A Lifestyle For You

Most office buildings have a load factor. This load factor is a percentage that describes the difference between the rentable and useable square footages for the building. The usable square footage of a building is all the square footage behind the front doors of the tenant’s suite; the space that is exclusive to them. The rentable square footage is the usable square footage plus the common areas. The common areas include the hallways, lobbies, elevators, stairwells and restrooms of the building. These areas are not exclusive to any one tenant, but are for the use all the tenants and their guests.

Let’s say the gross square footage of an office building is 100,000 square feet. The gross square footage of the building is everything contained within the exterior walls. Let’s say that the total square footage of the common areas of the building is 15,000 square feet. This leaves 85,000 sq.ft. of usable space (i.e. suites).

To calculate the load factor we take the total square footage of the common areas, (15,000 sq.ft.) and divide it by the gross square footage of the building, (100,000 sq.ft.). The formula looks like this:

15,000/100,000 = .15. Therefore, the load factor of the building is 15%.

Let’s see how the load factor relates to leasing space within the building. Let’s say that a tenant plans on leasing a suite with 1,200 square feet of usable space. Knowing that the load factor of the building is 15%, the tenant could then calculate the rentable square footage of the suite (1,200 + 15% = 1,380 sq.ft.). So if the monthly rent for the suite is $2.00 per square foot, the tenant’s total monthly rent would be $2,760.00:

(1,380 rentable sq.ft. x $2.00 per sq.ft.= $2,760.00).

The rentable square footage is always higher than the usable square footage because it includes both the tenant’s suite and their percentage of the common areas.

When shopping for space, it’s important for tenants to understand and compare the load factors of the buildings they may be interested in. Higher load factors mean that more of a tenant’s monthly rent will be dedicated to common areas and less to the suite they occupy. That being said, buildings with higher load factors often have amenities, such as spacious lobbies or atriums, which many tenants may find appealing.

In order to fully understand dual agency, it is important to understand that as far as representation is concerned, the law views the broker of record as the agent and the salespeople that hang their real estate license with that broker as licensees, not as agents. What this means is that a dual agency can exist even if two agents are involved in a transaction because they may share the same broker.

This is particularly important for companies that use a single broker of record for multiple sales offices. In such case, if a licensee from the Downtown office makes an offer on a listing held by another licensee in the Westside office, a dual agency must be disclosed to the parties. Again, this is because there is a single broker of record, agent, for both offices and both licensees are working under that broker/agent. Clearly the same is also true for a single licensee who is acting on behalf of, say, a buyer and seller.

It is important for brokers to understand all the laws surrounding dual agency and how these laws affect their duties of disclosure to their clientele.

Arbitration is often offered as an alternate form of dispute resolution in commercial leases. By agreeing to use the services of an arbitrator, the parties agree to waive their rights to litigate disputes in civil court. There are a few matters, however, such as eviction, fraud and criminal activity where use of the public court system is mandatory.

Before agreeing to arbitration, there are a few things to consider. First, the process for preparing to appear in arbitration can be identical to preparing for an appearance in civil court. That is to say attorneys can be retained, depositions can be taken and evidence can be requested and exchanged. Therefore, the preparation costs can be the same as for a traditional court case. Also, the final decision of the arbitrator is binding and cannot be appealed, regardless of the legal standing for the decision. In other words, the arbitrator’s decision can be totally arbitrary and without legal precedent or standing. In addition, the cost/fees for the arbitrator can be higher than court fees and costs depending on the length of the arbitration. Finally, there is no assurance that an arbitrator’s decision will be any better or worse than that of a judge. That being said certain ADR companies such as JAMS employ retired judges almost exclusively. This is not to say that binding arbitration is without merit, it is potentially faster than the civil courts and some argue have more predictable outcomes than a jury trial. Also, if privacy is an issue, ADR can be much more discreet than the civil court system. In addition, in the event that there are technical elements to a case, many attorneys prefer to argue in front of an arbitrator with some level of technical expertise as opposed to a jury of laypeople.

A few precautions can be taken prior to agreeing to an arbitration clause. First, make vetting the arbitrator a part of the agreement. Selecting an arbitrator with an extensive real estate background would be wise. Also, the parties may want to consider setting financial limits. For example, the parties could exclude any disputed amounts that qualify for small claims court and/or placing a cap on the amount subject to the arbitration.

In a real estate market where failing loans are more common than in years past, tenants should be aware of the concept of subordination. Any lease entered into subsequent to a loan being placed on a particular property will be subordinate to that loan. In the event that a lender takes ownership of a property through foreclosure, or other such means, it is under no obligation to honor a lease that commenced subsequent to the loan that was placed on the property. Clearly, the potential impact this could have on a tenant is devastating. Tenants considering entering into a long term lease and/or spending a great deal of money on improvements to a leased property should seriously consider investigating the solvency of the landlord and status of the loan to which their lease will be subordinate. In addition, tenants may want to consider making the receipt of a non disturbance agreement from the lender a condition for entering into a lease.

The ITC office building in Guam, (www.itcguam.net), has gotten a great deal of attention from the U.S. Government lately. As you may have seen in my profile, I'm the president of Fujita Property Guam, the company that owns and manages this 210,000 square foot office building. We are currently in various stages of negotiations with several U.S. Government tenants. As you may know, the job of negotiating leases on behalf of the Government belongs to the General Services Administration, (GSA).

Candidly I was shocked when I received the GSA's version of a request for proposal/solicitation. The document was over 100 pages. It was overwhelming to say the least. In addition to the volume of the solicitation, it required a great deal of attention to detail. Landlords are required to respond to a number of requests, surveys and questions. A potential property can be disqualified if just one error is made in response to the GSA’s solicitation. This is just the start of the process of leasing space to the Federal Government. If our building is selected, we will begin the process of negotiating the lease document and constructing the tenant improvements. I have been told that neither is easy because of the difficult requirements set forth by the GSA.  

Because of the importance of these transactions, I sought out a consultant that could provide guidance from start to finish. As it turns out, two former GSA employees have started a company that provides such consultation. It is called Unified Interest (www.unifiedinterest.com). They offer a comprehensive set of consulting services for dealing with the GSA.

Considering that the U.S. Government is expanding quite rapidly, the likelihood of leasing space to them is greater now than ever. Landlords, and brokers for that matter, should seriously consider utilizing the services of expert consultants to help them through the rigorous process of completing a lease transaction with the U.S. Government. Here's a link to an interesting article relating to GSA leasing. www.ccim.com/cire-magazine/articles/gsa-way

The commercial and investment real estate business has been very soft for the last 2.5 to 3 years in this area. 2010 saw a reasonable up-tick in leasing activity, but sales remained substantially less than 50% of what we typically experience. Much of our investment activity over the past several years was driven by "1031" tax deferred exchange transactions. That has almost completely dried up.

In the last 3 - 4 months, we noticed a definite increase in leasing activity, some sales activity and substantially more prospects calling and looking at properties to lease and to purchase. Investors' psychology has begun to turn, wherein they are now seriously considering making an investment with the cash they have been sitting on. They perceive the market is "bottoming out" and perhaps now is the time to buy. Returns on alternative investments are at historic lows, and real estate can still deliver an honest 6% to 10% cash return.

There's plenty of commercial money available from various lenders....loan to value ratios are probably down in the 60% to 70% range (requiring more cash equity) and securing a loan at a fixed rate for 10 years or more is challenging to get, most want to re-price or call the loan in 5 years. However, interest rates remain at an all-time low. Depending on the property type, rates will range from low 5% to 6.5%, maybe 7%.

Even during this recent down turn in the economy, sellers have been very reluctant to recognize the fact that their property may have lost 20% to 30% of it's previous value...Thus, have not been motivated to sell. That's now beginning to change and we're seeing signs from sellers that they are becoming more motivated. This will create an environment where "deals" can be structured. In addition, we are hearing that some of the banks want to rid themselves of their foreclosed properties.

Higher than normal unemployment still hampers a robust rebound in our area (although we're better off than much of the nation) but considering all of these elements, 2011 looks like it will be a much improved year.

I worked on a large office lease transaction and part of the deal involved determining the exact square footage of the floor that the tenant would be occupying. We, the landlord, hired an architect to measure the space as did the tenant. Both architects were instructed to use the BOMA standard as their basis for measuring the space. As it turns out, the architects both came up with different results. As a resolution, we agreed to hire a third architect to measure the space. That architect, too, came up with a different number. Three professionals using an exact standard of measurement could not agree upon the square footage of a single space. This may sound odd, but it is not unusual. In fact, it is not uncommon for the actual square footage of a building to be different than what is shown on the original building plans. Obtaining an accurate measurement of any space or building can be tricky at best.

With that in mind, all leases have a section where the premises are described. Many people feel compelled to include the square footage as a part of that description when preparing the lease. I urge against that. It opens the door for disputes during the term, such as tenants wanting to renegotiate their rent based upon a discrepancy in the square footage of the space. In other words, in the lease the landlord states that the square footage is 1,000 square feet, but two years into the term the tenant decides to measure the space and comes up with 975 square feet. In addition, the California Court of Appeal has weighed in on this matter in the matter of McClain v. Octagon Plaza. For further information visit http://www.gordonrees.com/publications/viewPublication.cfm?contentID=576 

If it is necessary to provide the square footage in the lease, have an attorney draft language that specifies how the space was measured and by whom, and that the Lessor and Lessee agree upon same.

Buyers in a transaction involving the purchase of a leased property will usually require the tenant to complete an estoppel certificate. By completing this form, the tenant has an opportunity to confirm the terms of the lease, verify that the landlord is in compliance with those terms and/or provide any other information relating to their relationship with the landlord. It is important for a buyer to have a solid understanding of the tenant's perspective of their relationship with the landlord; after all it is a relationship that the buyer will inherit. Because of its importance, the estoppel certificate is usually a condition of closing a sale transaction. Most leases have language that requires tenants to complete and execute an estoppel certificate within a certain time period, say 10 days. 

Despite its importance and the requirements of the lease, it is not uncommon for tenants to make completing the estoppel a low priority. This can lead to a delay in closing the sale transaction. Depending on the language of the lease, the landlord has a few remedies against the tenant. First, he can pursue a breach action against the tenant. This option is probably not practical considering the time required and the fact that most buyers do not want to inherit a lease that is in breach. Secondly, many leases have language which allows landlords to provide an estoppel on behalf of the tenant if the tenant refuses to provide it. That being said, most buyers prefer to have an estoppel provided by the tenant themselves. Perhaps the most effective option is a monetary penalty. Try adding language to your leases that allows for charging an amount equal to one month’s rent. This could be the most effective way to motivate a tenant to complete an estoppel certificate.

One last word on estoppels. It's not unsual for a buyer or lender to add language to an estoppel that essentially amends/modifies the lease rather than just confirm its terms. Tenants are under no obliation to execute such an estoppel.

Rental adjustment provisions are a common component of most leases. Often such adjustments are linked to the rise and fall of the Consumer Price Index (CPI). Sometimes referred to as a cost of living adjustment (COLA), these adjustments typically occur annually on the anniversary of the start date of the lease.  The adjustments parallel the increase, or decrease, in the CPI over that same period. For example if the CPI increases 3% then the rent will increase 3% as well.

One inherent problem with using the CPI as an index for adjusting rent is that landlords are forced to wait a few months before billing tenants for the newly adjusted rent.  This problem is a result of the fact that there is a delay in the publication of the CPI. In other words, the CPI for January may not be published until March because the Government must gather and analyze data prior to releasing the index to the public. This forces landlords to bill tenants retroactively for the adjustment in rent each year. If January is used as the month that the rent adjusts each year, then landlords must wait until the CPI for January is published at some later date in order to know exactly how much to increase, or decrease, the rent. Besides being inconvenient, retroactively billing a tenant causes budgeting problems and accounts payable issues for tenants not to mention cash flow planning problems for landlords.  

One solution is to set the CPI index date as a date prior to the rental adjustment date. In other words, separate the two dates. If a lease begins in January and the landlord would like to bill and collect the adjusted rent annually in January, he should set the CPI index date as the month of November (i.e. two months prior). In doing so, the landlord can be assured of having the published CPI index by the time he is ready to bill the rent for January. The difference between the November CPI and January CPI will be almost certainly be negligible, so there is little downside for either the tenant or landlord.

Conceptually, and in an abbreviated form, the lease language might read: "The monthly rent shall be adjusted annually in the month of January. The adjustment will be based upon the difference in the CPI between the months of November 2011 and November 2012…"

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Commercial Real Estate Vacancy Rates to Decline but Rent Recovery Delayed
WASHINGTON (February 25, 2011) – A stabilization trend is taking place in commercial real estate sectors, but in most markets rent will remain soft except for multifamily rentals, according to the National Association of Realtors.
Lawrence Yun, NAR chief economist, said a pullback in construction is helping stabilize the market. “Very limited construction of new commercial real estate over the past few years has essentially fixed the supply of available space,” he said. “This means vacancy rates could fall quickly from any increase in demand for commercial space.”
From the first quarter of this year to the first quarter of 2012, NAR expects vacancy rates to decline 0.5 percentage point in the office sector, 1.3 points in industrial real estate, 0.1 point in the retail sector and 0.9 percentage point in the multifamily rental market.
“Even with declining vacancy rates, rents are not likely to turn positive in most markets until next year, outside of multifamily rental properties,” Yun said. For example, office rents are forecast to fall 1.8 percent this year before turning higher by 4.0 percent in 2012.
“Apartment rent increases are expected to accelerate from job creation leading to new household formation, particularly among the young adult population who will seek their own housing arrangements – many will be leaving their parents’ homes, or choose to live with with fewer roommates,” Yun said.
Average apartment rent is projected to grow 3.4 percent this year and another 4.2 percent in 2012.
“Rising apartment rent in combination with rising oil prices could push the overall inflation rate beyond a comfort level, which could then force the Federal Reserve to raise interest rates later this year or early in 2012,” Yun added.
The Society of Industrial and Office Realtors, in its SIOR Commercial Real Estate Index, an attitudinal survey of more than 360 local market experts,1 shows a notable improvement in market fundamentals.
The SIOR index, measuring the impact of 10 variables, rose 8.1 percentage points to 50.7 in the fourth quarter, the largest quarterly gain in five years, and is at the highest level since the fall of 2008. However, the index is well below a level of 100 that represents a balanced marketplace. This is the fifth consecutive quarterly improvement following nearly three years of decline, but the last time the index was at the 100 level was in the third quarter of 2007.



Commercial Real Estate Forecast/Market Report

Seventy-eight percent of SIOR participants expect improvements in the office and industrial sectors for the first quarter of this year.
There has been an increase of liquidity in Commercial Mortgage Backed Securities, which is helping to open the commercial market to more property transactions; commercial real estate sales had been stalled over the past few years with excessively tight credit conditions. In terms of development acquisitions, it remains a buyer’s market for those with cash or who can obtain credit financing.
NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK2 offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by CBRE Econometric Advisors.

Office Markets
Vacancy rates in the office sector are forecast to decline from 16.5 percent in the first quarter of this year to 16.0 percent in the first quarter of 2012.
The markets with the lowest office vacancy rates currently are New York City and Honolulu, with vacancies in the 8 to 9 percent range.
In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, should be 14.5 million square feet in 2011.

Industrial Markets
Industrial vacancy rates are projected to decline from 14.2 percent in the current quarter to 12.9 percent in the first quarter of 2012.
At present, the areas with the lowest industrial vacancy rates are Los Angeles and Salt Lake City, with vacancies of 7.5 percent.
Annual industrial rent is likely to decline 2.5 percent in 2011, before rising 3.0 percent next year. Net absorption of industrial space in 58 markets tracked should be 127.5 million square feet in 2011.

Retail Markets
Retail vacancy rates are expected to slip from 13.0 percent in the first quarter of this year to 12.9 percent in the first quarter of 2012.
Markets with the lowest retail vacancy rates currently include San Francisco; Miami; Honolulu; and Long Island, N.Y., all with vacancies in the 7 to 8 percent range.
Average retail rent is seen to decline 0.9 percent in 2011, then rising 0.7 percent next year. Net absorption of retail space in 53 tracked markets is projected to be 4.8 million in 2011.

Multifamily Markets
The apartment rental market – multifamily housing – is tightening as the economy improves. Multifamily vacancy rates are forecast to decline from 5.8 percent in the current quarter to 4.9 percent in the first quarter of 2012.


Areas with the lowest multifamily vacancy rates presently are San Jose, Calif.; Pittsburgh; and Newark, N.J, with vacancies in a range around 3 percent.
Multifamily net absorption should be 207,000 units in 59 tracked metro areas in 2011.
The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.
The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.
Approximately 79,000 NAR and institute affiliate members specialize in commercial brokerage services, and an additional 263,000 members offer commercial real estate as a secondary business.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
1 The SIOR Commercial Real Estate Index, conducted by SIOR and analyzed by NAR Research, is a diffusion index based on market conditions as viewed by local SIOR experts. For more information contact Richard Hollander, SIOR, at 202/449-8200.

2Additional analyses will be posted under Economists’ Commentary in the Research area of Realtor.org in coming days.

The next commercial real estate forecast and quarterly market report will be released on May 24.

Information about NAR is available at www.realtor.org.


For Further Information Contact:
Walter Molony, 202/383-1177
wmolony@realtors.org

Many leases require tenants to carry insurance for their personal property and, quite possibly, the property that they occupy. Part of this requirement is to provide the landlord with proof that the tenant's insurance is current and that the policy meets the landlord's requirements. To satisfy this requirement the tenant will often provide the landlord with a "certificate of insurance". This is usually a one page standard form that is issued by the tenant's insurance agent. The form provides basic information about the insurance policy and the effective dates of the policy.
However, it is important to note that many of these certificates of insurance contain disclaimer language such as:

THIS EVIDENCE OF PROPERTY INSURANCE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE

ADDITIONAL INTEREST NAMED BELOW. THIS EVIDENCE OF PROPERTY INSURANCE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE

The tenant's use provision of a lease is more critical than you might think. The way in which the tenant's use is described can be instrumental in the event that the tenant wishes to sublease the space or in the event his business plans change during the term of the lease which would require a change in his use of the premises. Both events require the landlord's approval. One of the conditions of the landlord's approval is his approval of the subtenant's use or change of use by the existing tenant. Generally, there are two ways to describe a tenant's use:

• Very specifically (i.e. Metal fabrication operation.) 
• Very generically (i.e. Industrial manufacturing and all other legal uses.)

Many leases contain a "waiver of subrogation" clause. This clause relates to insurance. First, let's understand what subrogation is. Many insurance policies allow for the insurance company to seek reimbursement from a third party for claims made by the person they insure. In other words, if the insured individual makes a claim as a result of a loss caused by a third party, the insurance company would pay that claim to the insured. Subrogation allows the insurance company to then pursue that third party in order to get reimbursed for the cost of the claim paid to the insured individual. This action would be taken on behalf of the insured individual.
A waiver of subrogation would disallow the insurance company from taking such action and pursuing the third party.

In addition to rent, a tenant may incur other costs associated with their occupancy of a premises. Such costs may include property maintenance, property insurance and property tax payments. Even under gross leases, tenants may be liable for building related expenses beyond rental payment.
At a minimum, when negotiating a lease document, brokers should make sure that tenants are aware of all the costs associated with the lease. If you are unsure about such costs, ask the owner for an operating budget for the building or simply ask for a breakdown of all costs for which the tenant may be liable. Negotiating a cap or fixing the amount of such costs should be done during lease negotiations.
Think of it the same way you do when purchasing a car. There's the sticker price and then there is the "out the door" price with all the extras.

Let's discuss a tenant that occupies a 5,000 square foot space and has three years of term remaining on his lease. Say this tenant wishes to dispose of a part, or all, of his space. Should he use a sublease or a lease assignment.
If the tenant subleases any amount of space less than 5,000 square feet or subleases for anything less than the entire three years of remaining term, then he should use a sublease. If, however, he subleases the entire space for the entire remaining term, he should use an assignment form.


Rules of Thumb:

• Less than entire space= Sublease
• Less than entire term= Sublease
• Less than entire space and less than entire term= Sublease
• Entire space for entire remaining term= Assignment

When preparing a lease, or any legal document, always make sure to use the full and correct names of all the parties involved. Failing to do so can create problems down the road for the parties. For example, if Acme Inc. was going to be the tenant under a new lease, and Acme Inc. is a Delaware corporation, then the lease should read, Acme Inc., A Delaware Corporation. Acme or Acme Corp. is not satisfactory. If the tenant were an individual with the name John Jones, then the lease should read, John Jones, Individual. Also, the signature blocks should match the name filled in as the tenant and it is critical that all parties sign the lease on each of the blanks provided on the signature block.
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NAI Black has been retained as property manager and leasing agent for the Rock Pointe Corporate Center, a Class A office park with 600,000 SF of office space plus structured parking in Spokane, WA. Thomas Hix, CPM, will be lead property manager for the asset, with Heidi Irvine as co-manager. Jeff Johnson, CCIM SIOR will direct leasing activities with Jeff McGougan and Jon Jeffreys as leasing agents.

That right, Folks!

If I had $ 1 Million to invest, it would be in a REO commercial property -- right now.

With all the prognosticators saying we are near Depression like declines when it comes to real estate, the amount of over built supply of homes is dragging that market down. And if you have acquired a home to flip or rent, my apologies.  I believe you overspent.

But, with commercial properties, as usual, it's location, location, location.  And, I believe, in my humble opinion, it is also what you should buy right now.

If you are a passive investor who is just looking for income and only care about the quarterly rent check, you need a freestanding building with a strong national or regional tenant.  Fortunately, Las Vegas has about a dozen or so of those properties.  If you are an active, hands on investor and are looking to acquire a property, re-tool it, then flip it or hold long term, Las Vegas has about 20 dozen of those.

And, yes.  Commercial real estate will return to active or positive gains faster than residential real estate.  And the biggest reason will be that the US government has for too long allowed companies to ship jobs overseas.  Which means that job growth in the good ole US of A will be much slower than people realize.  And that means that people won't buy or even keep an existing home when you know that it will be better for you to walk away from your current house situation, and get a cheaper house in two or more years from now after you have found a minimum wage job that barely will pay the bills that remain after your BK.

Yahoo!   WalMart greeter, here I come!  Oh, I have to be 55 or older?

So, if you have $1 Million to invest, I can recommend several Las Vegas properties -- listed with Las Vegas' Real Estate Brokers -- that will fit the bill.

For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net

Before the holidays -- which I hope everyone had a Happy and Joyful Holiday -- from this miserable excuse of a market...  Sorry.  I digressed.

Let's start over: Before the Holidays, I had been in contact with several Agents listing REO properties.  They were hard up for an offer; and, they had been sending me numerous, unsolicited marketing materials about their bank owned properties (almost) begging for an offer.

Unforunately -- for me -- my clients were/still are on the sidelines waiting for some form of an offical word that the Las Vegas market had hit bottom.  So, getting them to even make a low ball offer is pretty much impossible.

That's when, I realised: "Who are making these offers on these properties that are all of the sudden, they are "off-the-market!" and/or "under contract?"

So, starting today, I started calling all of my buyer/seller contacts.  And, of course, I had to leave them voice mails because (apparently) they haven't returned from their holidays -- yet?

But, as the month of January, 2011 grows, and as it turns into February, 2011, you can be sure that I will be calling them (well, not everyday).  And the reason will be, that IF these Listing Agents are all of the sudden getting properties "under contract" during the actual Holidays; my clients need to step up. 

OR, are these Listing agents really telling the truth?

And the reason I question this is that one of these "under contracts" is from the Listing Agent that had said to me that FDIC would not pay a procuring commission on a property.  It is (probably) most likely NOT under contract because he was upset I called the FDIC to call his bluff.  Hmm.  Time will tell if he's is telling the truth.  (Hint: He lied to me at least once.)

Then, again.  Most real estate agents lie.  So, there is not any questions as to why (lay) people think real estate agents are sleazy.

Also, I received an indirect confirmation of my client telling me about six to eight months ago, that the FDIC, Fannie Mae, and Freddie Mac will in the near future be selling properties at a severe discount.  I read it in a Las Vegas Sun Q & A Article.  Check it out.

For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net