Academic Press, Private Real Estate Investment - Data Analysis and Decision Making

Cung cấp công cụ để nâng cao ra quyết định cho người tiêu dùng và các nhà nghiên cứu tại các nền kinh tế thị trường của bất cứ quốc gia nào quan tâm đến sử dụng đất và đầu tư bất động sản, cuốn sách của ông sẽ nâng cao hiệu quả thực sự thị trường bất động sản. Với tài sản là loại tài sản lớn nhất thế giới, dữ liệu kịp thời về giá nhà đất chỉ có dễ dàng hơn để tìm và sử dụng....
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Academic Press, Private Real Estate Investment - Data Analysis and Decision Making 276 263 Creative Financing imposed maximum payment-to-income ratio, pti, can repay over a full amortization period, t.1   1 1À inc pti ð1 þ iÞt loan ¼ ð11-1Þ i The maximum value of the house he can purchase, v, is equal to the amount he can borrow, plus the value of his old residence used as a down payment, dp.   1 1À inc pti ð1 þ iÞt v ¼ dp þ ð11-2Þ i The balance of the loan, balance (n), at the end of any particular year, n, is a function of the interest rate, term, and the initial balance.2 ð1 þ iÞt Àð1 þ iÞ12n balanceðnÞ ¼ loan ð11-3Þ ð1 þ iÞt À1 The sale price, s, at death is the value, v, increased by growth, g, compounded over the life expectancy, le.   0 1 1 1À t inc ptiC Ále B À ð1 þ iÞ s ¼ 1 þ g Bdp þ C ð11-4Þ @ A i The bequest, b, is then merely the remaining equity, the difference between the value at sale and the loan balance. 1 À Ále À  À Ále ÁÀ Ále 1 þ g À1 ð1 þ iÞt À 1 þ g þ ð1 þ iÞ12 le incpti dp 1 þ g i þ t ð1 þ iÞ b¼ i ð11-5Þ 1 In the interest of simplicity, we ignore other home ownership operating costs at this stage. 2 Note that this is not the equation for Ellwood Table #5. 276 264 Private Real Estate Investment TABLE 11-1 Three Datasets data1 data2 data3 Downpayment dp $135,000 $135,000 $135,000 Growth g 0.04 0.00 0.04 Interest rate i 0.06/12 0.06/12 0.06/12 Term of loan t 360 360 360 Life expectancy le 6 8 7 Operating cost oc 0.04 0.04 0.04 Income inc $3,750 $3,750 $3,750 Payment-to-income ratio pti 0.4 0.4 0.4 Value val $300,000 $300,000 $300,000 Loan-to-value ratio ltv 0.6 0.6 0.4 Payment pmt $1,500 $1,500 $1,500 Table 11-1 shows three datasets to be used as input values for the examples in this chapter. The second and third datasets are used only in the reverse amortization mortgage section and only differ in life expectancy, growth rate, and loan-to-value ratios. Note that the variable for value, v, provided in Equation 11-2 is a computed value, but val in the datasets is a fixed given value. Using data1 we obtain the following values for what we are calling the conventional arrangement, as shown in Table 11-2. The above example ignores the fact that operating costs for the house may increase, but also ignores the fact that retirement income may be indexed. In the interest of simplicity, these are assumed to cancel. TABLE 11-2 Values for the Convention Arrangement Purchase price $385,187 Downpayment $135,000 Loan $250,187 Sale price $487,385 ...