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Originally posted by Chollo Vista
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Interesting.Originally posted by Lou Cipher View Posthttp://www.realtytrac.com/property/n...nd-dr/42646127
Two interesting facts here...
#1 The property was last purchased in 2013. This means Floyd has put millions into remodeling a building he does not own and is locked into a MINIMUM 5 YEAR legally enforceable lease. When the property was listed in 2015 it was 4.85 per square foot. That puts the monthly nut BEFORE fees at 25,835.95. Lets be conservative and call that 27k per month in rent alone. That is a financial obligation of 1.62 MILLION to rent a building for 5 years that cost $515,000.00 to buy. Plus remodeling. Plus utilities. Plus hundreds of thousands in licensing.
#2 Die to it's location, the property value of the building has dropped exactly 500% over its previous 10 years on the market. Completely opposite of the Las Vegas real estate market over the last 7 years which has more than doubled in value. This didn't raise any red flags???
Sale History
DateEventPricePrice/sq.ft.Source
1/15/2013 Sold $515,000 $97 Public Records
4/8/2003 Sold $2,575,000 $483 Public Records
Pay attention all you broke ass success fronting posers that spend more money fronting about being a baller than you do actually progressing your situation in life or supporting all your worthless, illegitimate children....because this is the answer to the age old question of "How could somebody blow X-amount of money in X-amount of time."
Another great example is Floyd financing cars he does not need or drive, that cost more than half a million dollars, at 16% and higher interest rates.
Although, out of curiosity, how do you know the building is rented and the actual contract numbers?Comment
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I forgot your irrational hatred of MayweatherOriginally posted by Chollo Vista View Post
What we got to talk about??
Hammer Time????
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Didn't you say Broner would beat Garcia and J Rock would beat Charlo?Originally posted by Kigali View PostI forgot your irrational hatred of Mayweather
What we got to talk about??
Hammer Time????
That's just off the top of my head because I've lost count on how many inaccurate predictions you've had.
The kid finally gets 1/85 right and is running around busting nuts in excitement.
You're a schitty ass poster... Sit downComment
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Originally posted by Lou Cipher View Posthttp://www.realtytrac.com/property/n...nd-dr/42646127
Two interesting facts here...
#1 The property was last purchased in 2013. This means Floyd has put millions into remodeling a building he does not own and is locked into a MINIMUM 5 YEAR legally enforceable lease. When the property was listed in 2015 it was 4.85 per square foot. That puts the monthly nut BEFORE fees at 25,835.95. Lets be conservative and call that 27k per month in rent alone. That is a financial obligation of 1.62 MILLION to rent a building for 5 years that cost $515,000.00 to buy. Plus remodeling. Plus utilities. Plus hundreds of thousands in licensing.
#2 Die to it's location, the property value of the building has dropped exactly 500% over its previous 10 years on the market. Completely opposite of the Las Vegas real estate market over the last 7 years which has more than doubled in value. This didn't raise any red flags???
Sale History
DateEventPricePrice/sq.ft.Source
1/15/2013 Sold $515,000 $97 Public Records
4/8/2003 Sold $2,575,000 $483 Public Records
Pay attention all you broke ass success fronting posers that spend more money fronting about being a baller than you do actually progressing your situation in life or supporting all your worthless, illegitimate children....because this is the answer to the age old question of "How could somebody blow X-amount of money in X-amount of time."
Another great example is Floyd financing cars he does not need or drive, that cost more than half a million dollars, at 16% and higher interest rates.
He didn't buy the building?!
Especially if it was distressed...buy the thing and if the club fails get a zoning exception ordinance by greasing the right palms and make it into housing or something, or rent it out as parking if nothng else... Thats truly insane.
There may have been some unrecorded shenanigans regarding the sales price of half a million, but commercial leases suck! Sometimes the owner can hold some of the paper, or, a loan is put on to go into effect after closing...But even so, If he did make a mint at his club, after the lease expired, the landlord can charge him anything he/she wants too! Unless one has a name that is golden your landlord becomes your partner. Personally I would Never open a restaurant (Thats something I know more about than strip joints) without buying the building.
YES...it is incredibly easy to lose money and lots of it with things like this club, cars and mansions. I would never own a mansion either...heck I can't even bring myself to buy a nice ride because the first thing that comes to my mind is "wow I could get a piece of property for what they want me to pay for a vehicle." But thats just me.
Florida and Nevada are mansion states, Nevada has great taxes but its still a bear to keep payments and utilities on in a mansion! Floyd also has a ******** problem which is statistically more expensive than a drug habit. He better enjoy it while he can.Comment
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Not unless he bought it for no reason in 2013 and was attempting to lease it out to someone else in 2015 LOL. It was last sold in 2013Originally posted by billeau2 View PostHe didn't buy the building?! Especially if it was distressed...buy the thing and if the club fails get a zoning exception ordinance by greasing the right palms and make it into housing or something, or rent it out as parking if nothng else... Thats truly insane.
There may have been some unrecorded shenanigans regarding the sales price of half a million, but commercial leases suck! Sometimes the owner can hold some of the paper, or, a loan is put on to go into effect after closing...But even so, If he did make a mint at his club, after the lease expired, the landlord can charge him anything he/she wants too! Unless one has a name that is golden your landlord becomes your partner. Personally I would Never open a restaurant (Thats something I know more about than strip joints) without buying the building.
YES...it is incredibly easy to lose money and lots of it with things like this club, cars and mansions. I would never own a mansion either...heck I can't even bring myself to buy a nice ride because the first thing that comes to my mind is "wow I could get a piece of property for what they want me to pay for a vehicle." But thats just me.
Florida and Nevada are mansion states, Nevada has great taxes but its still a bear to keep payments and utilities on in a mansion! Floyd also has a ******** problem which is statistically more expensive than a drug habit. He better enjoy it while he can.
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I guess this is where those who live through Mayweather vicariously will tell people that he is well advised on all his business dealsOriginally posted by Lou Cipher View PostNot unless he bought it for no reason in 2013 and was attempting to lease it out to someone else in 2015 LOL. It was last sold in 2013
. lol. I would like to meet the advisor who told him to put in over a million dollars into a building that he rents and cannot take depreciation of mortgage expense deductions... must be a very smart guy lol.
A lot of the jump up in real estate prices in Vegas were due to the very big slip in Vegas during the crash...this essentially means that this building either was financed off the public record, or lost an incredible amount of value for some reason... to the extent that the rising tide after the tzunami did not raise this boat!
Being a commercial property that loss of value (if there was one) would most probably have to do with location and zoning, and might well indicate that the buyer before the last buyer overpaid extensively.
In commercial real estate there are not many reasons why a property depresses that much... in a high value area like Vegas, its not the cost of the building or improvements, because the land is much more valuable.
When the land is worth millions, then the reproduction cost of a building is negligable, besides the tenant does those improvements and the owner gets the deductions as far as I know...
With regard to zoning, its hard to imagine any scenarios for a commercial property that would have much impact on value because even if the area changes, the property would be grandfathered in, assuming it was still commercially viable. Hummmmmmm? Maybe little Floyd bought a lease in a place that is changing and NOT any longer a commercially viable location? Lou did that area change? Is it less commercial? more residential? Location is everything and the price fluctuation, if it is real, might be because of changes to the area, making the land not a good commercial location any more. Is this possible Lou Cipher? You got me thinking now lol.Comment
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Its a good thing Little Floyd has you looking out for his interests. Im sure, just as he was going to cover the bail money for Suge Knight, if you ever get in a jam he will be looking out for you... Keep reckin those who would dare question the financial logic of little Floyd! As he will be rich beyond measure, eating Oysters Rockefeller, as his exes look for chicken nubs in the Popeye's dumpster! Hey if he falls behind with his cricket sounding titty ephorium he can always place a few bets and win it all back!Originally posted by THEFRESHBRAWLER View PostComment
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