Foundations
Timeless resources designed to build understanding of fundamental concepts. These pieces remain relevant regardless of current market conditions.
Cash-on-Cash Return Explained
How annual cash flow measures income reliability for equity investors.
The Fair Housing Act Explained
How fair housing rules shape screening, policies, and operational risk for property owners.
Internal Rate of Return (IRR) Explained
How timing, leverage, and refinancing change IRR and its usefulness in underwriting.
Debt-to-GDP Explained
An exploration of the debt-to-GDP ratio as a key indicator of national fiscal health, examining its implications for the United States and global economies.
How Interest Rates Impact Real Estate
Interest rates shape debt service costs, valuation, and liquidity timelines in property markets.
Cycles in Real Estate
Why real estate cycles form, how credit and liquidity drive them, and why outcomes vary by asset and strategy.
Break-Even Occupancy Explained
Why break-even occupancy is a practical survivability test for early-year cash flow.
Eviction Laws by State
How eviction rules shape cash-flow risk, operating costs, and underwriting assumptions across markets.
Debt vs. Equity in Real Estate
How debt and equity shape claims on cash flow, refinancing risk, and the impact of leverage.
Fair Value Variable Explained
A comprehensive guide to understanding the Fair Value Variable (FVV), its calculation methodology, and its role in assessing residential real estate market valuations.
Impact of Rent Control on Real Estate
How rent regulation constrains income growth, financing, maintenance decisions, and long-term liquidity.
How Leverage Impacts Returns in Real Estate
How debt changes equity returns, refinancing risk, and the gap between asset quality and financial engineering.
Sensitivity Analysis in Real Estate
How to stress underwriting assumptions, identify breakpoints, and quantify downside in property deals.
Understanding Real Estate Mortgage Investment Conduits (REMICs)
A comprehensive overview of REMICs, their role in real estate financing, and their relationship with government agencies like Ginnie Mae.
Researching Comparables in Real Estate
When evaluating a real estate investment, one of the most fundamental questions an investor must answer is whether the price being asked reflects the property's true market value.
Cap Rates Explained
How cap rates price income, risk, and liquidity in real estate valuation.
Equity Waterfalls in Real Estate
An equity waterfall governs how cash generated by a real estate investment is distributed among equity participants, determining allocation outcomes regardless of performance.
Ratio Utility Billing System (RUBS) Explained
Utility expenses scale with occupancy, tenant behavior, weather, and building design, and they are often far higher than buyers expect, especially in older multifamily properties.
Time Value of Money in Real Estate
Why timing of cash flows shapes risk, exit reliance, and real estate returns.
Debt Service Coverage Ratio (DSCR) Explained
How lenders use DSCR to size debt, assess cash-flow margin, and manage repayment risk.
Loan-to-Value (LTV) Ratios Explained
LTV is a basic leverage measure used in real estate finance, expressing the relationship between the amount of debt secured by a property and its value.
Capital Expenditures vs. Maintenance Expenses
Why the capex versus maintenance line shapes cash flow, reserves, and underwriting risk.
How Landlord-Tenant Laws Differ By State
Every rental property operates within a legal framework set primarily at the state level, and landlord-tenant law does not behave uniformly across the country.
Paul Volcker's Impact on Monetary Policy
An analysis of Paul Volcker's transformative leadership at the Federal Reserve, examining how his aggressive anti-inflation policies in the 1980s reshaped American monetary policy and economic landscape.
Impact of Crime on Real Estate
How crime shapes demand, operating costs, underwriting, and liquidity across property types.
Government-Sponsored Entities (GSEs) Explained
The American housing finance system operates differently than most people assume, with GSEs playing a central role in connecting local lending to national and global capital flows.
Capital Stack Explained
How capital layers set payment priority, control rights, and risk in real estate deals.
Zoning Laws Explained
Zoning laws determine what you are allowed to do with a piece of land, today and in the future, shaping value, risk, and optionality for investors.