The Real Estate Game: The Intelligent Guide to Successful Investing and Decision-Making
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...
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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. The reader meets 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: concept, commitment, development, operation, reward, and reinvestment.The Real Estate Game introduces a simple but powerful "back-of-the-envelope" technique for analyzing the financial implications of a potential deal. 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: residential, office, hotel, industrial, andretail.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. Harvard Business Review - Donald A. Brown Essential reading for real estate investors on every level. The use of actual cases to illustrate real estate principles adds meaning to each concept. The result is a combination of a good read and valuable insight; this book should be a must on every real estate entrepreneur's list.
Acknowledgments vIntroduction ix The game 1 Using numbers in real estate 13 From concept to commitment 44 From commitment to closing 82 Syndications and REITs 108 Development 145 Operations 191 The harvest 225 Back to the game 238 Appendix A Note on property types 259 Appendix B Commercial real estate due-diligence 293 checklist A back-of-the-Envelope Glossary 299 Index 318
