asset valuation alternative investments

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1、十七AssetValuation:AlternativeInvestments1:RealEstateandOtherTangibleInvestmentsa:Describehowrealestateinvestmentobjectivesareset.Settinginvestmentobjectivesinvolvestwosteps:Considerthedifferencesintheinvestmentcharacteristicsofrealestate.1.Considerthetypesofrealestateinvestments:a.Equityholdi

2、ngs:Thisisthephysicalownershipofrealestateproperties.b.Debtinstruments:Thisisthepurchaseofrealestatemortgagesanddeedsoftrust.2.Realestatepropertiescanbeclassifiedas:a.Incomeproperties:Herethereturnscomemainlyfromrentalincomewhichincludesresidentialproperties(houses,duplexes,andapartments)and

3、commercialproperties(officebuildings,shoppingcenters,andfactories).b.Speculativeproperties:Herethereturnscomemainlyfrompriceappreciation.Youshouldestablishyourinvestmentconstraintsandgoals.1.Toconsideryourfinancialgoalsandconstraints,youneedtodetermine:1.therisk-returnrelationshipofrealestat

4、e.2.howmuchofyourportfolioshouldbeinrealestate(assetallocation).3.howyoushouldquantifythegoalsoftheselongterminvestments.2.Toconsideryournonfinancialgoalsandconstraints,youneedtodetermine:1.thetechnicalskillsneededtomaintaintheproperty.2.themanagerialtalentsnecessarytocontroltheproperty.b:De

5、scribethefactorsthatareimportantinrealestateanalysis.·Identifyingandanalyzingthephysicalproperty.Determinethequalityandquantityofassetstobereceived.·Understandingthelegalpropertyrights.Youmustdoalegalinvestigation,aswellas,aphysicalone.·Considerthetimehorizonandthevolatilityofrealestateprice

6、s.Analysisofshortterminvestmentsisdifferentfromlongtermones.·Considerthegeographicarea.Realestateisaspatialcommodity,whichmeansitsvalueislinkedtowhatisgoingonaroundit.c:Identifythedeterminantsofrealestatevalue.Demandfortheproperty:Whydopeoplewanttobuyorrentthispieceofproperty?Thedemandforapi

7、eceofpropertyisinfluencedby:1.Theeconomicbaseofthecommunityinwhichthepropertyislocated.1.Thepopulationcharacteristicsofthecommunityinwhichthepropertyislocated.Thisincludesdemographics(age,sex,householdsize,occupation)andpsychographics(personality,l