MORRISSEY MONEY MATTERS
The Property Management Firm
East Patrick Lane Suite #1 Las Vegas, NV 89120-3259 702-357-9635 www.ThePMFirm.com
By George Morrissey
November 2017, Since 1981 Copyrighted PSI
WE SELL HOUSES AND HAVE FOR DECADES. AND WE ARE DISCOUNT REAL ESTATE BROKERS TOO – SO OUR FEES ARE MUCH LOWER AS COMPARED TO THE LOCAL FEES OTHER BROKERS CHARGE. We have been involved with hundreds of sales in our careers overseeing a variety of agents also under our wings too!
Some Personal Notes:
Yes, I knew someone at the shooting
Yes, I had a friend, who had his friend’s wife get shot (she survived) Yes, my business partner’s (Bill Rowan who is also one of the
Broker/Owners here at The PM Firm as I am also) girlfriend knew someone who was killed (the Security Guard at the front of the stage). And she was supposed to work that show, but did not for a variety of reasons.
Yes Las Vegas has been amazing in helping each other!
Some things to know about the love and support that has come through STRONGLY from this tragedy….
The Thomas and Mack Center – where UNLV plays basketball and many other “shows” are performed there – let anyone who need to – “camp out” and hang out with water and food etc. They could feel safe there, sleep as needed, were given blankets and were cared for and could stay for a few days as needed. Some police, ushers, and other volunteers helped!
AIRBNB paid for and donated many “rooms and houses” for those travelers stranded here in Las Vegas past their departure dates. This did not make much news but was very helpful to a lot of families. Private families also “advertised” that families could stay with them (free) and so some took up those offers also which was greatly appreciated!
The MGM Grand helped move many (hundreds) of hotel guests to other hotels when they could not stay at the Mandalay Bay any longer (free).
So many helped the numerous families and relatives at NO COST in supporting those who had to come visit to take care of business or who had to stay longer with their plans disrupted.
Some airlines also helped people fly home “free” who had missed their flights.
Needing blood, local volunteers lined up “so deep” that they had so many volunteers they sent people home. There were so many blood volunteers that the waiting list was three weeks long! They also said they had more than they needed EVER “since they started taking blood locally”. They took reservations for those blood volunteers that wanted to come back in 3-4 weeks’ time.
There are other stories of where people just “stepped up” such as: Driving someone in their private truck who was shot to the hospital. Managing people traffic to “be safe” and out of the shooters sights (so many were not shot because of these efforts). Neighboring hotels who took people in out of harm’s way and many other stories of some who are being called heroes.
I would have attended the concert if my “long ago time girlfriend” from my college at UNLV visited (she lives out of state) – but she did not come for this one, so we did not go. I was only a couple of miles away at the office working late when the (coward) began shooting.
Some local attorneys are suing and “locking up” all the assets of the shooter (estimated at $5 million) to be able to give those funds to the victims which will help some.
The WELCOME TO LAS VEGAS SIGN on the South end of the STRIP had some amazing EVERYTHING that people from around the world gave in honor of the victims. It had to be seen to be believed -which I did see with some out of town guests – and it brought me to tears it was so moving.
Some of the items were things like:
Hand written letters, Photographs, kid’s goodbye letters to their parents who were gone, yearbook/marriage/graduation pictures, Personal Sweaters and clothes, Prayer coins, Bibles, memorabilia from the many families, flags from other countries with poetry, and love letters written for comfort to name a few. The city will house all these items in a permanent display for the future they said where they will make a memorial for all time.
December 1 there is a huge concert at the T- Mobile Arena which holds 20,000 with an all-star lineup to raise money for the victims (I am going!).Tickets are $75 for upstairs and $125 fordownstairs, and there are no service charges thistime.>
Get TICKETS AT WWW.AXS.COM OR CALL
The lineup includes
BRYCE HARPER (Major League Baseball star from Las Vegas) JAY LENO
CARROT TOP PENN & TELLER
BOYS II MEN
CIRQUE du SOLEIL ARTISTS FROM MYSTERE THE BLUE MAN GROUP
AND FOR THE FIRST TIME ON STAGE TOGETHER
TWO SUPERSTAR BANDS – BOTH FROM LAS VEGAS – WHICH IS UNUSUAL ARE PLAYING TOGETHER WHICH ARE
THE IMAGINE DRAGONS AND THE KILLERS!!
SO, BE SURE AND TRY TO GO AND SUPPORT
Those who do business with us should know from time to time (based on selection, availability, timing, and my schedule) I can take some to a show for FREE (and have other tickets for sale occasionally). So, if visiting and curious give me some notice to maybe see a show. Please note the free tickets are for Comedy Clubs, Magic shows, Variety Acts and such. Those AAA Tickets for Superstar performers like CELINE DION, BRITNY SPEARS, AND THE CIRQUE due SOLEIL SHOWS I must buy like the rest of you – but I certainly know about “some deals” occasionally and can guide you on which shows to consider (or miss).
Buying a newspaper on FRIDAY here in Las Vegas (or visit the site at www.LVRJ.com)
gives you a full lineup and information of
All the local casino buffets with hours and prices
List of comedy clubs with times and pricing
List of production shows with times and pricing
List of one night only concerts with times and pricing
List of a variety of restaurants
And on and on
So be sure and check the local paper out.
I have put together a FUN LIST that I can share as well tells others of the various “deals” that many don’t know about.
Some include things such as
On every Monday at the PALMS CASINO ALL MOVIES ARE $5 (except IMAX and SONY pictures). You can confirm this online or using an app like FANDANGO.
TUESDAYS have other movie theatres giving discounted pricing to $5-$5.25 as well including the ORLEANS CASINO AND REGAL THEATRES, THE SUNCOAST CASINO AND THE SOUTHPOINT CASINO.
Did you know there is a WORKING PINBALL museum here with NO CHARGE TO VISIT? They have over 500 PINBALL MACHINES YOU CAN PLAY (FOR REAL MONEY AS THEY DO CHARGE TO PLAY BY PUTTING IN QUARTERS ETC. LIKE THE OLD DAYS). They sell some machines and recycle them so if you visit now and again later, you will see DIFFERENT PINBALL MACHINES on your next visit!
WWW.VEGASWONDERGROUND.com is a ONCE A MONTH PROFESSIONAL MAGIC GATHERING OF ALL THE MAGICIANS IN TOWN WHO DO THREE
SHOWS AT 8, 9 AND 10PM. It costs $10 for locals and$20 for out of towners and is WELL Worth it! The LA Times say it is one of the top 10 best things to do in Las Vegas! There is no advertising, so you must know where to go so check their website for details.
The Vegas Wonderground takes place on the 3rd Thursday of the month (which actual dates vary of course) and is held at
THE OLIVE MEDETERRAEN GRILL AND HOOKHAH LOUNG 3850 E. SUNSET ROAD #D,E
LAS VEGAS, NV 702-451-8805.
I have many friends who are magicians (and are a couple of clients too!) Fire eaters, comedy, body painting, magic, illusion, mentalism and close up magic (which is at 9pm at the back of the room and in my opinion is the best show of the night) can all be seen if you attend!
(Disclosure, I know some of the performers, have been there 30 times or more and love the ART AND PERFORMANCE OF MAGIC and am also an Amateur Magician).
AND ADDING SOME REAL ESTATE COMMENTS
Yes, the rental market has become stronger (finally!). This means properties Rent faster, command more rent, and we can be a bit pickier choosing tenants.
Yes, the values of property here in Southern Nevada have gone up and continue to go up! A slight number of owners are “jumping ship” and selling – which we have helped with. However, they may be missing the strong appreciation which could not continue.
I have been to other markets such as Portland, Anaheim, Salt Lake City, Denver, Phoenix etc. And have seen over time those residential market pricing FINALLY become quite expensive. This is happening to Las Vegas here too many believe (and in North Las Vegas and Henderson). Many know we are a robust and increasing price market – and many believe holding property is a better choice than selling.
Those who sell must take that “sales profit” and reinvest elsewhere to try and match and/or do better than their rental house – which many will find difficult if not impossible.
Rental houses have specific characteristics that make them “better” than most other investments – and many people don’t understand this.
For example, in a growing market – which is what Southern Nevada is right now
The house/condo is going UP in value. This is NOT TAXABLE until it sells. Thus, your LARGE asset is protecting you from inflation and cost increase for LIFE in general. If other “stuff” is more expensive, so is your property over time!
The taxes due for a property if held for longer than one year are taxed at LONG TERM CAPITAL GAIN rates which are some of if not the lowest tax rate there is.
Gross (rental) Income over time INCREASES thus you are protected some from inflation and the future cost of higher priced goods.
The income produced should be FOREVER and this is a good thing. This income will go away, once you sell it. The income produced is usually LARGE as compared to the total dollars you have invested in the property (the down payment for example).
The TAX SHELTER/DEPRECIATION continues for a long time, having you pay taxes (usually) AT A LOWER rate on your other income.
The leverage you use can be TREMENDOUS giving you paper returns that are much stronger vs. other investments. And since the mortgage rates are usually lower than other investments it is cheaper to borrow on property than on shares of stock or gold holdings.
Shares of Stock – Stockbrokers usually let you borrow up to 50% of the value (and make you pay it down if the stock goes down.
Property – if you live in it you can borrow 96.5% and only put 3.5% down. If you are an investor you can borrow 80% and only put 20% down.
So, if you put
$40,000 down on a $200,000 house and it goes u 10% (or $20,000) in one year
You made 50% (that’s right FIFTY PERCENT) on paper (which is not taxable until you sell) because of the leverage.
The right mix of enough down, getting a decent rent and having a long term 30-year fixed rate mortgage – over time – gives many owners TREMENDOUS upside with profits, income, and tax breaks – if they continue to own the property.
The property in the future can be:
Added on to
Exchanged (tax free if following the IRS 1031 guidelines – of which I/we/us have done numerous times)
Have income (rent) be raised (or left alone for that perfect tenant)
Add an alarm, patio, new flooring, new paint, for example making it more appealing Than the competition.
Give the property to your heirs (family, kids, charity) in the future one day when you are no longer around (and build a family dynasty with some real wealth for the future).
Imagine the wealth you could pass on by only owning 5 houses in your lifetime, that each rented for $1,000. Eventually those mortgages would go away, and you would receive $5000 a month with your only costs being vacancy and turnover (which could be supported and lowered with good management), property taxes, insurance, and repairs/services.
The property here in Southern Nevada many think will double in value in the next ten years.
There is no other city like Berlin, La Jolla, Paris, London, Prague, Melbourne, San Diego etc. Just like Las Vegas, there is no other like it. These one of a kind unique cities command value.
Be sure you really want to kill your golden chicken (selling your property) that gives you monthly eggs (rent) forever before you do.
Most of our clients and our family are NOT Selling currently.
If you can support #VEGAS STRONG. Thanks for your business and support.