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The Classic Guide to Real Estate Investing—Updated for a Re-energized Industry!
Real estate is once again a great investment, and this bestselling guide provides everything you need to know to get in now and make your fortune.
What Every Real Estate Investor Needs to Know About Cash Flow removes the guesswork from investing in real estate by teaching you how to crunch numbers like a pro, so you can confidently judge a property's value and ensure it provides long-term returns.
Real estate expert, Frank Gallinelli has added new, detailed investment case studies, while maintaining the essentials that have made his book a staple among serious investors. Learn how to measure critical aspects of real estate investments, including:
Discounted Cash Flow Net Present Value Capitalization Rate Cash-on-Cash Return Net Operating Income Internal Rate of Return Profitability Index Return on Equity
Whether you're just beginning in real estate investing or you're a seasoned professional, What Every Real Estate Investor Needs to Know About Cash Flow has what you need to make sure you take the smartest approach for your next investment using proven calculations.
Contents
Preface xiii
Introduction xvii
Part I: How to Analyze a Potential Real Estate Deal
1 Do your Homework: How to Gather the Data needed to Make an Investment Decision 3
2 Financial Detective work Before you Buy: Finding the Truth Behind what the Seller is Telling You 9
3 How the "time Value of Money" should Influence your real estate Investing Decisions 27
4 How to estimate what an Income Property Is really worth 51
5 Measuring the return on a real estate Investment 73
6 Case studies: apartment, Mixed-Use, and triple-net Lease 107
Part II: Thirty-Seven Calculations Every Real Estate Investor Needs to Know
7 Calculation 1: Simple Interest 145
8 Calculation 2: Compound Interest 148
9 Calculation 3: Rule of 72s 154
10 Calculation 4: Present Value of a Future Cash Flow 156
11 Calculation 5: Gross Rent Multiplier 160
12 Calculation 6: Gross Scheduled Income (Potential Gross Income) 163
13 Calculation 7: Vacancy and Credit Loss 166
14 Calculation 8: Gross Operating Income (Effective Gross Income) 170
15 Calculation 9: Net Operating Income 174
16 Calculation 10: Capitalization Rate 180
17 Calculation 11: Net Income Multiplier 186
18 Calculation 12: Taxable Income 190
19 Calculation 13: Cash Flow 202
20 Calculation 14: Cash-on-Cash Return 208
21 Calculation 15: Sale Proceeds 213
22 Calculation 16: Discounted Cash Flow 218
23 Calculation 17: Net Present Value 224
24 Calculation 18: Profitability Index 231
25 Calculation 19: Internal Rate of Return 234
26 Calculation 20: Price, Income, and Expenses per Unit 239
27 Calculation 21: Price, Income, and Expenses per Square Foot 242
28 Calculation 22: Operating Expense Ratio 246
29 Calculation 23: Debt Coverage Ratio 250
30 Calculation 24: Break-Even Ratio 254
31 Calculation 25: Return on Equity 257
32 Calculation 26: Loan-to-Value Ratio 261
33 Calculation 27: Points 267
34 Calculation 28: Mortgage Payment/Mortgage Constant 271
35 Calculation 29: Principal Balance/Balloon Payment 276
36 Calculation 30: Principal and Interest per Period 282
37 Calculation 31: Maximum Loan Amount 286
38 Calculation 32: Assessed Value, Property Taxes, and Value Indicated by Assessment 290
39 Calculation 33: Adjusted Basis 294
40 Calculation 34: Depreciation 297
41 Calculation 35: Gain on Sale 301
42 Calculation 36: Land Measurements 304
43 Calculation 37: Building Measurements—Gross Building Area, Usable Square Footage, Rentable Square Footage, Loss Ratio, Net Rentable Area 308
Appendix 313
Index 323
