Essentials of Real Estate Investment

Now in its sixth edition, Essentials of Real Estate Investment is the perfect blend of investment theory and real-life practice. Learn the basics about investment finance, income taxes and real estate investments, property analysis and market analysis.

PREFACE

vii

SECTION A: PRINCIPLES OF REAL ESTATE INVESTMENT

1

(132)

1 INTRODUCTION

1

(16)

The Nature of the Real Estate Market

2

(5)

Purposes of Investing in Real Estate

7

(2)

Advantages of Investing in Real Estate

9

(2)

Disadvantages of Investing in Real Estate

11

(2)

Summary

13

(1)

Exercise 1

14

(3)

2 OWNERSHIP INTERESTS IN REAL PROPERTY

17

(29)

Individual Ownership

17

(2)

Group Ownership

24

(6)

Trust Ownership

30

(5)

Leasehold Interests

35

(4)

Summary

39

(2)

Exercise 2

41

(5)

3 FINANCING FOR REAL ESTATE INVESTMENTS

46

(26)

Sources of Funds

47

(6)

Forms of Real Estate Finance

53

(2)

Types of Real Estate Finance

55

(5)

Special Provisions for Investment Financing

60

(5)

Defaults and Foreclosures

65

(2)

Summary

67

(3)

Exercise 3

70

(2)

4 INCOME TAXES AND REAL ESTATE INVESTMENTS

72

(18)

Income Subject to Tax

73

(2)

Income Tax Rates

75

(2)

Real Estate Investments as Tax Shelters for Ordinary Income

77

(3)

Real Estate Investments as Tax Shelters ror Capital Gains

80

(6)

Summary

86

(1)

Exercise 4

87

(3)

5 FEASIBILITY STUDIES OF REAL ESTATE INVESTMENTS

90

(19)

Market Analysis

90

(12)

Property Analysis

102

(3)

Summary

105

(1)

Exercise 5

106

(3)

6 FINANCIAL ANALYSIS OF REAL ESTATE INVESTMENTS

109

(24)

Financial Analysis

109

(16)

Calculators and Personal Computers

125

(1)

Summary

126

(1)

Exercise 6

127

(6)

SECTION B: PRACTICES OF REAL ESTATE INVESTMENT

133

(119)

7 INVESTING IN LAND

133

(20)

Essentials of Land Investment Feasibility Studies

134

(3)

Single-Lot Investments

137

(2)

Acreage

139

(10)

Foreign Investors

149

(1)

Summary

149

(2)

Exercise 7

151

(2)

8 INVESTING IN RESIDENTIAL PROPERTIES

153

(30)

Single-Family Detached Homes

153

(5)

The Fair Housing Act

158

(1)

Multiunit Apartment Rentals

159

(6)

Cooperatives

165

(3)

Condominiums

168

(4)

Conversions to Condominiums

172

(3)

Summary

175

(2)

Exercise 8

177

(6)

9 INVESTING IN OFFICE BUILDINGS

183

(15)

Office Building Management

184

(4)

Types of Office Investments

188

(6)

Summary

194

(2)

Exercise 9

196

(2)

10 INVESTING IN STRIP STORES AND SHOPPING CENTERS

198

(20)

Strip Store Buildings

199

(1)

Management Requirements

200

(1)

Neighborhood Shopping Centers

201

(3)

Community Shopping Centers

204

(2)

Regional and Super-Regional Shopping Centers

206

(2)

Management Requirements

208

(1)

Factory Outlet Malls

208

(1)

Summary

209

(1)

Exercise 10

210

(8)

11 INVESTING IN INDUSTRIAL PROPERTIES

218

(17)

The Industrial Real Estate Market

219

(2)

Characteristics of Industrial Real Estate

221

(4)

Types of Industrial Investments

225

(6)

Summary

231

(1)

Exercise 11

232

(3)

12 SPECIAL REAL ESTATE INVESTMENTS

235

(17)

Mobile-Home Parks

235

(3)

Diverse Realty Investments

238

(5)

Alternate Investment Opportunities

243

(4)

Summary

247

(2)

Exercise 12

249

(3)

GLOSSARY

252

(9)

ANSWER KEY

261

(2)

INDEX

263

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Essentials of Real Estate Investment

Summary

Table of Contents

Supplemental Materials

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