"Clients who continually question the minor Purchase Agreement items are NOT Buyers!" Mike Sitren.

I miss Mike Sitren.

He was the best RE Broker I ever worked for.

Way back in 1991, when I left Retail Management for Real Estate, Mike Sitren took me under his wing and taught me a lot about real estate.

He was a short, stocky man who had been in California real estate for more than 40 years when he died in 1993.

In those two short years, he gave me more information about real estate client particulars than I have learned in the last 18 years all together.

He would say things like: A Buyer who demands an unattainable interest rate, is NOT a buyer.  Don't waste your time with them.

He admonished me for trying to help my wife's sister and her husband with a re-finance loan years ago.  He said never do anything in real estate for family; they will not appreciate it; and, IF something goes wrong, YOU are to blame.

I, unfortunately, made this mistake one other time.  It was THEN that I learned that Mike was correct.  (I don't speak to my brother anymore.)

Even as of today, when "things" happen during a real estate transaction, I remember his words of wisdom of what he taught me.

Recently, a client from New York wanted to "buy" a lease. That's what he said.
I asked: "Do you mean buying a property with a NNN leasehold encumbering it? Or, do you want to buy a leased that is a ground lease and you pay the fee simple owner a rent.

"No!" he said.  He wants to buy a property where the tenants pay ALL the expenses.  So, you want to buy a real estate property that is encumbered by a NNN Lease where the tenants pay ALL the RE taxes, insurance and CAM.  He said that's right.  I said, Okay!

So, I found him one. Then, as we are writing a Purchase Agreement, he starts demanding that in the offer, we outline the provisions of the lease that he is buying.  (What?)  In Nevada, they will give you basics about the lease, but NOT the whole lease prior to the Buyer supplying the Seller they are qualified to buy.

Well, he didn't want to put up an agreement or even provide the Seller with a financial statement he said has the appropriate amount of money to close the deal until he got to look at the lease.

I finally realized late today, that this New York Buyer didn't have a clue as to how or what he was trying to do.  He kept asking for things that would NOT be available until we were in escrow.  Mike said that buyers like this guy, are never a real buyers.  So, don't waste your time.

And, unfortunately, the more I tried to help him understand this process, the more he began to question other minor and basic purchase agreement items.

That's when I remembered Mike's warning.  Any buyer who continues to question minor items in a contract, is NOT a real buyer.

So, IF you are a real buyer, I have several properties that are worth the price because they are in the 8% Cap Rate range.  However, after this one, sending me your qualifying information is required -- up front.

And, IF you have been following my blog, you would know that an 8% Cap Rate for a property these days, IS a Steal.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 2-50 1- 93 88

+/-8% Cap Rate in Las Vegas Commercial Real Estate

A fellow RE Broker/Developer here in Las Vegas wants to sell a property he developed a few years back. He wants to cash out so he can use the money to complete another property he is working on.

So, this is for Principals Only!

A small retail center on a Section Line street corner is available for sale at $3.9 Million. He is asking an 8% Cap Rate -- which every investor knows is a great steal currently.

So, Principals, send me an email and I will forward the details to you.

The tease about the property is that it is +/-13,000 SF with a national credit tenant on a corporate lease as the anchor. There is also a regional gaming operator on a leasehold here, too. There is also a 4,500 SF portion that is currently being brought to a vanilla shell which is the value added part of this property.

So, IF interested for more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88.

This is NOT going to last long at all!

Client wants my help to Sell his Cabin Retreat Home above Las Vegas!

I must be doing something correct.

I do NOT Sell SFR's or Condos because in reality I do NOT have the patience.

And, even though I tried to sell a home a few years ago to another client, I do NOT have the correct subscriptions NOR the desired elements such as being a member of the local Realtor club!  (It's too expensive for my tastes!)

So, when a client of mine called me yesterday, I was expecting to be able to help him with one of his CRE buildings.

But, he cut me to the quick right from my Hello..! and straight out asked me for my help to sell his cabin home.

I reminded him that residential is NOT in my area of expertise. I reminded him that I was NOT a member of the MLS; nor, was I a Realtor.

His response startled me -- just for a second though.

He said he wanted me to try because I was the only broker he knew who has consistently shown to him that I don't quit!

Huh? I thought to myself. Sure, I advertise and market property to the masses. I work with a variety of people on different financial qualification levels. And, I always give my best effort even though there seems to be dire circumstances.

Oh! I guess that is what he is talking about.

He explained that his property was listed with a residential agent (who is very good at selling high priced homes). He was frustrated that the agent had taken the listing and during that listing time period, he felt, they had done very little in effort to sell the property.

(Now, I do NOT know anything about the agent's marketing or what they actually did to expose the cabin  home to the masses.)

Anyway, it will take me about a week or so to get everything in order since -- like I said above -- he cut me to the quick. But, check back in two weeks. By then, I should have everything together.

In the meantime, IF you are interested in the property: the cabin home is +/-5,600 SF, has 3 bedrooms and 2.5 baths, a four car garage, a +/-2,500 SF patio area and sits on +/-9 Acres of land. (It has enough land that you could even put in a heliport IF you want.

Lastly, the Client said he believes that this residential property is the highest freestanding house in all of Nevada elevation wise at +/-9,125 feet. AND, it has views of the City of Las Vegas AND Lake Mead!

The downside: it is about an hours drive up the Mountain from Las Vegas. And, the average temperature up there is about 30 degrees lower than in the Las Vegas Valley. So, IF the Las Vegas heat gets to you, a nice helicopter ride or an hour drive gets you to a place full of serenity, quiet and peace of mind.

The Client emailed me pictures of the property. So, IF this interests you, send me an email an I can reply with the pictures.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88

Yes! I know which Las Vegas Resort Casinos are For Sale!

Having lived and worked here since 1995, I have learned a thing or two about how 'business' gets done in this particular neighborhood of the country called Las Vegas!

One thing: Las Vegas commercial real estate (CRE) requires that you build client base of Owners. So, in the 18 plus years working and living here, I have developed relationships with 'key' people who can help me help you.

Thus, this gives me an advantage that you need IF you are interested in acquiring a Las Vegas Resort Casino. Knowing who the 'key' person to approach requires an important decision on your part: Go it alone and see what happens; OR sign me up to help you get to those people.

Now, most Resorts in general do NOT like Real Estate Brokers at all. They think we are an unnecessary element that just gets in their way. I understand their plight. I have seen, first hand, other Real Estate Brokers  -- some from half way around the world -- way over-charge their Buyer clients simply because the Broker thinks the information about what is for sale, or even who to present offers to, is worth more than gold.

And, because those Brokers think they are special, that is the key to my success.

Yes. I know which Resort Casino properties are truly being considered for sale!

And, "Yes!" I know the 'key' people to contact at those properties.

And, unfortunately, just as the other Brokers, the key element involved requires you -- as the Buyer -- to compensate me. BUT, that is where the difference lies between me and them. I ask for a 1% commission fee. But, just as everything else in life, I am flexible.

Recently, a CA Broker told me that he has a Buyer from the South Pacific rim who wants to acquire a Las Vegas Resort Casino AND he is willing to pay him a ridiculously high fee demand of 3%!

I'm sorry. But, I do NOT know of any Buyer who is that ready, willing and able to pay a 3% fee on a $1 Billion dollar property. How much is that? $30 Million?!

Given that Resort Casino prices are mostly in the hundreds of millions, my charging 1% fee can be too much, too. So, I am willing to be compensated on a flat fee.

Now, please be aware of Broker Chains. This is where two or more Brokers want a piece of the commission pie simply because they learned that a buyer - such as yourself - has made in known that you want to Buy.  These Brokers feel that they are due a larger piece simply for only referring you to me -- which is usually too high. So, ask yourself: Is it truly worth their demand for more money just because they passed along a Buyer client's name or telephone number to me.

IF you did a little more research, you would have stumbled upon me.  Thus giving you access to the seller directly.

I truly do NOT want to be a apart of these broker chains.

However, IF you are truly interested in acquiring a Las Vegas Resort Casino property, please forgo the Broker chain, and sign with me directly as your Broker. And, "Yes!" that requires an officer of your corporation duly authorized to sign a Non Circumvent Commission Agreement that you will compensate me directly from Escrow upon the Close of Escrow or the Sale of the subject Resort Casino Property!

But, remember, I do know which Resort property(s) are actually for sale. Signing up with me to represent you doesn't mean a deal will get down. That could take time and effort on your part. And, of course, there are attorneys involved. But you will actually get closer to submitting an LOI or Offer to the correct person; which gets you closer to Resort Casino Ownership; which with my help -- and you compensating me a fee to represent you -- is a small price to pay for a Resort Casino property Ownership.

Lastly, ALL interested parties will have to disclose their financial capabilities to me. That way, I know upfront that you are able to complete a purchase prior to making an offer. And getting that LOI or Offer with the appropriate financial qualifying paperwork to the 'key' person, protects my reputation as a Real Estate Broker and will allow them to know that YOU are qualified to Buy.

I appreciate your patience and tolerance in the matter.

For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net OR 702-501-9388

David Howes Sells The Former Inka Restaurant Building in Las Vegas

Commercial Real Estate Broker, David Howes, has just Closed Escrow on the Sale of the former Inka Restaurant Building which sits on +/-1.34 acres in the west side neighborhood of Spring Valley.

The Buyer is a European Investor; the Seller is a Southern California Real Estate Agent -- who acquire the property via buying the Loan and then foreclosing on it.

The Sale was for $387,000 and escrow was right around 23 days.

David is currently marketing the property for potential tenants. The property still has most of the restaurant FF&E installed and will require the new owner to invest some money to bring it up to occupancy condition. However, the new owner is open to any qualified tenant or C-2 Business at this time.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR 70 25 01 93 88!

David Howes Sells The Peter Pan Motel in Downtown Las Vegas!

This property has closed and was Sold to Tony Hsieh's Downtown Project for $2.8 Million.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR 70 25 01 93 88!

Celebrities-Athletes Lose Earned Income from Schemes!

Earlier today, I was perusing a Gossip Web Site when I came across an item about a Hollywood Starlet who is (rumored) to be on the verge of having no money left because of bad investments and financial advice. Apparently, she and her husband were more anxious about get rich quick schemes than long term income investment property.

Here is the quote that made me think: "I should Blog this item:"

"But let's be honest here - sometimes the true winners are those who get OUT of Hollywood and earn their livings in other ways. One of the worst investments that athletes and stars fall for are restaurants and clubs. The money sharks run through your credit line with fake purchases for the business, then the restaurant closes, they have the celebrity's money and the celebrity has nothing to show for it."

Okay.  I live and work in Las Vegas. Many, many Athletes and Stars over the years have put money into these clubs and restaurants and they have been like a "flash in the pan." They lost it all.

And, the one common denominator is WHERE these clubs and restaurants WERE to be located: On the "Strip!"  And, what type of properties are located on this stretch of roadway: HIGH DOLLAR RENT Resort Casinos! Even us common people know that the "Strip" is packed with over priced properties when it comes to leasing.

Now, even though they think the club or restaurant business sounds like a well organized business plan, IF your monthly rent is too high, and the club and restaurant income is too low, you will lose everything in the process.  And, you will realize that: Too Late!

For years -- it seems like -- I have been marketing to Athletes and Stars that a National Credit Drug Store, or a National Credit Fast Food Restaurant, or even a smaller well located office or retail center in a well located commercial real estate corridor, are much better investments than the clubs or restaurants! Sure they are more conservative; and, they do NOT carry that initial flash that a Resort Casino would attract when announcing the Grand Opening!

But, IF the Athlete or Star had called me during their review process of that business plan; and they were to compare products and their history on whether or NOT to invest in a leasehold business at a High Dollar property; or a long term CRE investment where a National Credit Tenant pays YOU a monthly rent for ten to twenty years, it would have been obvious to them, that my advise would have made them money.  In those club and restaurant schemes, only one person makes money: The Landlord!

So why be a Tenant? When you can be the Landlord.

However, since Athletes and Celebrities do not have $500 Million plus, acquiring a Resort Casino to become that club or restaurant Landlord is out of their reach.

So, IF you Athletes and Celebrities really and truly want to earn long term income. AND, you understand that making money is a long term investment and NOT a flashy scheme, you need to acquire a CRE property that has a high income potential! And to start in that direction, all you have to do is: CALL ME!

There are several well placed CRE Properties in and around Las Vegas (some will require some property management) but if bought correctly, you will earn a respectable income. Unfortunately, acquiring these will NOT have the splash that accommodates most celebrity endorsed investments at Resorts.

Lastly, I seem to have grown to recognize just about when an Athlete or Celebrity is about to lose their hard earned money investing in Las Vegas!
It's when I see them on the red carpet getting their picture taken for an event at a Resort that they have invested in! (sic)

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR 70 25 01 93 88!

Are All Las Vegas Commercial Real Estate Deals Gone?!

For those of you who have been subjected to my blog rants, here is the latest one!

For the last 3 to 4 years, I have been proclaiming that real estate investors should be calling me to get some of the best commercial real estate (CRE) deals in Las Vegas while they were deals!.

Unfortunately, the mainstream media has had your ear, and you have by-passed my proclamation in favor of the slanted media story line that Las Vegas was NOT the place to be investing.

Well, IF you listened to the media, you have missed the bottom. Las Vegas is on the road to recovery. And that -- my gullible friends -- means Las Vegas may still have deals in CRE, but you would now be obtaining property at the flipped prices.

For example: ALL of the PT Pub's I once proclaimed as 'steals' at a +/-8.5% Cap Rate are now priced at a higher +/-7% Cap Rate or lower.

Another example is the +/-7.5% Walgreen's prices that are now available For Sale at a +/-6% Cap Rate.

Do you see the picture? You are now looking at acquiring these good long term investments at a higher buying price. Thus, because you waited or were NOT privy to my proclamations, you are now losing a percentage of that return over the long-term than you would have IF you bought when I first said to -- say sometime in the last year or more.

So, are there still deals to be acquired in Las Vegas CRE? Of course. But, these deals will be more expensive and will need more TLC than you may have probably wanted to give them in the first place.

Is Las Vegas still the place to invest? Certainly. Aside from Downtown where the Re-development Project is supposed to happen, there are many parts that make up the Las Vegas CRE picture. There are properties that could be bought relatively cheaply and you will still make money long term.

So, will these same CRE properties be the steal they once were? I can NOT honestly say, "No!' Because, there will still be good solid CRE investments IF you call me now and buy them correctly.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR 70 25 01 93 88!

5 Downtown Las Vegas Properties in Path of Zappos Leader's Re-Development

This is unusual for me.  I mostly fight OFF Flippers because they are just trying to take advantage of an unaware Seller. Buy their property as low as they can; then, Flip to an unaware Buyer for as much as you can.

But, in this case, all the Sellers know full well what they're property is worth. And, I have the amounts they are willing to accept in exchange for selling their properties to you. Then, you can re-sell these very same properties. And, there is truly only one buyer.

Just so you know, all of the properties are currently in the path of the Tony Hsieh led re-development project.

Three of these properties are currently surrounded by property owned by Tony's holding company; one is adjacent to a large apartment property they just recently acquired; and the fifth is in their re-development path -- according to Tony's brother.

If you are unaware, Tony Hsieh, CEO of Zappos, has acquired the former Las Vegas City Hall.  He intends to place his HQ here. His crew is actively acquiring property just to the east of this building and he is assembling parcels so that he can re-develop them into a downtown neighborhood style 'village' area for his employees to live and work.

He has also acquired a couple of office buildings so he can lease to technology based start-ups. These very same people will, also, need a close place to lay their heads down at night.

So, IF you want to see what I am talking about, email me and I will send you the property information.

How much could you make? That depends on you. Could you make $1 Million for holding property for a few months to a year? Nobody knows. But he will need these properties sometime in the future.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR 702-501-9388!

Tech Stock Investing verse CRE Investing

In the 1970's, I spent a few summers with my grandfather when he needed help working his cranberry bog on Cape Cod. One hot summer day, I noticed he kept looking at the homes being built on a side of Scargo Hill just above Scargo Lake. I wondered what he was looking at and asked.

He replied with a dissatisfied, "I Sold too soon."
Being 16 at the time, I did NOT understand.
He continued, saying, "I used to own that land.  But, I sold too soon.  I should have waited for the developers."

Then, in the 1980's, I moved to Los Angeles and worked in TV and Film production. I remember that the must have investment during this time were the upstart computer companies. They were all the rage. I watched as several of those companies did mange to survive and thrive and grow into the biggest companies in the world. But I also noticed that dozens -- maybe as many as hundreds of these start ups fell into bankruptcy, losing their investors millions of dollars.

During this time, I had bought several residential properties that I would "fix up" and then would in turn 'flip' the property at a profit making an okay amount of money. Then, I'd do it again.

Then, when I moved to Las Vegas in the 1990's, internet companies were all the rage. Again, I watched as several of those companies did manage to grow and become computer internet search industry leaders.  Then, again, there were dozens -- maybe as many as hundreds of these start ups that fell into bankruptcy losing their investors millions of dollars.

But, during the early 2000's, tech stocks still came and went with little fanfare. There was a war against terrorism and the housing market was growing rapidly. And, Las Vegas real estate caught on fire.

However, I stayed away from the Las Vegas real estate growing market because I felt that something was wrong.  Call it a gut feeling.  But, when several of my fellow RE Brokers were excited about the 100% financing on "stated income" loans that Wall Street couldn't get enough of as can't lose propositions, I felt I had made the wrong decision to stay out.

But soon the market changed.  Buyers were no longer qualified to acquire the over priced properties.  And, as time ticked into the future, these very same brokers that were buying real estate; trying to lease up, fix, and flip them at a higher than normal return were going broke.

You see, I felt that it was impossible for a normal 3% ROI in real estate -- that we had for 40 to 50 years -- to suddenly blossomed to 20% ROI in the course of a few years. Of course, some of these investors did make money. But most -- dozens that I can think of out of the maybe tens of thousands that tried to ride this false economic wave -- went flat broke in 2008 when the stock market collapsed. Some of these RE Brokers are no longer in the business.

The rest of us survivors, who were more cautious with our investing, are still here working diligently.

Sure, tech stocks can make you a lot of money.  But, as I learned from my grandfather, real estate is where the smart money is.  And, the real wealthy real estate investors are buying up net leased properties right here in Las Vegas because they know that investing in real estate has a certain element to it known as equity that will out last any stock -- especially since stocks are more vulnerable to losing your hard earned money.

IF a real estate property is acquired correctly, that property should make a lot of money over the years with the consistent rental income.

True, a market crash affects everything. But, even during a crash, the correctly bought rental property income still gets paid. And, you as the property owner, still has income being deposited into your bank account.  It is income that should stay steady even during trying times.

Unfortunately, Tech Stocks don't pay a regular monthly income. You buy it for the proposed dividends and promised stock value increase. AND, you ONLY get this IF the company becomes profitable and the stock increases in value. And, if the value of the company goes down, so does the stock value. And then, where is your dividend? It certainly is NOT paying you a regular monthly income. So, recouping your initial investment is like a tech stock, virtually gone.

And what would you rather have? A valueless busted stock? Or real estate that you "own" and control.  AND, it should over time accumulate equity -- in a normal fashion.

CRE is like a destiny. Its overall value might lower during bad economic times, but YOU STILL OWN IT. It will still be worth something as we move into the future.

And, just like my grandfather had surmised forty years ago, while you wait for the developers, you continue to earn equity.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR 702-501-9388!

Few Women Invest in Commercial Real Estate!

It makes me wonder why very few woman invest in Commercial Real Estate (CRE). Essentially, it is one of the easiest parts of Real Estate that you could get involved in. I will admit buying and owning a home is really easy. But, in investment real estate, one of the easiest to own and maintain is a Net Leased Investment. Or, as they are more commonly known as Passive Real Estate Investments.

And as I was investigating another topic, I ran across this article published by NuWire Investments in 2008.  Please spend a few minutes reading this. The column speaks volumes for those of you (women) who would like to do this but just need a place to start.

"Women Investing in Real Estate
Tips and strategies for women who are beginners in real estate investing

Published on: Tuesday, January 22, 2008
Written by: Trista Winnie

There are women all over the country who would like to become real estate investors but many don't know how to start. Some lack knowledge; some, aware that they lack the necessary knowledge, in turn lack confidence. Where should women who want to get started investing in real estate begin?
The internet is a good place for them to turn.
Women who want to begin investing in real estate can learn some of the basics of investing in real estate by reading educational materials online, and they can develop a familiarity with the topic by reading about current events and trends in the real estate market.
Lack of knowledge is not the only thing that keeps some women from becoming real estate investors; fear is also a contributing factor, Charita Cadenhead, founder of Bham WIire (Birmingham Women Investing in Real Estate), a group for women interested in real estate investing, said. "They're afraid of losing money, they're afraid of not making the right decisions...and credit issues are also involved." In addition, Cadenhead said, "they don't know how to get started."

Real estate investment clubs
Providing women with industry contacts and education, real estate investment clubs are a good place to start. Dawn Jordan-Wells, a broker/associate for Hodge Homes, said she recommended that women interested in investing in real estate do a simple internet search for "real estate investing" to find local investment groups to start attending.
"Finding other women to network with was beneficial," Jordan-Wells said.
Real estate investment clubs exist in many incarnations; some are larger and more formal than others. The National Real Estate Investment Association (NREIA) has about 40,000 members in its 230 Real Estate Investment Association (REIA) chapters nationwide, according to its website.

REIAs can expand an investor's knowledge and network
Women interested in investing in real estate, and those who are already doing so, "should get into a REIA so they can get a pulse on the market," Lisa Moren-Bromma, author of Wise Women Invest in Real Estate and Real Estate Investing for the Utterly Confused and president of The Entrust Group, said. Additional benefits of joining a REIA, according to Moren-Bromma, include access to educational offerings and details about legislation that could impact real estate investors. By joining a REIA, real estate investors "are going to have up-to-date information, not just on the markets, but also on the law."
Cadenhead said women interested in investing in real estate should "join those clubs [and] sit in on some of the meetings. They have great guest speakers."
Those new to real estate investing should exercise caution, however, and carefully evaluate what guest speakers say rather than simply taking their words at face value. In some cases, speakers at local REIAs try to sell something to the audience, Moren-Bromma said; new members should "just be aware. Be there to learn, and to network with other people who have been doing this a while," she said.
"I would urge women to be extremely careful in [whom] they elect to give their money to," she said.
In addition to REIA chapters, there are also smaller and less formal investment groups. Jordan-Wells said the website MeetUp.com has allowed her to meet and interact with other investors and those who are interested in investing. She posted an event on the website last August, and now attendance at her monthly meetings about investing has increased from an average of five people to an average of 15 people, she said.
"I'm hoping to grow that," she said. The attendees are mostly women, Jordan-Wells said, and "we just share information and we're more comfortable because, you know, we have that common bond."
Cadenhead also used MeetUp.com to reach out to women in the real estate investment world, and Bham WIire has grown from that, she said.
In addition to investment clubs specifically pertaining to real estate, "I would strongly recommend also looking for support from a general business perspective at NAWBO, the National Association of Women Business Owners," Moren-Bromma said. "They'll get a lot of support from a business owner's perspective and from women in their own area."

Networking
No matter what type of real estate or general investment clubs women seeking to become real estate investors choose to join, such groups can provide them with crucial opportunities for networking, education and support.
"The greatest key is knowledge," Cadenhead said, and women new to real estate investing can benefit from "being around other people who do invest to learn the process from those people."
Learning from and working with other women who are experienced real estate investors can also be a good way to gain confidence. Moren-Bromma said she recommended that beginning investors "work with somebody with some experience in real estate investing—get your feet wet a little bit before you go out on your own."

Learning from more experienced investors builds confidence for many women
At real estate investment clubs, "there are real estate agents and other investors there for them to network with, there are lenders, there are contractors," Cadenhead said.
"Everybody who's related to the real estate industry can be found right there...so they can form their own network there to get them ready for real estate investing," Moren-Bromma said. After joining a group, women should "put a business plan, or a marketing plan, or a road map together—their checklist of things that they need to do in order to become successful," she said.
Moren-Bromma also said she recommended that women put together a team of experts to work with when investing. "You have your financial team: your accountant, your attorney, a property manager if you're buying to hold property for the long term...people that can assist you and be part of your team so that when you go out to identify and find a deal, nothing is going to stand in the way if the deal makes sense. You've got your people, your money—all your ducks in a row."
"If a woman does that, she's going to be very successful in real estate."

Strategies for women
Considering the credit crunch underway across the country, combined with the potential recession, many women who are interested in becoming real estate investors hesitate because they are nervous about money. More precisely, they are worried about not having enough money to be able to invest in real estate.
"I think [women] think that they need to have a lot of capital up front," Jordan-Wells said. "Or their credit may be bad and they don't think they can get started because of that, either."
Cadenhead said that investors will need some money up front. "It's going to take a little money to get started," she said. "Six to eight months ago, an investor could buy a property with no money down and get it financed for 100 percent. With all the foreclosures going on across the country, that kind of put a thorn in that, and so now [real estate investors need] to come up with money," Cadenhead said. "Whether that's 10 percent or 20 percent, a lot of them just don't have it."
Fortunately, for women just starting out, "There's a lot of different creative strategies, like lease options, that they could do to get into a property," Moren-Bromma said.
Buying pre-foreclosures or foreclosures is another strategy that may suit women in particular well for a variety of reasons. While foreclosure properties tend to be more affordable, they typically must be purchased with cash up front. Pre-foreclosures would be a better option for people without a lot of cash on hand.
Another reason is that, because in many cases women are more nurturing than men, a woman "may be able to talk with homeowners who are in [pre-foreclosure] and get them to let [her] purchase a house below market [price] compared to a man approaching them to do that," Jordan-Wells said.
Cadenhead also said the foreclosure market is a place in which many women investing in real estate could find their niche. "I think women will play a major role in their commitment to revitalize areas hardest hit by foreclosures," she said. "Members of my group, Bham WIire, have made a commitment to buying and rehabbing houses in these areas and then sharing equity with properties that they sell. And by doing this, homes become more affordable....We take a little less profit for it, but something has got to stimulate home sales again, particularly in these areas."

Women can utilize their strengths in forming relationships in business
Such a strategy allows the investors to profit not just from the revitalization of a particular property, but from the revitalization of a particular area. Such dedication to a community can improve an area's economic outlook. Cadenhead said this type of investment is well suited to women because "a great advantage that women hold over men is compassion, and empathy."

Outlook
"[Women] are relationship people," Cadenhead said. "We're good at establishing a relationship, we're good at earning trust, and so people want to do business with us. It becomes a lot easier for us to develop a good reputation for delivering a quality product. This is a tremendous advantage [for] women, particularly when it comes to rehabbing property."
Jordan-Wells said she recommended that women who lack experience with do-it-yourself home projects attend classes, such as those offered by hardware and home improvement stores, to learn the basics. Then, if someday they are looking at investing in a property that may require some work, they can make the right decisions about the deal. Do-it-yourself skills could be particularly useful for women who want to rehab properties.
Negotiating can be another important skill for women to concentrate on learning. "[Women should] learn better negotiation skills," Cadenhead said. "Acquire that skill and take control."
Cadenhead said she doesn't think that women are at any inherent disadvantage when it comes to investing in real estate. "I think the major disadvantage is probably internal," she said. "Women only feel that they lack the power and authority. They feel like they can't do it because investing is a male-dominated field."
Moren-Bromma also said that women investing in real estate are not less likely to be successful solely because they are women. "It’s not that it's difficult, it's that women tend not to have the confidence," she said. "Somebody who's persistent and somebody who believes in themselves, whether male or female, will do just fine."

Interesting, isn't it?

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR 702-501-9388!

Bank Lawyers Screwing Up an Easy CRE Transaction

First: I love Lawyers!  My Real Estate office is inside of a Las Vegas Law Firm.

Second: One of the partners of this firm referred one of her clients to me to help them locate a suitable "new" Office location that they could purchase rather than lease.

Now this!

I wrote a purchase agreement for an REO property in the NW of the Las Vegas Valley. Since the Buyer is the lawyer's client, I had her negotiate the Purchase Agreement. She did keep me in the loop and to my surprise, the purchase agreement negotiations took 70 days!

Now, in defense of the Buyer's Lawyer, this length of negotiation put us behind the timeline for the client's lease termination date.  From the beginning -- and the Buyer's Lawyer did a great job getting replies and responses back to the bank's lawyers -- the Bank's Lawyer's couldn't care less about the Buyer's need for speed.  So, the Bank Lawyers' took their sweet time and did NOT work fast at all.

That leads me to this part of the timeline where the Buyer has to decide IF they will continue on with the transaction; OR, cancel the current escrow so they do NOT lose the Earnest Money Deposit of $10,000.00.  And, that feasibility date is TODAY!

This AM, I get a call from the Buyer's Lawyer.  She just found out that the Parcel Map needs more time to move forward.  Apparently, the Title Commitment can NOT be issued without the Parcel Map, the SBA Loan can NOT be funded without the Parcel Map, and the Parcel Map can NOT be approved by the City of Las Vegas simply because the Ownership Entity on the Purchase Agreement is NOT correct! What?

That's right. When I first submitted our Purchase Agreement to the Seller, I put the ownership entity name that is recorded with Clark County.  When they countered and we began going back and forth, the Buyer's lawyer and I assumed the Seller knew the correct name that they hold title to for the land.

Well, since the ownership name recorded with Clark County is different than the name the Seller put on the Purchase Agreement, technically we do NOT have an executed agreement to buy this particular parcel of land.

Unbelievable!  The Seller Bank doesn't even know the ownership name of the only property they have here in Las Vegas, NV.

So, now, we have to spend the majority of today getting this figured out.  And when working with a large bank who's lawyers truly don't care, it is problematic.

I will follow up with an update as soon as I find out how this is resolved.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: david@davidhowes.net OR 702-501-9388!

The Internet will kill Real Estate Broker/Agent Jobs

Okay, I know that is a harsh headline. But, think about it.

In the last 20 years, how many jobs are now gone or have been replaced completely by a computer. One I think of immediately, are the toll booth collectors at the Golden Gate Bridge.

So, lets say we looked ahead by a dozen -- even 20 -- years and discovered a wide variety of jobs simply have vanished off the earth over the course of that span. Can you predict which jobs will be most definitely gone? And, how many jobs will be extinct in 10 years? 20 years?

That is why I do believe that the position of a Real Estate Broker/Agent will have dissolved completely down to maybe a hand full or even completely gone altogether. And, I believe this will happen in 20 years.

In the last 35 to 40 years, since computers were introduced in the 1970's -- and especially since personal computers in the early 1980's -- just how many jobs are now and forever extinct?  IF you think about it, there are quite a few.

Robots have taken over most manufacturing/assembly jobs. Computers are also the ones spinning numbers, too. I do NOT like doing my own taxes myself. I have always depended on a tax professional handling that. But, in the future, that just might be what even I have to do.

And computers for accounting firms and other related financial industries are finding that computers -- IF programmed correctly, will go forward uninhibited forever.

And, as we speak, computers are already putting out more and more movies. Even actors will never have a chance to grace the big screen again with their smiles. What movie producers want will be CG stars that they  control and will never, ever have to pay them a single cent in royalties again as actors will have their job and voices taken over by a  computer generated personality.

Police have grown used to computers helping them solve crimes. IF these computers get any better, career criminals are domed. And there will be even less need for a patrolman. You will be caught on video somewhere. So, no one will ever be able to get away with anything at all, at any time because the computer doesn't need any down time.

The only good thing is in 20 years, hopefully, I have saved enough money; invested enough in Real Estate, that I can live comfortably for the rest of my life on the monthly rents I receive.

It's sad, but is going to happen.

So, before that all happens, let's get you into a nice real estate property that will help you earn money money well into the future.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: david@davidhowes.net OR 702-501-9388!