Real Estate Finance & Investments prepares readers to understand the risks and rewards of financing and investing in residential and commercial real estate. Concepts and techniques included in the chapters and problem sets are used in many careers related to real estate. These include investing, development financing, appraising, consulting, managing real estate portfolios, leasing, managing property, analyzing site locations, corporate real estate, and managing real estate investment funds. This material is also relevant to individuals who want to understand real estate better when making their own personal investment and financing decisions.
As this current edition is being revised, there is a lot of uncertainty about the impact that COVID-19 will have on different sectors of the commercial real estate market. It is more important than ever to evaluate the risk and return for both lenders and investors. This text is designed to help both students and other readers understand these many factors so that they can perform the necessary analysis and make informed real estate finance and investment decisions.
PART ONE: Overview of Real Estate Finance and Investments
Chapter 1: Real Estate Investment: Basic Legal Concepts
Chapter 2: Real Estate Financing: Notes and Mortgages
PART TWO: Mortgage Loans
Chapter 3: Mortgage Loan Foundations: The Time Value ofMoney
Chapter 4: Fixed Interest Rate Mortgage Loans
Chapter 5: Adjustable and Floating Rate Mortgage Loans
Chapter 6: Mortgages: Additional Concepts, Analysis, andApplications
PART THREE: Residential Housing
Chapter 7: Single-Family Housing: Pricing, Investment, andTax Considerations
Chapter 8: Underwriting and Financing Residential Properties
PART FOUR: Income-Producing Properties
Chapter 9: Income-Producing Properties: Leases, Rents, andthe Market for Space
Chapter 10: Valuation of Income Properties: Appraisal andthe Market for Capital
Chapter 11: Investment Analysis and Taxation of IncomeProperties
Chapter 12: Financial Leverage and Financing Alternatives
Chapter 13: Risk Analysis
Chapter 14: Disposition and Renovation of Income Properties
Chapter 15: Financing Corporate Real Estate
PART FIVE: Financing Real Estate Development
Chapter 16: Financing Project Development
Chapter 17: Financing Land Development Projects
PART SIX: Alternative Real Estate Financing and InvestmentVehicles
Chapter 18: Structuring Real Estate Investments: OrganizationalForms and Joint Ventures
Chapter 19: The Secondary Mortgage Market: Pass-ThroughSecurities
Chapter 20: The Secondary Mortgage Market: CMOs, CDOs, CLOs,and Derivative Securities
Chapter 21: Real Estate Investment Trusts (REITs)
PART SEVEN: Portfolio Analysis and Real Estate Funds
Chapter 22: Real Estate Investment Performance and PortfolioConsiderations
Chapter 23: Real Estate Funds: Structure, Performance, Benchmarking,Risk and Attribution Analysis
