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!

The Low Ball Express of Downtown Las Vegas Motels!

For more than a year, I have had four Downtown Las Vegas properties listed for sale.
They are three motels; and, one is a studio apartment building.

They range in price from $1.5 Million to $3.2 Million.  And all are priced to sell.

The problem is one property has garnered most of the inquiries.  (More than 7,000 inquiries!)
Yet, every investor I've spoken to has claimed they are cash buyers, can close quickly, and they are looking for a deal.

Then, when I offer them a deal, they immediately start demanding a steal.

One investor from Northern California said she'd wouldn't pay $1 Million for the most sought after property.

My reaction?  Okay.  Thank you for wasting my time!

Here are the properties that can be acquired individually or altogether.

Alpine Motel Apartments
213 N 9th Street
Comparable Sales indicate an "As Is" Market Value of $2.9 Million

Casa Blanca Motel
2401 N Las Vegas Blvd
Selling Price: $3.2 Million!

The Economy Motel
1605 Fremont Street
Selling Price: $1.5 Million!

Starlite Motel
1873 N Las Vegas Blvd
Selling Price: $2.5 Million!

AND, all four can be acquired together as a portfolio for $10 Million or at a 10.969% Cap Rate.

For property details, email me!

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!

Stealing an Owner's Equity

It's NOT illegal.

Just wanted to say that at the top.

But, I think it should be given that when an agent buys an Owner's property at way under it's value, there should be some form of punishment for the agent when they do that.

Because, basically, even though its NOT illegal to buy a property way under market value, I think its unethical -- especially if you are a real estate professional.

Essentially, all this is, is you are stealing the Owner's equity.

Now, investors who buy and sell real estate  (also known as flippers) want to do this on every transaction.  They think it's their duty to steal the equity for their own profit.

Alpine Motel Apartments

Currently, I am dealing with an apartment building listing I have in Downtown Las Vegas.  I get at least one inquiry a day on it by Investors who can "take this property off my client's hands."

What these investors don't realize, is the owner is also an investor at the same time he is an operator.
So, he isn't in need of having the property taken off his hands.

And that's the rub.  Since housing is in short supply in this area of Downtown Las Vegas, this property -- even though it's in need of renovation -- is mostly full all of the time.
Yet, they keep trying.  They keep making offers to buy low and flip.

But, since I know it's my fiduciary responsibility to protect my client, I tell ALL of these investors that the only way they get this property at a steal is to buy all four of the properties in a portfolio my client owns.

Interested in netting about $1.1 Million a year?
Email me.

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!