• Real Estate Lecture Outlines: Professor Crocker H. Liu
• How to Use Excel for Financial Modeling Packet, 1999, Professor Crocker H. Liu

Grading Policy:

Case Study 1: Angus Cartwright (Due February 15, 2001)	35%
Case Study 2: Locational Analysis (Due April 10, 2001)	25%
Midterm Exam: March 8, 2001	20%
Final Exam:	20%

The Angus Cartwright Case is an individual case. You are allowed to work on the Locational Analysis case study in a group of not more than 2-3 people.  However, each person in the group will have to do one part of the project which includes analysis and spreadsheets.  Point: unlike most group projects wherein one person does the work and another person does the typing with the rest of the group being remoras, each member of the group is responsible for a specific part of the project.  You will get 2 grades for group projects.  One is an individual grade for your particular section and one is a group grade.  Grading is based on the class curve. This means that if you score 60 out of a 100 points and yours is the top grade in the class, you receive an A. For each case, you will receive 3 grades for the case: 1) Quantitative Ability, 2) Analytical Ability, and 3) Grammar (Writing Ability)/Presentation Skills.

Course Objective:This course is not designed to provide an overview of general real estate principles and practices. Rather, this course is tailored for the serious student who wants an in depth perspective of the theory and applications of financing and investing in real estate with an emphasis on commercial real estate. However, residential real estate will also be covered. This course is not a how to get rich quick in real estate with no money down.

Week	Date	Day	Topic	Assigned Readings/Assignment
1	1/16-1/18	TuTh	Real Estate Finance Process Mortgages	BF Chapter 1 - Overview of Real Estate Finance BF Chapter 2 - Legal Considerations in Real Estate Finance BF Chapter 3 - The Interest Factor in Financing BF Chapter 4 - Fixed Rate Mortgages
2	1/23-1/25	TuTh	Mortgages (continued)	BF Chapter 4 - Fixed Rate Mortgages BF Chapter 5 - Adjustable Rate and Variable Payment Mortgages
3	1/30-2/1	TuTh	Solvency	BF Chapter 11 - Financial Leverage and Debt Structure BF Chapter 8 - Introduction to Analysis of Income Properties How to Use Excel for Financial Modeling Packet Start on Angus Cartwright Case (individual project) Read BF Chapter 8,10, and 11 prior to doing case.
4	2/06 - 2/08	TuTh	Cash Flow Analysis	BF Chapter 10 - Investment and Risk Analysis Turn in Preliminary Spreadsheets for Angus Case (2/08)
5	2/13 - 2/15	TuTh	Cash Flow Analysis (continued)
6	2/20 - 2/22	TuTh	Building Envelope	Angus Cartwright Case is due (2/20)
7	2/27 - 3/01	TuTh	Building Envelope Profiling the Investor
8	3/06	Tu	Midterm Review Session
8	3/08	Th	Midterm Exam	Students are allowed to bring in 2 pages of formulas (single-sided)
9	3/13 - 3/15	TuTh	Spring Recess
10	3/20-3/22	TuTh	Location Analysis	Start Forming into Groups (maximum of 3 people) Look at Locational Analysis assignment
11	3/27-3/29	TuTh	Location Analysis	Turn in Preliminary Location Analysis (3/29)
12	4/03-4/05	TuTh	Valuation of Real Estate	BF Chapter 9 - Valuation of Income Properties
13	4/10 - 4/12	TuTh	Analysis of Residential Property	BF Chapter 6 - Underwriting and Financing Residential Properties BF Chapter 7 - Residential Financial Analysis Locational Analysis is due: 4/10
14	4/17 - 4/19	TuTh	Real Estate Development	BF Chapter 15 - Financing Construction Projects BF Chapter 18 - Financing Land Development Projects BF Chapter 12 - Partnerships, Joint Ventures, and Syndications
15	4/24 - 4/26	TuTh	Real Estate Securitization	BF Chapter 17 - Institutional Sources of Real Estate Capital BF Chapter 18 - Secondary Mortgage Market: Pass-Through Securities BF Chapter 20 - Real Estate Investment Trusts (REITs) BF Chapter 21 - R.E. Investment Performance and Portfolio Considerations BF Chapter 22 - Secondary Mortgage Mkt: CMOs and Derivative Securities