*REAL ESTATE INVESTMENT

This much-anticipated edition continues to offer insights into real estate investing while analyzing the economic ups and downs that led us to present day. Fundamentals focus on real estate investment in a concise and practical way by explaining the key factors and financial analysis involved in making wise real property investments. Topics and chapters have been reordered to improve learning and build upon these fundamentals. Emphasis in later chapters walks readers through financing the investment, managing the property, and tax implications, focusing on the most significant overhaul of the IRS code in recent decades.

Joseph E. Goeters has been a commercial real estate broker in Texas since 1970. He has been a teacher at Houston Community College since 1980. Prior to venturing into real estate he was in the computer field, working four years as a programmer with Texaco and five years as a marketing representative with IBM. His years in real estate have included ventures as a real estate developer of shopping centers in College Station, Texas; recreational projects in Keystone, Colorado; and office/warehouse developments and residential condominiums in Houston, Texas. As a real estate educator, he has taught approximately 18 different subjects. He has developed numerous courses for Houston Community College, Galveston College, and the National Association of REALTORS® for both in-class courses and online courses. He has been active in numerous civic associations―he has been president of the Lions Club, president of the Optimist Club, president of the Briargrove Park Property Owners Association and president of numerous other church and civic organizations. He has been active in professional organizations and has been president of the Texas Real Estate Teachers Association. In 2000 he was selected as the recipient of the Don Roose Award of Excellence, and in 2012 he received the prestigious Lifetime Achievement Award. Joe and his wife Charlotte live in Katy, Texas, where they frequently entertain their six children (plus their spouses) and their 14 grandchildren.

J. Keith Baker is an accomplished author, noted speaker, and knowledge leader in the fields of real estate finance and mortgage banking. Mr. Baker began his work in real estate finance performing inspections for construction loan draws with Peoples Bank & Trust and later was a team member that helped start a mortgage loan department. Mr. Baker then worked as an investment officer for Texas Commerce Bank, dealing with financing of state residential mortgage bonds and underwriting multifamily project note financing. After finishing post-baccalaureate work, he started to work for Kenneth Leventhal and Co., then the global CPA firm leader in real estate accounting and finance (now a division of Ernst and Young). At Leventhal, Mr. Baker performed due diligence for bond issues and housing bonds and worked on audits of home builders, mortgage companies, and savings and loans. He was recruited by the Mutual of New York (MONY), where he served as Vice President of Management Resources; President of MONY CS, Inc., a troubled asset management company in Houston; Interim CFO of MONY Subsidiary North American Mortgage Company; member of the Board of Directors for MONY Bank & Trust – Grand Cayman, and was a standing member of the Investment Committee for MONY. Mr. Baker was later a Senior Vice President for Enhance Financial Services Group, Inc., serving as CFO of Credit Based Business; a member of the New Products & Ventures Team; a member of the Board of Managers for Credit Based Asset Securitization & Servicing, LLC and Sherman Financial, LLC; and a member of the Board of Directors of SBF Security and Guarantee SA. He is a Certified Financial Planner, a Certified Public Accountant, a Certified Real Estate Instructor, and holds both an MBA and an MS in Financial Services. He is CEO of Baker Capital Consultants, providing consulting services for hedge funds and private wealth management firms, performing pre-offer due diligence reviews, and developing models for mortgage origination and mortgage servicing operations. He is the Program Coordinator for the Mortgage Banking Program at North Lake College. He serves on the Board of Directors for the Sustainability Management Association and the Mortgage Lending Institute, both non-profit organizations.