Real Estate Investment / Edition 5

Real Estate Investment / Edition 5

5.0 1
by John P. Wiedemer
     
 

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ISBN-10: 0137635583

ISBN-13: 9780137635580

Pub. Date: 06/28/1993

Publisher: Pearson

A medium level introduction to basic principles, procedures, laws and economics of residential and commercial real estate investment.

Overview

A medium level introduction to basic principles, procedures, laws and economics of residential and commercial real estate investment.

Product Details

ISBN-13:
9780137635580
Publisher:
Pearson
Publication date:
06/28/1993
Edition description:
5th ed
Pages:
334
Product dimensions:
7.29(w) x 9.60(h) x 0.85(d)

Related Subjects

Table of Contents

Prefaceix
Chapter 1Real Estate as an Investment1
Advantages of Real Estate as an Investment3
Disadvantages of Real Estate as an Investment6
The Value of Land7
Categories of Land Use9
Acquiring Real Property12
Organization Costs16
Financing Charges18
Chapter 2Land Use Controls19
Land Use Controls19
Zoning21
Building Codes22
Subdivision Requirements23
Planning23
Restrictions by Private Agreement24
Eminent Domain25
Do Restrictive Rules Classify as a Taking?26
Government Influences on Land Use28
Land Restrictions Due to Lack of Service28
Environmental Impact Statement31
Chapter 3Environmental Constraints33
How the Environment Affects Humans34
Environmental Issues Examined35
Toxic Waste Sites35
Lead Poisoning42
Indoor Air Pollution43
Clean Water Measures47
Wetlands Protection48
Storm Water Runoff Regulations52
Endangered Species Protection53
Underground Storage Tanks54
Electromagnetic Forces55
Chapter 4Ownership of Real Property57
Classification of Estates58
Major Classes of Estates60
Classification of Property Ownership67
Trusts70
Chapter 5Legal Documents75
The Deed76
The Earnest Money Contract78
The Commercial Lease82
Chapter 6Property Taxes and Income Taxes91
Property Taxes91
Federal Income Taxes95
Business Income95
Types of Income for Tax Purposes99
Determining Capital Gain101
Allocation of Land Cost and Building Cost107
Cost Recovery for Other Tangible Property107
Chapter 7Special Income Tax Rules Applicable to Real Estate109
Tax Credits109
Tax-Deferred Exchange of Property114
Involuntary Exchange117
Installment Sales Method118
Sale-and-Leaseback of Real Property122
At-Risk Rules123
Chapter 8Single-Family Dwellings and Condominiums125
The Principal Residence126
Residence Converted to Rental Use130
Part-Time Rental Units133
Time-Sharing Ownership136
Condominiums137
Chapter 9Business Organizations141
Sole Proprietorship141
Partnership143
Joint Stock Companies147
Limited Partnership147
Joint Venture149
Limited Liabilities Companies149
Real Estate Syndicate150
Corporations151
S Corporations154
Comparison of Business Organizations156
Chapter 10Financing Real Estate Investment159
Primary Mortgage Market160
Secondary Mortgage Market161
Effect of Underwriting on Commercial Borrowers163
Why Borrow Money164
Debt Service to Net Operating Income166
Participation by Mortgage Lenders168
Financing Costs169
Are Long-Term Loans Higher Cost?174
Mortgage Loan Amortization175
Mortgage Repayment Plans177
Mortgage Variations181
Chapter 11Tools of Analysis187
Balance Sheet188
Profit-and-Loss Statement189
Operating Statement190
Pro Forma Statement192
Income Tax Statements193
Accounting Methods193
Preparation of Statements194
Problem Areas in Financial Statements196
Supplemental Information197
Statement Analysis201
Amortization Tables204
Loan Constant205
Chapter 12Comparison Screening207
Popular Guidelines208
Property Income and Expense Analysis210
Property Appraisals216
Feasibility Report222
Physical Inspection223
Chapter 13Discount Analysis225
The Time Value of Money226
Compound Interest227
Discounting Cash Flows229
Present Value Approach234
Internal Rate of Return (IRR)237
Problem Areas in Computations241
Listing Properties with Discounted Cash Flow Techniques241
Chapter 14Computer-Aided Analysis245
Cash Flow Projections246
Investment Analysis255
Analysis of Offer to Purchase258
Chapter 15Examining Real Property Risk261
Risk Associated with Income Stream262
Other Risks for Land Owners263
Leases265
Operation and Income Properties270
Land as an Investment276
Land Development280
Chapter 16Marketing Investment Property283
Apartments284
Office Buildings287
Retail Store Centers291
Warehouse Buildings296
Special Purpose Buildings300
Business Properties301
Conclusion303
Glossary304
Appendix315
Index320

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