Who is Beth Ellyn Rosenthal?
The Managing Broker for the state of Nevada. I got into real estate professionally by covering commercial real estate as a writer for the Dallas-Forth Worth Business Journal. When I got my license in Dallas in1980, the Realtor Board printed out books of all the listings. Buyers flipped through the books in your office. There were no standard contracts back then. It was truly caveat emptor. Oh, and interest rates topped 21 percent!
I survived two busts in Dallas and actually purchased property from the Resolution Trust Corporation. The recent market is déjà vu for me, only on a broader scale.
I have had broker’s licenses in Texas and Virginia, but now I am concentrating all my efforts in the Silver State. I earned my broker’s license in Las Vegas on Halloween, 1996. That’s when Rainbow was as far west as paved roads went.
I graduated in the second class of women to graduate from Yale (1974) and the Columbia Graduate School of Journalism (1975). This was the year Woodward & Bernstein had brought down a president. The applications tripled. I got in because I said I wanted to be a restaurant reviewer. Marketing. Marketing!
I am currently Vegas’s and Dallas’s most caring landlord. I believe in real estate and still consider it is the best way to generate wealth in the long term. And having a roof over your head is a good thing, too.
My first taste of real estate
My father was a corporate litigator in Chicago, where I grew up. (Skokie to be exact.) But he didn’t represent big corporations; he always fought for the small business owner. Back in the 1960’s, when honor was still important, my father won a case for the owner of Worsham Mortuary College. Unfortunately, his client did not have the cash to pay him. So instead, he gave him the college. That included the operating school, the building and the land it sat on.
My father knew nothing about the funeral home business. But he now had an asset, so he decided to figure it out. He actually loved the industry and became national president of the Funeral Directors of America. As a child I would go to conventions where there were rows and rows of caskets and embalming fluids. But I digress.
The college was located in one of the worst slums of Chicago near Comisky Park, where the White Sox play. In the late 1960s the city of Chicago decided to build the Dan Ryan Expressway to connect the Loop with O’Hare Internationl Airport. Worsham College sat in the path of progress. Under the right of eminent domain, the city of Chicago paid my father a princely sum for his land.
He took the money and decided to relocate the school, which was thriving. His biggest expense was the corpses he needed for the embalming lab. He knew that the city had to pay Cook County Hospital to bury unclaimed bodies. So he went to the city and asked if he could take the unclaimed bodies for his school, saving them money. They said yes. So be bought at 1920’s four story, stone building directly across from the morgue at Cook County Hospital.
In the 1960s the Chicago River was kind of a DMZ; everything on the Loop side was high-tech, high-style and desirable. Everything across the river was safe but seedy. Daddy didn’t care about that because all he had to do was wheel the bodies across the street. How convenient!
This turned out to be a brilliant real estate decision.
Fast forward 25 years. The area where Worsham College sat had now become trendy. A big insurance company approached my father and paid him millions for a 99-year ground lease of the property so it could build a skyscraper on his land. He sold the school for $100,000 to pay the capital gains taxes.
So here was the real estate lesson: My father was practiced law his entire life. But holding onto a property he got title to serendipitiously made him his real money.
I was hooked…..
BETH Ellyn Rosenthal
THE Las Vegas Real Estate Concierge
Managing Broker, Nevada
eXp Realty International
Licensed in Nevada since 1996: I have previous
702.324.6911 Cell, Text, Viber
MBA: L’ecole du Hard Knocks