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

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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

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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!

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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
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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.

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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.

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The incredible shrinkage of Las Vegas M-1 Land!

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

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

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

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

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

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

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

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

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

You see his dilemma?

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

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

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

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

Underwriting says the property won't pencil out!

The headline of today's post is a lie!

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

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

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

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

Others, are new to this market.

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

The Alpine Motel Apartments Downtown Las Vegas, NV

(And the parking lot is part of this parcel.)

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

These investors seem to like wasting my time.

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

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

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

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

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Operating Brothel For Sale!

This morning, I received this via email.

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

I just had to blog this so you understand that when it comes to real estate, a business can be included in the sale -- which this business sale includes the real estate!

Operating Brothel - Owner will finance

Located in Northern, NV 

Asking Price:       $2,000,000

Cash Flow:           $245,772

Gross Revenue:             $469,444

EBITDA:                       $245,772

Real Estate:                  $440,000

Business Description

Rare opportunity to purchase a Licensed Brothel. Seller Financing.

One of the last truly cash businesses available. Legal, operating, turn-key Brothel. Management in place and Seller will provide training. Limited competition located at the intersection of 2 major highways. Seller financing to a qualified buyer. Real estate included. Rare opportunity – these licenses rarely transfer to new owners!

---

Detailed Information

Inventory:                 Included in asking price

Real Estate:             Owned Included in asking price

Building SF:             6,590

Employees:              4

Facilities:                  6590 square feet, new roof. Real estate assessed at $436,229

Competition:            Very difficult to get into this business. Licenses are limited and none      are available in this area at this time.

Financing:                with $450 K Down

Support & Training:          Seller will train new buyer. Management is also in place

Reason for Selling:            Retiring

If interested in owning/operating a brothel...

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

Unemployment is DOWN! Under employment is UP!

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

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

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

Such is the case today.

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

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

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

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

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

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

That's IF they actually did find work!

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

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

LAND! HO!

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

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

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

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

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

Anyway, the Seller's asking price was $12.18 PSF.  We immediately received an offer at $13 PSF.

I strongly suggested to the Seller "Take It!"

He did.

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

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

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

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

You just need to begin.

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

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

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

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

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

Ouch!
Sorry, Lions fans!

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

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

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

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

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

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

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

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

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

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

RIP, Tiah Brooks!

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

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

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

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

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

RIP, Tiah!

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Here Come The California License Plates!

Full Disclosure!

I am guilty of this!

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

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

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

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

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

She added, "Their driving is atrocious!"

Bemused, I agreed.

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

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

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

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

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

Lately, I've succeeded in staying away.

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

Will this trend continue?
I hope so.

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

If qualified,

Contact David Howes at: davidATdavidhowesDOTnet
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My 89 Year Old Mom Fell and Broke Her Ribs!

OK, something personal this time around.

My Mom turned 89 this past May.

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

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

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

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

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

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

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

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

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

As of Monday, my Mom was home and resting.

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

Hey!

Your Mom is your Mom regardless of your ages!

Get Well, Mom!

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The First to $2.8 Million gets the Property!

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

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

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

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

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

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

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

Wow! Was my immediate thought.

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

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

Don't You Wish You Had!

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

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

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

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

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

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

But, who knew?

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

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

Which brings me to my point.

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

And, it is for sale for the right price.

Interested?

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

"We need your expertise!"

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

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

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

He felt it was way too high.

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

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

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

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

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

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

That was the deal killer for him.

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

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

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

I know this is BS!

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

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

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

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

I wish the Investor all the best.

Interested in a Las Vegas CRE property?

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

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

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

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

Las Vegas Blvd mid 1990's

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

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

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

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

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

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

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