THE REAL ESTATE GAME PDF
Investment PDF by William J. Poorvu, Jeffrey L. Cruikshank. The Real Estate Game: The Intelligent Guide To Decisionmaking And. Investment by William J. Download at => cittadelmonte.info The Real Estate Game: The Intelligent Guide to Decision Making and. The Real Estate Game The Intelligent Guide To Decisionmaking And Investment and that i really live in gateshead words ebook download as text file txt pdf.
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This book won't qualify you to take the real estate board examinations in any state. It won't make a technocrat out of you. Another point that I make to my students, and that I'll make in this book at regular intervals, is that real estate doesn't require a great deal of specialized education.
Common sense can carry you a long way. Yes, there are concepts that one has to understand, such as the math skills that you will call upon almost every day in your professional life. But if you have mastered introductory algebra, you have all the training you need to do the kinds of "back of the envelope" calculations that are necessary for success in real estate.
Because you still have to make the right assumptions, which is part of what this book is about.
The Real Estate Game
For example: Let's say you take a ten-year spreadsheet and assume that rents will go up by 5 percent per year, and at the end of ten years, you're going to sell the property at a very favorable capitalization rate and make a lot of money.
Sounds good, right? Everyone should play this game! But have you taken into account all of the problems you're going to have just getting the project going? Are you really going to end up owning that property for the full ten-year period?
And what level of interest rates and inflation or deflation did you plug into your spreadsheet calculations? As in most fields of business, you can make the projections come out any way you want. Most people want their projects to happen, and therefore jigger the numbers to fit -- either consciously or unconsciously. Most people, too, make the assumption that whatever is true today is going to be true tomorrow.
In the real estate game both of these assumptions can be fatal, and yet, they're made all the time.
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As my colleague John Vogel at Dartmouth's Tuck Business School likes to point out, real estate is an industry characterized by ten-year cycles and five-year memories.
War Stories vs. Case Studies The following pages will include a lot of what might be characterized as "war stories. Sometimes I will cite my own experiences in the real estate field, mostly to clarify a specific point. It seems more appropriate to highlight my own numerous missteps than to beat up on my colleagues and competitors.
But when the examples are particularly instructive, I will also invoke the lessons of some of the biggest players in real estate in this century. Bill Zeckendorf, for example, was one of the most creative and productive developers who ever played the real estate game.
It's important to understand what Zeckendorf got wrong for example, getting too far out in front of reality and overleveraging his properties , as well as what he got right a vision of the future of our downtowns that was uncannily accurate.
We've recently seen more or less the same phenomenon replayed at London's Canary Wharf, developed by the ambitious Reichmann family of Canada. In addition, I will draw on what I've learned through teaching real estate at the Harvard Business School for more than thirty years. One reason why I chose to teach at the Harvard Business School in the first place was that HBS emphasizes the use of cases in the classroom -- small "slice-of-life" stories about real people in real business situations although sometimes the identifying particulars are disguised.
In my experience as a teacher, the case method preserves the true complexity of business situations, including real estate deals. It prevents me and my students from reducing real estate to a simple problem set -- in other words, a simplified collection of standard techniques to employ and punch lists to check off.
The case method also allows me to adapt the course quickly in response to changing conditions or emerging topics of interest. For example, we have recently added cases on projects in Mexico, Russia, and China. We have tackled new housing options. We can and do accommodate rapidly evolving markets, changing tax policies, and dramatic restructurings of financial institutions.
In some cases, the players are disguised to allow either more complete candor, or a gathering together of several themes into one composite story. I'll take the same approach in this book, disguising certain individuals involved in specific deals.
This seems only fair. They didn't know, when they went into business with me, that they would wind up in a book one day. I have tried to write The Real Estate Game less like a rule book and more like a friendly guidebook to an interesting, sometimes exotic land.
I will help you spot the foreign in the familiar, and the familiar in the foreign.
I will help you avoid some of the pitfalls into which some of the most prominent people in real estate have fallen -- some of them more than once. My belief is that learning to be a "value investor" -- that is, buying at the right price at the right time, and finding creative ways to enhance the value of what you own -- is the best long-term strategy for real estate.
How to make this work in practice for you is the main theme and purpose of this book.
I will debunk some of the truisms that you may have heard about real estate. It's really not just a narrow focus on "Location, location, location. But what is important is that you have a choice as to whether you want to follow the crowd. I'll constantly recommend taking a broader perspective.
For example, I think real estate is as much about people as it is about property. It's people who add value or subtract value in the real estate game -- whether by design or by accident. And people are only one of the many factors that can make the difference between success and failure in real estate. In the following pages, I'll introduce you to many more such factors. Poorvu and Jeffrey L.
Reading Group Guide. About The Authors. William J Poorvu.
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Kill It in Your Career. Rock Social Media. Practice Test 4: Cruikshank Pages: English ISBN: Publication Date: Description "The Real Estate Game" is a comprehensive guide to successful real estate investment from one of the masters in the field. Drawing upon four decades of experience developing, owning, and managing properties and on almost thirty years of teaching at the Harvard Business School, William J. Poorvu offers an insider's perspective on how to make smart decisions about real estate.
The real estate "game" is played by people, and it's the stories of real people that make Poorvu's introduction to the industry colorful and interesting. You will meet players ranging from real estate moguls to small-scale developers to individual investors in exotic investment instruments.
Their stories evolve throughout the book and illustrate how these people--with all their complicated needs, talents, and motives--fit into the larger process and context. In clear and nontechnical language, Poorvu explains how variables--players, properties, capital markets, and the external environment--come together to influence the shape and outcome of a real estate deal. He explains the time frame for different kinds of real estate investments and walks the reader through the key "periods of play" in the real estate game: Using this tool and others, Poorvu shows readers how to use direct investments, syndicates, and REITs to get into the real estate game across a broad range of property types: Offering unique insight into the ways that developers and investors can create value, "The Real Estate Game" is both a perfect introduction for the novice and an invaluable overview for the experienced professional.
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