Wayne D. Fertitta, Sr.
Wayne D. Fertitta, Sr. is the owner of Fertitta Invest. He was born in Baltimore, Maryland in 1941. He is the only child of the late Dominic P. and Mildred E. Fertitta of Catonsville, Maryland. He attended Catonsville Elementary School, Catonsville Junior High School and Catonsville Senior High School. In 1959 he was admitted to The Citadel – The Military College of South Carolina intending to make a career in the United States Army. Two years in he realized that the war in Vietnam afforded a very brief career and transferred to The University of Maryland for a tour of three years.
Mr. Fertitta was married to his present wife in 1963. They have two adult children.
Mr. Fertitta started his professional career with the Sherwin – Williams Company in the sales and management system of the company owned stores. The entrepreneurial spirit over came the job security of Sherwin –Williams and he founded Wayne Painting Contractors, Inc. – a commercial painting company. The company had contracts with large commercial developers, builders and institutions. After 5 years of business experience Mr. Fertitta started Fertitta Construction Co., Inc. while simultaneously managing the day to day operations of Wayne Painting Contractors, Inc.. The construction company had contracts with The Johns Hopkins University, The United States Naval Academy, the United States Coast Guard yard at Curtis Bay, et al. Enduring the turmoil of the mid to late 1960’s, the Arab oil embargo in 1973 and President Carter’s mismanaged presidency resulting in a prime rate of 21% both companies closed down. Mr. Fertitta started a design/build firm in the early 1980’s as well as studying investment real estate and real estate law. The changes in the tax code and the abuses of limited partnerships (by others), etc. had provided another learning opportunity that resulted in working with a law firm doing real estate settlements. In 1992 Mr. Fertitta was licensed to sell real estate. He acquired an associate Brokers license and then his Brokers license.
The aforementioned history has provided Mr. Fertitta with the experience that is essential in today’s ever changing market place. His experience and acquired disciplines of over 40 years has enabled him to adjust to market changes, legal changes and political changes that directly benefits his clients.
The carnage on Wall Street and the resulting contagion throughout the financial world has provided us with the opportunity to dismantle, then resurrect, existing real estate investments, create nascent real estate investments and provide the necessary investors.
Real Estate Brokerage: In compliance with the laws of the State of Maryland (USA) we will represent your real estate interests anywhere in the state.
Lease/Purchase: A lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease period.
Sale/Leaseback: A sale of an asset to a vendee who immediately leases back to the vendor. The usual objectives are (1) to free cash in the amount of the purchase price for other uses by the vendor, (2) for benefits not otherwise available such a deduction by the vendor of the full value of the property for income tax purposes as rental payments over a period of time shorter than would be in depreciation where the base period is the allowable depreciable life. The rental payments total the purchase price plus interest less an estimated salvage value. Although the lease actually follows the sale, both are agreed to as part of the same transaction.
Residential Properties: The new “value” normals that are being created in the residential properties market provides us with the opportunity to expand our investment products. We have selected CoastalRealtyMD, Candice Friday-Broker, to represent our residential properties investment interest.
Property Management: The primary functions of a property manager are threefold: 1) achieve the objectives of the property owners, 2) generate income for the owners and 3) preserve or increase the value of the investment property.*( Property Management, 6th ed., Robert C. Kyle).
International Property Referrals: The Certified International Property Specialist (CIPS) Network is the specialty membership group for international practitioners of the National Association of Realtors. The CIPS Network is comprised of 2,000 real estate professionals who deal in all types of real estate, but with one common element: they focus specifically on the international market. We are not a member. We will refer only to the CIPS member we deem will serve our clients interests.