June 21, June 28, July 5, and July 12, 2017 7:00 p.m. – 9:00 p.m. HKT
There are many reasons for non-US residents to consider investing in US real estate, including relatively stable returns, diversification, currency issues, and even opportunities for US residency. But for many potential investors, much is unknown or unclear. What investment vehicles exist? Who are the professionals I will need to work with and manage? What are the potential legal structures available and how are they taxed? How are investors matched with opportunities? How can real estate assets in the US be best-managed? This new ULI online program will cover these and many other questions as it prepares investors interested in directly investing in real estate in the United States. Held over four, two-hour sessions, this program will provide a comprehensive overview to foreign investment in US real estate.
The first session will introduce participants to the relative advantages, risks, and opportunities associated with investing in US real estate, as well as identify the various vehicles available. Entities in the United States that are common to real estate transactions and their roles will be described, as well as how they are compensated. Their various motivations, and how you, as an investor navigate these relationships will also be addressed.
Session two will address legal structuring of the vehicles available for investing in US real estate, and describe their operation in more detail. This section will present the available vehicles for investment, and describe their legal structure as well as the particulars of their operation. What are the risk/benefit balances? What kind of income do each of these produce, etc?
The third session will address the potential investor partners, including pension funds, developers, construction companies, sovereign wealth funds, and family offices. You will learn how to assess the respective strategies of these entities, the property types they tend to favor as investments, and how these strategies can affect legal structures. Finally, the session will acquaint investors with how to find these investors and the due diligence practices they should engage in prior to making the move.
The fourth and final session will address the relationship between the type of investment vehicle and the time and effort required to manage it. For example, REITs vs. direct ownership strategies. What are the relative risks and benefits of working with local asset managers vs. managing the assets personally?
Supplemental readings will be suggested and available to registrants to enhance their grasp of the material presented in the sessions.
NOTE: Each of the four sessions will be recorded and available for registrants to view for 60 days.
Joshua Kahr is the principal of Kahr Real Estate, a training and consulting company that he founded in 2002 and that serves the commercial real estate industry. In 2009, he founded Metropolitan America, a real estate investment company. Metropolitan America owns and manages 15 apartment buildings in New Jersey.
Prior to this, he held positions in investment sales at a regional brokerage firm and in acquisitions at a fund that focused on environmentally contaminated real estate. He also served for five years on the board of directors for Monmouth Real Estate (NYSE: MNR).
Mr. Kahr has taught real estate finance and real estate capital markets for Columbia University’s MS in Real Estate Development program since 2005. He has also taught graduate level finance courses at Northwestern, New York University, and Georgetown University. For corporations, he has taught over 200 two day seminars on Excel modeling and Argus.
Publications include two books on real estate market analysis, Real Estate Market Valuation and Analysis (John Wiley and Sons: 2005) and Beyond the Bubble (Amacom Books: 2007).
He has a Master of Science in Real Estate from New York University and a Bachelor of Arts in Economics from Reed College.
ULI Members: US$375