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R.E. Masters Course Descriptions
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Course 204: Advanced Investment Property Analysis
Course Goals
This course has been designed to familiarize students with:
  • Investment concepts and terminology.
  • The meaning and calculation of industry standard ratios.
  • The Annual Property Operating Data form and its usage in the industry.
  • The approaches to investment real estate valuation.
  • The Federal tax rules applicable to passive real estate investments.
  • The estimation of annual cash flow ("returns") using the Cash Flow Analysis form and the projection of net sale proceeds ("reversion") using the Cash Sale Worksheet.
  • The concepts of discounted cash flow analysis and Internal Rate of Return.
Learning Objectives
Upon completion of this course, students will be able to:
  • Define investment concepts and terminology.
  • Calculate industry standard ratios such as capitalization rates, debt coverage ratios, cash-on-cash rates of return, and more.
  • Complete Annual Property Operating Data forms based on multiple scenarios.
  • Complete a valuation worksheet and estimate of fair market value.
  • Prepare a Cash Flow Analysis and Cash Sale Worksheet.
  • Describe the three approaches to value.
  • Complete an estimate of market value.
  • Recognize opportunities for tax benefits through real estate investments.
  • Calculate depreciation on residential rental property, non-residential rental property and furniture and fixtures.
  • Explain the concepts of passive losses and gain.
  • Recognize and explain that all of the financial benefits of an investment  in real estate are reflected in the after-tax cash flows used to calculate the Internal Rate of Return (IRR).
  • Define and understand the IRR.

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