No matter who wins the US Presidency, there are good deals in Las Vegas CRE today!

With the US Presidency up for grabs (I truly didn't think Trump would make it this far), there are still a few very good buys in Las Vegas as we sit here today.

However, several out of country "Buyers" keep telling me they want to wait to see "what happens" come November.

It's as if they could care less whether they get a deal on a property or not.  No matter what I recommend on these properties -- they have a horrendous need to wait and see if the US General election voters will pass their litmus test.

Yes, they fear a Trump Presidency.

If I had the money, I would have already bought all of these properties, because I know regardless of who wins, the deal will be in the re-selling of the properties to these very same procrastinators.

So, right now, these Buyers are like, ugh! Trump may win the presidency, Oh, God, No!

But, since I recommend that you buy now while these properties are still at a good price; the buyers  would rather wait to see who wins the presidency to acquire that very same property!  Which will be at a higher price regardless whether Trump or Hillary win!

SO, all you Buyers, you are just killing any chance at acquiring a good property at a good price/deal.

Now, I will tell you all of the STEALS are gone! That window closed a few years ago!

However, the good deals that I am talking about could make you money over the short term (5 years) AND long term (10+years).  You just have to have faith in the future of Las Vegas -- which is still growing!  So, forget about the US presidential race.

Whoever wins, is going to be hated by 50% of the electorate anyway.  And, I have no control over that scenario at all.

So, if you are a serious Real Estate Investor -- looking for a Good Deal -- take the time to please give me a call; and stop worrying about Trump's ignorant arrogance; or whether Hillary's (alleged) criminal activity will hurt you or her.

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

Friday, July 15, 2016

Real Estate Mortgage Payoff -- Part III (Sigh!)

Ok.

Now for the finale.

I was finally able to speak to an Account Manager at Shellpoint.

She told me that Shellpoint was only loan servicing my loan from PNC.  So, the PNC people I had spoken to lied to me. (Not surprised.)

Anyway, she said the only discount I could receive was 10% -- and I'd have to qualify for that.  I thought that I could do better.

So, with that done, I called my client/friend, who does loan buying and selling, and foreclosing.  A few days later, he called back.

What he told me should NOT have surprised me; but it did.  And, I now have a fuller understanding of this parade of loan/debt buying that I didn't before.

My client/friend told me that the amount of my loan was actually pittance. It is not near enough for him to go near.

He said that if I want to pay the loan off, write them a check for the full amount.  He did say I could take a chance and write a check for 90%, but he asked: Is losing your home over $3,800 +/- worth it?

He knows, I know, it's not.

He said that the lender is fully aware of my house' value. They know I have equity, and if I try to play the game, they will take the house through foreclosure and I'd be out of everything.

He suggested that I don't do that.  'Pay them off and move on,' he said.
'At least you'd have a home free and clear' --  which is a rarity these days.

So, I learnt my lesson. Whether I think it fair or not, paying them what I owe and moving on is my only option.

Now, if only I can convince Donald Trump to stand down....maybe my foreign investors will get off the real estate buying fence...

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

Tuesday, July 12, 2016

Real Estate Mortgage Payoff - Part II

About a week ago, I posted that I wanted to pay-off my equity line turned second mortgage.
And, I want to do it by negotiating a smaller payoff deal.  Since Shellpoint Mortgage acquired my loan at a discount, I wanted to share in that discount.

They originally sent me a full pay off timetable.  But, since they seem to NOT understand what I am asking, I made a counter offer.  Since, they have not responded.

Anyway, I had to emailed them through their website since their telemarketers are NOT knowledgeable about the loan business; and they truly have no authority when it comes to real mortgage questions.

Anyway, my counter was met with the response that their Loan Services Personnel are NOT allowed to contact debtors directly.

Say, what?!

All I want to do is to write a check -- or set up a wire transfer -- for a final payment that we can negotiate fairly.  I know that there is an acceptable amount to both parties other than the full loan amount that I owe.

I think it's only fair since they acquired my loan at a discount -- most likely 25% of the loan amount owed.

How do I know I can do this?

Well, you see -- most of my clients are in the real estate investment business.  They acquire a lot of their property from said lenders who have "bad loans." My clients buy these loans and then foreclose on the property.  And, they buy these loans at a discount.

And, since late 2008, this has been happening all over the US.

Anyway, I saw this article about home owners equity and how people are NOT taking equity out of their homes (smart) and thought it interesting.  (It's been ten years since I did that and now wish I hadn't.)

http://www.cnbc.com/2016/07/12/owners-could-pull-another-260-billion-out-of-their-homes--heres-why-they-arent.html

Hopefully, Shellpoint will get their heads out of their derrieres and give me a call.

Please enjoy!


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

Saturday, July 9, 2016

Las Vegas Restaurant offered at an +/- 8.4% Cap Rate!

This may or may not be your cup of tea, but it is an investment worth a second look.

Popular China Star Restaurant located on Craig Road and very, very near a Wal-Mart Superstore.

Investment Summary:

Offering Price:                   $1,990,000
NOI:                                    $166,320
Cap Rate:                           8.36%
Lease Term Remaining:   10 Years (This is excellent for a free standing investment.)

Location:                            Very busy retail corridor in North Las Vegas, NV 89032
 Home Depot Anchored Shopping Center Pad

Sale Highlights

•             Safe & Secure Investment:  Tenant's been at this location since the property was built in 2007
•             NNN Lease (No Landlord Responsibilities!)
•             Over 10 years remaining on their initial lease term!
•             Home Depot Outparcel: Located in a very busy retail corridor/district
•             Adjacent to anchors: Home Depot, PetSmart, and Office Depot.
This has excellent exposure on high traffic Craig Road -- which is one of the busiest east/west
thoroughfares in the Las Vegas MSA.
Shopping Center has its own signalized intersection!



I Googled Earth this site, and there are major retailers in this area including Walgreen’s, Walmart, Target, as well as Home Depot and Office Depot.  Albertson’s is across the street.

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