One of Nevada’s Oldest Basque Restaurants with 22 Room Hotel!!!

Click here to view Flyer in PDF format.

Reno Aces have revealed their New Freight House entertainment district which will include 3 restaurants and a sports bar. The Aces will be opening their season against Fresno on April 8^th.

Ready for the big opening day?  The new Sports bar and the pub “Duffy’s Ale House” sure will be! Be sure to stop by if that’s your “scene”! Heck even I might stop by to check out the new additons.

If you’re looking for a job, keep an eye out! Because the Aces are hiring 200 or so full and part-time workers for this fabulous new season.

Click Here for more information and the full article by KTVN Channel 2

WHY GROW YOUR BUSINESS IN GREATER RENO-TAHOE?

Some Great information regarding, yet, even more reasons to relocate & grow your business in the Greater Reno- Tahoe Area… from EDAWN’s Website…

Businesses of all sizes are moving to Greater Reno-Tahoe. Here are just a few of their reasons. What will yours be?

Click here for a copy of the Why Do Business in Greater Reno-Tahoe

Click here for Reno-Tahoe International Airport Highlights

Tax Benefits

• NO corporate income tax
• NO personal income tax
• NO franchise tax
• NO unitary tax
• NO inventory tax
• NO inheritance tax
• NO estate tax

Operating Benefits

• Strategic location
• Room for new and expanding companies
• Diverse labor market
• Wide range of financial resources
• Entrepreneurial services and support
• Urban, suburban, rural living options
• Quality of life

Community Benefits

• Emerging new business dynamic
• Strong sense of community
• Four vibrant seasons of recreation, arts and culture
• A balanced life pace

No matter your business, Greater Reno-Tahoe’s tax benefits and business-friendly environment can work for you. And with everything potential employees want – from entertainment options to the beauty of the Sierra Nevada – moving to Greater Reno-Tahoe can attract and retain the right people. Talk about taking the gamble out of making a move!

Bottom line: Greater Reno-Tahoe companies keep more of their profits

 Today we are going to be focusing on REO’s. What are they? Where do they come from? Who buys them?  Most Real Estate Professionals know that REO means “Bank Owned” or “Real Estate Owned” & if they don’t, maybe it’s time to find a new Agent. 

While discussing REO’s in everyday conversation with the general public, I have come across many-a-deer caught in luminously blinding headlights when those 3 simple letters get tossed around. So, I think it’s time to set the record straight and explore the deeper meaning of the ever so mystifying jumble of  “R” + two vowels we call REO.

The Wikipedia, Free Online Encyclopedia’s definition of a REO or Real Estate Owned is “a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. As soon as the bank repossess the property, it is listed on their books as REO – Real Estate Owned – and is categorized as an asset (non-performing).

As soon as a property goes into a distressed status (the borrower/home owner misses mortgage payments) the bank will want to determine the amount of equity that the property has. A popular method to determine the equity is to obtain a Broker Price Opinion BPO or order an appraisal. Based on the amount of equity that is determined from the BPO, the bank will decide to try for a short sale or to allow it to go through the foreclosure process. If the bank is able to sell the property through a short sale or at a foreclosure auction, then the property will not become a REO property.

After repossession and the property becomes classified as REO, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a real estate broker (REALTOR). Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.

Once a property is REO, the bank or lender will try to get rid of the property by either selling it directly themselves or through an established broker. Many larger banks such as Bank of America and Wells Fargo have REO/asset management departments that will field bids and offers, oversee upkeep and handle sales. The majority of REO properties that are on the open market are listed in MLS by the broker/REALTOR that performed the BPO.”

So, now what we know what an REO is, and that it is actually a positive opportunity for someone looking to make a purchase, we can discuss how REO’s relate to Commercial Real Estate. Just like in Residential Real Estate, REO’s inhabit the Commercial Real Estate world as well. In the Residential world, if a homeowner can’t pay their mortgage, their home usually goes back to the lender or bank where the loan originated from. After the failed auction and repossession take place, the bank has an REO on their hands. This same scenario happens frequently in the Commercial Real Estate world with buildings, land, and anything that isn’t owned outright. A building owner defaults on his or her loan payments, the building goes back to the bank, the bank auctions the property off for the outstanding loan amount, nobody bids, the bank repo’s the property, and it is then labeled an REO. This same pattern is true for land owners. Many times the bank wants to quickly rid themselves of the property. So, for a buyer, this can be a very savvy time to stumble across a deal that might otherwise be nonexistent in a different economic climate.

Fennell and Associates Commercial Real Estate Team has worked closely with many banks & buyers executing many successful REO transactions. Ron Boles, a Commercial Agent here at Fennell and Associates, currently has 3 REO properties listed for sale. Click the link below to view our inventory.

www.fennellandassociates.com

Great Source of information from EDAWN regarding successful businesses in Reno, Nevada

Greater Reno-Tahoe is the right place for your business, but don’t take our word for it.

Hear from business leaders why they chose Greater Reno-Tahoe

The types of business that EDAWN seeks to recruit, grow, and retain are diverse in their products, services, and employment opportunities. Through innovative and creative partnerships between the public and private sectors, we strive to improve the overall quality of life in the Greater Reno-Tahoe area by facilitating economic growth.Here are some cases of companies that both benefit from and contribute to the vibrant and diverse Greater Reno-Tahoe business community.Click the Link Below for the full Story!http://www.edawn.org/business/case-studies

Mt. Rose, Reno Nevada (View of Lake Tahoe)

Once again, a great business cost comparison for Nevada Vs Idaho from NV Energy, Nevada’s One & Only Economic Development Website.

Click the link below for an in depth comparison of the two states:

Business Cost Comparison: Nevada Vs Idaho

Click the link below for NV Energy’s Website

http://www.nvenergy.com/economicdevelopment/taxes.cfm

 ”The incentives of doing business in Nevada are expansive. Nevada boasts one of the most liberal tax structures in the nation and from a tax-planning perspective, the return on investment in the form of tax saving dollars can be enormous. Explore the numerous advantages of doing business in Nevada.”  

 - Nevada Energy

Great Link to Nevada Energy’s Site explaining why living and working or owning a business  in Reno is extremely beneficial!

http://www.nvenergy.com/economicdevelopment/taxes.cfm

More commonly practiced in Residential Real Estate than Commercial Real Estate, the notorious “Buyer Broker Agreement” may be worth bringing into everyday play for the Commercial world.

The State Law in Nevada allows an agent to enter into a buyer representation agreement via orally or written. This is the law! That’s all fine and dandy until  1 or more minor or extravagant details are overlooked and that oral/verbal agreement becomes questionable. This game of “he said-she said” can become quite an issue, if not a catalog! Buyer representation disputes can be nasty. Pretty soon, everyone and their brother want a piece of the pie, and if you’re not careful with this, you can end up landing yourself in front of a judge! So… How do we prevent this?? Do as the residential agents do…

The Reno Sparks Association of Realtors recommends that Commercial agents utulize the “buyer Broker Agreement”. This adds additional protection for all parties involved in the deal. As a “Realtor”, which is different than holding the title, “Real Estate Agent”, we are held to a higher code of ethics.

All you Commercial Real Estate Agents out there that happen to be Realtor’s as well, Check out Article 9 in your Realtor Code of Ethics, and decide if it is time for you and your fellow brokers & agents to bring the ”Buyer Broker Agreement” into effect!  

Steve K. Jones

Areas of focus:Retail

Office Phone: 775.321.3331
Cell Phone: 702.332.3424
Fax: 775.850.7010
sjones@fennellcre.com

Professional Background: As a professional geologist, Steve Jones has worked throughout the Americas from Alaska to Argentina, but feels that the Reno area offers one of the best environments in the western hemisphere to live and work. Having grown up in Ely, in Eastern Nevada, and attending UNR in the 1970’s, Steve is also very familiar with Northern Nevada, it’s people, and business opportunities.

Having Worked for 31 years in the mining industry has enabled Steve to gain a strong grasp of the issues facing new and established businesses in Northern Nevada. Working for many years in Argentina  & Europe gives him an international perspective as well, that can be beneficial to prospective clients relocating to the Reno area.

   Aside from the tax advantages we reap as business owners in Nevada, a long train of additional benefits have surfaced recently and deemed the Silver State as one of the most preferable locations to operate a successful business. Cali residents are a bit jealous, I think. Many think it’s only going to get worse for Californians &  frequent border crossing is in Reno’s immediate future.  What does this do for the Commercial Real Estate Industry? Nothing but generate heaps of business. I feel proud to be a Nevadan working in the Commercial Real Estate Industry right now. As a former native of San Diego California, I’m glad I moved up here when I did, 7 years ago. Just in time to miss out on California’s Giant Debt Attack.  Check out the article below!

http://www.rgj.com/article/20090425/BIZ05/904250324/1071/BIZ