In 2009, when the property odds were stacked against him and the product he established was deemed worthless, Chip Johnson searched in the mirror. He looked around and paid attention to the stories of damaged people losing wealth and hope. He did his share of soul browsing, too. There were lessons to be learned. Less debt, more money would be the new typical. However even with all the heartache, when he looked out his office window, he saw a city that was down but not out.
The founder of Property Solutions Group in Las Vegas relocated to the valley at the age of 5 when his father took a job as a carpenter at the Nevada Test Website. He saw the city’s rise, welcomed it, and couldn’t wait to make his living in property. Like many others, Johnson, ’71 BS Company Administration, prospered handsomely.
” Realty is an industry I’ve always thought in. It resembles air and water. You have to have it. And at the end you’re buried in it. It’s something that has real value,” he stated.
When the real estate market cratered, Johnson needed to tap into the ephemeral– past UNLV friendships and his undeviating belief in Southern Nevada– to find his way back to success.
Losing It and Getting It Back.
As a UNLV student in the late 1960s, Johnson earned money photographing homes and properties for the several listing service (MLS) book. Thrifty and ambitious, he soon started investing. One site was throughout the street from today’s Carnival Hotel-Casino in North Las Vegas. It had a studio apartment complex that he later on tore it down to construct a retail structure.
” In a town of about 100,000 individuals, I had my specific niche. … It assisted me to type of develop a scope and understanding of property,” he stated.
With the Great Economic crisis’s realty collapse, Johnson faced his hardest life obstacles. Long time banking buddies now sat across the table for heated negotiations. He even lost some of his early holdings, consisting of that parcel near the Fiesta.
” It was the first time in my life I seemed like whatever I had actually was thrown away,” he remembered. “It was our inmost dissatisfaction. … We ended up returning a variety of things to the bank. … But we got it all behind us. There were no difficult feelings.”
Johnson persevered by relying on past investment clients, some of whom were long time friends from his days at UNLV.” I took notice of the favorable. I started knocking on doors of past financiers and stated, ‘If you only have 10 dollars, give me a dollar,'” he remembered. “Essentially, we headed out and bought up the market again when it was absolutely at the bottom.”
Now, the long time property professional views that down time as an opportunity of a lifetime. “I was very fortunate in many ways,” he said. “Despite the fact that realty gave me a whipping at one point, it ended up taking care of me once again.”
Those relationships that assisted him through crisis were supported by decades of UNLV alumni event participation.
He credits the late Fred Albrecht, a longtime administrator who produced UNLV’s alumni relations program, as essential to keeping him associated with the university. “He was constantly such a champion of the university … It’s one of the greatest decisions I have actually made, to be involved with that group,” Johnson said.
He belongs to UNLV Foundation Board of Trustees and chairs its realty committee. He likewise acts as president of the Commercial Development and Management Corp., which oversees UNLV’s Harry Reid Research study and Innovation Park in addition to all university realty assets.
He and his other half, Helen, commissioned the bronze “Hey Reb!” statue in front of the Richard Tam Alumni Center, and they were the drivers behind the Jerry Tarkanian statue outside the Thomas & & Mack Center.