| Preface | vii |
| Section A | Principles of Real Estate Investment | |
| 1 | Introduction | 1 |
| The Nature of the Real Estate Market | 2 |
| Purposes of Investing in Real Estate | 7 |
| Advantages of Investing in Real Estate | 8 |
| Disadvantages of Investing in Real Estate | 10 |
| Summary | 12 |
| Exercise 1 | 14 |
| Discussion | 14 |
| 2 | Ownership Interests in Real Property | 15 |
| Individual Ownership | 16 |
| Group Ownership | 22 |
| Trust Ownership | 28 |
| Leasehold Interests | 32 |
| Summary | 35 |
| Exercise 2 | 38 |
| Discussion | 39 |
| 3 | Feasibility Studies of Real Estate Investments | 42 |
| Market Analysis | 43 |
| Property Analysis | 54 |
| Summary | 56 |
| Exercise 3 | 58 |
| Discussion | 59 |
| 4 | Financial Analysis of Real Estate Investments | 60 |
| Financial Analysis | 60 |
| Calculators and Personal Computers | 76 |
| Summary | 79 |
| Exercise 4 | 80 |
| Discussion | 81 |
| 5 | Financing for Real Estate Investments | 82 |
| Sources of Funds | 83 |
| Forms of Real Estate Finance | 87 |
| Types of Real Estate Finance | 89 |
| Special Provisions for Investment Financing | 94 |
| Defaults and Foreclosures | 98 |
| Summary | 101 |
| Exercise 5 | 104 |
| Discussion | 105 |
| 6 | Income Taxes and Real Estate Investments | 106 |
| Income Subject to Tax | 107 |
| Income Tax Rates | 108 |
| Real Estate Investments as Tax Shelters for Ordinary Income | 111 |
| Real Estate Investments as Tax Shelters for Capital Gains | 113 |
| Summary | 119 |
| Exercise 6 | 120 |
| Discussion | 120 |
| Section B | Practices of Real Estate Investment | |
| 7 | Investing in Land | 121 |
| Essentials of Land Investment Feasibility Studies | 122 |
| Single-Lot Investments | 125 |
| Acreage | 127 |
| Foreign Investors | 136 |
| Summary | 137 |
| Exercise 7 | 139 |
| Discussion | 139 |
| 8 | Investing in Residential Properties | 140 |
| Single-Family Detached Homes | 141 |
| The Fair Housing Act | 145 |
| Multiunit Apartment Rentals | 146 |
| Cooperatives | 151 |
| Condominiums | 153 |
| Conversions to Condominiums | 157 |
| Summary | 160 |
| Exercise 8 | 162 |
| Discussion | 163 |
| 9 | Investing in Office Buildings | 168 |
| Office Building Management | 169 |
| Types of Office Investments | 173 |
| Summary | 179 |
| Exercise 9 | 181 |
| Discussion | 182 |
| 10 | Investing in Strip Stores and Shopping Centers | 183 |
| Strip Store Buildings | 183 |
| Neighborhood Shopping Centers | 186 |
| Community Shopping Centers | 188 |
| Regional and Super-Regional Shopping Centers | 190 |
| Factory Outlet Malls | 192 |
| E-Commerce Competition | 192 |
| Summary | 193 |
| Exercise 10 | 195 |
| Discussion | 196 |
| 11 | Investing in Industrial Properties | 207 |
| The Industrial Real Estate Market | 208 |
| Characteristics of Industrial Real Estate | 210 |
| Types of Industrial Investments | 213 |
| Summary | 219 |
| Exercise 11 | 221 |
| Discussion | 222 |
| 12 | Special Real Estate Investments | 223 |
| Mobile-Home Parks | 224 |
| Diverse Realty Investments | 227 |
| Alternate Investment Opportunities | 230 |
| Summary | 235 |
| Exercise 12 | 237 |
| Discussion | 238 |
| Glossary | 239 |
| Answer Key | 250 |
| Index | 253 |
