This practical, real--world guide gives investors all the tools they need to make wise decisions when weighing the value and potential of investment properties. Written for old pros as well as novice investors, this friendly, straightforward guide walks readers step by step through every stage of property analysis.
This practical, real--world guide gives investors all the tools they need to make wise decisions when weighing the value and potential of investment properties. Written for old pros as well as novice investors, this friendly, straightforward guide walks readers step by step through every stage of property analysis.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
STEVE BERGES is a real estate investment professional with over twenty-five years of experience. 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 degree in finance and marketing from Rice University. He is also the author of The Complete Guide to Buying and Selling Apartment Buildings and The Complete Guide to Flipping Properties, both from Wiley.
Inhaltsangabe
Part 1 Real Estate Finance 1 Chapter 1 Introduction to Real Estate Finance 3 Finance as a Discipline 6 The Relevance of Finance as It Applies to Value 9 Chapter 2 Primary Investment Elements and Their Effect on Financing Strategies 13 Time Horizon 13 Volume of Investment Activity 18 Type of Property 21 Chapter 3 Secondary Investment Elements and Their Effect on Financing Strategies 27 Cost of Funds 28 Amortization Period 31 Amount of Funds Borrowed 35 Chapter 4 Additional Investment Elements and Their Effect on Financing Strategies 43 Loan Duration 43 Loan Fees 46 Prepayment Penalties 54 Chapter 5 Structuring Financial Instruments 61 Leverage 61 Debt 64 Equity 67 Partnerships 69 Blended Financing and the Weighted Average Cost of Capital 72 Options 76 Chapter 6 Real Estate Investment Performance Measurements and Ratios 81 Net Income Return on Investment 84 Cash Return on Investment 85 Total Return on Investment 86 Net Operating Income 87 Capitalization Ratio 89 Debt Service Coverage Ratio 92 Operating Efficiency Ratio 93 Gross Rent Multiplier 98 Operating Ratio 99 Break-Even Ratio 100 Chapter 7 Advanced Real Estate Investment Analysis 103 Future Value Analysis 103 Present Value Analysis 108 Net Present Value Analysis 111 Internal Rate of Return 113 Chapter 8 The Valuation of Real Property 121 Appraisal Defined 121 The Nature of Price and Value 122 Three Primary Appraisal Methods 123 Replacement Cost Method 123 Sales Comparison Method 126 Income Capitalization Method 128 Chapter 9 Financial Statements and Schedules 133 Income Statement 136 Balance Statement 143 Statement of Cash Flows 148 Part 2 Case Study Review: Practical Application of Valuation Analysis 153 Chapter 10 Case Study 1: Single-Family Rental House 155 Test 1: Comparable Sales Analysis 157 Test 2: Cash Flow Analysis 162 Chapter 11 Case Study 2: Single-Family to Multifamily Conversion 175 Exploring Alternative Possibilities 175 The Relationship between Risk and Reward 180 Chapter 12 Case Study 3: Multifamily Apartment Complex 189 Chapter 13 Case Study 4: Single-Family Conversion to Commercial Office Building 203 Part 3 Epilogue and Appendixes 229 Chapter 14 Epilogue: Destined for Greatness 231 Prior Works 231 Destined for Greatness 233 Appendix A www.thevalueplay.com 243 Appendix B www.symphony-homes.com 245 Glossary 247 Index 269
Part 1 Real Estate Finance 1 Chapter 1 Introduction to Real Estate Finance 3 Finance as a Discipline 6 The Relevance of Finance as It Applies to Value 9 Chapter 2 Primary Investment Elements and Their Effect on Financing Strategies 13 Time Horizon 13 Volume of Investment Activity 18 Type of Property 21 Chapter 3 Secondary Investment Elements and Their Effect on Financing Strategies 27 Cost of Funds 28 Amortization Period 31 Amount of Funds Borrowed 35 Chapter 4 Additional Investment Elements and Their Effect on Financing Strategies 43 Loan Duration 43 Loan Fees 46 Prepayment Penalties 54 Chapter 5 Structuring Financial Instruments 61 Leverage 61 Debt 64 Equity 67 Partnerships 69 Blended Financing and the Weighted Average Cost of Capital 72 Options 76 Chapter 6 Real Estate Investment Performance Measurements and Ratios 81 Net Income Return on Investment 84 Cash Return on Investment 85 Total Return on Investment 86 Net Operating Income 87 Capitalization Ratio 89 Debt Service Coverage Ratio 92 Operating Efficiency Ratio 93 Gross Rent Multiplier 98 Operating Ratio 99 Break-Even Ratio 100 Chapter 7 Advanced Real Estate Investment Analysis 103 Future Value Analysis 103 Present Value Analysis 108 Net Present Value Analysis 111 Internal Rate of Return 113 Chapter 8 The Valuation of Real Property 121 Appraisal Defined 121 The Nature of Price and Value 122 Three Primary Appraisal Methods 123 Replacement Cost Method 123 Sales Comparison Method 126 Income Capitalization Method 128 Chapter 9 Financial Statements and Schedules 133 Income Statement 136 Balance Statement 143 Statement of Cash Flows 148 Part 2 Case Study Review: Practical Application of Valuation Analysis 153 Chapter 10 Case Study 1: Single-Family Rental House 155 Test 1: Comparable Sales Analysis 157 Test 2: Cash Flow Analysis 162 Chapter 11 Case Study 2: Single-Family to Multifamily Conversion 175 Exploring Alternative Possibilities 175 The Relationship between Risk and Reward 180 Chapter 12 Case Study 3: Multifamily Apartment Complex 189 Chapter 13 Case Study 4: Single-Family Conversion to Commercial Office Building 203 Part 3 Epilogue and Appendixes 229 Chapter 14 Epilogue: Destined for Greatness 231 Prior Works 231 Destined for Greatness 233 Appendix A www.thevalueplay.com 243 Appendix B www.symphony-homes.com 245 Glossary 247 Index 269
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