Lecture: The Finance of Syndications in Multifamily Real Estate

I recently had the opportunity to teach "The Finance of Syndications in Multifamily Real Estate" to Finance classes at the University of Montana. It was a wonderful experience and so much fun to be back in my old stomping grounds and connect with current students. Thanks to Dr. Timothy Manuel for his invitation. I had a great time. I'm an alumnus of the Business school and studied finance. We did cover real estate but mostly covered mortgages and interest rates. To my knowledge we never covered commercial loan products or anything related to syndications and how they actually work. For this reason I was very eager to get back there and teach. It was so fulfilling to impart this information t

What's a Good Capitalization Rate For Real Estate Investments?

The following article was first posted on Bigger Pockets by our friend and partner Ben Leybovich Since prehistoric times, we humans have been in the business of evolution. Such is the scientific truth. Unless, that is, we are on BiggerPockets talking about cap rates, in which case there appears to be no evolution. It seems the same old misconceptions prevail, and the same lack of conceptual understanding remains. We seem unable to mature in this respect. I am not sure if this article will fall on deaf ears, but I am willing to take another stab at cap rates regardless. I truly hope some of you find this helpful. What Is Capitalization Rate? First, let me say this. Cap rate is NOT a metric of

What is Riskier? Multifamily Apartments or Mutual Funds?

As investors, we are concerned with building wealth while taking on the least possible risk. The reason I invest in real estate is because I’ve determined that it’s the best and safest way to grow my personal wealth. But is this really true? I’m biased because of my personal experience. I’ve seen my fair share of capital destruction through stock and mutual fund investing. I’ve lost less through my real estate investing efforts. But what does the data say? I shouldn’t rule out mutual funds due to missteps of my own or a financial advisor or institution should I? Those same missteps can happen in real estate as well. And I’ve certainly had a few of those too. So rather than base my conviction

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