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The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment

Description:

The Real Estate Game is a comprehensive guide to successful real estate investment from one of the masters in the field. Drawing upon four decades of experience developing, owning, and managing properties and on almost thirty years of teaching at the Harvard Business School, William J. Poorvu offers an insider's perspective on how to make smart decisions about real estate.

The real estate “game” is played by people, and it’s the stories of real people that make Poorvu’s introduction to the industry colorful and interesting. You will meet players ranging from real estate moguls to small-scale developers to individual investors in exotic investment instruments. Their stories evolve throughout the book and illustrate how these people—with all their complicated needs, talents, and motives—fit into the larger process and context.

In clear and nontechnical language, Poorvu explains how variables—players, properties, capital markets, and the external environment—come together to influence the shape and outcome of a real estate deal. He explains the time frame for different kinds of real estate investments and walks the reader through the key “periods of play” in the real estate game: concept, commitment, development, operation, reward, and reinvestment.

The Real Estate Game introduces a simple but powerful “back-of-the-envelope” technique for analyzing the financial implications of a potential deal. Using this tool and others, Poorvu shows readers how to use direct investments, syndicates, and REITs to get into the real estate game across a broad range of property types: residential, office, hotel, industrial, and retail.

Offering unique insight into the ways that developers and investors can create value,
The Real Estate Game is both a perfect introduction for the novice and an invaluable overview for the experienced professional.


Editorial Reviews

Amazon.com Review

Real estate is as much about people as it is about property, and, after location, success in real estate depends upon understanding the motives of those who play the game, because many critical decisions revolve around what real estate people think, how they act and why. The Real Estate Game, by William J. Poorvu and Jeffrey L. Cruikshank, is a clear, comprehensive overview illustrated with real-life experiences about individual investors, small developers, and moguls. Poorvu has developed and managed real estate and taught real estate investing at the Harvard Business School for over 35 years. This book is drawn from his course, and is designed to help investors make the right decisions derived from the right assumptions and to provide an insider's perspective on how to spot risks and develop strategies that provide protection and adequate investment returns.

The book uses the analogy of a game to illustrate some of the intricate and unpredictable interactions in real estate deals, and it lays out the rules of the game, including identification of the key players and periods of play: concept, commitment, development, operation, reward, and reinvestment. Readers are taught to be "value investors," ready to buy at the right price at the right time, because the best opportunities come from buying at a discount-to-replacement cost. The value investor must be prepared to sell at the right juncture, and must not be compelled to be in the game when conditions make the game not worth playing.

The case studies that run through the book show how to evaluate, develop, and operate all kinds of real estate investments from the points of view of all involved in the process. There's an extensive appendix covering the different property types, and the authors' "back-of-the-envelope" method for analyzing the financial implications of a potential deal is probably worth the book's weight in gold. --Scott Harrison

From Booklist

Poorvu is a Boston real-estate developer who teaches an elective course in real estate at the Harvard Business School. Like his earlier collection of case studies, The Real Estate Challenge (1996), this new book comprises course material. To emphasize the competitive aspects of real estate, Poorvu compares the business to a game. With an informal style, he outlines the components that determine the rules of this game: capital markets, the players, properties, and the external environment. After explaining the basic financial analyses necessary to make decisions, Poorvu contrasts four ways to invest in real estate: buying property directly, investing in private syndications, multiproperty funds, and public real-estate securities. He also compares the more challenging development phase of real estate with the nuts-and-bolts aspects of the operations phase. Finally, he recommends how and when to "harvest" or recoup value that has been added to a deal. Grounded in theory and practice, Poorvu's advice stands out in a category filled with superficial, get-rich-quick guides. David Rouse

Reviews:

5.0 out of 5 stars Great

E.J. · February 15, 2024

Excellent book, very informative if you're interested in that field.

5.0 out of 5 stars Great Book

B.G. · October 26, 2024

Read this book for class. I’ve enjoyed it; it also came in great condition!

5.0 out of 5 stars Well worth the money. Former Harvard Business lecturer gives ...

M.D.S. · July 23, 2016

Well worth the money. Former Harvard Business lecturer gives a solid overview of the real estate dynamics. Industry has evolved since this was published but fundamentals remain relevant. A very well written enjoyable book in my experience.

4.0 out of 5 stars Always love a good real estate

a. · June 6, 2017

The theme I feel must passionate about. Great book absolutely not the best

5.0 out of 5 stars Practical and Useful

J. · April 17, 2018

Excellent read on building a good grasp of the real estate ecosystem dynamics plus practical back-of-the-napkin calculations you can use to do a quick smell test of real estate deals.

5.0 out of 5 stars 5 Star

J.M. · November 4, 2015

Highly recommend this book for people who are just starting out in real estate. You really get a full scope of what goes into the real estate game. I am very happy about this purchase.

5.0 out of 5 stars My favorite commercial real estate book.

P.P.A. · February 22, 2021

My favorite commercial real estate book. I refer to it often in my REIA meetings.

3.0 out of 5 stars Needs Salt

a. · June 6, 2020

Let me start by saying I think the book is good. Good as in it provides plenty of actionable advice that could be applied to the world of real estate. Using this could theoretically improve your decision making and just maybe you could live out your dreams; having won the game of life using real estate as a vehicle. That's all great but in my opinion, the book is a little dry. It honestly made me lose interest multiple times while reading it, that's too bad seeing as the information inside in the book is good.

Five Stars

s. · March 15, 2018

interesting read, enjoyable experiences to learn from

Great deal

j. · January 28, 2018

Great book, easy to follow and with good examples of real life. I strongly recommend it for all real state people

Very recommended

R.G. · May 19, 2017

I have started to read it, and so far it is an incredible book with very useful hints and ideas to be taken into account.

A must read

H.B. · June 10, 2020

Best book by a mile for an introduction to real estate. Based on the American system, however it is applicable to all countries and scenarios. A must read for any investor or individual with an interest in physical asset investment primarily real estate.

Very good

M. · August 25, 2014

Very good read. Easy to understand. Very much recommended. I would def buy it again any time. A b c

The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment

Product ID: U068485550K
Condition: New

4.6

AED13518

Price includes VAT & Import Duties
Type: Hardcover
Availability: In Stock

Quantity:

|

Order today to get by 7-14 business days

Delivery fee of AED 20. Free for orders above AED 200.

Returns & Warranty policies

Imported From: United States

At BOLO, we work hard to ensure the products you receive are new, genuine, and sourced from reputable suppliers.

BOLO is not an authorized or official retailer for most brands, nor are we affiliated with manufacturers unless specifically stated on a product page. Instead, we source verified sellers, authorized distributors or directly from the manufacturer.

Each product undergoes thorough inspection and verification at our consolidation and fulfilment centers to ensure it meets our strict authenticity and quality standards before being shipped and delivered to you.

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Unless otherwise stated, all prices displayed on the product page include applicable taxes and import duties.

BOLO operates in accordance with the laws and regulations of United Arab Emirates. Any items found to be restricted or prohibited for sale within the UAE will be cancelled prior to shipment. We take proactive measures to ensure that only products permitted for sale in United Arab Emirates are listed on our website.

All items are shipped by air, and any products classified as “Dangerous Goods (DG)” under IATA regulations will be removed from the order and cancelled.

All orders are processed manually, and we make every effort to process them promptly once confirmed. Products cancelled due to the above reasons will be permanently removed from listings across the website.

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The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment

Product ID: U068485550K
Condition: New

4.6

The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment-0
Type: Hardcover

AED13518

Price includes VAT & Import Duties
Availability: In Stock

Quantity:

|

Order today to get by 7-14 business days

Delivery fee of AED 20. Free for orders above AED 200.

Returns & Warranty policies

Imported From: United States

At BOLO, we work hard to ensure the products you receive are new, genuine, and sourced from reputable suppliers.

BOLO is not an authorized or official retailer for most brands, nor are we affiliated with manufacturers unless specifically stated on a product page. Instead, we source verified sellers, authorized distributors or directly from the manufacturer.

Each product undergoes thorough inspection and verification at our consolidation and fulfilment centers to ensure it meets our strict authenticity and quality standards before being shipped and delivered to you.

If you ever have concerns regarding the authenticity of a product purchased from us, please contact Bolo Support. We will review your inquiry promptly and, if necessary, provide documentation verifying authenticity or offer a suitable resolution.

Your trust is our top priority, and we are committed to maintaining transparency and integrity in every transaction.

All product information, images, descriptions, and reviews originate from the manufacturer or from trusted sellers overseas. BOLO is not affiliated with, endorsed by, or an authorized retailer for most brands listed on our website unless stated otherwise.

While we strive to display accurate information, variations in packaging, labeling, instructions, or formulation may occasionally occur due to regional differences or supplier updates. For detailed or manufacturer-specific information, please contact the brand directly or reach out to BOLO Support for assistance.

Unless otherwise stated, all prices displayed on the product page include applicable taxes and import duties.

BOLO operates in accordance with the laws and regulations of United Arab Emirates. Any items found to be restricted or prohibited for sale within the UAE will be cancelled prior to shipment. We take proactive measures to ensure that only products permitted for sale in United Arab Emirates are listed on our website.

All items are shipped by air, and any products classified as “Dangerous Goods (DG)” under IATA regulations will be removed from the order and cancelled.

All orders are processed manually, and we make every effort to process them promptly once confirmed. Products cancelled due to the above reasons will be permanently removed from listings across the website.

Description:

The Real Estate Game is a comprehensive guide to successful real estate investment from one of the masters in the field. Drawing upon four decades of experience developing, owning, and managing properties and on almost thirty years of teaching at the Harvard Business School, William J. Poorvu offers an insider's perspective on how to make smart decisions about real estate.

The real estate “game” is played by people, and it’s the stories of real people that make Poorvu’s introduction to the industry colorful and interesting. You will meet players ranging from real estate moguls to small-scale developers to individual investors in exotic investment instruments. Their stories evolve throughout the book and illustrate how these people—with all their complicated needs, talents, and motives—fit into the larger process and context.

In clear and nontechnical language, Poorvu explains how variables—players, properties, capital markets, and the external environment—come together to influence the shape and outcome of a real estate deal. He explains the time frame for different kinds of real estate investments and walks the reader through the key “periods of play” in the real estate game: concept, commitment, development, operation, reward, and reinvestment.

The Real Estate Game introduces a simple but powerful “back-of-the-envelope” technique for analyzing the financial implications of a potential deal. Using this tool and others, Poorvu shows readers how to use direct investments, syndicates, and REITs to get into the real estate game across a broad range of property types: residential, office, hotel, industrial, and retail.

Offering unique insight into the ways that developers and investors can create value,
The Real Estate Game is both a perfect introduction for the novice and an invaluable overview for the experienced professional.


Editorial Reviews

Amazon.com Review

Real estate is as much about people as it is about property, and, after location, success in real estate depends upon understanding the motives of those who play the game, because many critical decisions revolve around what real estate people think, how they act and why. The Real Estate Game, by William J. Poorvu and Jeffrey L. Cruikshank, is a clear, comprehensive overview illustrated with real-life experiences about individual investors, small developers, and moguls. Poorvu has developed and managed real estate and taught real estate investing at the Harvard Business School for over 35 years. This book is drawn from his course, and is designed to help investors make the right decisions derived from the right assumptions and to provide an insider's perspective on how to spot risks and develop strategies that provide protection and adequate investment returns.

The book uses the analogy of a game to illustrate some of the intricate and unpredictable interactions in real estate deals, and it lays out the rules of the game, including identification of the key players and periods of play: concept, commitment, development, operation, reward, and reinvestment. Readers are taught to be "value investors," ready to buy at the right price at the right time, because the best opportunities come from buying at a discount-to-replacement cost. The value investor must be prepared to sell at the right juncture, and must not be compelled to be in the game when conditions make the game not worth playing.

The case studies that run through the book show how to evaluate, develop, and operate all kinds of real estate investments from the points of view of all involved in the process. There's an extensive appendix covering the different property types, and the authors' "back-of-the-envelope" method for analyzing the financial implications of a potential deal is probably worth the book's weight in gold. --Scott Harrison

From Booklist

Poorvu is a Boston real-estate developer who teaches an elective course in real estate at the Harvard Business School. Like his earlier collection of case studies, The Real Estate Challenge (1996), this new book comprises course material. To emphasize the competitive aspects of real estate, Poorvu compares the business to a game. With an informal style, he outlines the components that determine the rules of this game: capital markets, the players, properties, and the external environment. After explaining the basic financial analyses necessary to make decisions, Poorvu contrasts four ways to invest in real estate: buying property directly, investing in private syndications, multiproperty funds, and public real-estate securities. He also compares the more challenging development phase of real estate with the nuts-and-bolts aspects of the operations phase. Finally, he recommends how and when to "harvest" or recoup value that has been added to a deal. Grounded in theory and practice, Poorvu's advice stands out in a category filled with superficial, get-rich-quick guides. David Rouse

Reviews:

5.0 out of 5 stars Great

E.J. · February 15, 2024

Excellent book, very informative if you're interested in that field.

5.0 out of 5 stars Great Book

B.G. · October 26, 2024

Read this book for class. I’ve enjoyed it; it also came in great condition!

5.0 out of 5 stars Well worth the money. Former Harvard Business lecturer gives ...

M.D.S. · July 23, 2016

Well worth the money. Former Harvard Business lecturer gives a solid overview of the real estate dynamics. Industry has evolved since this was published but fundamentals remain relevant. A very well written enjoyable book in my experience.

4.0 out of 5 stars Always love a good real estate

a. · June 6, 2017

The theme I feel must passionate about. Great book absolutely not the best

5.0 out of 5 stars Practical and Useful

J. · April 17, 2018

Excellent read on building a good grasp of the real estate ecosystem dynamics plus practical back-of-the-napkin calculations you can use to do a quick smell test of real estate deals.

5.0 out of 5 stars 5 Star

J.M. · November 4, 2015

Highly recommend this book for people who are just starting out in real estate. You really get a full scope of what goes into the real estate game. I am very happy about this purchase.

5.0 out of 5 stars My favorite commercial real estate book.

P.P.A. · February 22, 2021

My favorite commercial real estate book. I refer to it often in my REIA meetings.

3.0 out of 5 stars Needs Salt

a. · June 6, 2020

Let me start by saying I think the book is good. Good as in it provides plenty of actionable advice that could be applied to the world of real estate. Using this could theoretically improve your decision making and just maybe you could live out your dreams; having won the game of life using real estate as a vehicle. That's all great but in my opinion, the book is a little dry. It honestly made me lose interest multiple times while reading it, that's too bad seeing as the information inside in the book is good.

Five Stars

s. · March 15, 2018

interesting read, enjoyable experiences to learn from

Great deal

j. · January 28, 2018

Great book, easy to follow and with good examples of real life. I strongly recommend it for all real state people

Very recommended

R.G. · May 19, 2017

I have started to read it, and so far it is an incredible book with very useful hints and ideas to be taken into account.

A must read

H.B. · June 10, 2020

Best book by a mile for an introduction to real estate. Based on the American system, however it is applicable to all countries and scenarios. A must read for any investor or individual with an interest in physical asset investment primarily real estate.

Very good

M. · August 25, 2014

Very good read. Easy to understand. Very much recommended. I would def buy it again any time. A b c

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