RVP's Don't Have The Authority.

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

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

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

Again, OK. That's normal.

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

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

It happens.

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

Is that dumb?

If not, I would think it is.

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

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

In the meantime...

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

A Potential Buyer Just Chewed Me Out!

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

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

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

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

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

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

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

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

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

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

Sorry, didn't mean to yell there.

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

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

Make sense?

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

Okay, Sorry!

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

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

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

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

Mistakes Millionaires Never Make!

There is a reason that Publisher's Clearing House no longer gives away a large Grand Prize of $10 Million dollars.

You have seen their TV ads.  It's now $5,000 a week for life!
Why?

Why did they change this so a poor person would only receive a nice weekly prize rather than a large sum of money.

I know the reason and I don't have to ask anyone.

You see, most people don't know how to manage money.

In an exit interview with CBS Affiliate in Los Angeles, Kobe Bryant was asked: (paraphrasing) What was one of the things you learned after signing your first big contract?

Kobe responded that, you don't give a Million dollars to anyone.

His rational for this was if you give a relative, who asks for a million, the million dollars, they are right back the next year asking for another million dollars again.

He said the best thing to give them is a monthly income.

He's right.

That's why Publisher's Clearing House no longer gives anyone a grand prize.  They finally realized that it was better to give $5,000 a week for life, then to dump a large sum on an untrained money manager.

So, when I saw this article, I thought all of you unsuspecting untrained money managers should know what true billionaires do to help them maintain their wealth

Mistakes Millionaires Never Make!

Please enjoy.

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

"You have to get rid of THAT!"

About  week ago, the wife and I went to dinner at a "New" Boyd Gaming Restaurant.
Hey, we are locals and the gaming companies here -- especially the ones that cater to the local populous -- usually will mail you discounts to come to their properties and eat at one of their ever changing restaurants they have.

(In Las Vegas, new concepts usually die fast, so you go and try them while you can.)

Anyway, while we were eating I sensed the ever loving stare upon me and true to my fashion, I had to ask: 'What's up?'

Without hesitation, my wife said, "You have to get rid of that!"

She looked directly at the 'bump' on my forehead that I had had for a few years.  It's not discolored or anything like that.  It's just a bump just over the right eye.

"Sure," I replied.  "I will."

Well, I took her command seriously.  I found a dermatologist, who looked at it, squashed it slightly.
"Does that hurt?" he asked.
"No."

I told the doctor the wife had said she wants it removed -- whether it's good or bad.

He said, it's most likely a cyst, and it can be removed easily.

Well, I'm scheduled to have it removed whether insurance covers it or not.

So, what's this got to do with CRE?

Well, nothing....except that restaurants in Las Vegas -- even if located within a casino -- have an 85% chance to fail.

But, I have found that if the food is good and the service is better, you have a better than 50% chance of making it.

Also, if you have any CRE questions, you can contact me...

Hopefully, sans forehead bump.

=)

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!

I am going to die of a heart attack!

Okay, that's being over dramatic.

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

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

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

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

F*@&!

You get the picture.

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

What?

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

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

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

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

"It's Real Estate!"

=(

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

But I don't sell SFRs!

A little while ago, an Owner/Seller ("Client") asked me to help him sell his rented houses.

Well, I am NOT a Realtor and I am NOT a member of the local MLS.

But, that didn't deter him from insisting I try to get him +$2.1 Million for his 12 rented homes.

Well, if it's a portfolio, I will give it a try.

Here are the 11 SFRs and 1 Condo For Sale.  They are all 100% Occupied!

1189 BALZAR                        $160,000

1392 HART                             $165,000

1913 WILD JAN                     $195,000

2060 LA SALLE                     $139,000

2160 CLANCY                       $167,000

4019 ASANTE COVE            $205,000

4420 SHALIMAR                   $145,000

4562 BABY BIRD                  $220,000

4604 VAN BUREN                 $207,000

4608 VAN BUREN                 $216,000

5151 PARADISE VALLEY    $188,000

7078 BURCOT                       $125,000

Anyway, that's the list of properties.
To buy them all at once, it is: $2,132,000.

If 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!

Truth from another Point of View!

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

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

In this transaction, I am the listing broker.

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

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

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

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

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

Not going to happen.

I work too hard for the little money I earn.

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

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

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

Anyway, who needs this attitude.

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

I proceeded to persuade another buyer to make an offer.

We'll see what happens.

=)


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

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

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

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

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

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

Okay, I can still help!

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

These will only set you back $1.5 Million!

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

Send me an email for details!

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

"Just hope he's cool with Mexicans"

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

At first I was surprised by this remark.

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

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

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

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

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

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

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

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

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

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

Rain in Las Vegas is a rare occasion.

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

Ok!

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

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

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

Stay tuned!

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

Dancing! Dancing! Dancing!

Yes!

I seem to do a lot of dancing.

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

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

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

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

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

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

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

Back to more dancing.

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

HAPPY NEW YEAR FROM LAS VEGAS!

HAPPY NEW YEAR 2019!

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

It's a tear down!

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

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

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

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

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

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

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

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

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

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

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

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

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

Happy Holidays!

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

Where Nevada Ranks in Best-Worst States for Women

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

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

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

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

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

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

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

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!

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 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!

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!