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File Size: 2393 KB
Print Length: 207 pages
Publication Date: July 21, 2016
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B01IW0G0S0
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If you are looking to invest in real estate like a professional, then why not learn how professionals - not the scam artists you see on late-night TV infomercials - actually invest in real estate? Better than that, why not learn how to invest WITH them, in their own private real estate funds? In this incredibly insightful book, Sean Cook (a pseudonym from an author who refreshingly isn't pimping his own firm) discusses the entire process of how a serious investor should invest in real estate. The investor who wants to invest alongside experienced pros who also have skin in the game, thus aligning incentives, will not find a better treatise on real estate private equity investing than this.One caveat that I mention up front: although there may be exceptions, my belief is that this book is geared mostly toward "accredited investors" - essentially, though not exactly, those whose annual income exceeds $200,000 ($300,000 with a spouse) or a net worth of $1,000,000 excluding one's primary residence. There are undoubtedly exceptions to this, but most private investment funds, be they real estate private equity (such as this book describes), private equity, private debt, "hedge" funds, etc. will have this requirement. Most of these funds will also have minimum investment limits. I have seen them as low as $25,000 for smaller funds and sometimes as large as $500,000 or $1,000,000 (or more). Some of the new "crowdfunded" deals may be lower. I say this not to discourage potential investors, but note it here so the novice doesn't get the idea that most of these funds operate like a mutual fund or something of that nature! In any case, fund structures are discussed in depth by the author.Caveat aside, if you have the net worth to be interested in a book like this, it will serve you well. This review won't do justice to the comprehensive nature of the book, but as someone with an undergraduate degree and MBA in finance from "Top 5" business schools and someone who has worked in the private equity/private debt industry for almost 15 years, I guarantee that you will learn more about the way real estate private equity is done from this book than you will from any business school class or from any other source, unless you decide to work in the industry yourself for several years.With all that said, Sean Cook covers the entire spectrum of investing in real estate private equity. He smartly starts with a glossary since many, if not most, people will not have heard many of these terms. Even if you have heard them, you may not understand them. And if you don't understand them in the glossary, do not fear: the author will use them in examples and you will come to understand them in short order. The author then discusses how investments are structured as well as real estate product types (retail, industrial, multifamily, raw land, etc.). The next few sections focus on the meat of the investment process: how to evaluate a property. This also includes a lesson for the non-finance folks about capital structure.The author then tackles the issue of evaluating the financial sponsor (the professionals actually making and managing the investments - the persons whom you will be funding). This area is always the most difficult. Good track records are a good place to start but so is the incentive structure (how the sponsor will be compensated, how your investment money will be returned to you, etc.). This is important because a solid compensation structure will minimize the agency problem and ensure that your incentives (investment return, return of capital) are aligned with the financial sponsor who will receive payments in the meantime - before you ever receive a dollar - in the form of management fees. Investment professionals don't work for free! They do have to pay themselves and employees and keep the lights on while the investments play out. The key is to make sure that the fee and compensation arrangements are fair to you, the investor. The author also includes a lot of valuable discussion about investor rights and the different classes of investments and investors. Not all investment dollars are (necessarily) the same and not all investors are (necessarily) treated equally! This is a good - and often underappreciated - discussion. I have seen investments become winners or losers based upon some of these issues, unfortunately.The last third of the book goes through various valuation exercises (comparables, replacement cost, DCF, etc.). While my love for financial modeling doesn't approximate that of the author (I've always been a believer in GIGO - garbage in, garbage out - and that, consequently, many of the assumptions in models are, to quote one of my old bosses, "wild ass guesses"), financial modeling does play an invaluable role in assessing an investment. You wouldn't do an investment solely on the basis of a model (the other areas of due diligence are just as important), but you sure as heck wouldn't do one without a model either! And, fortunately, Sean Cook understands this point as well! Models are unavoidable. You have to have some basis for understanding the numbers. And that's what financial models: they give you a tool for understanding risk and where an investment, at least on paper, is most likely to break down or succeed.Finally, Sean Cook ties it all together: how to formulate your investment strategy, allocate your capital, review offerings, etc. There is some solid investment advice in this section that could be applied to almost any asset class, not just real estate. But given that real estate private equity is Mr. Cook's focus, he follows through on the foundation he has built in the earlier chapters and brings the potential investor down the home stretch to finding the right private real estate deals - and the step-by-step process of "pulling the trigger" as he calls it. He ends with his "Key Takeaways", which, again, would be great advice for almost any private investment class, or even most public ones. The Key Takeaways are nothing earth-shattering, but more solid reminders to the reader not to forget about the big picture. Don't get so bogged down in cap rates and IRRs that you forget some of the basics like not putting all your eggs in one basket (or as the author says, "spread your bets.")This book isn't for everyone. It isn't for the person who sees the "YOU, TOO, CAN FLIP HOUSES AND DOUBLE YOUR MONEY IN 90 DAYS" ad and actually believes it. This book is PERFECT for the serious investor who wants to invest in private real estate deals like a professional by investing WITH the professionals. Sean Cook will show you how to do that. Even if you don't know finance, if you are willing to take your time, read the book, take notes on the main themes, you will be able to source some real estate private equity investments and apply the author's knowledge to every real estate private equity deal you see.
Very practical, easy to read introduction and discussion about vetting commercial real estate syndication deals whether through crowd platforms or direct w/sponsor. I like his conservative approach to underwriting assets, vettings sponsors, analyzing the PPM, waterfall, etc. I wish this book was avail when I started investing in CRE; highly recommend.
I've been a long time RE investor - GP side, but I bought this book to look at deals from a different perspective. I'm looking to step my investment fund sizes and I wanted to see how the educated investor might look at deals. This book has a lot of great advice for investors to consider. I wish investors took more time to read books like this. Educated investors, knowing what they are really getting involved with are much better customers/ LP's.
Like other reviewers that likes this book, I did too. I am a newbie to RECF and private equity real estate investing. I too very much like the conservative advice and definition of the terms someone like me will run into. The chapters on evaluating both the sponsor and the deal will be invaluable to me moving forward. All in all, a great book to get started with from an author who is not selling you anything besides the book, as he says. He seems genuinely interested in helping us.
Great book for the passive investor. Well written and relevant. Will need to revisit it often. I agree with prior reviews and hope in the next update the writer includes a sample of PPMs with his comments. However this is an excellent tool for investors.
Very comprehensive. For the next iteration I hope the author takes a few real PPM's from his company and shows how to interpret and analye.
I found this book both informative and very accessible. In particular I enjoyed the author's ironical and witty attitude to his subject matter. But this is just the icing on the cake - the merits of the contents decided why I gave it a 5 star rating.
It's a quick read. It's a good initial reference. I would highly recommend it to anyone considering private equity investing.
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