By William Brueggeman and Jeffrey Fisher
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.
Real estate markets are impacted by many local, national, and international economic and demographic trends. This is coupled with new technology that impact different sectors of these markets. It is more important than ever to be able to evaluate how these trends will impact 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
1 Real Estate Investment Basic Legal Concepts
2 Real Estate Financing Notes and Mortgages
PART TWO: MORTGAGE LOANS
3 Mortgage Loan Foundations The Time Value of Money
4 Fixed Interest Rate Mortgage Loans
5 Adjustable and Floating Rate Mortgage Loans
6 Mortgages Additional Concepts, Analysis, and Applications
PART THREE: RESIDENTIAL HOUSING
7 Single-Family Housing Pricing, Investment, and Tax Considerations
8 Underwriting and Financing Residential Properties
PART FOUR: INCOME-PRODUCING PROPERTIES
9 Income-Producing Properties Leases, Rents, and the Market for Space
10 Valuation of Income Properties Appraisal and the Market for Capital
11 Investment Analysis and Taxation of Income Properties
12 Financial Leverage and Financing Alternatives
13 Risk Analysis
14 Disposition and Renovation of Income Properties
15 Financing Corporate Real Estate
PART FIVE: FINANCING REAL ESTATE DEVELOPMENT
16 Financing Project Development
17 Financing Land Development Projects
PART SIX: ALTERNATIVE REAL ESTATE FINANCING AND INVESTMENT VEHICLES
18 Structuring Real Estate Investments Organizational Forms and Joint Ventures
19 The Secondary Mortgage Market Pass-Through Securities
20 The Secondary Mortgage Market CMOs, CDOs, CLOs, and Derivative Securities
21 Real Estate Investment Trusts (REITs)
PART SEVEN: PORTFOLIO ANALYSIS AND REAL ESTATE FUNDS
22 Real Estate Investment Performance and Portfolio Considerations
23 Real Estate Funds Structure, Performance, Benchmarking, Risk and Attribution Analysis
