Real Estate Investing by Meyer Melnikoff, Paul Sack, Peter Aldrich, John S. Lillard,

By Meyer Melnikoff, Paul Sack, Peter Aldrich, John S. Lillard, Stephen E. Roulac, Blake Eagle, Joseph W. O'Conner; Tom S. Sale, Robert G. Chambers; Cathryn E. Kittell, David P. Feldman; Gary G. Schlarbaun, Jeffrey J. Diermeier; J. Kurt Freundlich

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Would an investment manager assemble a portfolio consisting solely of stocks of debt-free companies? To achieve a good return with an appropriate level of risk, the key is moderation and care not only in the analysis of the individual property but in the structuring of a multiproperty real estate portfolio. MYTH #8-SMALL IS BEAUTIFUL WHEN IT COMES TO BUILDINGS AND MANAGERS A myth originating from the securities business is that small is beautiful when it comes to buildings and managers. Small cap stocks have typically done better than large cap stocks.

They are entering their third year of real rental decline, yet, they are still being priced as a company whose earnings per share will inexorably grow. What might happen is that positive cash leverage could be restored to the real estate market. If interest rates go down, it is always good for real estate values, provided that equity rates of capitalization remain below long-term mortgage rates. Of course, in real estate's distant past no one thought about inflation. Everything was counted in constant dollars and the owner of the real property behind the first mortgage debt received a posi- 27 tively levered cash flow every year that was greater than the long-term mortgage constant.

Appraisals are not meaningless, but the assumptions must be carefully analyzed. Business opportunities continue to be highly rewarding in substantial assets in the inefficient real estate market for those investors who have the skills and resources to participate. MYTH # to-IN REAL ESTATE, UNLIKE BONDS AND STOCKS, THE MARKET CAN BE TIMED Comparable figures are available to work withconstruction levels, vacancy rates, cap rates, price per square foot, historical space absorption fig- ures, and the like.

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