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Summary: I manage a private equity RE fund and this book is excellent
Review: Great book for someone who's in real estate investment management and needs a groud up, starting with the basics, platform to understand and work in real estate finance.Also a good review for more experienced pros, with lots of examples, financial tables, and financial concepts that you probably know enough to talk about but maybe don't remember exactly how you figure it out. Great value!
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Summary: Purchased on Mr. Tirone's recommendation
Review: I have what is undoubledly the best book I have seen on real estate calculations for using the HP-12C financial calculator: this book is authored by Mr. John A. Tirone. I called Mr. Tirone several months ago to see what he suggested I consider reading to beef up my understanding of real estate finance and whatever else he felt might help me as a prospective (hopeful) investor some day in real estate. Mr. Tirone suggested the Brueggeman-Fisher book, which I acquired through amazon, plus the McLean-Eldred "Investing in real Estate" book, which our office purchased through amazon as well. Both the Brueggemann and McLean books seem to give the reader an indepth coverage of the field though we probably never would have come to these books were it not for the fact that we have Mr. Tirone's Professional Real Estate Problem Solving books since he supports his book without charge and is exceptionally helpful with those who call or e-mail him.
I work in real estate brokerage, though I have yet to buy an investment property for my own account!
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Summary: Great text, check out the new edition
Review: I've taken a look at a previous edition of the Brueggeman and Fisher text and it is definitely the only nuts and bolts handbook for practitioners. If you're new to the field and just out of school, try the Geltner and Miller text, which flows from real estate economics through portfolio analysis, reads like an MBA manual - it isn't as bad as most reviewers say, they're just stating where they think they are. These two are fundamentally different books, but just as worthy in their own area of approach. Be advised that a new edition of Real Estate Finance and Investments has just been published in June 2004 by McGraw-Hill, ISBN 0071238212 - check it out on amazon.co.uk if you can't find it on amazon.com. Should come in at about seventy bucks. Well worth the cash, if only as an aide-memoire.
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Summary: Step by step analysis with good tables in the appendix
Review: This book has clearly stood the test of time. It is now in its 11th edition. My professor uses the 9th edition, and most of our class has a later copy. The author provides step by step help for novice financiers who want to learn mortgages, internal rates of return, and net present value calculations.
I would offer a word of warning to people who consider buying older versions in order to save money. I have the 8th edition. The concepts have not changed (although the assumed interest rates certainly have!). However, the chapters have since been rearranged and the questions in the back of the book are different. If you are using this book for a class you may need to at least have access to a newer version.
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Summary: A Must
Review: This is one of the best books I have ever read about real estate. I read plenty of books on real estate but this one does a great job on explaining how the real estate industry works. It talks about residential real estate market and its financing. Then it goes on to commercial real estate. It talks about real estate development and then the secondary market. It really is a great book that I would recommend to anybody interested in real estate. As a real estate appraiser I gained a lot from this book.
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Summary: Nice book - wrong edition.
Review: This is the 11th edition. I noticed that McGraw-Hill has released a 12th edition complete with CD-ROM. For the price you pay, you should get the latest!
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Summary: Real Estate Finance and Investments (Real Estate Finance and
Review: This text is the market leader for the Real Estate Finance course. This is primarily due to its comprehensive and current coverage. Instructors find the text to be authoritative, rigorous and trustworthy, making it a classic in the field. This edition continues to evolve to provide students with the tools they need to understand and analyze real estate markets and the investment alternatives available to both debt and equity investors.
Part I. Introduction1. Overview of Real Estate Finance And Investments2. Legal Considerations in Real Estate3. The Interest Factor in FinancingPart II. Financing Residential Properties4. Fixed Rate Mortgage Loans5. Adjustable Rate and Variable Payment Mortgages6. Underwriting and Financing Residential Properties7. Residential Financial AnalysisPart III. Financing Income Properties (Debt and Equity)8. Introduction to Income Producing Properties and Valuation Fundamentals9. Introduction to Leases, Projecting Cash Flows and Investment Value10. Investment and Risk Analysis11. Financial Leverage and Financing Alternatives12. Partnerships, Joint Ventures, and Syndications13. Disposition and Renovation of Income Properties14. Financing Corporate Real EstatePart IV. Financing Proposed Projects15. Financing Project Development16. Financing Land Development ProjectsPart V. Real Estate Capital Markets and Securities17. The Secondary Mortgage Market: Pass-Through Securities18. The Secondary Mortgage Market: CMOs and Derivative Securities (Collateralized Mortgage Obligations)19. Real Estate Investment Trusts (REITs)20. Real Estate Investment Performance and Portfolio ConsiderationsAppendix A. Annual Compound Interest TablesAppendix B. Monthly Compound Interest TablesAppendix C. Managing Interest Rate Risk
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