{"product_id":"wealth-opportunities-in-commercial-real-estate-isbn-9781118115749","title":"Wealth Opportunities in Commercial Real Estate","description":"\u003cb\u003eESSENTIAL COVERGAGE OF THE COMMERICAL REAL ESTATE MARKET AND HOW TO MAKE IT WORK FOR YOU\u003c\/b\u003e \u003cp\u003eThe one-stop guide to making money from buying, managing, and owning commercial real estate, Wealth Opportunities in commercial real Estate is the comprehensive resource you need in order to take full advantage of the market, whether you're just starting out or an old hand. Including industry case studies and expert advice from real estate expert Gary Grabel, the book teaches you the fundamentals-including how to evaluate a potential property and how to create value even before you buy-that other books leave out. Commercial real estate investing is an excellent, and highly profitable, investment choice for those with the right perspective and the patience to see their decision through. But to really succeed, it is essential to have a firm grasp of the basics of the real estate game before you get started. if you think you're ready, then this book is your first step.\u003c\/p\u003e \u003cp\u003eList of Abbreviations xiii\u003c\/p\u003e \u003cp\u003eIntroduction xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 An Overview of the Problem, a Solution, and a Game Plan 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Problem 1\u003c\/p\u003e \u003cp\u003eThe Solution 2\u003c\/p\u003e \u003cp\u003eFour Key Elements in the Solution 3\u003c\/p\u003e \u003cp\u003eConcerns about the Solution 8\u003c\/p\u003e \u003cp\u003eAcquiring the Skill Set to End the Cycle 9\u003c\/p\u003e \u003cp\u003eA Game Plan to Achieve the Solution 9\u003c\/p\u003e \u003cp\u003eThis Book is about Center B Properties 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Basics 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGross Income: The Starting Point 21\u003c\/p\u003e \u003cp\u003eVacancy and Collection Loss: Gross Income Reducers 21\u003c\/p\u003e \u003cp\u003eOperating Expenses and Net Operating Income 23\u003c\/p\u003e \u003cp\u003eFair Market Value and Capitalization Rate: What’s It Worth? 24\u003c\/p\u003e \u003cp\u003eGross Rent Multiplier 25\u003c\/p\u003e \u003cp\u003eValue per Square Foot versus Reproduction Cost per Square Foot 26\u003c\/p\u003e \u003cp\u003eInverse Relationship between Cap Rate and FMV 29\u003c\/p\u003e \u003cp\u003eInitial Determination of Value 29\u003c\/p\u003e \u003cp\u003eLeveraged Return and Return on Equity 30\u003c\/p\u003e \u003cp\u003eCash Flow before Taxes (CFBT) 32\u003c\/p\u003e \u003cp\u003eReserves\/Impound Accounts 32\u003c\/p\u003e \u003cp\u003eTaxes and Insurance Impounds 32\u003c\/p\u003e \u003cp\u003eCap X, TIs, and Leasing Commissions 33\u003c\/p\u003e \u003cp\u003eDevil in the Details: Over Simplified Analysis 38\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Detailed Financial Analysis 41\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGross Income 41\u003c\/p\u003e \u003cp\u003eVacancy and Collection Loss 43\u003c\/p\u003e \u003cp\u003eOperating Expenses 43\u003c\/p\u003e \u003cp\u003eFour Basic Types of Leases 46\u003c\/p\u003e \u003cp\u003eNonrecoverable Expenses 55\u003c\/p\u003e \u003cp\u003eTime-Frame Assumptions 56\u003c\/p\u003e \u003cp\u003eStatic versus Active Analysis 57\u003c\/p\u003e \u003cp\u003eCompounding 58\u003c\/p\u003e \u003cp\u003eRent Roll 59\u003c\/p\u003e \u003cp\u003eArgus Ten-Year Discounted Cash Flow Model 60\u003c\/p\u003e \u003cp\u003eAnalysis Reflecting 100 Percent Occupancy 65\u003c\/p\u003e \u003cp\u003eReversion 66\u003c\/p\u003e \u003cp\u003eDisposition Costs 66\u003c\/p\u003e \u003cp\u003eThe Time Value of Money: Present Value and Discounted Cash Flow 67\u003c\/p\u003e \u003cp\u003eNet Present Value (NPV) 68\u003c\/p\u003e \u003cp\u003eInternal Rate of Return (IRR) 68\u003c\/p\u003e \u003cp\u003eConclusions from Argus Analysis and the Hypothetical Facts 69\u003c\/p\u003e \u003cp\u003eAnalysis Reflecting a Large Vacancy after Purchase 70\u003c\/p\u003e \u003cp\u003eAnalysis Reflecting a Large Vacancy with a Tenant in Tow 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Lease Analysis 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Basic Lease Provisions 75\u003c\/p\u003e \u003cp\u003eTwelve Key Economic Ingredients in a Lease 77\u003c\/p\u003e \u003cp\u003eFrequently Negotiated Lease Provisions 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Real Estate Financing 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSixty to Eighty Percent of the Game 119\u003c\/p\u003e \u003cp\u003eTypes of Financing 120\u003c\/p\u003e \u003cp\u003eWhat is the Right Answer to Debt Structuring? 122\u003c\/p\u003e \u003cp\u003eSeven Key Factors to Consider in a Real Estate Loan 124\u003c\/p\u003e \u003cp\u003eLoan Underwriting 131\u003c\/p\u003e \u003cp\u003eCash-on-Cash Return 137\u003c\/p\u003e \u003cp\u003eThe Mortgage Loan Application 138\u003c\/p\u003e \u003cp\u003eThe Pitfalls of Mortgage Lending 138\u003c\/p\u003e \u003cp\u003eNegotiable Points of a Loan 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Real Estate Taxation 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIncome Taxation 157\u003c\/p\u003e \u003cp\u003eReal Property Taxation 163\u003c\/p\u003e \u003cp\u003eTaxation in the Event of a Refinance 164\u003c\/p\u003e \u003cp\u003eTaxation in the Event of a Sale 165\u003c\/p\u003e \u003cp\u003eInstallment Sale 166\u003c\/p\u003e \u003cp\u003eSection 1031 Exchange 168\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Acquisitions and Dispositions 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFocus on Specific Property Types in Specific Geographic Locations 179\u003c\/p\u003e \u003cp\u003eEstablish Buying Criteria 181\u003c\/p\u003e \u003cp\u003eAcquisition Philosophy 181\u003c\/p\u003e \u003cp\u003eGovernmental Impact 182\u003c\/p\u003e \u003cp\u003eInitial Screening 183\u003c\/p\u003e \u003cp\u003eThe Purchase and Sale Agreement 187\u003c\/p\u003e \u003cp\u003eBuilding a Team 199\u003c\/p\u003e \u003cp\u003eDue Diligence 199\u003c\/p\u003e \u003cp\u003eDispositions 206\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Case Studies 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProblem Number 1 219\u003c\/p\u003e \u003cp\u003eProblem Number 2 230\u003c\/p\u003e \u003cp\u003eProblem Number 3 242\u003c\/p\u003e \u003cp\u003eProblem Number 4 244\u003c\/p\u003e \u003cp\u003eProblem Number 5 248\u003c\/p\u003e \u003cp\u003eProblem Number 6 255\u003c\/p\u003e \u003cp\u003eProblem Number 7 258\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Development or Rehabilitation (Build to a 12 Percent Yield) 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe 10 Phases of a Construction or Rehab Project 269\u003c\/p\u003e \u003cp\u003eAssessing a Construction Project 270\u003c\/p\u003e \u003cp\u003eDeveloper as Conductor 272\u003c\/p\u003e \u003cp\u003eDoes the Project Hit Your Minimum Yield? 274\u003c\/p\u003e \u003cp\u003eArgus Developer 279\u003c\/p\u003e \u003cp\u003eFeasibility or Market Study 283\u003c\/p\u003e \u003cp\u003eThe Composition of a Feasibility Study 284\u003c\/p\u003e \u003cp\u003eResidual Land Value 285\u003c\/p\u003e \u003cp\u003ePreleasing 286\u003c\/p\u003e \u003cp\u003eEquity and Financing 287\u003c\/p\u003e \u003cp\u003eMechanics’ Liens 287\u003c\/p\u003e \u003cp\u003eLiability under the Construction Loan 288\u003c\/p\u003e \u003cp\u003eDesign and Construction Drawings 289\u003c\/p\u003e \u003cp\u003eGovernmental Approvals 290\u003c\/p\u003e \u003cp\u003eCovenants, Conditions, and Restrictions (CC\u0026amp;Rs) 291\u003c\/p\u003e \u003cp\u003eGround Lease Restrictions 292\u003c\/p\u003e \u003cp\u003eConstruction of Improvements in a Ground-Up Development 292\u003c\/p\u003e \u003cp\u003eInspections 295\u003c\/p\u003e \u003cp\u003eInsurance 296\u003c\/p\u003e \u003cp\u003eDecisions, Decisions, Decisions 296\u003c\/p\u003e \u003cp\u003eCommunication, Communication, Communication 298\u003c\/p\u003e \u003cp\u003eGraphic Time Line 299\u003c\/p\u003e \u003cp\u003eProject Operating Costs 302\u003c\/p\u003e \u003cp\u003eLender’s Disbursement Form 303\u003c\/p\u003e \u003cp\u003eChange Orders 303\u003c\/p\u003e \u003cp\u003eRehabilitation Project 303\u003c\/p\u003e \u003cp\u003eConstruction of Improvements in a Rehab Project: Decisions, Decisions, Decisions 311\u003c\/p\u003e \u003cp\u003eRehab Project: Communication, Communication, Communication 311\u003c\/p\u003e \u003cp\u003eSummary 311\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Marketing, Leasing, and Management 313\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefinition of Marketing, Leasing, and Management 313\u003c\/p\u003e \u003cp\u003eMarketing 314\u003c\/p\u003e \u003cp\u003eLeasing 319\u003c\/p\u003e \u003cp\u003eStrategy 319\u003c\/p\u003e \u003cp\u003eManagement 345\u003c\/p\u003e \u003cp\u003eManagement as a Business 353\u003c\/p\u003e \u003cp\u003eConclusion 354\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Partnership Structuring and Deal Restructuring 355\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePartnership Structuring 355\u003c\/p\u003e \u003cp\u003eSecurities Issues 357\u003c\/p\u003e \u003cp\u003eFifteen Key Structuring Issues 361\u003c\/p\u003e \u003cp\u003eDebt Restructuring 371\u003c\/p\u003e \u003cp\u003eBorrower’s Proposed Terms 383\u003c\/p\u003e \u003cp\u003eLender’s Counterproposal 384\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Keeping the Money 389\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePlanning 389\u003c\/p\u003e \u003cp\u003eFractional Interests 396\u003c\/p\u003e \u003cp\u003eEstate Planning Checklist 400\u003c\/p\u003e \u003cp\u003eAcknowledgments 403\u003c\/p\u003e \u003cp\u003eAbout the Website 405\u003c\/p\u003e \u003cp\u003eAbout the Author 407\u003c\/p\u003e \u003cp\u003eIndex 409\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eGARY GRABEL\u003c\/b\u003e is the Managing Director of Ethan Christopher, LLC, the holding company for his real estate activities. The company specializes in value-added real estate with a focus on retail centers and medical office buildings. Ethan Christopher currently owns and manages over one million square feet of real estate in California, Arizona, and Texas. Mr. Grabel brings to this text his extensive practical experience as an owner\/operator of commercial real estate. For over thirty years, he has been involved in all aspects of commercial real estate including financing, leasing, acquisitions, and the day-to-day running of a real estate portfolio. Mr. Grabel is a real estate broker, a member of the California bar association, and a frequent lecturer on real estate–related topics.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eOVER THE PAST\u003c\/b\u003e twenty-five years, commercial real estate has been transformed from a highly opaque investment vehicle accessible only to the wealthy into a transparent mainstream investment alternative available to sophisticated retail and individual investors. As the economy stabilizes and the long road to recovery begins, more investors will come to realize that commercial real estate is a viable class of alternative investing. \u003ci\u003eWealth Opportunities in Commercial Real Estate: Management, Financing, and Marketing of Investment Properties\u003c\/i\u003e is designed to meet this renewed interest and the accompanying increased demand for knowledge of the real estate industry. Author Gary Grabel understands that to succeed in this market, you need to take the time to learn the basics and build the skills necessary for properly evaluating investment opportunities and creating value.  \u003c\/p\u003e\u003cp\u003eCovering all of the important terminology and key topics essential to developing a firm grasp of the fundamentals of commercial real estate, the book addresses leasing, financing, marketing, management, structuring a partnership, real estate tax consequences, buying and selling, and more. Grabel carefully sets forth a practical step-by-step process detailing exactly how to go about acquiring real estate through a real estate vehicle as a means of building significant wealth over time. By addressing a broad range of topics, this timely guide ensures its position as a resource that you can return to again and again throughout the buying and ownership process, from initial transaction to daily property management.\t  \u003c\/p\u003e\u003cp\u003eA practical guide to the day-to-day management of commercial real estate properties for both beginning and more experienced individual investors and real estate professionals, \u003ci\u003eWealth Opportunities in Commercial Real Estate\u003c\/i\u003e presents the must-have knowledge you need to master in order to find lasting financial success in this real estate market.   \u003c\/p\u003e\u003cp\u003eOVER THE PAST twenty-five years, commercial real estate has been transformed from a highly opaque investment vehicle accessible only to the wealthy into a transparent mainstream investment alternative available to sophisticated retail and individual investors. As the economy stabilizes and the long road to recovery begins, more investors will come to realize that commercial real estate is a viable class of alternative investing. \u003ci\u003eWealth Opportunities in Commercial Real Estate: Management, Financing, and Marketing of Investment Properties\u003c\/i\u003e is designed to meet this renewed interest and the accompanying increased demand for knowledge of the real estate industry. Author Gary Grabel understands that to succeed in this market, you need to take the time to learn the basics and build the skills necessary for properly evaluating investment opportunities and creating value.  \u003c\/p\u003e\u003cp\u003eCovering all of the important terminology and key topics essential to developing a firm grasp of the fundamentals of commercial real estate, the book addresses leasing, financing, marketing, management, structuring a partnership, real estate tax consequences, buying and selling, and more. Grabel carefully sets forth a practical step-by-step process detailing exactly how to go about acquiring real estate through a real estate vehicle as a means  of building significant wealth over time. By addressing a broad range of topics, this timely guide ensures its position as a resource that you can return to again and again throughout the buying and ownership process, from initial transaction to daily property management.  \u003c\/p\u003e\u003cp\u003eA practical guide to the day-to-day management of commercial real estate properties for both beginning and more experienced individual investors and real estate professionals, \u003ci\u003eWealth Opportunities in Commercial Real Estate\u003c\/i\u003e presents the must-have knowledge you need to master in order to find lasting financial success in this real estate market.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990470901989,"sku":"NP9781118115749","price":49.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118115749.jpg?v=1761787958","url":"https:\/\/k12savings.com\/es\/products\/wealth-opportunities-in-commercial-real-estate-isbn-9781118115749","provider":"K12savings","version":"1.0","type":"link"}