Real Estate Finance Lecture notes

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LESSON ONE
TABLE OF CONTENT
OVERVIEW OF REAL ESTATE FINANCE AND INVESTMENT
1.0 Introduction
1.1 Objectives
1.2 Nature of Real Estate
1.3 Definition of Estate
1.4 Classifications of Estates
1.5 Summary
1.6 Activity
1.7 Self Testing Questions
1.8 Further Reading

LESSON TWO
THE ORGANIZARION AND MANAGEMENT OF BUILDING FIRMS
2.0 INTRODUCTION
2.1 Objectives
2.2 Sole Proprietorship
2.3 Partnerships
2.4 Limited Liability Companies
2.5 Corporations
2.6 Joint Ventures
2.7 Syndications
2.8 Summary
2.9 Activity
2.10 Self Testing Questions
2.11 Further Reading

LESSON THREE
LONG TERM MORTGAGES AND OTHER LONG TERM FINANCES
3.0 Introduction
3.1 Learning Objectives
3.2 Definantion of A Mortgage
3.3 Fixed Interest Rate Mortgage Loans
3.4 Adjustable and Floating Rate Mortgage Loans
The Price level Adjusted Mortgage (PLAM)
ARMs and Floating Rate loans: An Overview
Payment Basics Illustration
Variations: ARM and Floating Rate Loans
3.5 Summary
3.6 Activity
3.7 Self Testing Questions
3.8 Further Reading

LESSON FOUR
INVESTMENT THEORY AND BEHAVIOR IN REAL ESTATE
4.0 Introduction
4.1 Learning Objectives
4.2 Motivations of Investing
4.3 Real Estate Market Characteristics and Investment Strategies
Investment Strategies
4.4 The Real Estate Cycle
4.5 Summary
4.6 Activities
4.7 Self Testing Questions
4.8 Further Reading

LESSON FIVE
INVESTMENT ANALYSIS AND TAXATION OF INCOME PROPERTIES
5.0 Introduction
5.1 Learning Objectives
5.2 Net Operating Income
5.3 Internal Rate Of Return
Present Value
5.4 Measures Of Using Ratios
Equity Dividend Rate
5.5 Taxation Of Income Producing Real Estate
Taxable Income Operation of Real Estate
Taxable Income From Disposal Of Depreciable Real Property
After-Tax Investment Analysis
After-Tax Cash Flow from Sale
Effective Tax Rate
After-Tax IRR
5.6 Summary
5.7 Activity
5.8 Self Testing Questions
5.9 Futher Reading