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Real Estate Finance & Investments prepares readers to understand the risks and rewards of financing and investing in residential and commercial real estate. Concepts and techniques included in the chapters and problem sets are used in many careers related to real estate. These include investing, development financing, appraising, consulting, managing real estate portfolios, leasing, managing property, analyzing site locations, corporate real estate, and managing real estate investment funds. This material is also relevant to individuals who want to understand real estate better when making their own personal investment and financing decisions.

As this current edition is being revised, there is a lot of uncertainty about the impact that COVID-19 will have on different sectors of the commercial real estate market. It is more important than ever to evaluate the risk and return for both lenders and investors. This text is designed to help both students and other readers understand these many factors so that they can perform the necessary analysis and make informed real estate finance and investment decisions.

ISE Real Estate Finance & Investments

PART ONE: Overview of Real Estate Finance and Investments







Chapter 1: Real Estate Investment: Basic Legal Concepts







Chapter 2: Real Estate Financing: Notes and Mortgages







PART TWO: Mortgage Loans







Chapter 3: Mortgage Loan Foundations: The Time Value ofMoney







Chapter 4: Fixed Interest Rate Mortgage Loans







Chapter 5: Adjustable and Floating Rate Mortgage Loans







Chapter 6: Mortgages: Additional Concepts, Analysis, andApplications







PART THREE: Residential Housing







Chapter 7: Single-Family Housing: Pricing, Investment, andTax Considerations







Chapter 8: Underwriting and Financing Residential Properties







PART FOUR: Income-Producing Properties







Chapter 9: Income-Producing Properties: Leases, Rents, andthe Market for Space







Chapter 10: Valuation of Income Properties: Appraisal andthe Market for Capital







Chapter 11: Investment Analysis and Taxation of IncomeProperties







Chapter 12: Financial Leverage and Financing Alternatives







Chapter 13: Risk Analysis







Chapter 14: Disposition and Renovation of Income Properties







Chapter 15: Financing Corporate Real Estate







PART FIVE: Financing Real Estate Development







Chapter 16: Financing Project Development







Chapter 17: Financing Land Development Projects







PART SIX: Alternative Real Estate Financing and InvestmentVehicles







Chapter 18: Structuring Real Estate Investments: OrganizationalForms and Joint Ventures







Chapter 19: The Secondary Mortgage Market: Pass-ThroughSecurities







Chapter 20: The Secondary Mortgage Market: CMOs, CDOs, CLOs,and Derivative Securities







Chapter 21: Real Estate Investment Trusts (REITs)







PART SEVEN: Portfolio Analysis and Real Estate Funds







Chapter 22: Real Estate Investment Performance and PortfolioConsiderations







Chapter 23: Real Estate Funds: Structure, Performance, Benchmarking,Risk and Attribution Analysis