Last week the Third Edition of Dr. Peter Linneman’s Real Estate Finance and Investments: Risks and Opportunities became available to the public via the Linneman Associates website. The Third Edition is a refreshed, expanded and improved version of what was already the top real estate finance text (used by over 70 colleges and universities). Of special note are the inclusion of over 20 of Dr. Linneman’s articles on capital markets, real estate pricing, real estate cycles, private equity funds, REITs, and corporate real estate. These articles serve to enhance the text by providing additional depth of analysis.
I used the First Edition when I was in business school and was lucky enough to have Peter as a Professor. Like a big nerd, I actually read the whole thing the summer before the class, and highlighted basically every word on every page. When at a study session with some peers, in seeing that my book pages were glowing yellow, one of them joked, “Why didn’t you just use a paint roller?” (I thought it was a good idea for next time.) The point is that I didn’t find a single unimportant line.
This is a phenomenal book to have, at the very least, as a bookshelf reference. I have read it cover to cover 3 times now (and edited it once), and I learn new, insightful and practical things every time I go through it. Add it to your summer reading, along with a paint roller.