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

Saturday, January 2, 2021

Because you are the only Broker who didn't lie to me!

To this day, I remember this statement well!

I was trying to list a couple of Convenience Stores, owned by this attorney, who had invested in a local Convenience Store start up that didn't last.
He had pooled his money with a few other investors and when they were going strong, everything was right.

Then, the stores sales began to decline.

Anyway, the attorney reached out to several real estate companies to list and sell the stores he had control over.

At the time, I was with a Regional Real Estate Company, so I got to go do the listing pitch.

While in his office, I had my material prepared, laying out a somewhat strategy of marketing the stores, he controlled, for sale without broadcasting the stores were for sale.  (You know what I mean.)

Anyway, after giving my presentation, he started asking questions about Convenience Stores, that made me think, him being an Owner, he should know the answers to his own questions.  But, remembering that I was NOT going to fake it, I answered honestly.

After about 5 or 6 questions, he said he'd be in touch with his decision in about a week.

I thank him for his time and left.

For the next week, I felt as if I had blown the listing opportunity.  I resisted the urge to call and get updates.  Soon, I just decided I was up against more experienced agents and I was never going to get the listing.

Then, about 10 days later, he called, asked me to bring him our company's listing agreement and he'd have me sell his Convenience Stores.

I was thrilled.

During the meeting to sign the listing paperwork, I asked what was the attributing factor that made him want to list with me.

His answer surprised me: "Because you were the only Broker who didn't lie to me!

I was shocked!
Not that I didn't lie!
That the other more experience agents/broker had.

To this very day, I have kept this in mind.

I realized that the questions he asked me, were in fact to test my knowledge and to test me as to whether I'd lie -- to him.

Sure he's an attorney.  Now, retired.  He just listed 1.7 acres of land he still owns -- from his days as an investor in Convenience Stores!

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, December 21, 2020

Merry Christmas & Happy New Year with Good Riddance to 2020!

Merry Christmas and a Happy New Year!

istockphoto

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, September 20, 2020

Frozen Foreclosures are happenning!

Even though I do NOT list or sell Single family homes as a Commercial Real Estate Broker, I do follow and occasionally buy homes for my own sake.

And with the economy headed into the toilet, again. (Thank You Donald Trump!)
I have heard that there are thousands of homes in pre-foreclosure. This means the home owner hasn't made any mortgage payments for months. Thus, here is one explanation:

The temporary freeze on foreclosures applies to Fannie- or Freddie-backed, single-family mortgages only. The pause on evictions applies only to tenants who live in properties that have been acquired by Freddie or Fannie through foreclosure. It does not apply to tenants in homes that have not been foreclosed on.Aug. 27, 2020

So, with homes about to be foreclosed upon; and the amount of homes already foreclosed but still being occupied by the owner or tenant, we are going to see, probably at the beginning of the new year, another tsunami of homes for sale via foreclosure or portfolio sales just as we saw in 2009.

So, if you are a home investor, kind of like me, you are going to see another opportunity like in 2009, to acquire rental properties on the cheap.

Since I was looking to buy another rental property this summer, the wife and I decided to hold off to see just where prices were headed.


I think down.

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 15, 2020

Nothing like Heading Full Throttle Right into an Economic Depression

I am predicting economic disaster coming our way full throttle in the coming New Year of 2021.

To me, what Donald Trump and the Republicans have done with their Tax Cuts, is going to leave us hanging and will result in a large economic collapse than we had in late 2008 and early 2009.

Am I being pessimistic?
Yes!

Will many people be losing their homes again?
Yes!

Was Donald Trump the wrong person to be President?
Yes!

And, his lack of leadership during this pandemic, has only fueled the fire.

I am guessing it will take more than a year to recover from such a devastating result of his incompetence!

Disagree?
Ok!

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, August 24, 2020

Two to Go!

Of the 21 listings I had, I still have 2 remaining.

The Owner of these properties wants way too much money for three of his plex properties.

And, he did overturn a rock to find a local agent who said he could get him his price.
The plex properties are is such dire straits that he will have to sell at Value Add pricing.  But, since he's stubborn and thinks they are worth retail, he bought the whole sleazy agent spiel of how he can get him his price. (Not going to happen.)

The Owner will be back in due course, since I am: "The only broker who's ever told him the truth!" (His words.)

However, I still have his motel and studio apartments listed and hopefully, with the activity I am receiving, will get these into escrow fast.

We'll see.

At $1.5 Million for a 30 unit motel with a manager's quarters, that should be the first to sell.

Starlite Motel
And, at $3.3 Million for a rebuilt 42 unit studio apartment building, that should sell quickly, too!
(I am NOT surprised that a lot of developers are offering low ball pricing for it.  But, they know that once the rebuild is complete, it will be worth more.)

Alpine Motel Apartments
If you are considering Las Vegas as a spot for your real estate investment dollars...
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, August 12, 2020

SUBPOENA'd!

It took nearly 30 years to finally be Subpoena'd as a witness in a case on a listing of mine.

Now, I wasn't trying to get subpoena'd.  It just happened because I was the Listing Broker for the Alpine Motel Apartments when a tenant used his studio apartment stove to heat his unit last December 21, 2019.

Aerial of Alpine Motel Apartments

Yes.  Six persons died that day from smoke inhalation.
And numerous persons received injuries while escaping the smoke filled building.

Now, next Tuesday, I have been subpoena'd to appear as a witness.  Since I am on the Owner's side, I am going to tell the truth, and nothing but the truth.

So, I will be okay.

Now, if interested in this or any other Las Vegas property (other than residential homes, etc.)...

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

Saturday, July 18, 2020

14 down, 7 to Go!

Sounds like a Football or Basketball score, doesn't it?

Out of the 21 properties I have had listed, I have been able to sell 14 of them!

Yes, I need to replace the Sold listings with other listings, but all in due course.

I listed a portfolio of 12 Single Family Homes (SFRs) including a townhouse and a condo.

I listed three motels.

I listed a portfolio of 6 Multifamily apartments.

I still have those remaining because they are extreme value added and the Seller wants his price.
(Still working an offer that might work, though.)

In the meantime, if interested in acquiring a Las Vegas 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!

Sunday, June 28, 2020

I Will Serve You With A Subpoena!

Wow!

Never thought I'd have to be subject to being subpoenaed.

But, when you are trying to market a downtrodden building, and a tenant causes the building to catch fire, I guess other Tenants consider that a violation of their rights?

This all stems from the fire, caused by a tenant using their stove to heat their studio apartment at the Alpine Motel Apartments!

Yes, I was the broker trying to sell the property As Is, Where Is.
But this plaintiff's attorney is fishing for information.

It is my understanding that you may have represented Mr. Orozco regarding a potential sale of the
Alpine Motel in August of 2019.  At the very least, I understand that you were the broker. 

Please forward to me all images, inspections, notes, contracts, agreements, emails regarding such.

Obviously, this is just an email and you do not have to respond. Unfortunately, because of COVID, I
cannot serve a subpoena at this time.  However, as of July 1, I can.  So, either you respond this
way, or, after July 1, I will serve you with a subpoena.  Your choice. 

At the very least, demand is hereby made that you take steps to preserve all emails, notes,
inspections, letters, agreements, communications, and images related to Mr. Orozco and/or the
Alpine Motel. 

Alpine Motel Apartments

Well, I am going to talk to my golf buddy attorney to see about this.

Most likely I will co-operate because I only have a few things he's asking for. Probably best to take the high road.

"When in doubt, tell the truth!" Mark Twain

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 16, 2020

The Local Las Vegas Motel Market

With Resorts commanding top dollar, and some even falling back into foreclosure, the local Motel scene is alive!

The reason is, even though the Resorts were shut down, the local governments understood that local motels were essential to helping keep visitors to local residents open and happening.

Years ago, my wife and I decided that it was better for relative/out of town visitors to have some visitation freedom!  
You see: Las Vegas is a destination that some want to partake in as a complete stranger; and, they want to do what could be frowned upon in other (outside of Nevada) neighborhoods.

So, initially, we booked local motel rooms for them, but they soon got the hint.
(FYI: The wife & I for years would visit "them" and be offered accommodations in a relative's house.  But, we felt we needed 'more privacy.' So, we started booking stays at local motels when we visited them!)

Thus, we maintain privacy. and visitors maintain freedom to gamble until they drop without worrying about their hosts!
To us it is a Win-Win!

So, with local motels being necessary or essential, and the resorts shut down, my listings have generated a lot of interest.

Thus, the need for qualified motel persons to contact me asap while I still have two remaining.
(Another FYI: I am currently negotiating a potential sale on one of them.)

If interested in motel 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!

Saturday, March 28, 2020

The Assignment has NOT been Received!

In almost 30 years of being a Real Estate Broker, this has happened to me less than a half-dozen times.
However, as of yesterday, this is the first time it happened within three days of closing escrow!

I have had the three Downtown Las Vegas Motels in escrow four times now.

In my attempt to ward off would be flippers, I have been diligent to overly vet prospective buyers.
Most approach as buyers interested in acquiring value add, net income properties that they can fix and operate.

However, I didn't see this one coming because the "Buyer" has acquired several properties in Downtown Las Vegas that he bought, fixed, and operates.

So, when all of the Buyer's contingencies expired, he suddenly wants to cancel the escrow -- and receive 100% of his Earnest Money Deposit (EMD) back!
WHAT?!

The Seller was just as surprised, too!  And, since the Buyer threatened to sue to get his EMD, the Seller sought his attorney's advice; and his attorney says the EMD belongs to the Seller.

Then, while discussing the situation with the Escrow-holder, she lets out that she had been waiting for the Assignment of the Escrow.
WHAT?!
Assignment of  Escrow
She tells me that the Buyer's assignment of the escrow has NOT been received.  I was stunned. Apparently, this Buyer either didn't have the funds to close (As he assured me); or his flip Buyer pulled out of the deal at the last minute.
(I think the latter.)

Now, the Buyer either has to close, or he loses his $275,000.00 EMD.

At this point, we shall proceed with caution.

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, January 25, 2020

Sports Loving Investors - A Long Term Leased Sports Bar is available for your review!

Hey!

Sports Loving Investors!  There are two Las Vegas Sports Bars For Sale!

Football is back in full swing!  And, the Super Bowl is just around the corner!

With that said, these are fabulous opportunities for the correct 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 have sports wagering kiosks 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 has a Corporate Guarantee on their lease!

These two can be acquired together or individually.  Both have a Net Leased Income of more than $20,000 per month!

AND, there is basically zero Landlord responsibility!

The Tenant pays for the building maintenance, the building's Real Estate Taxes, and Insurance on top of their  annual rent!

So, don't wait!  The long term leases and tenant financials are available.  But, I will only let those qualified get to see them.  In order to get qualified, you need to call or email me.  I suggest you do so as soon as you finish reading this so you do NOT swing and miss on this too good of an 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!

Thursday, January 9, 2020

Tragedy Attracts A Low Balling Crowd!

Ever since the Alpine Motel Apartments suffered it's worst day ever and a resulting six people died, there has been an uptick in real estate interest for this property.

Yes, the Low Ball Flippers have contacted me about buying the property.

Alpine Motel Apartments

All have the ability to close real fast, and they are Cash Buyers -- they claim!

The problem, aside from the legal liability the Owner is going to suffer from (alleged) code violations, is these Low Ball Flippers can buy quickly -- only if the Seller would carry back a loan!

Now, I know from my years of experience, that when you are a Buyer asking for a Seller to Carry Back a Loan, you are NOT a Cash Buyer!

And, to add insult to injury, their quick buying price is way less than what the property is worth.  Vacant, the property should sell for about $3 Million in it's "As Is" state.

But, with the pending litigation, that puts this property on hold.

In the words of the Owner's attorney, "Hold for now."

In the meantime. my heart goes out to the victims caught in this tragic event.

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 10, 2019

Happy Holidays Everyone!

Wishing Everyone a Happy and Safe Holiday Season!

Charlie Brown Christmas Tree!


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, November 12, 2019

When a Buyer needs a Seller Carry Back, the Property is being Flipped!

You spend a lot of time exerting a lot of effort marketing a property for sale.  Then, you run into a Buyer who claims (says) you don't need to work so hard. 

They're easy.  They have all cash and can close real fast!

You think your efforts are finally paying off!

Phew!  That was .... Wait!

That was too easy....

And, so it goes.  You work so hard to get a fair market value offer for a property listing, and then, all of the sudden, along comes a Buyer with cash. (So, they say.)  You think your effort has finally come to fruition?  Or, has it?

This is a scenario I have run into for a long time since I obtained the Listing on several Las Vegas Properties.  I worked my marketing magic as best I can; and, then out of the blue comes a Buyer (a Flipper), who presents themselves as the key to my success.

(They claim) They are an ALL CASH Buyer who can close easily and quickly -- if the Seller can carry back a 2nd for six months to a year.

Sound familiar?

I've heard this a lot in the last year or so.  It's become so redundant, I can recite their pitch in my sleep.

The Seller, who I have known for a long, long time, is a well educated property owner with a lot of experience in owning, buying and selling real estate.

And, yes.  He buys low and sells high.  (That's the Golden Rule of Real Estate.)

So, when he told me he will NOT carry back a loan, I knew, right from the beginning, he knew the secret of a Flipper.  That is because he's a Flipper, too!

But, since I've known him, he's always been the real ALL CASH Buyer type that does pay ALL CASH and he does closes quickly. (Less than 30 days).

He isn't a Buyer who tries to get a carry back from a seller.  He pays cash, fixes the property's problems, then re-sells.

Moral of the story, if you are a flipper, and you want to steal equity, you need to do it quietly, quickly and move on to the next property in a blink of the eye.  To do that requires ALL CASH. 

Get in.  Close.  Then, Get Out.

Carry backs only keep the Seller's interest in a property.  It allows the Seller to keep an eye on what you are doing.  And, that creates the problem.  Once the Seller knows you are stealing their equity, that's when the Buyer's problems begin. 

And ALL of Your Efforts were for not.

Moral of the Story, I will keep marketing and putting my effort into finding a Buyer who wants to own the property rather than someone just looking for a flip.

It really does matter.

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, October 25, 2019

Attention, Lowball, Bottom Feeders! Don't Bother!

Last week, while back in "Boston" where I grew up, the extended family gathered together to celebrate the passing of our mother.

She was a 90 year old spit fire.  (Okay, you get the picture.)

Anyway, after the wake and before the funeral, we went to her favorite spot and we each had our favorite drink in a toast to honor of her.

While there, my youngest brother, who is a Colonel in the US ARMY, and I were discussing local real estate events. (My Apologies.  I can't help myself.)

He had been a real estate agent for a short time years ago but could never make a go of it.  (Maybe because he was fully into being an Army Officer?)

Anyway, while discussing the multiple low-ball offers I get for my listings in Downtown Las Vegas, I was complaining that too many of these bottom feeders feel entitled to steal the Seller's equity value of a property listing.

During our discussion of this, he said, (paraphrasing) if you treat the low-balling Buyer seriously, maybe you could work a deal.

I knew then that he didn't understand how real estate works. 

I replied: Since I am the listing Broker, my fiduciary duty is to the Seller.  If a Buyer makes an offer too low, I am going to tell the Seller to reject the offer.

Now, several of these rejected low-ball buyers do return and try, and try again and again.
(It's as if they are masochist and want the punishment.)

Yet, the market value (per Comparable Sales) keeps going up, but their offers stay the same.

What did Einstein say: If you keep doing the same thing over and over, and expect a different result, you must be crazy or stupid?

For a fair, Las Vegas market value deal, you can...

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

Sunday, October 13, 2019

No one else will offer $250,000 non refundable!

This Buyer is Correct!

The only type of Buyer who would ever offer a Non-Refundable Earnest Money Deposit -- non-refundable and released to the Seller upon the Opening of Escrow -- is a sleazy Buyer!

They are the type of Buyer who think they are smarter than the Seller; Think they are smarter than the average real estate agent, (okay, maybe they are correct about that); and, they try as hard as they can to steal the Seller's hard Earned Equity.

I have a vast amount of experience dealing with these types of Buyers.  No, I don't like dealing with them because they drain my battery.

They are a waste of time.  They keep pushing the scenario of just how little the subject property is worth; yet, if they owned it, they'd be pushing just how much the subject property is worth.

So, if a property is listed for sale with me, I do my best to maximize the selling price.  Do I lose a lot of Buyers because of it?  YES!

But rest assured, they are the Buyers you, as an owner of a Commercial Real Estate property, don't want to be dealing with.

However, as the Seller of any Nevada Commercial Real Estate Property, you can hire me to list the property at a fair market value, and I will 'Damn the trenches' to find you a qualified Buyer.

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

Wednesday, October 2, 2019

You ever get used to being lied to about Las Vegas Resorts?

About a year ago, I wrote a $900 Million 'Offer' for the Rio All-suites Hotel and Casino.  That investor needed more time to put together the acquisition money than Caesars was willing to wait.  So, it went no where.

Now, the reason the Offer I wrote was so high in price was because the land value of the 88.53 Acres which the Rio sits on his worth about $11 Million an acre.  Thus, the $900 Million offer.

After that offer fell apart, Eldorado Resorts came along with their attempt to acquire ALL of Caesars in their stock deal.  At this time, I was told by my contact at Caesars that the sale of the Rio was being put on hold until Eldorado completed their acquisition.


Ok, makes sense.  Let's wait.  (I should never have waited.)

Then, a few months later, I was shocked to read that Caesars Sold the Rio at about half of the land value for the whole property!

Even to today, I am flummoxed as to the reason they moved forward on such a low ball offer.

Now, the Rio buildings and such were the victim of the lack of Preventive Maintenance.  Before and during Caesar's Bankruptcy, they did little if anything to cure items that could have easily been fix, replaced and of in general taken care of.

Thus, the dire state of the existing structure. (As one retired casino executive said to me one time, "Duct tape on the carpet is NOT a repair."

So, all I can do now, is hope that the current buyer, who is in escrow, doesn't close and I find an equally qualified buyer to close on the property.

Are there other resorts available?  Yes. 
Are they expensive?  Yes.
Are there hotels/motels available without gaming?  Yes.

To find out more....

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, September 24, 2019

RIO SOLD! OK, It's just in Escrow.

For about 10 years (maybe more) Caesars was trying to sell the Rio All-Suites Hotel Casino.

For ten years (maybe more), I did my best to find them a buyer.

Well, looks like I failed.

But, given parameters that were NOT held up by the Buyer in the final outcome, I don't feel like a failure.



You see, it was Caesar's decision to undersell the Rio.

When I was trying to sell this property, I was told that $1 Billion or more was the sales price.  well, I took that as the God's Truth since most 'Strip' properties sell in the $10 Million an acre range.

But, I do know that there is one buyer who must feel completely used for way over paying for a dilapidated resort that is NOT even functional.

(He paid $600 million for a property he will need to invest almost a Billion into to complete it.)



Then, again, the Rio will need probably a Billion to fix/repair from the way Caesar's ran it into the ground during their tenure as owner.

Oh, well!

Another day, another dollar.

If interested in a Las Vegas Resort; OR, if you are interested in any type of Las Vegas investment...

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, September 19, 2019

Three Las Vegas Motels For Sale!

If you have been considering entering the Las Vegas Motel Market, here's your chance.

You can acquire all (or individually) three separate non-branded Motels at a +/-12% Cap Rate!

That's a steal as far as I can tell!

Two of the Three are located within the "Opportunity Zone" which enables you to get a tax break for redeveloping these properties.

The Economy Motel

The Starlite Motel

The Casa Blanca Motel

Each Property is in a Value Added state and the right person with enough ambition can turn these into branded motels; OR, just keep operating them as they are.

They are earning a total Net Income of +/-$903,066 annually!

For further property details...

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

Wednesday, September 11, 2019

Just received an alert about your listings!

Okay!  That's great!  Who sent you the alert?

Deal Stream!

Who?

www.dealstream.com!

Wait, what?  I don't subscribe to that web site....

And, so, it happens.  Someone is advertising my listings on another web site.

Should I be angry?  Sad?  Or, happy someone sleazy is trying to sell my listing to another buyer without my consent?

Now, I know the values of these properties.
The Seller knows the values of these properties, too!

If they think they can acquire them so low that they are flip-able, they're wasting their money.

You see, the Seller is very knowledgeable about Las Vegas real estate; thus so am I.

If we get an offer at or about the Seller's selling price, then, SOLD!
But, I can tell you this.

The flipper isn't going to make as much money as they envision.

But, sure, Go ahead!

Market my property for me.  It saves me time and money!

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!