Showing posts with label Entertainment. Show all posts
Showing posts with label Entertainment. 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, 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

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!

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!

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!

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!

Friday, November 3, 2017

Owner Chews Me Out For Contacting His Lender!

First of all, I know the Owner quite well!

Second, there was a Notice of Default (NOD) filed on his property.

Third, I am dealing with a buyer that has expressed interest in acquiring this property and when I told them about the NOD, they said I should get the loan information.

With that said:  What I did wasn't wrong.

Been there; done that!

Through my years as a Real Estate Broker, I have also worked in the lender industry for prominent banks, mortgage companies, and brokers originating loans, etc.

I have acquire quite a bit of knowledge as to HOW? real estate financing works.

Do I know everything? No!
Do I continue to learn as the real estate industry evolves? Yes!

So it should NOT come as a surprise to anyone -- I told the owner -- that a buyer with cash wants to acquire property at or below market value.

That's how it works.  He reluctantly agreed. (He does the same thing.)

Since the property had an NOD, the buyer I am currently working with said: 'See if the lender will sell the loan?"'

So, I contacted the lender and was told: 'No! The loan is NOT for sale.'

I inform the buyer.  They were like, okay.
That's when the owner finds out through the lender I called, okay.
That's when the owner tells me: 'Don't do that ever again.' Okay!

But after hearing him out, I understand his position.  He doesn't want to lose the property but doesn't want to lost his investment into the property either.

I get it.  And, so do all of you fellow real estate owners.  You don't want to lose your initial or equity investment in any real estate property.  Neither do I.

Everyone knows that foreclosure is a bad thing -- especially when you lose your entire investment into the property.

I tell the buyer we need to make an offer before the NOD runs it's course. That was yesterday.

Hopefully, the buyer is able to convince his investors this is a steal at the asking price and should move forward quickly.

More as it 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!

Tuesday, September 12, 2017

Small Resort Casino For Sale in Las Vegas!

Recently, my Inbox has received inquiries about Las Vegas Resorts For Sale.

There are some -- not many -- that could be acquired.

The problem is -- and will always be -- that potential Buyers want to acquire Resort properties in the same manner as if they are acquiring a Net Leased Property in their own back yard.


Or, they think that because they are who they think they are, the Seller should (overtly) respect them fully and sell at the Buyer's suggested low-ball price.

Unfortunately -- and this goes for all would be buyers -- it doesn't work that way when it comes to Las Vegas Resort Properties.

I can't explain it any more simplistically than if a property is being marketed at $6 Million an acre.  And, surrounding comparable sales indicate $7 Million an acre, why are Buyers pushing for a sale at $3 Million an acre?

For Example: a small extended stay resort motel property with a small casino (8 slots only) though this property is zoned for an Unlimited Gaming Casino (Full slots, table games, etc.) that sits right smack inside the Clark County Gaming Overlay (which means there are no restriction to developing an unlimited gaming casino) isn't going to be sold cheaply.

And Buyers arguing with me that the Net Income from the property means the value is less than the  asking, baffles me.

The Net Income of the property may be a contributing value, but when it comes to land value being more valuable than the business being run at the location, trying to acquire this based on the Net Income isn't going to cut it.

Many, many times, I've had brokers outside of Las Vegas tell me that the value of a resort property is solely based on it's Net Operating Income.

I have to over explain to them that if the land is worth much, much more than the business net income, that's the sales price.

(This scenario is never, ever going to change.)

To which I always respond, "that may work in your neck of the woods.  But, it doesn't work here."

I've had offers on listings that were for a fraction of what the properties eventually sold for.

I realize that Buyers are trying to get the most equity they can at the time of purchase; I also understand that the Sellers are trying to get the most bang for their buck for the equity value.

So, if you think a 200 room resort with a small casino, Full Alcohol and located within the Clark Gaming Overlay is worth $20 Million when comparable sales say it's worth $21 Million, send me an email.

(Psst! The abandoned and unfinished Fontainebleau just sold for $25 Million an acre. Don't tell anyone!)

After executing the appropriate paperwork, I'll send you 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!

Thursday, August 17, 2017

VACATION! It's all I ever wanted! Time to get away!

From August 25th, 2017 until September 4th, 2017, the spouse & I will be away from everything.

Even our electronic devices will be off! So, emails, texts and even telephone calls will be ignored.

So, if you need to get a hold of me during this period, you will have to leave a message and I will reply/respond on September 5th!

If it can't wait!

Oh, well.  It's going to have to wait.

See you Tuesday, September 5th!

Much Appreciated!

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

Monday, October 3, 2016

Snake Oil Salesmen!

There are real estate agents in Las Vegas, NV that I truly don't want to work with. (Sorry about ending a sentence with a preposition.)

The reason is: I don't understand these agents obsession with wanting/having to double end every deal (List and Sell) that they have.  I love double ending deals, too.  But, if another agent has a qualified buyer, there's no skin off my nose to split the commission.

And, their mentality about this element is very, very annoying.

You call them to ask a question about one of their properties; and they never, ever take your call, return your call, nor even reply to an email.

(Now, I want to out these agents! I truly do.  Yet, in the future, I will have to have some form of transaction with them (hopefully, not) but they are here and don't seem to be going away anytime too soon.)

Recently, I was talking to a group of attorneys who own a building where the three are partners in the building where they also have their offices located.  One is moving on -- as in being kicked out of being an attorney (it happens); one is going on a mission (retiring); and the third wants another (better) location.

Anyway, I made a pitch for the listing and told them that I thought their building would sell at around $183 PSF!  Good price given the fact that the last ten years worth of real estate foreclosures really drove prices way down.

Yet, when I was done with my presentation, one of the attorney partners boldly stated that I had used the wrong comparable sales!

Say what?

He said another broker (actually the other broker is an agent) had told them that he could sell their building at $215 PSF.

I was like, really?  The partner attorney said that the broker (the other agent) had better comps.

I reiterated that I had used the best comparable sales within their zip code and all the zip codes around them.

I asked which comp specially did he use to use as in like to like properties?  The partner attorney said the address.  I was stunned.  Apparently, the other broker (agent), had used an ambulatory building (an urgent care facility) as the best like property to their subject basic office building.

Now, the finishes in the subject property are upgraded; there is marble flooring in the entry -- and along the carpeted halls; there is wood trim everywhere with an upgraded reception desk, too.

But, since the ambulatory building sold six months ago to an investment group buying the property as a NNN investment, sure, the price PSF is going to be higher, but: IT'S NOT A COMP!

It's not a like for like property.  It is a completely different building and use.  And, the zoning is heavy retail.  (They are in a Professional Office Park.)

And, I reiterated all of this to the group in the hopes of dis-swaying them, yet I got the feeling they were NOT impressed.  They had been SOLD by the other agent.

Anyway, long story short -- I didn't get the listing.

After returning to my office, I was re-telling my adventure to one of my two agents.  After, the retelling, she stated: Snake Oil Sales Men!  She knows the agent to whom I am referring to.

I could only agree.  Yet, I told her, there are three attorneys and if something goes wrong during the listing, at least I won't be the one facing 3 angry lawyers with the capability to sue.

God, I want to disclose this company's name.  No, I better not.

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

Wednesday, September 28, 2016

Finally a Women Says What I Said Last Year: Women Should Invest More!

Almost a year ago, I wrote a blog about the major discrepancy between the genders.  It was about the gender gap when it comes to investing in Commercial Real Estate (CRE).

Well, now a female CEO has spoken up about women investing in general; and I was glad to read it.

Here's what I wrote October 27, 2015.

"Commercial Real Estate (CRE) and women seem to dislike each other.  I don't know if it's a full blown cat fight, or just a "thing" where one woman wore a dress better than the other.

But, since I have been working in CRE, women do NOT tend to be the one out searching for the better CRE deal.

And, I don't understand why.  Women tend to be the smarter of the two sexes.  Women tend to be more conservative with money.  Women will be more likely to want a more secured future.  All of these tend to point them to CRE.

BUT! owning a CRE property tends to be men.  And, unfortunately, it doesn't have to be that way."



And, now Sallie Krawcheck, CEO and co-founder of Ellevest, says, Women should be investing more.

(You may have to copy and paste in your browser)
http://www.cnbc.com/2016/09/26/the-single-biggest-mistake-ive-seen-women-make-at-work-sallie-krawcheck-commentary.html

I wonder just how many women would be brave enough to call me to see if there are any properties within their investment range to acquire here in Las Vegas, NV.

Hint: There was one small office building listed for $299,000.

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

Friday, September 23, 2016

Trump's hateful rhetoric has caused an American client investor to stand down on investing!

Wow!

I couldn't believe what the investor was saying to me.  I did take a slight beating on LinkedIn with Trump supporters spewing condescending comments about the post I put up about foreign investors withholding investment in the US until after the US General Election.

However, this morning, when my telephone rang and I noticed it was from one of my American clients/investors -- who owns several neighborhood retail properties in Las Vegas, NV -- I was happy he was finally responding to the property information I had sent him last week.  I was hoping he was instructing me to draft an offer.

Unfortunately, his first words were like a needle popping a balloon: 'he is not going to buy or sell until after the election.'

His reason: Trump is being too hateful and alienating too many people.  He thinks that if Trump wins, it is going to send the markets into a spiral down fall.  He says he is hoping for the best.

Sigh!

So, to you LinkedIn members who think that we don't need foreign investors, guess what, the American investors -- from my point of view -- are wary of Trump, too!

So, I began to wonder: If the polls are showing a close presidential race, just who exactly is supporting Trump.  Well, CNN had an answer.

http://money.cnn.com/2016/09/23/news/economy/white-working-class-economy/index.html

The problem with this story is that non-college educated whites want something that is never ever going to come back ever again.

High paying jobs are now in the Asian rim.  A white male working at +/-$20 an hour is never going to happen in the US ever again.

And it wasn't the government that sent those jobs oversea.  So, stop blaming the government for you losing your job.  Because, it was your actions that resulted in you being unemployed. Yes. The non-college educated, white male who wouldn't work for less an hour.

The government didn't order your former company or its CEO to move your job.  The CEO found workers that would work for far much less than you.  And, that was in the Asian Rim.

So, supporting a hateful rhetoric spewing man -- who also has products manufactured in the Asian Rim -- is NOT going to be able to bring those jobs back.

Trump maybe a businessman; he maybe a billionaire (I'll believe that when I see his disclosed tax returns.); He may even be a nice guy (away from the cameras); but I know he is not going to be able to do any of the things he is promising you.

So, I realize there is only a choice between two evils: Crooked Donald or Crooked Hillary.

I am going to choose Hillary.

(And the reason is: no investor has said to me that they weren't going to invest (buy/sell) real estate in the US if Hillary is elected President.)

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

Sunday, September 18, 2016

An editorial explanation on why Trump should have been disqualified to run for US President

I understand that half of you support Trump; and the other half supports Clinton.

But, when one political party's candidate for US President gets nominated to run for President and they act and say all the wrong things, without any care for anyone, I question the reason why they are even running.

http://lasvegassun.com/news/2016/sep/18/fake-charm-real-harm-dont-let-fraudulent-trump-foo/

Trump seems like a personable guy. But, since he has gone on this belligerent tangent about immigrants, Muslims, and wants to build a "Beautiful Wall' that in reality will never be built, I've lost respect for him. I don't even want to meet him. His bullying and invalidation of others turns me off. And, that makes me question his business acumen.

I hate bullies and anonymous internet trolls, that attack a personable opinion.

If you support Trump, that's great. If you support Clinton, that's great, too.

For me, I can't wait until this US General Election is over with.

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

Tuesday, September 13, 2016

The Disillusion that Non-College Educated, Older, White Male Americans have about the 2016 US Presidential Election

"Make America Great Again!"

Nice slogan.  But, the problem with this slogan is: that type of America is history -- Gone Forever!  Those good paying labor intensive jobs will never return to the US.  And, people like the subject of this article don't understand that.  Those well paying labor jobs are never, ever going to happen ever again.  Not in my life time, I believe.

Even the subject's children are all college educated and working in "other" industries, yet this older white American -- at 66 years of age -- wants a return to his labor intensive construction job he had for so many years.

Yet, since the subject can't wrap his head around the fact that an old white man is never going to be working at a labor intensive job where he would receive the high salary he was accustomed to receiving, he is left with just his disillusion that they will magically re-appear if Trump gets elected.

What is so sad about this is that he truly believes that a businessman is going to have any ability to make those jobs re-appear when the businessman was one of the people responsible for causing the subject to lose their job in the first place.

These non-college educated older white men are forgetting that Trump is one of the businessmen that told these non-college educated white men that they were fired!  Why?  Because Trump doesn't want to pay the salary this man believes he should be earning for his labor.

Yet, the subject believes Trump is going to get them hired again.

Excuse me while I LMAO!

Anyway, here's the story:

http://fivethirtyeight.com/features/trumps-base-is-blue-collar-his-voters-looking-for-a-return-to-better-times/

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

Tuesday, September 6, 2016

Now, This Is What I Have Been Talking About!

As this link shows, 100% of Professional Athletes will experience unemployment in their future.

That is why I have been so vocal about young athletes acquiring a CRE NNN property early in their careers so that they will have an income producing asset to fall back on for monthly income once the lay-off or employment termination comes.

http://schoolvideonews.com/Broadcast-Journalism/Pro-Athletes-and-Sports-Broadcasting

The author is a former professional athlete, so I think he knows.

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

Monday, August 1, 2016

Trump: Flimflam man?

A few months ago, I did an Internet search for businessmen who became presidents.  Some were senators and congressmen before becoming president.

But, these supposed businessmen who were elected president had one thing in common: They were all in the lower half when ranking them as successful presidents.  (I think the highest was 26.)
Anyway, on the opposite end were the successful Presidents.  These men all had one thing in common: they were failed businessmen.

And, by far the most successful president ever was even considered a failed lawyer.
Go figure. (Or, Google this yourself to verify.)

Now, as for Trump's "Successful" Las Vegas Tower.  People may look at it and wonder how this became so successful.

Well, it was headed into foreclosure in 2010-11.  How do I know this?  Well at that time, a Los Angeles real estate investor client, called me to ask if I could do him a favor and get him quality comps for the Las Vegas Strip condos.

I asked, 'Why?"  (The reason I asked is because I don't sell residential real estate -- at least not individual properties.)

Anyway, he told me that the bank holding the note had contacted him to see if he'd be interested in acquiring the loan.

(Now, this is not unheard of since lenders do this all the time. (It's one of the factors that led Wall Street into their collapse in 2008.))

Anyway, I got the condo comps and sent it to him.

He decided to NOT purchase the loan because, upon receiving the comps, he knew the bank was asking way too much per unit for him.

Later, when talking to this very same investor about another property, I asked what had happen to that loan.

He said that he was told by the bank that Phil Ruffin had paid it off.

(Apparently, Phil still owned the land separate from the tower and wasn't going to chance losing his investment in the land to the bank foreclosing on the tower when the condos didn't sell.)

So, if Phil didn't mention this as a Trump success at the Republican Convention, I guess Phil would know first hand.

Lastly, I doubled checked the ownership on this property recently and most of the units are currently owned by Hilton Vacation Timeshares.  Phil sold the remaining unsold condos to them after he had started to use this building as a timeshare component of his TI Resort Property.

So, if Trump is heard talking about how successful his Las Vegas Tower has been, remember, here is another building with the Trump name on it where he only owns the condos on the 33rd floor.

I guess getting your name on a building you no longer own is something to brag about.

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 25, 2016

Las Vegas CRE with +/-8% Cap Rates are NOT selling! Why?

You know, I believe that anything is possible.  I think it's the optimist in me.  So, when the economy turns and I see deals starting to come along, and they turn to steals, this is when I believe that I can help any investor buy any Las Vegas investment property.

However, the problem I am having today is kind of complicated.

You see, there is an election going on in the US and both candidates are either well liked; or hated.

The sad thing about this is -- since I am subscribed to several property listing services -- I am being barraged with other CRE company's emails claiming that they have SOLD property in surrounding states at such a high price (or low Cap Rate) that right here in Las Vegas, Sellers are struggling to even attract investor's attention at +8% Cap Rates!

I am, after all, more than willing to help a Seller get as much money for their property as long as the Buyer is willing to accept the Seller's price as a great deal (maybe a steal) from acquiring a real estate property.

What confuses me more than anything else is that our +8% Cap Rates are a steal!

Especially when a McDonald's in Southern California sells for a 3.54% Cap Rate!!  OR, a Walgreen's in Arizona Sells for a 5.33% Cap Rate!

I find this not only confusing, BUT unbelievable!  Why would an investor buy such a property at such a high price -- just because it is located in another state?

IF you are NOT one of these investors, or you are and are now just realizing your mistake, please send me an email and I will gladly send you the latest on the better than average CRE properties that are currently available.

I appreciate your support.

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