Wednesday, June 14, 2017

Medical Marijuana Smoking Neighbor Violating Quiet Enjoyment!

When I was young, I didn't care about whether you smoked or not.
I did on occasion partake in sharing a "joint" now and then.

But, as I've grown old, and started investing in real estate, I've been more, and more keen to rules that could inhibit my real estate ownership.

For example, I don't rent units to smokers -- unless they put up an additional security deposit.
Why?
Because upon them leaving, I have to wash and re-paint the entire unit to cover/remove their smoke residue they leave behind.

With that said, recently one of my tenants let me know, he was thinking of 'moving out' because the  downstairs neighbor (who is also a renting tenant) had been for some time smoking "Medical Marijuana" in the downstairs unit. (My tenant had asked the downstairs tenant to stop. They had a verbal confrontation about it.)

***Just to clarify: this is a condo I own within a condo complex. I don't own the downstairs unit. ***



Anyway, he did tell me he complained to the HOA; and, they told him there was nothing they could do.

After being informed about this, I went and complained to the HOA, too!  And, they responded the same.

Then I threatened a lawsuit against them; they were like, okay!

Later, about a week or so ago, while golfing with my attorney friend, I asked him if I needed to retain him to help me with this situation.

He completely understood my problem because he represents other HOA's -- and they are struggling with the same problem, he said.

He told me to wait until my tenant actually moved out; and I started trying to find another tenant.  He said, once that happens, he would then begin to help me.

As we talked, he informed me that the 'new' Nevada Regulation authorizing 'Medical Marijuana" is weakly written.

He said that it does allow persons to smoke in the privacy of their own home -- as long as it doesn't interfere with their neighbor's "Quiet Enjoyment."



He said there has to be an actual case 'of loss' filed in the courts before a judge would be willing to sit and listen to this.

(I have no idea what that means, but since he's knowledgeable about the legalese of Nevada Real Estate, I'll go with it.)

In the meantime, I wait with anticipation as to my tenant's decision.

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

Monday, June 12, 2017

Las Vegas Gaming Property Acquisition Do's and Don'ts

It's that time again where potential Las Vegas Gaming Properties -- may or may not be available for sale.  And, I (feel as if I) have to remind ALL potential 'investors' that you simply can NOT expect the owners to be 'dumb.'

Not going to happen!

And, YES! Because I live and work in Las Vegas. I do know of several "gaming properties" that are for sale -- but the owners will NOT state (or allow me to state) that publicly.

Yes.  There is a large parcel for sale that is listed -- but you don't want to buy that parcel because you will only receive slightly less than half of the total acreage fee simple.  The owner of the 'other (slightly larger) half is never going to sell.

How do I know this?  Simple: I know the owners.

Anyway, when I give you a price of a property; and I tell you that's the sale price, you can -- but it's not going to happen -- try to reduce that price it by saying the financials don't support that price.

In most Las Vegas gaming zoned property cases, the financials will never, ever support the selling price.

So, please take my word for it.  The price I give you is the selling price.

Okay?



The reason I stress this is you have to remember that the current owners of these gaming properties know the value of their land.  If the property is worth more as a tear-down, they already know that.
If the property is worth more via the financial statement, they know that, too!

So, if you are in the market for a gaming property in Las Vegas, be ready to acquire it at the stated market price!

The time for acquiring a gaming property as in a buy and flip, is gone.
In the reality of today's Las Vegas, the price of the property is the price!

And, unless you are going to buy and tear down, I suggest you stay on the sidelines.

An example of the last major company to come to Las Vegas, buy a gaming property at a rock bottom price, and trying to just paint and carpet to turn it around is failing miserably.

Of course, at that time they were saying just how proud they were to have been able to acquire the properties for below market value.  But, when they didn't do anything more than paint & carpet, the sophisticated casino patron moved on to another resort property.

The casino properties they acquired were at or very near foreclosure; They paid pennies on the dollar and tried to run them 'As Is' just as cheaply.

The end result speaks volumes about this approach.

And, all the while, they continued to lose market share because of their cheaper than cheap corporate attitude.

How do I know, you ask?  I live and work in Las Vegas, NV!

So, do you want honesty and a true to life assessment of the potential properties in question? If you do, then click the Las Vegas Casino Information Button in the right column, print, fill out with your company's signatory signing it, and email it back to me.

I need this form back BEFORE I release any information about any property to you that I know might be for sale.

Otherwise, Have a Great Day!

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

Friday, June 2, 2017

A Young Celebrity Who Understands the Value of Commercial Real Estate Investing!

I usually don't name drop.

I think it's beneath me.  It is actually crude and truly uncalled for.

So, I am going to name drop!

1st: I have never met this person
2nd: I have never seen them perform.
3rd: I wasn't involved in this CRE Transaction.

But, I say, 'Good for Claire Sinclair."


I am so happy, that this young woman understands the value of CRE property.  Why do I say that?
It's because she acquired an 8 plex!
Okay, most of you don't know what that is.  In CRE terms, it is short hand for an 8 unit apartment building.

Why am I excited for her?
Because she is taking the chance that this 8 unit apartment building located in or very near Downtown Las Vegas will in the future enable her to earn income as a Bed & Breakfast!

She is taking money she has earned -- and is trying to raise from a social media web site -- to help her complete her desired rehab goal of making the 8 unit apartment property into a BNB!

I think it's great! I think she has her 'smart's on' about money, has a vision of herself in the future and she just might one day be another Mary Bartsas, or even another Margaret Elardi!
(If you don't know who these women are, Google them!)

Here is Robin Leach's article about Claire's quest.

If you are in a similar situation, or have a similar goal, you just need to...

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!