Chương 7 Phân tích tài chính Chương 8 Phân tích Nghiên cứu tình huống | CHAPTER 7 Life is a series of cash flows. Learn to become their master not their slave. STEVE BERGES Financial Analysis T his is probably the most crucial chapter in the entire book. Because the scope of this book is narrowly limited to multifamily properties only one chapter is devoted to the principles of financial analysis. While an abundance of books are written on how to buy and sell real estate the market is virtually devoid of any works that specifically address the principles of finance and value as they apply to real estate. These topics are however covered in The Complete Guide to Real Estate Finance How to Analyze Any Single-Family Multifamily or Commercial Property Hoboken NJ Wiley 2004 which is written with an emphasis on the concepts of financial analysis as they pertain to real estate and is intended to help fill this current void. The book takes the theories of real estate finance discussed in other books and demonstrates how they can 91 THE COMPLETE GUIDE TO BUYING AND SELLING APARTMENT BUILDINGS be used in real-world situations. In other words it is the practical application of these theories that really matters to investors. An in-depth examination of a variety of case studies in The Complete Guide to Real Estate Finance How to Analyze Any Single-Family Multifamily or Commercial Property provides the learning platform necessary for investors to make the transition from the theory of real estate finance to its practical application. For now however let us focus on buying and selling apartment buildings. The key to your success in buying and selling apartment buildings is a thorough and comprehensive understanding of value. Proper valuation is the basis for all investment decisions whether it be an investment in the stocks of various companies precious metals or real estate. You absolutely must be able to understand how value is derived in order to make prudent investment decisions. Without this vital skill you will find yourself at a tremendous .
