Las Vegas Resort Hotel Casinos For Sale II

A couple of years ago, I blogged that there were a few Resort Hotel Casino Properties For Sale. Now, I want to update you on this: There are Three For Sale and they are true Resort Hotel Casino Properties.

So, IF you have the prerequisite amount of money or financial capacity -- which means you are capable of paying $250 Million or more for a Resort Casino Hotel property -- send me an email with the proof of capacity. I will then reply with a Non-Circumvent, Confidentiality and Commission Agreement for your company's Authorized Officer's signature.

Once this Agreement is executed, I will then supply you the detailed information on the Resort Hotel Casino Property that "fits" your financial capacity and investment criteria.

The form can be down loaded from the column in the right under Las Vegas Casino Information.

Contacting David Howes is easy -- You can reach me at: davidATdavidhowesDOTnet OR call me at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

8% or Higher Cap Rates In Las Vegas? Sorry, Cap Rates are actually Going Down!

Last June 2014, I wrote this blog because I was being called by "out of state" investors wanting to acquire Las Vegas CRE at an 8% Cap Rate or better -- as one investor told me.

Well, it's been a year now and the Cap rates have actually 'Gone Down!'

This means, that the prices of CRE in Las Vegas are getting higher -- and other investors are buying these properties.

So, once again, I feel I have to re-address the issue:

For several years months now, I have been working with a couple of Buyers who are still searching the Las Vegas Valley for an 8% Cap Rate.

Unfortunately, for them, they are ALL gone.

The 8% Cap Rates went away about two a years ago when Owners began to realize they were getting multiple offers for their property and/or they no longer "needed" to sell.

But, Not all properties are in such a rosie position.  Several Owners that I know are still struggling to make their loan payments and are still upside down at the end of the month.

But, when you come to Las Vegas expecting a steal, and you find out that a 7.5% Cap Rate is the best you are going to do, then, you shouldn't be wasting my RE Broker's time.

Walgreen's across the US are going for +/-5.5% Cap Rate.  Here in Las Vegas you might be the high bidder at a 6.75% Cap Rate.  But, IF you think an 8% Cap Rate should do, you will be out of luck.  There are no Walgreen's in Las Vegas selling for an 8% Cap Rate.  AND, you are foolish to be thinking that for any property in Las Vegas right now.

IF you are truly interested in acquiring a Las Vegas NNN investment, then contact me and we'll start the search.  But, 7 or 7.5% is going to be the the best sales price.

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

"There's nothing around it! The tenant is going to fail!"

Sigh!
Two weeks ago, I had a California Buyer who made an offer for a property with a fast food restaurant that was located just off I-215 on Jones Blvd.
It sits in an area between where there are a lot of office warehouse buildings and well built up neighborhood of SFRs.
And, there is a lot of vacant land in this area and most of it is owned by McCarran International Airport.
Now, Jones to and from the I-215 is a very, very busy street as it is the easiest way for workers who live in the neighborhood to the south to travel to work either on the 'Strip,' or to a business that is located near the 'Strip.'
The Buyer and Seller agree on a sales price. We open escrow. Then, -- not more than one hour AFTER opening escrow -- the Buyer calls me to demand I cancel escrow!  What?! Huh?! Ok.
It took me a week, but I finally found out that "a friend" of the Buyer had told him he had "looked" at an aerial map of the area and he determined that there was "nothing around the property but vacant land" so that meant to the friend "that the fast food restaurant was going to fail."
Apparently, this "friend" knows nothing to very little about Las Vegas.  BUT, his influence was great over the Buyer.
Since canceling Escrow, the property -- which had a lot of interest in it has SOLD to a Real Estate Broker, who flipped the property to another California investor.  The Broker acquired the property for $5.3 Million.  And, an hour after he closed escrow buying the property, he closes his second escrow to the investors for $5.8 Million.  Today, as I write this, is a Thursday two weeks before Christmas and I am still baffled that someone with little or no knowledge of a city or town in another state could have so much influence over a Buyer.
Even after I went over all of the "friends" objections with the Buyer, he wasn't going to go against his "friend."
Yes! This is absolutely absurd!
You see, the reason the fast food restaurant was placed there in the first place was because there is a severe lack of fast food in this area.  There are numerous businesses in this area that their employees had to -- and still do -- go OUT of the area to eat lunch, etc.  In other words, there is plenty of "Rooftops" and "Traffic" to support this fast food restaurant.
And, with McCarran International Airport owning most of the land, and with the recent economic meltdown developers have been hesitant to lease the land and build more buildings.  (This will iron out eventually.)
But a national fast food chain will be able to survive here because it is the only fast food in the area.
So, "friends" please keep your big, uneducated opinions to yourself.  Otherwise, you will cost your Buyer friend an opportunity to make money from a well placed National Credit Tenant NNN investment.

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

Questions surround the future of the Fontainebleau

Questions surround the future of the Fontainebleau

A week or so ago, Paul Joncich, an anchor on Channel 8's NewsNow called to ask if I'd be willing to be interviewed about the (mostly) built Fontainebleau Resort here in Las Vegas, NV.

At first I was hesitant because I truly don't like the way I look or sound on camera.  But, after the wife told me to take my own advice of: "What other people think, is none of my business," I decided to go for it.
Anyway, click the link above for the news story.

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

Downtown Las Vegas Church to acquire Neighboring Property!

After almost a year of going to and fro, a Downtown Church has agreed to acquire it's neighboring property for $1.9 Million.

This church which sits on the NEC of Ogden and 9th will be increasing it's land footprint from .09 acres to .32 acres.  The neighboring property to the south has a +/-3,600 SF store front office building; and, the adjacent parcel to the west has two store front office buildings of about 1,100 SF.

Since most of the sales activity in this area has been completed by the Downtown Redevelopment Project, the church's impact would be minimal.  However, with the acquisition of these properties, the church will be able to service more of the homeless and indigent populous that are an earmark of this east Las Vegas area.  And, this increase in lot and building size will help the church provided better and more food services for the growing food recipients.

Hopefully, we will be able to close the sale by mid summer.

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

The Seller's Downfall from Selling without a Real Estate Broker!

Just recently, a property owner emailed me to say he had SOLD! his commercial Property and he was proving to me he didn't need a Real Estate Broker.

I had in the past tried to get him to list his property with me. But, he knew better than me about what his property entailed. So, I said okay. But I really wanted to see what would happen.

This is always a bad move on an Owner's part. If you are NOT experienced in Real Estate, you will get taken advantaged of.

Even my own younger brother bragged to me a few years ago about: "How easy it was for him to get his real estate license." I then asked my brother, "So, how much money have you made selling real estate since getting your license?"

His answer: "None." And, it is None because he works as a Pharmacist. Unfortunately, he is just like the rest of Sellers: He truly thinks it would be easy to be his own real estate broker.

So, the owner from the above property who said he didn't need me, was bragging in his email about selling on his own property, said: he Sold for: "$800,000."

I asked: "Why did you sell it for so much less than what this very same buyer had already paid for similar properties in his area?"

He replied: "The Buyer had told him they were never going to pay what I had wanted them to pay" which was $200,000 more than what they paid for his property.

I said: "Of course, they are telling you that now. You accepted less! Of course, they are going to say, they wouldn't pay more than what I had gotten these very same Buyers to pay for other properties that were all around him. But, "You decided you didn't need me!"

He reiterated: "I wasn't needed." and "I was making it a bigger deal than it was." Well, it was a $200,000 bigger deal than he realized.

Anyway, I didn't want to pour lemon juice on his wound. IF he truly thinks he did a better job than me, fine. I will move forward knowing he screwed up big time. AND, he eventually will realize this, too.

So, want to sell your CRE property yourself? Go ahead. It's just that I make an honest living with a Real Estate Brokers license and I would never try to do your job just to cut you out of a financial gain for helping me. And, I do it with your best intentions in mind.

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

In Order to Purchase Las Vegas Property, You Need to Know This One Secret!

Not everyone is privileged to be able to acquire an income property in Las Vegas. And, most investors will never know the true secret to acquiring a Las Vegas Investment property because they get caught up in the Large Real Estate Firm scenario.

And, unfortunately, they continue to fall victim to this every time because they don't realize that the Large Real Estate Firm is only interested in their own bottom-line.

I know this because I have worked for large real estate firms.

IF you truly want to acquire a Las Vegas Income Property, you need to contact me.  My goal is and will always be for the benefit of my client. (You!)

I have had "others" come to town, then get a hold of me and ask: "Can you show me properties that you don't have listed?"

My answer is an affirmative Yes!

If you come to Las Vegas and hire me to help you with a property purchase, and you see a property you want to acquire.  AND, it is NOT LISTED, I will do everything I can to contact the owner and see IF they will sell.  It's truly NOT that difficult.  It might take some time since most owners who get unsolicited calls, don't return those calls.  But, I will keep trying until I get an answer for you.

So,...

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

Warren Buffett's Long Term Advice about Investing in Real Estate

This is written by a person who follows his own advice about real estate investing. He ignores Political winds and focuses on the long term return on investment. Advice that has made him one of the riches men in the world.

http://finance.fortune.cnn.com/2014/02/24/warren-buffett-berkshire-letter/

(Copy and paste in your browser to read.)

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

Solid NNN Investments in Las Vegas at 7% Cap Rate!

Since late last year, I have been dealing with several out of state investors searching for popular CRE Investments that they only want to buy at an 8% Cap Rate or higher.

What these investors are neglecting is that the owners here know they have CRE investments worth at least a 7% Cap Rate.

AND, they will NOT sell for higher than that.

So, investors, please take it as the TRUTH that a 7% Cap Rate is a very good investment in Las Vegas whether you believe it or not. Sure. There have been some property acquisitions here at a price that translates to a higher Cap Rate. BUT, most of those have been for properties that went into foreclosure: AND, the banks were tired of maintaining them through the years.

AND, when you have a property with one of the largest gaming companies as a tenant that is guaranteeing the lease through the initial term, you should be jumping on this band wagon and start collecting the annual rents.

One particular property that has had investors turn their nose up at does exactly this. AND, not many Credit Tenants would be willing to do that, either.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88

Chinese Millionaires Fleeing China

On CNBC's web site, there is a report of Chinese Millionaires fleeing China because the economy is so bad there.

I have placed a link below so that you can read the report first hand.

http://www.cnbc.com/id/101388620

My suggestion to these fleeing millionaires is to please consider Las Vegas, NV as a place to invest in.  With Las Vegas recovering from the 2008 economic collapse and values beginning to increase, now is the time to take advantage of Las Vegas properties.

So, IF you have any questions about investing in Las Vegas real estate, send me an email and I will reply as quickly as possible.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88

Local News now Aware of Downtown Las Vegas Profit Prospects!

The article link below finally is giving attention to what I have been saying.  Developers and builders need to pay more attention to downtown Las Vegas because that is where the area growth potential is.

I have six properties listed that could be acquired and then torn down to make room for further development or building expansion.

The problem I have been running into is 'flippers.'  They want to buy at pennies on the dollar and then flip to Tony and make an obscene profit.  I have attracted many of my listings vowing to NOT let that happen to my clients.  Thus, the higher than usual listed prices.

However, I can vouch for the prices because Tony's Crew has acquired property through me at those very same high prices.

Ferguson's Motel SOLD for $5 million
Pete Pan Motel SOLD for $2.8 Million
A Duplex on 11th Street just closed escrow for $500,000!

Of course several properties have SOLD for less.  BUT, the Buyer was Tony's Crew.

Now, the Las Vegas Sun is starting to see the next step that I have been saying for at least two years.  (Copy and pasted the link in your browser)

http://www.vegasinc.com/business/2014/jan/13/clean-slate-reinvent-downtown-las-vegas/

IF more developers and builders would step up, the profit potential of downtown redevelopment would expand and explode.  It just is going to take a little more time than usual.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88 and you can follow David on Twitter: @DavidAHowes

$750,000 and $1.75 Million will get you these Downtown Las Vegas Properties!

Two properties that are in the direct path of Tony Hsieh's Downtown Redevelopment Project are still available for Sale.

These prices reflect the SOLD Sales Comparable for this area.

Tony's Crew have been reluctant to move forward on these.  WHY?  I don't know.

But, IF you acquire these as is, where is, you can be the fortunate one to take advantage of the Flip Mark Up when Tony's Crew does come to their senses.

Both are in the tear down mode.  However, 123 N 9th can be redeveloped into a store front office or a local diner/restaurant/nightclub.

The 109 N 9th Street could be torn down, or rebuilt into a local grocery market, or even a restaurant/bar/meeting hall.

Both Properties were built in the 1940's+/- and do need work.

However, since these are two of the last three privately owned parcels on this block, Tony's Crew will need these eventually.

AND, there is plenty of room for a mark up.

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