A valuable tool for the aspiring real estate tycoon.

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RAISING PRIVATE CAPITAL

BUILDING YOUR REAL ESTATE EMPIRE USING OTHER PEOPLE'S MONEY

A concise but comprehensive introduction to finding private capital for real estate investment. 

Private capital—money not raised from a bank or financial institution but a private individual—can be far more attractive than its alternatives. The terms of such a loan are likely to be more elastic and susceptible to negotiated revision and therefore easier to customize. Also, a more direct, intimate connection between what debut author Faircloth calls the “Cash Provider” and the “Deal Provider” leads to a more symbiotic relationship between their goals; as the author emphasizes repeatedly, the arrangement between the two ideally is a “win-win” proposition. In this impressively accessible introduction to a complex subject, Faircloth covers every aspect of private funding, presuming little knowledge on the part of the reader, even including a basic understanding of what counts as private capital. He outlines the different types of loans and the various real estate deals for which they can be used, including the ways these deals can be differently structured. Much of this practical instruction manual is devoted to laying bare the technically esoteric—how to unlock the value of private equity, the benefits of self-directed IRAs as a source of funding, or how to successfully find and execute a fix-and-flip. Faircloth also discusses the more human element of sourcing funds to expand a real estate business: the moral obligations one owes to a cash provider, how to build trust in others through constant self-improvement, and the benefits of mentorship. This is a notably thorough synopsis of the subject, specifically addressed to the beginner—the author even provides a prefatory primer on basic accounting and financial terminology. Faircloth is appropriately conservative in his advice, cautioning the reader to make careful preparations—he explains in detail how—before even attempting to strike a first deal. His counsel is not only clear and expert, but also admirably sober. “While some people get lucky out of the gate, this is not a ‘make millions in a month or two and then move to Tahiti’ kind of business.”

A valuable tool for the aspiring real estate tycoon.

Pub Date: July 26, 2018

ISBN: 978-1-947200-98-2

Page Count: 180

Publisher: BiggerPockets

Review Posted Online: July 13, 2018

Kirkus Reviews Issue: Aug. 15, 2018

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.

REIMAGINING CAPITALISM IN A WORLD ON FIRE

A well-constructed critique of an economic system that, by the author’s account, is a driver of the world’s destruction.

Harvard Business School professor Henderson vigorously questions the bromide that “management’s only duty is to maximize shareholder value,” a notion advanced by Milton Friedman and accepted uncritically in business schools ever since. By that logic, writes the author, there is no reason why corporations should not fish out the oceans, raise drug prices, militate against public education (since it costs tax money), and otherwise behave ruinously and anti-socially. Many do, even though an alternative theory of business organization argues that corporations and society should enjoy a symbiotic relationship of mutual benefit, which includes corporate investment in what economists call public goods. Given that the history of humankind is “the story of our increasing ability to cooperate at larger and larger scales,” one would hope that in the face of environmental degradation and other threats, we might adopt the symbiotic model rather than the winner-take-all one. Problems abound, of course, including that of the “free rider,” the corporation that takes the benefits from collaborative agreements but does none of the work. Henderson examines case studies such as a large food company that emphasized environmentally responsible production and in turn built “purpose-led, sustainable living brands” and otherwise led the way in increasing shareholder value by reducing risk while building demand. The author argues that the “short-termism” that dominates corporate thinking needs to be adjusted to a longer view even though the larger problem might be better characterized as “failure of information.” Henderson closes with a set of prescriptions for bringing a more equitable economics to the personal level, one that, among other things, asks us to step outside routine—eat less meat, drive less—and become active in forcing corporations (and politicians) to be better citizens.

A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.

Pub Date: May 1, 2020

ISBN: 978-1-5417-3015-1

Page Count: 336

Publisher: PublicAffairs

Review Posted Online: Feb. 17, 2020

Kirkus Reviews Issue: March 15, 2020

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