The Real Estate Game

"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. The reader meets 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.

“Seth A. KlarmanPresident, The Baupost Group L.L.C. and author ofMargin of SafetyInThe Real Estate Game,Bill Poorvu has called on four decades of experience developing, owning and managing properties and on over thirty years of drawing lessons from those experiences in his HBS classroom. Whether you are a real estate novice or an experienced practitioner, you will benefit from Poorvu's practical advice.”

Claude Ballard Limited Partner, Goldman Sachs & Company Almost anyone who wants to play in the real estate market should read this. Joel Peterson former Managing Partner, Trammell Crow Company and Professor, Stanford Business School A fun and informative read, with the credibility of one who's been there. Donald A. Brown JBG Real Estate Companies None of us who know Bill Poorvu and his extensive real estate and teaching background are surprised that his new book is both interesting and essential reading for real estate investors on every level. The use of actual cases to illustrate real estate principles adds meaning to each concept. The result is a combination of a good read and valuable insight; this book should be a "must" on every real estate entrepreneur's list. John H. Vogel, Jr. Adjunct Associate Professor, Amos Tuck School of Business Administration, Dartmouth College My real estate students should read this book. So should yours. Richard B. Peiser Michael D. Spear Professor of Real Estate Development, Harvard University Graduate School of Design After more than thirty years at Harvard Business School, Bill Poorvu has trained many of the most successful real estate developers and managers in the business. With war stories that are hard to put down, The Real Estate Game reminds everyone from beginners to the most jaded professionals about the pitfalls to look for and how to avoid them. Dorn C. McGrath, Jr. Professor of Urban and Regional Planning, George Washington University This unusual book provides a rare glimpse of the practical demands implicit in the opportunities available to the enlightened real estate developer. It transcends the mundane procedural aspects of traditional real estate practice. Urban planning professionals, local politicians, and graduate students need to read The Real Estate Game. --Charles G. Field former Staff Vice President, National Association of Home Builders and Senior Research Fellow, School of Public Affairs, University of Maryland The Real Estate Game is one of the best books written for the private investor. Poorvu and Cruikshank give insightful, sophisticated and risk-reducing advice in a most readable form. Read it before entering into real estate investments, and then keep it on the table while negotiating the sale, obtaining the financing, and managing the property. Ellen Shuman Vice President and Chief Investment Officer, Carnegie Corporation of New York The Real Estate Game is the book I wish I had written; the content I wish I had taught. It's simple and clear, yet comprehensive. It's also exactly what people need to know. Seth A. Klarman President, The Baupost Group L.L.C. and author of Margin of Safety In The Real Estate Game, Bill Poorvu has called on four decades of experience developing, owning and managing properties and on over thirty years of drawing lessons from those experiences in his HBS classroom. Whether you are a real estate novice or an experienced practitioner, you will benefit from Poorvu's practical advice. Mike E. Miles Portfolio Manager, Fidelity Investments and author of The Real Estate Development Process The perfect first book to read if you want to learn about real estate.

William J. Poorvu is a successful real estate investor and developer and heads the real estate program at the Harvard Business School.

The Real Estate Gameis 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. The reader meets 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 Gameintroduces 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 Gameis both a perfect introduction for the novice and an invaluable overview for the experienced professional.

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