贵金属投资技术分析英文版 (64)资料讲解
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Undeveloped land
Can be tremendous gains but this type of investment poses enormous risks
All the money is riding on a single parcel of land Plus there is no cash flow and you still have to pay
Financial Planning Problems 1 & 2
Page 563 (from the old book)
12
Real Estate and Leverage
1. Calculating the Return on Investment. Dave bought a rental property for $200,000 cash. One year later, he sold it for $240,000. What was the return on his $200,000 investment?
Advantages of
8
Real Estate Investments
A hedge against inflation Financial leverage
The use of borrowed funds for investment purposes allows you to acquire a more expensive property than you could own on your own (More later)
Page 563, Financial Planning Problems 1 & 2 From our previous text book
13
Real Estate and Leverage
(continued)
666. Calculating the Return on Investment using Financial Leverage and things do not go as planned. Suppose Dave invested only $20,000 of his own money and borrowed $180,000 (90% financing) … and the property value went down 20%. What is he going to tell his wife?
Examples of
3
Direct Real Estate Investments
Vacation home
Tax advantages depend on if the IRS views it as rental property
Rental property
Whole course unto itself! (More later)
are if you are so inclined
6
Investing in “Fixer-Uppers”
Concentrate on smaller properties first
Two to four units and live in one of them
Look for low down payments and seller financing of rundown properties
Not a problem for REITs – buy/sell like a stock
Declining property values
Yeah, Right, Paiano!
Yeah, Right, Paiano…
Lack of diversification
Although REITs do offer diversification
The real estate bubble is now deflating
But if you plan to hold for the long-term, you should do well
By the way, there is no “Perfect Investment”
Folks were saying the same things back in 1999 about Internet stocks
Nobody cares about your property as much as you do (but there are always exceptions)
7
Investing in “Fixer-Uppers”
(continued)
Most Importantly,
Are you savvy dealing with repairs? …and… Are you savvy dealing with renters? Fixing a tenant is just as important as fixing a
1
LECTURE
Real Estate and Other Investment Alternatives
If you have the older (bigger, hardback) book, this material is from chapter 17.
2
Real Estate Investments Types
Also includes hotels, office buildings, stores, and many other types of commercial establishments
Look for income to be greater than expenses
“Duh! Good advice, guys!” But do not be surprised if you are looking at
negative cash flow for several years Rule of Thumb: Price = 7 to 10 times Rent
In San Diego? Ha! Ha! Ha! Ha! Ha! Again, I think the South Bay is where the bargains
the property taxes And there is often no guarantee that you will be able
to develop the land
4
5
Investing in Commercial Property
Most common investment of this type is a duplex or small apartment building
Direct
As the investor, you hold the title to the property
Your home as an investment
A major asset of most households Tax advantages Possible hedge against inflation
Page ???, Financial Planning Problem that was conveniently left out of the previous text book…
14
Real Estate and IRAs
Yes, you can do it
Many people believe it is prohibited
Management or tenant problems
10
The “Perfect Investment”
“C’mon, Paiano – Admit it!
Real estate is the ‘Perfect Investment’” This is what people were telling me a few years ago
Banks usually do not want to loan to distressed properties, however…
Banks are all too happy to finance a rundown foreclosure on their books
Stay away from property managers
11
The “Perfect Investment”
(continued)
“But what about Leverage?! Huh? What about the ability to make money with other people’s money?”
I already told you about it, didn’t I?
But there are strict, complicated rules Do not try to go it alone!
Beware the Permanent Trend (Andrew Tobias)
Real estate goes up and down in cycles Ask those who bought in 1990 and sold in 1994
And those who bought in 2006 and are now in foreclosure…
“But isn’t that what makes real estate such a great investment?”
Well, yes. Let us look at the two problems in the older book that illustrate the power of leverage
2. Calculating the Return on Investment using Financial Leverage. Suppose Dave invested only $20,000 of his own money and borrowed $180,000 (90% financing). What was his return on investment?
A home produces an after-inflation return of about 2.5 percent a year (San Diego?)
But it is a home first, an investment second
In my humble opinion…
For Real Estate Partnerships
Easy entry as a limited partner Limited financial liability as a limited partner No management concerns
You can not check the price of your real estate investments every day on the Internet
toilet
One bad tenant can set you back thousands
Make improvements that add perceived value
Example: Install a white picket fence
Investing in Fixer-Uppers, Jay P. DeCima
One of the major problems with stocks
Disadvantages of
9
Real Estate InБайду номын сангаасestments
Liquidity may be poor
It may be hard to sell the property (or your share of the property if a partnership)
Can be tremendous gains but this type of investment poses enormous risks
All the money is riding on a single parcel of land Plus there is no cash flow and you still have to pay
Financial Planning Problems 1 & 2
Page 563 (from the old book)
12
Real Estate and Leverage
1. Calculating the Return on Investment. Dave bought a rental property for $200,000 cash. One year later, he sold it for $240,000. What was the return on his $200,000 investment?
Advantages of
8
Real Estate Investments
A hedge against inflation Financial leverage
The use of borrowed funds for investment purposes allows you to acquire a more expensive property than you could own on your own (More later)
Page 563, Financial Planning Problems 1 & 2 From our previous text book
13
Real Estate and Leverage
(continued)
666. Calculating the Return on Investment using Financial Leverage and things do not go as planned. Suppose Dave invested only $20,000 of his own money and borrowed $180,000 (90% financing) … and the property value went down 20%. What is he going to tell his wife?
Examples of
3
Direct Real Estate Investments
Vacation home
Tax advantages depend on if the IRS views it as rental property
Rental property
Whole course unto itself! (More later)
are if you are so inclined
6
Investing in “Fixer-Uppers”
Concentrate on smaller properties first
Two to four units and live in one of them
Look for low down payments and seller financing of rundown properties
Not a problem for REITs – buy/sell like a stock
Declining property values
Yeah, Right, Paiano!
Yeah, Right, Paiano…
Lack of diversification
Although REITs do offer diversification
The real estate bubble is now deflating
But if you plan to hold for the long-term, you should do well
By the way, there is no “Perfect Investment”
Folks were saying the same things back in 1999 about Internet stocks
Nobody cares about your property as much as you do (but there are always exceptions)
7
Investing in “Fixer-Uppers”
(continued)
Most Importantly,
Are you savvy dealing with repairs? …and… Are you savvy dealing with renters? Fixing a tenant is just as important as fixing a
1
LECTURE
Real Estate and Other Investment Alternatives
If you have the older (bigger, hardback) book, this material is from chapter 17.
2
Real Estate Investments Types
Also includes hotels, office buildings, stores, and many other types of commercial establishments
Look for income to be greater than expenses
“Duh! Good advice, guys!” But do not be surprised if you are looking at
negative cash flow for several years Rule of Thumb: Price = 7 to 10 times Rent
In San Diego? Ha! Ha! Ha! Ha! Ha! Again, I think the South Bay is where the bargains
the property taxes And there is often no guarantee that you will be able
to develop the land
4
5
Investing in Commercial Property
Most common investment of this type is a duplex or small apartment building
Direct
As the investor, you hold the title to the property
Your home as an investment
A major asset of most households Tax advantages Possible hedge against inflation
Page ???, Financial Planning Problem that was conveniently left out of the previous text book…
14
Real Estate and IRAs
Yes, you can do it
Many people believe it is prohibited
Management or tenant problems
10
The “Perfect Investment”
“C’mon, Paiano – Admit it!
Real estate is the ‘Perfect Investment’” This is what people were telling me a few years ago
Banks usually do not want to loan to distressed properties, however…
Banks are all too happy to finance a rundown foreclosure on their books
Stay away from property managers
11
The “Perfect Investment”
(continued)
“But what about Leverage?! Huh? What about the ability to make money with other people’s money?”
I already told you about it, didn’t I?
But there are strict, complicated rules Do not try to go it alone!
Beware the Permanent Trend (Andrew Tobias)
Real estate goes up and down in cycles Ask those who bought in 1990 and sold in 1994
And those who bought in 2006 and are now in foreclosure…
“But isn’t that what makes real estate such a great investment?”
Well, yes. Let us look at the two problems in the older book that illustrate the power of leverage
2. Calculating the Return on Investment using Financial Leverage. Suppose Dave invested only $20,000 of his own money and borrowed $180,000 (90% financing). What was his return on investment?
A home produces an after-inflation return of about 2.5 percent a year (San Diego?)
But it is a home first, an investment second
In my humble opinion…
For Real Estate Partnerships
Easy entry as a limited partner Limited financial liability as a limited partner No management concerns
You can not check the price of your real estate investments every day on the Internet
toilet
One bad tenant can set you back thousands
Make improvements that add perceived value
Example: Install a white picket fence
Investing in Fixer-Uppers, Jay P. DeCima
One of the major problems with stocks
Disadvantages of
9
Real Estate InБайду номын сангаасestments
Liquidity may be poor
It may be hard to sell the property (or your share of the property if a partnership)