Real Estate: Investment and Financial Strategy

1. Introduction -- Motivation -- Method -- I. Valuation -- 2. Real estate—Institutional and legal environment -- 3. Valuation and appraisal of properties -- II. Financing -- 4. Interest rates, financing, and mortgage multipliers -- 5. Fixed rate and payment mortgage (FRPM) -- 6. Inflation and interest rate risks: Variable interest rate and payment mortgages -- III. Real estate investment: Holding physical assets and properties -- 7. Active investment in real estate: Residential owner occupancy -- 8. Active real estate investments: Holding strategy -- IV. Real estate investment—holding financial assets -- 9. Passive investment: Syndication, limited partnerships, and real estate investment trusts -- 10. Mortgage securities -- 11. Mortgages and mortgage security hedging -- 12. Mortgage banking: Direct lenders.