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首页商业房地产投资指南:打造盈利策略
商业房地产投资指南:打造盈利策略
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更新于2024-07-31
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《房地产投资手册》是一本由G. Timothy Haight和Daniel Singer合著的专业书籍,专为商业房地产投资者提供深入指南。本书秉承全球顶尖商学院课程的教学理念,以及世界顶级企业,如The Trump Organization的成功策略,旨在帮助读者立即应用书中传授的宝贵知识,提升职业发展和投资回报。 第一章“投资组合方法:商业房地产投资”是本书的核心,强调了成功房地产投资者所需的关键技能和理解。他们不仅需具备识别合适物业、评估其投资价值的能力,还需处理融资安排,并能自行管理房产或寻找买家。商业房地产投资区别于普通的住宅投资,它聚焦于特定经济目标——追求利润,无论投资对象是单户住宅、联排别墅、公寓、办公楼还是冰场。 书中指出,大多数股票市场与整体市场紧密相连,市场下跌时所有资产都可能受累。因此,将财富分散到包括房地产在内的多元资产组合中至关重要。通过阅读这本书并结合书中的案例和插图,投资者将获得深入理解商业房地产投资的机会,学习如何制定独立于市场波动的投资策略,降低风险,实现稳定收益。 作者们承诺,无论当前的职业状况如何,只要读者从书中汲取一个关键观点并付诸实践,都将看到实际的财务增长。这本手册不仅适合经验丰富的投资者,也适合初涉房地产领域的专业人士,它提供了实用的工具和理论框架,助力投资者在复杂且充满机遇的商业房地产领域中取得成功。
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When investors are selling a commercial property, they are really selling a stream of
income. Valuing this stream of income requires two factors to be considered. First,
one must quantify the stream of income itself, and secondly, one must determine the risk
associated with that stream of income.
When investors refer to the stream of income, what exactly are they talking about?
It is possible that this refers to net income. Net income is a residual, resulting from taking
all legitimate tax-deductible expenses from revenue and then subtracting the required tax
from that sum.
As a consequence, some analysts prefer to use earnings before interest and taxes
(EBIT) as a measure of income. This allows a focus on the purely business aspect of the
property. The calculation of EBIT is closely related to that of net operating profits after
taxes (NOPAT). NOPAT is basically EBIT after taxes.
The sum of net income and depreciation is typically referred to cash flow. Cash flow
is probably the most commonly used measure of income after net income. Cash
flow should probably be used more commonly than net income as a measure of income
because it makes greater economic sense.
An additional issue with respect to income is its level. We generally know a lot
about income in the present, but less about income in the future. When it is said that the
value of the property depends on the income it can generate the reference is to income
now and in the future. In many situations, future income can reasonably be expected to
grow. In some circumstances, decline is possible. The future level of income can be a
very important element in determining income.
The second element (after determining income) in determining value is determining
the risk associated with that value. Discounting that income to its present value explicitly
quantifies the risk associated with income. ---See P29
The future is always hard to predict. One way to deal with the risk of the unknown is
to increase the discount rate to reflect that risk.
Another variation of equation (1.1) commonly encountered is where future income is
likely to grow. ----See P30
Equation (1.4) is the most commonly used framework to determine value. That is,
the value of a commercial real estate property depends on how much income it will
generate, the appropriate rate at which that income should be discounted, and how much
that future is likely to grow in the future.
Overextended Borrowing
Leverage increases the potential return on a project, while at the same time increasing
the risk associated with that project.. It is a matter of balance and trade-off
Management Expertise Required
the commercial real estate
investor is going to need to be involved with searching for the project,
evaluating the project, financing the project, and (if acquired) managing
the project.
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