When I get ready to Sell, you are my Broker!

On a 33 minute phone call this AM, a Land Owner here in Las Vegas was filling me in on his plans once one of the land parcels he owns sells.

And, during that call, while discussing the situation about the land and the ground leases he has on it, I casually (I thought it was casual) mentioned he should "list" the land with me so I can begin marketing it for him.

I wasn't ready for his reaction.  It wasn't a bad reaction, it's I forgot one of my main rules.

When discussing real estate with a client, pull don't push. (I don't have them numbered like Gibbs of NCIS!)

So, the suggestion didn't land well.  OR, it was taken (slightly) out of context.

He said he wasn't ready. (Which I knew.)
He said he hadn't pre-planned the up swing of selling, yet. (Which I knew.)
And, "He had to get his "shit" off the land so it could be ready to sell." (He thinks that will take a couple of months.)

Vegas Vicky has nothing to do with the post, but I thought it interesting.

Now, he did disclose his up swing (his words) and that shall remain between him and me.

He's a smart man, ran a large company supplying equipment to developers, and made millions through the years.

Anyway, after he (I think it was politely) chewed me out for pushing him, he said you are the best broker I have ever dealt with.

He said, he liked me from the first day we met because I was an honest broker and he has been involved with a lot of brokers who are more concerned about their commission checks than what's best for the client.

I said, Thank You! Adding, I was just thinking out loud about what we could do to market your land.

He then said, "Don't worry.  When I am ready to Sell, you are my Broker!"

Phew!

Since the middle of last summer, when I first approached him, I was weary about him given he is an old, old Las Vegas (local) resident.

When I first moved to Las Vegas, an existing Broker I interviewed, said, "Don't treat the locals as if they are country bumpkins.  It will come back to bite you later on."

He added, "They know what they are doing and treat them as if they are smarter than you."
I've taken that advice seriously.

With that having transpired, I will wait my turn to help him Sell his M-1 Land.

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 made him an offer he didn't refuse.'

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

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

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

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

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

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

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

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

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

Smart man.

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

He's a 'Talker!'

Years ago, when I left Residential Real Estate to work solely in Commercial Real Estate (CRE), I met an Owner of an adult club who in his life time once owned about 40 adult nude/strip clubs across the country.

Now, by the time I met him, he only owned two adult clubs: one in Hollywood and the other here in Las Vegas.

Now, he wanted to keep his Hollywood one because that was an income producing property for him.
But, he was thinking of selling his Las Vegas club and was being very iffy about the sale.

Anyway, he had agreed to pay me if I procured him a buyer.

Well, being the ambitious CRE Broker I am, I set out to find the perfect buyer.

Along comes this one Buyer who had a great story.  This Buyer could rattle off his accomplishments. And he could tell you what he had owned, and where he was headed without hesitation.  He knew business inside and out.

This Buyer was interested in owning an adult club in Las Vegas; and, I knew the property he should acquire.

Well, this Buyer comes to town and the Club Owner agreed to meet us at his club (that was now closed) to go over any potential offer that might be discussed.

As we were listening to the Buyer rattle off his accomplishments and business acumen stories; he suddenly shifted gears.  Instead of Buying the Club, he wanted a management contract to operate the club for the Owner.

The Owner said, 'No.'  That's not what he wanted.

Needless to say, there was no deal struck that day.

After the Buyer and his cronies left, the Owner turned to me and asked me about the Buyer.
Since I didn't know much, I didn't realize that he was going to ask about managing the club.

The Owner said not to worry.  He has run into that type of Buyer many times over the years.
The Owner said the Buyer was a 'Talker."

At first I didn't understand what he was saying, then, it hit me.

The Owner explained that Talkers are all talk.  And, he said he pegged this guy early and knew the routine.  He told me to learn from this and be aware of them in the future.
He also advised me to not waste too much time with them because Talkers never buy.

To this day, this Buyer hasn't bought anything -- well, at least through me.

Through the ensuing years, I've run into several 'Talkers' and true to the Adult Club Owner's word, they have never bought.  Ever.

So, since then, when I run into "Talkers," I politely will listen to them (just as the Owner did); I will help them (a little bit); but, I don't put any faith in them at all.  Talkers have never, ever helped me earn any money.

Lesson learned.

Now, I could call them on the carpet and blast them for wasting my time, but, you see, I don't do that because there is that slim, less than 1% of 1/10th% that they just might buy in the future.

As you all should know, "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!

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

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

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

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

Tony Hsieh

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

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

The answers to those, I will never know.

Here is the blog that I had written then.

Where Tony has Failed Blog

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

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

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

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

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

Well,

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

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

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

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

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

Happy Mother's Day!

To all Moms out there.

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!

Lesson Learned! Never accept a Bond as an Earnest Money Deposit!

The motel escrow that I have been in for about a month has gone sideways!

I had a bad feeling about accepting a Bond as an Earnest Money Deposit (EMD). So, I contacted Escrow asking if it was okay.

Once they gave it an approval, I gave it a thumbs up for my Seller client, and we submitted the Executed Offer (PSA) to escrow and then waited.

A week later the Buyer's agent showed up with the Bond that was described in the PSA. He made the deposit.

Then, about a week after that, I get a call from the Escrow Holder.  She explained that the Title Company's attorney slapped her on the wrist for allowing a Bond to be accepted as EMD.

She said we needed to change that to a Cash Deposit, or by the end of the Buyer's Due Diligence, the Title Company would be resigning from the Escrow.

SIGH!

What type of mess did I get myself into?

The Escrow Holder said it would be best to cancel the current escrow, open a new escrow, and make a cash deposit.

So, I encouraged the Buyer's Agent to convince the Buyer to cancel; the Seller agreed and for once quickly signed the Cancellation Addendum.

But, the Buyer is now taking her time.

Oh, well.

She might be upset, but it's her own fault for trying to force a square peg into a round hole.

I did write a NEW PSA and included an additional property that was NOT available that she wanted when the first PSA was written.  BUT, now I am thinking she probably didn't have the cash to move forward in the first place.

That is just my gut feeling.

So, we are in limbo until the Buyer signs the Cancellation Addendum; AND, signs the new PSA.

If the Due Diligence date comes before that, the title's escrow will resign.  The Buyer will be in a legal limbo, but the out for the Seller is they never truly made their EMD according the the Title Company's attorney.

Since this hit the fan, I have learned that back in the 1980's Buyers would put up bonds as EMD's.  Then, the Bonds turned out to be worthless; and, it would tie up properties until there was a (legal)  resolution.

So, lesson learned.

All I want to do is help my Seller client sell his property for the most money to a willing, able, and capable buyer.

Nothing new there.

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!

Unlicensed People Can NOT Earn a Commission!

It's been a trying day because two unlicensed persons are trying to earn an equal share of a commission simply because they are referring a buyer for a real estate transaction.

Hey, folks!

If you are NOT licensed in Nevada as a real estate broker or agent, you can NOT earn a commission.

No, it can NOT be a consulting fee, either!

Been trying to convince two people who want to play real estate to back away.  But, they are convinced that because they know a person, that they should share equally in a real estate commission.

Sorry.

Not going to happen.

I will NOT put my Nevada Real Estate Broker's license on the line because they are greedy.

They need to step away from the deal, accept the fact they are legally NOT involved, and be satisfied they are doing this in a legal manner.

If you like a Las Vegas Commercial Real Estate Broker who is honest and fair...

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!

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!