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    Add as FriendReal Estate Investment & Portfolio Management

    by: Rogers

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    1 : Real Estate Investment & Portfolio Management Knowledge Series VI ( 2010) Regus, BKC, Mumbai
    2 : Real Estate Investment and Portfolio Management By Dr Sanjay Chaturvedi Executive Editor Accommodation Times
    3 : Real Estate Investments The Nature & Scope ofReal Estate Investments
    4 : A. Definition of Real Estate Real Estate is artificially delineated space referenced to a fixed point on the surface of the earth with a fourth dimension of time. It is built to house an economic activity that is subject to cultural preferences and restricted by the public infrastructure.
    5 : Concepts Space-Time Product Real estate is a space-time product, that is, it generates income over time in exchange for the use of space. Examples: apartments, football tickets, wedding receptions
    6 : B. Characteristics The Real Estate Market Characteristics: 1. Highly Stratified, Local Markets 2. Heterogeneous Product 3. Private, not Public, Transactions 4. Unsophisticated Investors 5. Unorganized Market
    7 : C. Investor Motivations 1. Pride in Ownership 2. Personal Control 3. Self-use and Occupancy 4. Estate Building 5. Security of Capital 6. High Operating Yield 7. Leverage 8. Tax Shelter 9. Capital Appreciation 10. Portfolio Diversification
    8 : D. Investment Disadvantages and Risks 1. Illiquid 2. Management 3. Depreciation of Value 4. Government Controls 5. Real Estate Cycles 6. Legal Complexity
    9 : E. Participants 1. Builder/developer 2. Syndicator 3. Property Manager 4. Construction Lender 5. Permanent Lender 6. Managing Equity Investor 7. Passive Equity Investor
    10 : Real Estate Investments Overview ofInvestment Decision Process
    11 : A. Framework for Real Estate Investment Studies 1. Strategy Develop an overall investment philosophy 2. Analysis Measuring return 3. Decisions Risk and return evaluations 4. Investment Transaction 5. Feedback
    12 : B. Investment Analysis vs. Feasibility Analysis 1. Investment and Investment Analysis a. Capital Assets b. Equity c. Debt d. NOI e. Lender/Equity Relation f. Maximizing Wealth g. Return and Risk
    13 : B. Investment Analysis vs. Feasibility Analysis (continued) 2. Feasibility and Feasibility Analysis a. Site in Search of a Use b. Use in Search of a Site c. Investor Looking for the Best Investment Alternative 3. Investment Life Cycles a. Property Life Cycle b. Ownership Life Cycle c. Investor Life Cycle
    14 : B. Investment Analysis vs. Feasibility Analysis (continued) 4. Ownership Life Cycle a. Acquisition b. Operation c. Disposal/Termination 5. Investor Life Cycle a. Young Investor b. Middle Aged Investor c. Older Investor d. Institutional Investor
    15 : Estimating Re Consider: a. Real Rate of Return b. Inflation c. Risk Premium
    16 : Investment Principles 1. The investor should buy the assumptions that create the yield rather than the yield itself. 2. The investor should be as concerned about what to offer the next buyer as with what he is buying. 3. The investor should price the property apart from the tax advantages.
    17 : Investment Principles 4. The investor must compare alternatives. 5. The investor should understand the potential profit and risk in terms of Rupees.
    18 : Sources of Return from aReal Estate Investment Cash flow from operations Tax Savings Equity buildup from loan amortization Loan refinancing proceeds Appreciation of property value (sales proceeds)
    19 : Indirect Way of Investment TDR Mutual Fund Units Shares REITs Allotment Letters
    20 : Thank you Dr Sanjay Chaurvedi sanjay@accommodationtimes.com

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