http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
Wealth opportunities in commercial real estate
management, financing and marketing of investment properties
1 online resource (xvi, 424 pages) : illustrations
"Commercial real estate investing is a strong investment choice for those with the right perspective and the patience to see their investment through. It is essential to know the basics of the real estate game including how to evaluate a real estate transaction and how to create value before you buy real estate at any level. Author Gary Grabel understands that to succeed in real estate, one must take the time to learn the basics and build on the skill set to properly evaluate investment opportunities and create value. The book covers a broad range of topics from basic terminology and analysis to leasing, financing, marketing, management, structuring a partnership, real estate tax consequences, buying and selling property, and the steps needed to preserve wealth. The book sets forth a practical step-by-step process on how to acquire real estate through a real estate vehicle to build significant wealth over time"--
Ch. 1 An Overview of the Problem, a Solution, and a Game Plan -- The Problem -- The Solution -- Four Key Elements in the Solution -- Concerns about the Solution -- Acquiring the Skill Set to End the Cycle -- A Game Plan to Achieve the Solution -- This Book Is about Center B Properties -- ch. 2 The Basics -- Gross Income: The Starting Point -- Vacancy and Collection Loss: Gross Income Reducers -- Operating Expenses and Net Operating Income -- Fair Market Value and Capitalization Rate: What's It Worth? -- Gross Rent Multiplier -- Value per Square Foot versus Reproduction Cost per Square Foot -- Inverse Relationship between Cap Rate and FMV -- Initial Determination of Value -- Leveraged Return and Return on Equity -- Cash Flow before Taxes (CFBT) -- Reserves/Impound Accounts -- Taxes and Insurance Impounds -- Cap X, TIs, and Leasing Commissions -- Devil in the Details: Over Simplified Analysis -- ch. 3 Detailed Financial Analysis -- Gross Income.
Vacancy and Collection Loss -- Operating Expenses -- Four Basic Types of Leases -- Nonrecoverable Expenses -- Time-Frame Assumptions -- Static versus Active Analysis -- Compounding -- Rent Roll -- Argus Ten-Year Discounted Cash Flow Model -- Analysis Reflecting 100 Percent Occupancy -- Reversion -- Disposition Costs -- The Time Value of Money: Present Value and Discounted Cash Flow -- Net Present Value (NPV) -- Internal Rate of Return (IRR) -- Conclusions from Argus Analysis and the Hypothetical Facts -- Analysis Reflecting a Large Vacancy after Purchase -- Analysis Reflecting a Large Vacancy with a Tenant in Tow -- ch. 4 Lease Analysis -- The Importance of Basic Lease Provisions -- Twelve Key Economic Ingredients in a Lease -- Frequently Negotiated Lease Provisions -- ch. 5 Real Estate Financing -- Sixty to Eighty Percent of the Game -- Types of Financing -- What Is the Right Answer to Debt Structuring?
Seven Key Factors to Consider in a Real Estate Loan -- Loan Underwriting -- Cash-on-Cash Return -- The Mortgage Loan Application -- The Pitfalls of Mortgage Lending -- Negotiable Points of a Loan -- ch. 6 Real Estate Taxation -- Income Taxation -- Real Property Taxation -- Taxation in the Event of a Refinance -- Taxation in the Event of a Sale -- Installment Sale -- Section 1031 Exchange -- ch. 7 Acquisitions and Dispositions -- Focus on Specific Property Types in Specific Geographic Locations -- Establish Buying Criteria -- Acquisition Philosophy -- Governmental Impact -- Initial Screening -- The Purchase and Sale Agreement -- Building a Team -- Due Diligence -- Dispositions -- ch. 8 Case Studies -- Problem Number 1 -- Problem Number 2 -- Problem Number 3 -- Problem Number 4 -- Problem Number 5 -- Problem Number 6 -- Problem Number 7 -- ch. 9 Development or Rehabilitation (Build to a 12 Percent Yield).
The 10 Phases of a Construction or Rehab Project -- Assessing a Construction Project -- Developer as Conductor -- Does the Project Hit Your Minimum Yield? -- Argus Developer -- Feasibility or Market Study -- The Composition of a Feasibility Study -- Residual Land Value -- Preleasing -- Equity and Financing -- Mechanics' Liens -- Liability under the Construction Loan -- Design and Construction Drawings -- Governmental Approvals -- Covenants, Conditions, and Restrictions (CC & Rs) -- Ground Lease Restrictions -- Construction of Improvements in a Ground-Up Development -- Inspections -- Insurance -- Decisions, Decisions, Decisions -- Communication, Communication, Communication -- Graphic Time Line -- Project Operating Costs -- Lender's Disbursement Form -- Change Orders -- Rehabilitation Project -- Construction of Improvements in a Rehab Projecct: Decisions Decisions, Decisions -- Rehab Project: Communication, Communication, Communication -- Summary -- ch. 10 Marketing, Leasing, and Management -- Definition of Marketing, Leasing, and Management -- Marketing -- Leasing -- Strategy -- Management -- Management as a Business -- Conclusion -- ch. 11 Partnership Structuring and Deal Restructuring -- Partnership Structuring -- Securities Issues -- Fifteen Key Structuring Issues -- Debt Restructuring -- Borrower's Proposed Terms -- Lender's Counterproposal -- ch. 12 Keeping the Money -- Planning -- Fractional Interests -- Estate Planning Checklist.