Retired NFL Players Go Broke/Bankrupt within a few years of retirement!

I have written about this subject in previous blogs before.  And, I find this to be a crying shame.

After earning such a large sum of money in such a short time span: How do players end up broke or bankrupt?

My other question is: How do I reach these young men and try to educate them to NOT spend every dime they earn on intangible assets that lose value over time?

I realize that the athletes families don't help much because they are expecting (in some cases demanding) a lump sum payment for just being related to the athlete.

But, I still say, the best way to handle a greedy relative is to just give them an income rather than the lump sum they are demanding.  (And hiring a strong financial planner is the best way to go.)

http://fivethirtyeight.com/features/theres-a-difference-between-broke-and-bankrupt-for-ex-nfl-players/
(You may have to copy and paste in your browser to read.)

The end result of this, is pretty sad.  But, IF the athlete would contact me, I could show them how acquiring an income property could help them pay incomes to the greedy relatives of theirs.

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

Real Estate Investors! Banks now trying to use auction process to increase market value of their REO's!

For some reason, Banks are now using the Internet auction process, in an attempt to sell their REO's.

The bad news for the banks is that they will be dealing with the same stubborn buyers who feel that the current asking prices are too high.  And, that bringing the property to auction will NOT increase the value of their REO holdings.

However, whether the property "Sells" at auction or not, the stronger banks are going to hang in there tough and continue to focus more on the maximum value they can get for their properties through this process.

Recently, one REO property I had been watching, did sell through the auction process for slightly more than what it would have sold for through the normal real estate sales process.

What this tells me is that this property's current value -- for example -- is roughly $4 million.  Bringing the property to auction, still only made the property worth the +/- $4 Million.  (Just so you know, there were no comparable sales or any other evidence that would have made this property, overnight, increase in value at all.)

So, what can I do?  The only thing I can: which is to tell the Listing Agent or Owner, “I can get you an offer for "X" amount for your property.”  The Agent or Owner usually replies that they can find a buyer for their price.  Unfortunately, my only reply is: “Good Luck!”

  

(To give you some background information, several years ago, I sold a client’s last owned shopping center in which I was able to get him the highest price per square foot for a shopping center in Las Vegas at the time.  But, since that was a few years ago, he’s (conveniently) forgotten that fact.)

So, a fellow property owner, who knows little or nothing about the declining market area they are in, “thinks” he can get someone from out of the US to badly overpay for my client’s property!

The unfortunate part of this is that this is starting to happen in reality.  Last year, a Chinese investment group overpaid for a Walgreen's located on the "Strip."  Now, there are better valued properties around the entire Las Vegas valley that are worth looking at.  But, as with most investors outside of Las Vegas, they only think of Las Vegas as a Resort lined “Strip” of land.

But, if you investors would open your minds and wallets, you will find -- to your surprise -- good deals still here but outside of the “Strip.”  And, the investor that decides to believe me will be one happy camper down the road.

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

Chewing Out the Local Managing Director of a National Real Estate Firm for Lying!

I have been sitting on this for several months or so. I wasn't sure how I wanted to present this.

Anyway...

A while back, I was trying to get information on a property that was listed with a national real estate firm here in Las Vegas, NV. The agent steadily would NOT return my calls; nor even reply to my email requests.

So, I decided, since it was a bank owner property, to resend an email to the agent, and include a cc of the message to the bank asset manager so they could see I was interested in helping a client buy the building.

Not one day later, the managing director of the national real estate firm calls me to say that I had violated the law in contacting their client.

Now, I know that this was a lie, but he insisted that contacting a listing client was in fact a violation of Nevada law. (It isn't.)

I said, I did that because "your agent" refused to return my call or reply to my email.
He said, his agents were busy and didn't have time to return "non essential" inquiries.

Unfortunately, this is where I lost it. I chewed him out with such vulgarity, I can NOT recite the words here.

Paraphrasing, I called him stupid, unqualified to lead, and a LIAR! I did NOT pull any punches.

Now, IF you as a real estate agent or broker are going to lie to me, be ready for a full force retaliation. OR, just don't lie in the first place.

As far as I am concerned, this local office of this national real estate firm, is full of self righteous, arrogant, agents who think that double ending deals should be the only way to sell real estate. And, IF they happen to have another local broker on the deal, it is beneath them.

Now, I moved to Las Vegas in 1994, I did interview with this company way back then, and, I decided that it was NOT right for me. (I don't like being pigeon holed into doing only one aspect of real estate.)

So, on this transaction, I eventually found another property nearby which my client bought. And, as far as I am concerned, the managing director and most of the agents at this one national real estate firm can kiss my....

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