So where do taxi drivers keep their money these days?
- Thread starter Debaser82
- Start date
well that explains the spread
Steve Wynn on real estate.
I'll give you an example of Las Vegas in my own industry. Across the street from me is an piece of property that's 34 acres. It's owned by two Israeli gents that are friends of mine that bought it at a very high price and are sort of in a difficult position now. They even own money against that property. They have come to me on a monthly basis to say, go ahead, Steve, you take it, build something, connect it to Wynn and Encore, you're golf courses and convention facilities and help us get out of this, we're willing to take a very long-term approach and we'll turn the property over to you, even if we have to pay off the loan. Well, that's a very attractive offer, especially since they are willing to pay us for management, design and supervision, as well as the money to invest. But I have to tell both of these men's who are friends of mine, look, I can't give you a reasonable projection of what this return on investment will be even if we spent 2 billion and create 10 thousand direct jobs and another 30 thousand indirect jobs for a total of 40 thousand jobs, that's how many jobs I could create if I broke ground on the Frontier property if I broke ground in the next six months or a year. But I can't tell the men who are willing to sacrifice any short-term benefit in exchange for a long-term opportunity, because I cannot predict what healthcare costs are going to be, what regulatory load they are going to heap on us, what new taxes or other burdens this insatiable governmental appetite for money from the citizens will take us to.
Now, that is simply a statement of fact. It isn't a partisan political pitch.
I'll give you an example of Las Vegas in my own industry. Across the street from me is an piece of property that's 34 acres. It's owned by two Israeli gents that are friends of mine that bought it at a very high price and are sort of in a difficult position now. They even own money against that property. They have come to me on a monthly basis to say, go ahead, Steve, you take it, build something, connect it to Wynn and Encore, you're golf courses and convention facilities and help us get out of this, we're willing to take a very long-term approach and we'll turn the property over to you, even if we have to pay off the loan. Well, that's a very attractive offer, especially since they are willing to pay us for management, design and supervision, as well as the money to invest. But I have to tell both of these men's who are friends of mine, look, I can't give you a reasonable projection of what this return on investment will be even if we spent 2 billion and create 10 thousand direct jobs and another 30 thousand indirect jobs for a total of 40 thousand jobs, that's how many jobs I could create if I broke ground on the Frontier property if I broke ground in the next six months or a year. But I can't tell the men who are willing to sacrifice any short-term benefit in exchange for a long-term opportunity, because I cannot predict what healthcare costs are going to be, what regulatory load they are going to heap on us, what new taxes or other burdens this insatiable governmental appetite for money from the citizens will take us to.
Now, that is simply a statement of fact. It isn't a partisan political pitch.
real estate seems safest if you bargain hunt, doubt most will believe this but i have bought 5 homes in the past 8 months through estates and foreclosures, i have been able to immediately double the price from my purchase and put them on rent to own contracts with a nice option fee ( non refundable down payment ) and a line up for people wanting them in case of a default. now keep in mind this is not just bragging, i have to put a reasonable price on the resale that will be with in appraisal value or else a lender would not approve them when its time to get them on their own mortgage. point is people are at the point of escaping, these are the times when having money does pay, so dont play all of yours in the markets, buy some assets as they are cheap also and have more stability in some/most cases IMHO.
ps: these are low priced homes, buying high priced and doubling would be dreamy though. but im guessing much more difficult.
ps: these are low priced homes, buying high priced and doubling would be dreamy though. but im guessing much more difficult.
Fear based economy. Fear of what the government will do next.