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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：Thephysician’sguidetoinvesting:apracticalapproachtobuildingwealthChapter29realestateRealestateshouldrepresentasignificantpositionineveryinvest’sptfolio.Befedetailingwhyrealestateshouldbeaceholdinginal

2、lptfoliosadiscussionofthepotentialnegativesiswarranted.Ifeelwemaycurrentlybeexperiencingarealestatebubblesimilartoourstockmarketbubbleofthelate1990ssimilartotheJapanesestockmarketrealestatebubbleofthelate1980s.Schillerth

3、eauthofIrrationalExuberancehasrecentlyvoicedsimilarconcerns.Thisbubbleisdueatleastinparttothehisticallylowinterestratesthatwehavehadfseveralyearsthegreatamountofliquidity(i.e.money)beingpumpedintotheeconomy.Onewaytomeasu

4、retherealvalueofyourhomeistocomparewhatthepropertycouldberentedfincomparisontothepricethencomparethistothereturnonanyinvestment.Asanexampleifahomecosts$100000canberentedf$800amonth($9600ayear)this9.6%returnrepresentsasol

5、idinvestment.Howeversaythepriceofthehomehasrisenmethan15%ayearf56yearswouldnowsellf$200000.Buttherenthasactuallypedslightlyto$750amonthbecausesomanypeoplenowqualifyfmtgagessotherearelessrenters.Therateofreturnonthehomeas

6、arentalhaspedto4.5%($750??12monthsis$9000whichis4.5%of$200000).Consideringtheamountofmoneyinvestedtheilliquidityofrealestatethesalescommissionexpensessuchasinsurancetaxesmaintenanceetc.a4.5%returnisprobablynotadequate.To

7、beabletorealizeameusualrateofreturnfromthepropertyeithertherentmustrisethepricemust(themelikelylongerinadownmarketifthepropertyisoverpricedthecommissionsaresignificant.Youdonotsellyourhomeinapanicassometimesoccurswhenthe

8、stockmarketsstocksaresoldinapanic.Thesefactsessentiallyfceyoutoholdrealestatelongerwhichintheendincreasesthelikelihoodofaprofit.Thinkofthisasastofsystemenfcedpatience.Theleverageofamtgageincreasestheprofit.Apieceofreales

9、tateisoftenasoundinvestmentwithonlya20%downpayment.Comparethistopurchasingastockwithonly20%down80%margin(theaverageinvestcannotmakesuchaninvestmentsincethisisgreaterthantheusualmarginrequirementsallowedbytheFederalReserv

10、e.Howeverhedgefundssometimesdousethisamountofleverage).Thepurchaseofastockon80%marginwouldbeaterriblyflimsyinvestment.Considerthefollowingasareasonableexampleofthefinancesprofitpotentialofthepurchaseofarentalproperty.A$2

11、00000propertyispurchasedwitha20%downpaymentof$40000.Ifthepropertywaschosenappropriatelytherentshouldjustaboutcoverthemtgagepaymentona15yearnote.After15yearsyour$40000hasgrownto$200000amethan11%compoundedannualrateofretur

12、n.Butthegaincouldbeevengreater.Thereisalsothefollowing:1.Depreciationwithitsfavableshttermtaxconsequences.2.Theinterestonthenotetheexpensestomaintainthepropertyaretaxdeductible.3.Hopefullytherewillbeanincreaseinthevalueo

13、fthepropertyitself.4.Itshouldbepossibletoraisetherentastimegoesonsuchthatatsometimepossiblyevenfromtheoutsetthereispositivecashflowoverabovedebtservicefthemtgageexpenses.Thisisidenticaltoacpationthatregularlyincreasesdiv

14、idends.Thisexcesscashflowcanbeusedfanythingsuchaspayingoffthenoteearlyfotherinvestments.Aproperlychosenpieceofrentalpropertymayproducea15%compoundedannualrateofreturn.Thelimitingfactstosuchprofitarestraightfwardnamelyhav

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