Is it possible to make smart, savvy real estate investments in uncertain economic times? Yes, says real estate expert and author William T. Tappan, Jr. - provided you know how to analyze and objectively measure real estate opportunities from a financial perspective. In this book, Tappan shows you how to avoid both the speculative "get rich quick" kind of thinking that can dangerously mislead you in a rising market and the often unwarranted fear and timidity that can paralyze you in a declining market.

What he offers instead are specific formulas to assess - simply and accurately - the current value of a real estate investment and to predict its likely long-term performance.

In this book you'll discover why cash flow is the single most important factor to consider in measuring real estate investment opportunities and how it can be applied to all kinds of real estate in all kinds of markets. You'll learn what you need to know about isolating cash flow for a given investment, how to conduct a discounted cash flow analysis, the effect of taxes on cash flow, and why the timing of cash flows can be as significant as the amount. You'll also learn:.

How to apply the basic principles of financial analysis to measure the comparative value of different kinds of real estate investments - ranging from land and office buildings to rental houses, from retail centers to multiunit residential complexes, and from private homes and apartments to commercial and industrial buildings.

Why certain widely used evaluation techniques can produce erroneous calculations, and how to avoid the pitfalls of investment strategies that don't measure the time value of money. How to weigh the impact of real estate cycles against other equally or more important criteria, so that you know when to follow the prevailing cycle and when to go against the flow.

How to apply the most recent developments in computer-based programs to your advantage, using simple formulas built into readily available computer spreadsheets. And finally - why the safest time of all to invest in real estate is, ironically, at those times when it's not being written about in your local newspaper!.

With the help of detailed "how-to" models for establishing vital investment decision criteria, you'll be able to make the kinds of sound, prudent choices that will succeed in bull markets, bear markets, and everything in between!