The Fifteenth Edition of Real Estate Finance and Investments prepares students to understand the risks and rewards associated with investing in and financing both residential and commercial real estate. Concepts and techniques included in the chapters and problem sets are used in many careers related to real estate. The material in this edition is also relevant to individuals who want to better understand real estate for their own personal investment and financing decisions. The Fifteenth Edition is designed to help students learn how to evaluate the risks and returns associated with the various ways of investing and lending. Students who are interested in this field can use this book as a guide to make informed real estate finance and investment decisions.

Updated information, which includes a new chapter that provides extensive coverage of real estate investment funds. These funds now play a major role in the ownership of both residential and commercial real estate.

Access to REIWise, a cloud-based, lease by lease, discounted cash flow program has been added to this edition. It is designed to do investment analysis and valuation of real estate income property investments.

Updated Web App boxes are included, providing exercises that require finding relevant information on the Internet. These Web App boxes provide practical examples of the types of data and other re- sources that are available online.