Whether you're a first-time real estate investor or a seasoned professional, The Complete Guide to Buying and Selling Apartment Buildings helps you map out your future, find apartment buildings at a fair price, finance purchases, and manage your properties.
Whether you're a first-time real estate investor or a seasoned professional, The Complete Guide to Buying and Selling Apartment Buildings helps you map out your future, find apartment buildings at a fair price, finance purchases, and manage your properties.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
STEVE BERGER is a real estate investment professional with over twenty-five years of expe-rience. As principal of Symphony Homes, he is an active investor specializing in creating value through various real estate mechanisms, including single-family houses, multifamily apartment complexes, and the development and construction of single-family and condominium housing communities. He holds an MBA in finance and marketing from Rice University. His other books include The Complete Guide to Real Estate Finance for Investment Properties and The Complete Guide to Flipping Properties, both from Wiley.
Inhaltsangabe
Chapter 1 Introduction to Multifamily Ownership 1 Introduction 1 Holistic Approach 2 Background 4 Market Outlook 6 Regional Trends 9 Chapter 2 Advantages of Multifamily Ownership 13 Time and Efficiency 14 Market Liquidity 15 Transaction Costs 16 Concentration of Units 17 Management and Labor Considerations 17 Tax and Record Keeping Considerations 18 Divestiture of Property 18 Chapter 3 Bridging the Gap 21 Strategies 22 Leverage-The OPM Principle 23 Clearly Defined Objectives 24 Maslow's Hierarchy of Needs 27 Conquering Your Fears 29 Chapter 4 The Value-Play Strategy 35 Buy and Hold versus Buy and Sell 36 Ten Ways to Create Value 39 Diamonds in the Rough 47 How to Tell a Diamond from a Lump of Coal 61 Chapter 5 Establishing Your Niche and Locating Properties 69 Establishing Your Niche 70 Availability of Resources 70 Property Size 71 Property Age 74 Holding Period 79 Chapter 6 Six Ways to Locate Properties 85 Real Estate Brokers 86 Classified Advertisements 87 Industry-Specific Real Estate Publications 88 Local and National Web Sites 88 Associations and Real Estate Investment Clubs 89 Banks 89 Chapter 7 Financial Analysis 91 Valuation-How Much is That Property Really Worth? 92 Two Crucial Principles That Saved Me $345,000 93 Valuation Methodologies 95 Financial Statements 102 Five Key Ratios You Must Know 117 The One-Minute Assessment 124 How to Read Between the Lines 125 Chapter 8 Case Study Analysis 129 Case Study 1: 52 Units in Flint-My Way or the Highway 129 Case Study 2: 12 Units in Saginaw-Below-Market Rents 142 Case Study 3: 16 Units in Beaumont-A Banker's REO 151 Case Study 4: 98 Units in Houston-Creating Synergism through Consolidation 162 Chapter 9 Negotiation Strategies and the Due Diligence Process 175 Five Cardinal Rules of Successful Negotiation 176 The Due Diligence Process 185 Chapter 10 Financing Your Acquisition 191 Traditional Financing Alternatives 192 Secondary Financing Alternatives 203 Additional Financing Considerations 206 Chapter 11 Closing the Deal 215 Closing Fundamentals 216 Closing Credits Can Add Up 219 Chapter 12 Managing Your Property 223 Hiring a Professional Property Management Firm 224 Your Role as a Strategic Manager 227 Expect the Unexpected 228 Chapter 13 Four Effective Exit Strategies 233 Outright Sale 234 Refinancing 235 Equity Partnership 245 Exchange of Properties 248 Combining Methods 249 Chapter 14 Five Keys to Your Success 255 Understanding Risk 256 Overcoming Fear of Failure 259 Accepting Responsibility 261 Willingness to Persevere 264 Defining Your Sense of Purpose 267 Appendix A: WWW.THEVALUEPLAY.COM 273 Appendix B: WWW.SYMPHONY-HOMES.COM 275 Glossary 277 Index 297
Chapter 1 Introduction to Multifamily Ownership 1 Introduction 1 Holistic Approach 2 Background 4 Market Outlook 6 Regional Trends 9 Chapter 2 Advantages of Multifamily Ownership 13 Time and Efficiency 14 Market Liquidity 15 Transaction Costs 16 Concentration of Units 17 Management and Labor Considerations 17 Tax and Record Keeping Considerations 18 Divestiture of Property 18 Chapter 3 Bridging the Gap 21 Strategies 22 Leverage-The OPM Principle 23 Clearly Defined Objectives 24 Maslow's Hierarchy of Needs 27 Conquering Your Fears 29 Chapter 4 The Value-Play Strategy 35 Buy and Hold versus Buy and Sell 36 Ten Ways to Create Value 39 Diamonds in the Rough 47 How to Tell a Diamond from a Lump of Coal 61 Chapter 5 Establishing Your Niche and Locating Properties 69 Establishing Your Niche 70 Availability of Resources 70 Property Size 71 Property Age 74 Holding Period 79 Chapter 6 Six Ways to Locate Properties 85 Real Estate Brokers 86 Classified Advertisements 87 Industry-Specific Real Estate Publications 88 Local and National Web Sites 88 Associations and Real Estate Investment Clubs 89 Banks 89 Chapter 7 Financial Analysis 91 Valuation-How Much is That Property Really Worth? 92 Two Crucial Principles That Saved Me $345,000 93 Valuation Methodologies 95 Financial Statements 102 Five Key Ratios You Must Know 117 The One-Minute Assessment 124 How to Read Between the Lines 125 Chapter 8 Case Study Analysis 129 Case Study 1: 52 Units in Flint-My Way or the Highway 129 Case Study 2: 12 Units in Saginaw-Below-Market Rents 142 Case Study 3: 16 Units in Beaumont-A Banker's REO 151 Case Study 4: 98 Units in Houston-Creating Synergism through Consolidation 162 Chapter 9 Negotiation Strategies and the Due Diligence Process 175 Five Cardinal Rules of Successful Negotiation 176 The Due Diligence Process 185 Chapter 10 Financing Your Acquisition 191 Traditional Financing Alternatives 192 Secondary Financing Alternatives 203 Additional Financing Considerations 206 Chapter 11 Closing the Deal 215 Closing Fundamentals 216 Closing Credits Can Add Up 219 Chapter 12 Managing Your Property 223 Hiring a Professional Property Management Firm 224 Your Role as a Strategic Manager 227 Expect the Unexpected 228 Chapter 13 Four Effective Exit Strategies 233 Outright Sale 234 Refinancing 235 Equity Partnership 245 Exchange of Properties 248 Combining Methods 249 Chapter 14 Five Keys to Your Success 255 Understanding Risk 256 Overcoming Fear of Failure 259 Accepting Responsibility 261 Willingness to Persevere 264 Defining Your Sense of Purpose 267 Appendix A: WWW.THEVALUEPLAY.COM 273 Appendix B: WWW.SYMPHONY-HOMES.COM 275 Glossary 277 Index 297
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