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Financial Analysis of Development Projects
In the future, the housing sector is expected to continue growing steadily. Recently, legislation has been introduced in the Mexican Senate that calls for amending Article 27 of the Federal Constitution to allow direct ownership of residential real property by foreigners within the Prohibited Zone without having to employ a fideicomiso. Adopting this proposal would likely promote greater foreign investment in residential property along the nearly 7,000 miles of Mexican coastline because purchasers would not face the costs related to fideicomisos and would obtain title to property instead of mere beneficial use. Prospects are equally attractive in the commercial...
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Optimal Capital Structure in Real Estate Investment: A Real Options Approach
Numerous U.S. REITs and other institutions have invested in real property connected to maquiladoras, retail development and tourism. This trend should persist because Mexico is ripe for continued investment. With respect to retail development, for example, there are fewer than 1,000 malls and shopping centers in Mexico, which has a population of approximately 110 million people. In comparison, there are more than 102,000 malls and shopping centers in the U.S., which has a population of approximately 306 million people. The International Council of Shopping Centers (ICSC) indicates that “there are just 2.4 square feet of retail per capita in Mexico,...
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Glossary of Commercial Investment Real Estate Terms
Real estate is valued for its cash flow, both its operating cash flow during the time that you own the property and its likely net sale proceeds when you go to sell the property at some time in the future. Since real estate is purchased today based on its ability to produce cash flow in the future, tools are needed which help calculate the present value of future cash flows. These tools are readily available, are discussed in Tool Kits #2 and #3, and involve the concept of “capitalization”. All capitalization tools convert future income...
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Fund Spotlight Fidelity® Real Estate Investment Portfolio
If you know the present value of a future cash flow, you can determine what a good purchase price should be for that investment. You would not want to pay more than its present value, and would like to pay less than its present value. If you know the key variables, you can use them in a meaningful risk assessment and in negotiations with other parties (buyers, sellers, lenders, investors, landlords, tenants). However, this is where uncertainty enters the picture. Reasonable people will disagree on the projected income from an asset, the projected expenses required...
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IN THE SENATE OF THE UNITED STATES - SEPTEMBER 22, 2011
In debating these numbers, parties have to look at the actual historical numbers for the property, the quality of management and the impact of a management or ownership change on those numbers, and what is going on in the marketplace. This applies not only to income and expenses from operation, but in ultimate disposition values as well. Real estate can be particularly challenging, as tax, utility and repair costs can be hard to predict and beyond ownership control, and there are a number of factors from the marketplace with affect vacancy rates or tenant based risks. Added...
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Optimal Leverage in Real Estate Investment with Mezzanine Lending
I have already pointed out that there are two basic sets of capitalization tools: (1) direct capitalization and (2) yield analysis. Tool Kit #2 Direct Capitalization focuses on the income stream from a property, without taking into account appreciation in value, paying down of mortgages, or ultimate value on disposition. In this regard it differs from yield analysis (Tool Kit #3 Discounted Cash Flows), as most yield calculations take into account the cash flow during the hold period plus the cash flow from the ultimate disposition of the property (see below). Direct capitalization...
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Real Estate Risk Exposure of Equity Real Estate Investment Trusts
It usually looks at cash flow during the hold period of the investment plus the cash flow resulting from the ultimate disposition of the investment property. In these respects it is different from and more sophisticated than Tool Kit #2 Direct Capitalization, which usually limits its focus to annual net incomes without taking into account cash flow, appreciation in value, paying down of mortgages, or ultimate cash flow on disposition. Discounted Cash Flows are the most sophisticated and complicated tools usually encountered when analysing real estate investments, although they are easily calculated with...
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Guidelines for Appraising Overseas Investment Real Estate
Internal Rate of Return (IRR) is the discount rate at which the Present Value of future cash flows equals the initial capital invested (i.e. the discount rate at which the Net Present Value of a series of cash flows equals 0) expressed as a percentage. An IRR less than your targeted rate of return suggests you are paying too much for the property to get your targeted rate of return An IRR greater than your target rate of return suggests you could pay more for the property and still get your targeted rate of return E.g....
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US Real Estate Market Outlook 2012
Modified Internal Rate of Return (MIRR) is a technique used if more than one negative to positive cash flow change occurs. This technique is beyond the scope of this article. Its primary benefit is that it eliminates multiple negative and positive cash flows during the hold period, adjusts for reinvestment during periods of positive cash flow and the cost of borrowing to cover periods of negative cash flow. However, it still suffers from some of the deficiencies associated with Internal Rate of Return. Financial Management Rate of Return Financial Management Rate of Return (FMRR) is a...
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AN INTRODUCTION TO REAL ESTATE INVESTMENT ANALYSIS: A TOOL KIT REFERENCE FOR PRIVATE INVESTORS
Our economic outlook has changed little over the past two years. Following the severe recession ending 2009, we have worked with the expectation that the overall economy will follow a bumpy and slow path with a positive trend. The recent path has certainly been bumpy, but the positive trend holds true. Our current expectation is that this pattern will continue as the environment stabilizes. One of the most interesting suggestions might be the idea that US commercial real estate is inexpensive on a relative basis. Early in 2011, some people, who watched core cap rates decline, made the claim that...
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Passive Activity and At-Risk Rules
As in previous annual Outlooks, we established a set of possible scenarios for the coming year. The majority of this report is built around the expectations established in the Base Case, as shown in exhibit 1. The alternative cases, Rebound and Recession, do not set the outer limits of possible results but rather acknowledge that there is a real probability that the market will follow a different path. Each scenario case represents a set of expectations which work in concert. The objective of offering these scenarios is to establish a consistent frame of reference for considering future investments. Keep in...
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Investor Bulletin: Real Estate Investment Trusts (REITs)
Real estate investment trusts (“REITs”) have been around for more than fifty years. Congress established REITs in 1960 to allow individual investors to invest in large-scale, income-producing real estate. REITs provide a way for individual investors to earn a share of the income produced through commercial real estate ownership – without actually having to go out and buy commercial real estate. What is a REIT? A REIT, generally, is a company that owns – and typically operates – income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping...
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Real Estate Investment Trust (Reit): A Financial Model
These guidelines specify standard appraisal procedures for Japanese real estate appraisers (the only profession that is licensed and registered by the government by law. Hereinafter “Japanese Appraisers”) to appraise overseas real estate for investment purposes. As the globalization of the real estate market progresses, cross-border real estate investment is gaining momentum. In addition, real estate investment trust (REIT) markets have been set up in the past few years, and international competition in real estate markets is heightening rapidly....
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Real Estate Investment in Mexico
As neighbors and partners in the North American Free Trade Agreement (NAFTA), the U.S. and Mexico share a broad and expanding trade relationship. Since the implementation of NAFTA, trade between Mexico and the U.S. has tripled. Up to 1 million Americans currently live in Mexico and more than 18,000 companies with U.S. investment have operations in Mexico. In fact, the U.S. accounts for 47 percent of all foreign investment in Mexico. With gross domestic product growth of 3 percent in 2007 and 2.05 percent in 2008 (compared to 2.2 percent in the U.S. in 2007 and 1.57 percent in 2008),...
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Real Estate Investment Analysis Fall 2004
Primarily, an investment property is one purchased strictly for the purpose of generating income. It’s neither your current primary residence nor a vacation home used only by your family. An investment property is usually purchased with the intention of either renting it out or renovating it to resell at a profit. There are also some variations on that theme. For instance, when a family relocates or decides to downsize, a primary residence can become an investment property if it doesn’t need to be sold. Another investor may buy a multifamily property, choosing to live in one part while renting out the other. Other owners may...
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Your Investment Property Guide: Adding A Home To Your Investment Portfolio
Since real estate — like the stock market — tends to ride out its up and downs well, providing good long-term results, record numbers of people have been buying second properties as investments. Purchases have risen 25% over the last five years to $50 billion and are expected to reach $150 billion by 2005. In fact, forecasters expect Americans to purchase 3.6 million second homes over the next 10 years. That’s about 1,000 a day! While the majority of all second homes are used for recreation, a benchmark study by the National Association of Realtors® (NAR) says investment property sales rose from 20% in...
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Briefing Sales and investment
Once you’ve determined that an investment home fits your financial goals, it’s time to decide whether or not you’re willing to deal with the responsibilities of being a landlord. There may be 3 a.m. phone calls to answer, late rents to collect, unsatisfactory tenants to evict, repairs and maintenance to attend to, paperwork to be updated, income and/or deductions to be claimed, taxes to be paid, and various new laws to obey. It’s a major commitment, but keep in mind that you can always hire professionals to take care of many day-to-day responsibilities. There’ll be more about property managers later in this guide. Whether you...
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Asia Pacific Real Estat Investment Summit Philippines
The process of bank deleveraging is expected to increase in 2012 with a pipeline of opportunities, such as large loan portfolios, continuing to materialize. With bank capital structures supported through unconventional means, it may require a further uncontrolled external shock to significantly accelerate the deleveraging process. Opportunities for investors will, however, continue to emerge with capital strategy expected to be a key driver of an increase in transaction activity. A secondary issue remains the question of how to resolve broken capital structures around secondary assets at a time when weak occupier markets present limited real estate options. Winning in an uncertain...
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COMINAR REAL ESTATE INVESTMENT TRUST
An investment property offers a unique option: you can buy one virtually anywhere. If you’re comfortable being an absentee landlord, you can actually own a home thousands of miles away and have a team of specialists manage your property. But most investors opt to be more involved than that, buying properties closer to home. An NAR study of investment home purchases shows the median distance to be 99 miles from the owner’s primary residence, with 37% located less than 25 miles away. Another advantage to buying close to home: it may be easier to make sound investments, because you’re familiar with neighborhoods, comparable values, and advantageous purchasing...
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Suspected Money Laundering in the Residential Real Estate Industry
Should you invest in a penthouse or in a studio? A three-story colonial or a two-bedroom ranch? The first time out, it’s probably best to invest in something on the small side. Unless you’re buying a move-in condition property and have a reliable tenant waiting in the wings, there’ll probably be a period of time before your investment starts generating income. During that period, you’ll have to make loan payments on the investment property from your regular income. Since smaller payments are easier to manage in such situations, most new investors prefer to start with a small property. Next decision: locale. City or country? Nearby or away...
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U.S. REAL ESTATE MARKET: TRENDS AND OPPORTUNITIES March 2009
Even if you don’t plan to sell your investment property right away, an appraiser will help you determine whether or not your investment is a good one financially. In fact, most lenders will require a full appraisal of any property to assure that they’re making a sound move by funding your purchase. You can check newspapers for current prices on similar properties. But you might also consider hiring an appraiser. By providing recent sales prices on similar homes, an appraiser can help you determine a current market value for the home you’ve got your eye on. The appraiser will usually review at least three similar homes...
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IN THE INDIANA TAX COURT
Your lender is be a valuable part of your investment team. Home mortgage consultants should be trained to interview you in a way that gets them a clear understanding of your goals, so they can make recommendations that help you further your wealth-building potential. Working together, they can help you explore your options and tailor solutions to meet your individual investment criteria. You can fund your investment in a number of ways, so it’s important to understand all your options and select the one that best suits your budget needs and financial goals. Walk through every option with your lender in detail. Learn how each one fits,...
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REAL ESTATE INVESTMENT OPPORTUNITIES IN CHINA: HOW RISKY?
Home Equity Financing leverages the equity you’ve established in your primary residence to purchase an investment property. You may borrow up to 100% of your current home’s unused equity. Like getting a new mortgage, home equity financing may be tax deductible. 1 Renovation Financing is specially designed to provide a single loan that covers both the purchase price of a less-than-perfect property and the costs of renovating it. The loan amount is based on the estimated increased value of your property after your planned improvements are made. That means you can start enjoying the dividends from your investment property right away. Low Down Payment/No Down Payment Options...
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MANAGING INVESTMENT PORTFOLIOS
Good renters enhance your venture in many ways. They take care of the property, protecting your investment. They tend to stay on, reducing vacancy time and eliminating marketing expense. In fact, experts claim it costs seven times more to find a new tenant than to keep an old one. They recommend showing your appreciation to good renters by reducing the rent by $50 or $100 during the holidays or when they renew their lease or by sending a small gift. Where do you find them to begin with? You can consider a rental agent who, for a fee, will find and prescreen tenants...
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The 3.8% Tax Real Estate Scenarios & Examples
To avoid headaches and tap into a wider pool of prospective tenants, many landlords consider the lease-purchase of their home. This option attracts many potential buyers who could handle the monthly mortgage payments but can’t afford the required down payment. Here’s how it works: You lease your house to the tenant for a specific monthly rent. In addition, the tenant pays you for the right to purchase the home within the option period, usually six months to two years later. This payment is called the option consideration. The option consideration payment is usually made up of two parts. The first part is an...
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SUSTAINABLE INVESTMENT IN REAL ESTATE… YOUR FIDUCIARY DUTY
As a landlord, you’re required by law to keep the property in livable condition. This includes keeping locks on the doors and windows, a roof that doesn’t leak, plus a heating system that’s in working order. And your state may have specific laws regarding repair and maintenance responsibilities. You will also no doubt want to protect your investment by keeping the property in shape. That means you’ll need to find dependable repair people you can trust to get the property ready for your first renters quickly, respond to tenant needs, and get the place ready for market again whenever tenants move out. Every day your home is...
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Monetary Policy & Real Estate Investment Trusts
If you’re an absentee landlord — or just too busy to handle maintenance — a property manager may be a good solution. This third-party manager runs the place, does the bookkeeping, scouts out the best repair people, and takes those 3 a.m. phone calls. In addition, the manager collects monthly rents and even leases the property for you. While they remove all the burdens from your shoulders, they come at a price. You can expect to pay 5% to 10% of your gross income, and even more if additional services are performed. Considering that it makes your investment virtually stress-free, that may be a bargain. Before...
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Real estate investment properties could be moving to fair value
Sustainability is increasingly being viewed as a non-negotiable added extra that comes at a price, although it can offer financial rewards, particularly over the longer term. These rewards are measured in micro (energy efficiency, recycling etc.) and macro terms (greenhouse gas reducing, less resource depleting etc.), and are nearly always environmentally-based. The social aspects of sustainabilty (productivity, well-being etc.) must also be seriously considered. However, financial rewards from investment in this area are less understood. As a result, the measuring, valuing and reporting of social sustainability is significantly less developed. Demonstrating that social sustainability is identifiable, desirable and value...
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Income vs. Appreciation: The Investment Value of Real Estate Investment Trusts
Social sustainability tends to be viewed as the ‘softer – politically correct’ component of sustainable development. This is a poor, yet widely-held misreading of the very tangible benefits social sustainability can bring to a real estate, or as is the focus here, investment in real estate. Much greater clarity of the influence of social sustainability in what is all too often a short-term focus on quick returns on is urgently required. More precise measurement and reporting of social sustainability will greatly advance this understanding of its importance and will help to progress the arguably marginalised second component of...
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2011 Investment Outlook: Commercial Real Estate
This paper doesn’t outline how to measure and report social sustainability. This task has already been undertaken by the author and presented elsewhere (see Kimmet and Wikstrom 2005). The much less ambitious objective of shoring up the case for such measurement frameworks is all that’s attempted here. Arguably though, this is at least as important as how to do it, given that many real estate investors will want to evaluate potential investments in their own way once it is clearly understood what social sustainability is, and why it should be taken seriously. ...
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