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Mastering Real Estate Investment: Examples, Metrics and Case Studies Paperback – 12 September 2008

by Frank Gallinelli (Author)
4.5 out of 5 stars 48
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By the author of the bestselling guide, "What Every Real Estate Investor Needs to Know about Cash Flow... " (McGraw-Hill, 2004) Develop a command of the essential formulas and concepts that underlie income-property investing: * Capitalization Rate * Net Operating Income * Present Value * Debt Coverage Ratio * Internal Rate of Return and much more Here Gallinelli revisits the 37 key metrics from his "Cash Flow" book and guides you through examples that will lead you to mastery of those concepts. He then takes you beyond those formulas to the next level, with detailed case studies of four different properties: * Single-Family Rental * Renovation Project * Apartment Building * Strip Shopping Center You'll analyze these properties with him and learn to look behind the numbers, to think like a successful investor and to recognize both the opportunities and the perils you might encounter when you invest in real estate. Frank Gallinelli is the founder and President of RealData, Inc., one of the real estate industry's leading software firms since 1982. He has written several books and numerous articles on real estate investing, and teaches income-property analysis in Columbia University's Master of Science in Real Estate Development program.
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  1. Print length
    260 pages
  2. Language
    English
  3. Publication date
    12 September 2008
  4. Dimensions
    15.24 x 1.5 x 22.86 cm
  5. ISBN-10
    0981813801
  6. ISBN-13
    978-0981813806
  7. See all details
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Product details

  • Publisher ‏ : ‎ Realdata, Inc. (12 September 2008)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 260 pages
  • ISBN-10 ‏ : ‎ 0981813801
  • ISBN-13 ‏ : ‎ 978-0981813806
  • Dimensions ‏ : ‎ 15.24 x 1.5 x 22.86 cm
  • Customer Reviews:
    4.5 out of 5 stars 48

About the author

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Frank Gallinelli

Frank Gallinelli

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First, the professional side: I am the author of "What Every Real Estate Investor Needs to Know About Cash Flow...," now in its third edition. It is actually about a lot more than just cash flow. It provides readers with a basic grasp of how income property investments really work and serves as a handbook for understanding essential financial measures related to real estate investing. I have a second book, "Insider Secrets to Financing Your Real Estate Investments," which was released in December 2004. In 2008 I released "Mastering Real Estate Investment," a sequel of sorts to the "Cash Flow" book.

Readers of my books have often asked if I planned to give any classes on this material, so at last I released an online video course, "Mastering Real Estate Investing." You can find a complete outline of the course content at learn.realdata.com

My company's website, realdata.com, has a strong educational component and I write a series of articles about real estate investment and development for that site. Speaking of education, I also served for 15 years as Adjunct Assistant Professor in Columbia University's Master of Science in Real Estate Development program, teaching real estate finance.

I founded RealData in 1981 to provide usable, affordable software for investors and developers who weren't necessarily proficient with computers. Most of our products perform pro-forma analyses that range from basic to quite sophisticated. Besides information about this software, my company's site offers a variety of resources that you should find useful if you're interested in real estate investing or development.

On the personal side: I started off life in Hoboken, NJ, home of the other Frank -- the one who could sing. We moved to Connecticut when I was about six and that's where I've lived ever since. I graduated from Yale in 1968 and then taught English and math for several years in New Haven. That might explain why I've written books with a lot of formulas and no split infinitives. I received a graduate degree in education, then left the classroom to go into real estate, became an investor, and the rest, to coin a cliche, is history.

My wife Jean and I have been married for more than 50 years. We have a son who taught for 13 years in China and Korea. He is now back in the states with his wife and daughter, living just a healthy bike ride away. We're fortunate to have our daughter, son-in-law, and grandson also living within jogging distance.

My CV notwithstanding, I always wanted to be a writer, although the great American novel was really what I had in mind. Nonetheless, I'm very grateful for the opportunity to be launched into print. And maybe that novel is still lurking somewhere.

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Andreas
5.0 out of 5 stars Interessantes Buch
Reviewed in Germany on 16 February 2016
Verified Purchase
Ist ein gutes Buch für das eigene Lernen und Lehren. Erklährt sehr einfach die Zusammenhänge und ist leicht nachvollziehbar. Hat mir gut geholfen.
One person found this helpful
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Kindle Customer
5.0 out of 5 stars Gallinelli Hits Another Home Run
Reviewed in the United States on 27 July 2011
Verified Purchase
Gallinelli does a good job with this book, as he presents everything one needs to know to evaluate an income property as a potential investment. In terms of its presentation, the book is very basic and bare-bones, featuring text and numbers primarily, with a few tables, also full of numbers, interspersed at various points. Some may find this to be a bit boring and off-putting, and though I would have liked to have seen a chart or graph or two thrown in here and there to break up the monotony, the format does seem to play well and adhere to Gallinelli's upfront approach (I also suspect it makes for an easy-to-deploy electronic/Kindle version, too!).

The book is organized simply around two (2) interacting parts. Part One of the book contains all of the metrics, each presented separately, and each introduced metric builds logically upon those that preceded it. All of the examples in Part One are simple and straight-forward (the reader could use them to build more complicated examples), and each of the thirty-seven (37) chapters ends with at least three (3) worked problems and solutions. Subsequently, all that is learned in Part One is then put to rigorous work in Part Two, where the reader can see how all the metrics and the various statements come together.

Part One builds up to enabling the reader to set up an annual property operating data (APOD) sheet, and income and cash flow statements for each property under consideration for investment. The only thing that I found missing here was a work-up of detailed, initial and projected balance sheets for each property (so that one can keep track of one's all-important equity stake).

Part Two of the book presents the case studies, of which there are four: the single family residential rental property, the small commercial multi-family (read apartment) building, the conversion (featuring a Victorian-style home with `historical' value being turned into a mixed-use commercial property featuring office suites and separate living units), and the small strip mall featuring four (4) distinct tenants. Each represents some of the more typical investment scenarios that a small investor in real estate would come across. Unfortunately, Gallinelli doesn't cover certain specialized niches of real estate that are typically of unceasing and great interest to the small investor, such as office properties, (whether large or small, metro or suburban), medical office/practice properties, mobile home (read `trailer') parks, parking lots, warehouses and self-storage facilities. Here, after setting up the initial conditions governing each property purchase, projections over a five-year holding period are made and an APOD sheet, income and cash flow statements are generated. Each case study features various permutations of the projections, with things like the mortgage interest rate, size of down payment, and final sales price among others being altered to see how they affect cash flow and return on equity.

Although Gallinelli drops little insights here and there about real estate investment, the book is all about presenting the key calculations to determine if an investment property is a diamond (very likely in the rough) or a dud, and demonstrating how these calcs are applied. He pretty much modeled the `best case' scenarios- and fudged the rate of return metrics a bit (for which he can be forgiven). Cautious readers will note that he does engage in a couple of sleights of hand, particularly in the case studies, and it is up to the careful reader to glean from these (which, by the way, were overly optimistic, if-all-goes-well type situations) that 1) the typical rates of return on equity are low (one sleight of hand involves the use of cash flow to compute ROE- never mind that part of your cash flow is depreciation- a return OF capital and not return ON capital), 2) a large, upfront cash investment is required of the small investor (OK, he quickly and grudgingly came clean here) and 3) most important, all of those rosy projections one often makes abut real estate investment may not stand up to close scrutiny in the real world (Gallinelli gets five stars just for this, and he did a good job demonstrating it).

Overall, Gallinelli successfully managed to put together a very basic, straight-forward and comprehensive treatment of real estate investment aimed particularly at the investor of modest means. A reader could even use this book as a basis or template for modeling potential real estate investments. As such, the reader gets a lot for her money here. Serious small investors looking to invest in real estate in an intelligent and business-like manner would do well to purchase and thoroughly read this book.
16 people found this helpful
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qofmiwok
5.0 out of 5 stars Great book for people involved in commercial real estate
Reviewed in the United States on 20 December 2013
Verified Purchase
Unfortunately I didn't find this book until I had learned all this on my own by researching deals and asking questions of my agents. It would have made things easier (on me and on my agents!) when I was getting started. If you are getting into commercial real estate, as an investor or agent, I would definitely read this book.

This author also has a website RealData.com where he sells software to analyze RE deals. The software looks pretty good.
4 people found this helpful
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George
4.0 out of 5 stars Four Stars
Reviewed in the United States on 28 February 2015
Verified Purchase
The book was received in perfect condition.
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RAAGS
5.0 out of 5 stars Very concrete, crispy and concise with good examples
Reviewed in the United States on 23 May 2013
Verified Purchase
This book is one of the best book I could expect for the real Estate Investment calculations. Its very Very concrete, crispy and concise with good examples. I really appreciate the author to maintain the concepts with good explanation and examples in complete books. After long time I found a book that covers the topic its written on rather thickness to maintain the page count.
One person found this helpful
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