Real Estate Investment & Finance/ Development of th … Estate Investment & Finance/ Development of Net Income During the Session Type "?" in Chat for a Question Type "&" to go back

Real Estate Investment & Finance/

Development of Net Income

During the SessionType "?" in Chat for a Question

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September 7th

2017

Introduction

Introduction to Real Estate & Finance/ Development of Net Income

2

Real Estate Investment

Cost

Sales Comparison

Income Approach

Three Approaches to

Determining Value

3


Cost

Sales Comparison

Income Approach

Current Value is the Present

Worth of Future Benefits

4

Income Approach

Based on ……………………………….

5


6


7


8

Type "?" for question; "&" to go back slide; "#" to see the math

Factors to be considered by an Investor

Factors

Safety Size of Investment Liquidity

Use as Collateral

TimeLeverageIncome Tax Advantage

Appreciation

Management

9


Factors

Factors


Use as Collateral


Appreciation

Management

10

Safety

An insured savings account is safe regarding the money invested and the rate of return.

Neither is assured in real estate investment.

As safety increases, typically return decreases

11


Factors

Factors


Use as Collateral


Appreciation

Management

12

Size of Investment

Real Estate investment generally requires substantial sums of money.

The larger the investment required, the fewer the number of possible investors and the higher the return

Savings accounts can be quite small………..so rate of return is small

13


Factors

Factors


Use as Collateral


Appreciation

Management

14

Liquidity

A liquid asset is one that is easily converted to cash. Because a

savings account is already cash, it is liquid. Real estate, however, requires time to be converted to

cash…….

15


Factors

Factors


Use as Collateral


Appreciation

Management

16

Collateral

Savings accounts ordinarily can be used as collateral in the full amount of the account.

Although real estate may be used as collateral under certain circumstances, there

are limitations (due to liquidity).


Pawn shops could be an example of “Collateral” as well

17


Factors

Factors


Use as Collateral


Appreciation

Management

18

Time

Some investors prefer long-term investments, others prefer relatively short-term investments. Real estate is usually a long-term investment……

19


Factors

Factors


Use as Collateral


Appreciation

Management

20

Leverage

Borrowing of funds in hopes of earning a greater return than the cost of borrowing those funds. Can be Positive, Negative or neutral. Positive = higher rate of return of a property than the cost of funds.

21


Factors

Factors


Use as Collateral


Appreciation

Management

22

Tax Advantages

Return on a savings accountis taxed directly. However, reale s t a t e p r o v i d e s a t a xadvantage to some, throughd e d u c t i o n s f o r b u i l d i n gd e p r e c i a t i o n , m o r t g a g einterest, and lower taxes onlong-term capital gains…..

23


Factors

Factors


Use as Collateral


Appreciation

Management

24

Appreciation

Real estate typically appreciates in value over the period of ownership.

25


Factors

Factors


Use as Collateral


Appreciation

Management

26

Management

Real Estate investment property requires

management. Either by the investor or paid for by the investor. Includes time

and money.

27

Factors

Factors


Use as Collateral


Appreciation

Management

28

Mortgages

29

Types of Mortgages

30

• First claim on real estate securing the loan

First Mortgage

• 2nd Mortgage, usually higher interest rate

Jr Mortgage

• Short-Term for financing new construction

Construction Loan

• Given by the buyer to the seller to enable the purchase transaction

Purchase – Money

Mortgages

31

• Allows the borrower to obtain additional $$

Open End

• Covers Real Estate Plus Personal Property

Package Mortgage

• Covers Personal Property

Chattel Mortgage

Mortgages – Repayment

32


Straight Mortgage

Short Term (3 years)

Monthly or quarterly interest payments

Balloon payment (balance due at end)

33


Amortized

Reduction of principle plus interest on declining balance

Level, constant payments

34


Partially Amortized

Some Reduction of principle plus interest on declining balance

Monthly or quarterly paymentsBalloon payment at the end

35


Reverse Mortgage

Low interest loan with home as collateral

Not repaid until the last surviving homeowner moves out or passes away

Estate then pays off loan or sells

36

Sources of Financing

37

Commercial Banks

Long-term and short-term Commercial lending

38

Mutual Savings Banks

Generally lend money on FHA

insured mortgages,

similar to commercial banks

39

Life Insurance Companies

Generally lend on large developments.

Multifamily and commercial properties.

40

Retirement Funds

Generally lend on large developments

and commercial properties considered

low-risk.

41

Familiar Financing Terms

42

Loan-to-Value Ratio

The loan-to-value ratio (LTV) is the ratio, as a percentage (%) of the loan to total property value that the mortgage covers.

For example, a 75% LTV on a $1,000,000 home would be $750,000

43

Term of the Loan

Number of years

For Example, home loans of 10-, 15-, 25-, or 30- years

The longer the term, typically, the greater amount of interest paid over the term of the loan

44

Interest Rate

Usually predetermined interest rate stated in the agreement

The interest rate and the term of the loan determines the actual dollar amount of interest paid

45

Mortgage Amount

Typically the Principal declines as payments are made

Type "?" for question; "&" to go back slide; "#" to see the math 46

Equity

Equity is the owner’s interest in a property beyond the mortgage or other claims.

For example, with a LTV of 75% on a $1,000,000 home, the equity required is 25% or $250,000

47

Financing – Who Cares?

Seller and Lender are the same partyAnalyze the loan terms compared to the market

Buyer assumes seller’s mortgageSales price may be influenced, compare to market

Seller pays pointsSales price must be reduced by amount of points paid as compared to market

48

Survey Monkey?

https://www.surveymonkey.com/r/WZCMKSV

49

Income Approach

Based on ……………………………….

50

Suggestion to become familiar with your calculator

51

Develop NOI

Estimate Potential Gross Income (PGI)

Deduct for vacancy and collection Loss

Add Other Income

Effective Gross Income (EGI)

Determine Operating Expenses

Deduct Operating Expenses from EGI

Net Operating Income (NOI)

Select Appropriate Capitalization Rate

Capitalize the NOI into an estimated value52

Estimate Potential Gross IncomePGI


Market or Economic

Contract

Leasehold Rent

Overage

Minimum

Excess

Rents

53



Market or Economic

Contract

Leasehold Rent

Overage

Minimum

Excess

54

Market Rent

Market rent is the rent that the property is capable of producing, given its location, size and other physical characteristics, supply and demand factors and typical lease terms given knowledgeable and prudent owners and tenants.

Justified by comparable rental properties.




Market or Economic

Contract

Leasehold Rent

Overage

Minimum

Excess

56

Contract Rent

Contract rent is the actual rent paid by the tenant as set out in the lease or contract.


Rents

• NNN – Triple Net Lease

• MG - Modified Gross Lease

• FSG - Full Service Gross Lease


Do I need to know what Reimbursements are?

58

Rents

• NNN – Triple Net Lease

Tenant is responsible for paying all operating expenses

associated with a property


Rents

FSG – Full Service Gross Lease

Landlord is responsible for paying all operating expenses

associated with a property


Rents

MG – Modified Gross LeaseLandlord is responsible for paying some operating expenses associated with a property.

Tenant is responsible for paying some operating expenses associated with a property


NNN

Landlord Pays

• $0Tenant Pays

• Property Insurance

• Utilities• Maintenance &

Repair• Property Taxes


FSG

Tenant Pays

• $0Landlord Pays

• Property Insurance

• Utilities• Maintenance &

Repair• Property Taxes


MG

Tenant Pays

“Typically”• Utilities• Property

Insurance• Some

Maintenance & Repair

Landlord Pays• Some

Maintenance & Repair

• Property Taxes


Rents


Assume there are three typical commercial properties (office or retail) and all are similar

in location, condition, age, appeal and tenants.

One has NNN leases, one has FSG leases and one has MG leases.

Which one will have the higher rents?

Which one will have lower rents?

65

Problem -FSG

Type "?" for question; "&" to

go back slide; "#" to see the math

Your subject property is an office building with the following tenants and 8,000 SF of NRA (net rentable area) as of the date of appraisal.

- Attorney’s of Narnia FSG Lease $24.00/SF/Year 1,500 SF- Accounts of Narnia FSG Lease $28.00/SF/Year 1,000 SF- Architects LLC FSG Lease $30.00/SF/Year 750 SF- Narnia Graphics FSG Lease $20.00/SF/Year 4,000 SF- Vacant Space FSG Lease $30.00/SF/Year 750 SF

Calculate the Current Potential Gross Income – ?Calculate the Current Vacancy Rate and amount – ?Calculate the Current Effective Gross Income - ?

66

Calculate the Potential Gross Income –($24 x 1,500) + ($28 x 1,000) + ($30 x 750) + ($20 x 4,000) + ($30 x 750) = $36,000 + $28,000 + $22,500 + $80,000 + $22,500$189,000 = PGICalculate the Vacancy Rate and amount –750 SF/8,000 SF = .0938 or 9.4%$30 x 750 = $22,500

Problem - FSG



67

Problem - FSG

Type "?" for question; "&" to go back slide; "#" to see the

math



Calculate the Effective Gross Income –

PGI less Vacancy = EGI$189,000 - $22,500 $166,500

68

Problem -NNN

Type "?" for question; "&" to

go back slide; "#" to see the math


- Attorney’s of Narnia NNN Lease $19.00/SF/Year 1,500 SF- Accounts of Narnia NNN Lease $23.00/SF/Year 1,000 SF- Architects LLC NNN Lease $25.00/SF/Year 750 SF- Narnia Graphics NNN Lease $15.00/SF/Year 4,000 SF- Vacant Space NNN Lease $25.00/SF/Year 750 SF- Expense Reimbursements are $5/SF/Year for all tenants

Calculate the Current Potential Gross Income – ?Calculate the Current Vacancy Rate and amount – ? Calculate the Current Effective Gross Income - ?

69

Problem - NNN

Your subject property is an office building with the following tenants and 8,000 SF of NRA (net rentable area) as of the appraisal date.


Calculate the Potential Gross Income –

($19 x 1,500) + ($23 x 1,000) + ($25 x 750) + ($15 x 4,000) + ($25 x 750) + ($5 x 8,000) = $28,500 + $23,000 + $18,750 + $60,000 + $18,750 + $40,000$189,000 = PGI

70

Problem - NNN



Calculate the Vacancy Rate and amount –

750 SF/8,000 SF = .0938 or 9.4%($25 x 750) + ($5 x 750) = $22,500

71

Problem - NNN



Calculate the Effective Gross Income –

PGI less Vacancy = EGI$189,000 - $22,500 $166,500

72

What happens if my Rent Comparables are a mix of NNN, MG and FSG?

- Do I have to use only NNN for NNN properties? MG for MG properties? FSG for FSG properties as comparables?

- Are all MG properties the same?

- Are all NNN properties the same?

- Can adjustments be made?

- What should an appraiser do with all NNN, MG and FSG properties to avoid errors?

Discussion

73

What happens if my Rent Comparables are a mix of NNN, MG and FSG?

- Do I have to use only NNN for NNN properties? MG for MG properties? FSG for FSG properties as comparables?

- Are all MG properties the same?

- Are all NNN properties the same?

- Can adjustments be made?

- What should an appraiser do with all NNN, MG and FSG properties to avoid errors?

Discussion

74

Market or Economic

Contract

Leasehold Rent

Overage

Minimum

Excess

Rents

75

Contract Rent

Excess rent is the difference between the contract rent and the economic rent in

situations where the contract rent is greater than market or economic rent.


Rents

Market or Economic

Contract

Leasehold Rent

Overage

Minimum

Excess

77

Minimum Rent

Minimum rent is the base or fixed rent provided for in a typical percentage rent lease %


Market or Economic

Contract

Leasehold Rent

Overage

Minimum

Excess

Rents


Overage Rent

Overage rent is rent over and above the minimum rent in a percentage lease. %


Rents

Market or Economic

Contract

Leasehold Rent

Overage

Minimum

Excess

81

Leasehold Rent

Leasehold Rent is the opposite of excess rent. Difference between market and contract rent where market rent is greater than contract. Creates a leasehold interest in favor of the tenant• Think….favorable to tenant• Also called “Deficit Rent”


Rents – Comments/Questions

What about leasing commissions?

What about Tenant Improvements?

What about Concessions?


Survey Monkey?

https://www.surveymonkey.com/r/SWRNR8G

84



“The knotty problem of Capital Hill….Finding a way to raise taxes without losing a single vote” – Dr Seuss

86


What is the effective annual rent for the following lease:1. Contract rent/year: $20/SF2. 5 months free rent; earned one month

per year over 4 yearsA. $18.33B. $18.98C. $19.10D. $19.23

Problem 1

87

What is the effective annual rent for the following lease:1. Contract rent/year: $20/SF2. 5 months free rent; earned one month

per year over 4 yearsA. $18.33

$20/SF less free rent (1/12 x $20) = $18.33

Problem 1

88

1/12 x $20 = $1.67

Income Approach


Deduct for vacancy and collection Loss

89


What is appropriate total vacancy and collection loss deduction if:1. Contract rent/year: $20/SF2. Net Rentable Area is 42,000 SF3. Market indicates 8% vacancy and collection

loss for similar properties.A. $67,200B. $84,000C. $42,000D. $62,700

Problem 2

90


What is appropriate total vacancy and collection loss deduction if:1. Contract rent/year: $20/SF2. Net Rentable Area is 42,000 SF3. Market indicates 8% vacancy and

collection loss for similar properties.A. $67,200

$20/SF x 42,000 SF = $840,000 PGI$840,000 x 8% = $67,200

Problem 2

91

Income Approach


Add Other Income

- Expense Reimbursements- Parking Income- Laundry Income (multifamily)- Miscellaneous Income- Pet Income- Forfeited Deposits- Garages

92


Calculate the additional other income for a 40-unit apartment complex based on the last three years financial statements:1. Last Year: $50/unit/year2. 1 Year Ago: $45/unit/year3. 2 Years Ago: $42/unit/year

A. $2,000B. $1,800C. $1,680D. $2,200

(Hint: Based on increasing trend, use most current)

Problem 3

93


Calculate the additional other income for a 40-unit apartment complex based on the last three years financial statements:1. Last Year: $50/unit/year2. 1 Year Ago: $45/unit/year3. 2 Years Ago: $42/unit/year

A. $2,000

$50/unit/year x 40 units = $2,000

Problem 3

94

Income Approach


Potential Gross Income (PGI)Less

Vacancy & Collection LossPlus

Other IncomeEquals


Discussion - Why do we not make a Vacancy & Collection Loss deduction from Other Income?

When would it be appropriate?

95


What is the Effective Gross Income if:1. Gross Potential Income from rents is

$125,0002. Other income (Parking) is $13,0003. Market Vacancy and Collection Loss is

8%A. $126,960B. $128,000C. $129,690D. $182,000

Problem 4

96


What is the Effective Gross Income if:1. Gross Potential Income from rents is

$125,0002. Other income (Parking) is $13,0003. Market Vacancy and Collection Loss is 8%

B. $128,000

$125,000 – (8% x $125,000) = $115,000 $115,000 + $13,000 = $128,000

Problem 4

97

Income ApproachDetermine Operating Expenses

Management

Insurance

Maintenance and Repair

Legal and Accounting

Wages, Salaries, Employee Benefits

Landscaping

Advertising

Utilities

Replacement Reserves

98

Depreciation

Mortgage Interest

Franchise Fees

Personal Business Expenses (Owner)

Capital Improvements

Major Roof Repairs

Exterior Painting

Parking Lot Resurfacing

New Flooring

Income ApproachDetermine Operating Expenses

Discussion: Wait?! What about taxes?

99

100

Typical Income/Expense Statement

101

Typical Income/Expense Statements

102


103


104




Reconstruction of an Income Statement


Expense Item Use as Stated Pro‐Rate EliminateA Management FeeB RepairsC MiscellaneousD UtilitiesE Interest on mortgageF Principal on mortgageG New roofH Insurance fire (3‐year policy)I Insurance Liability (1‐year policy)J janitor's SalaryK Painting ExteriorL Purchase of 4 new refrigeratorsM Purchase of 2 new range/ovensN SuppliesO Corporate income taxesP Red Cross donationQ Carpet replacement (6 units)R Redecorate 7 apartment unitsS Real Estate TaxesT Employee's Health Policy (1‐year)

106

Reconstruction of an Income Statement

Expense ItemUse as Stated

(A)Pro‐Rate

(B)Eliminate

(C)A Management FeeB RepairsC MiscellaneousD UtilitiesE Interest on mortgageF Principal on mortgageG New roofH Insurance fire (3‐year policy)I Insurance Liability (1‐year policy)J janitor's SalaryK Painting ExteriorL Purchase of 4 new refrigeratorsM Purchase of 2 new range/ovensN SuppliesO Corporate income taxesP Red Cross donationQ Carpet replacement (6 units)R Redecorate 7 apartment unitsS Real Estate TaxesT Employee's Health Policy (1‐year)

107

Type A, B, C in chat

Expenses – Comments/ Questions


What about Replacement Reserves ?

Questionable Expenses?

I R V


Income (NOI) = Rate X ValueI=RxVR=I/VV=I/R

I R V


Income (NOI) = Rate X ValueI=R x VR=I/VV=I/R

NOI = $500,000, Rate = 11%What is the Value?

V=I/R$500,000/.11$4,545,455

I R V



Rate = 11%Value = $4,545,455What is the NOI?

I = R x V.11 x $4,545,455$500,000

I R V



Value = $4,545,455NOI = $500,000What is the Rate?

R = I/VR= $500,000 / $4,545,455.11 or 11%

I R V



Value = $9,500,000NOI = $850,000What is the Rate?

R = I/VR= $850,000 / $9,500,000.089 or 9% (rounded)

I R V



Value = ?NOI = $850,000Rate = 12%

V=I/RV= $850,000 / .12$7,083,333

I R V



Value = 13,400,000NOI = $850,000Rate = ?

R=I/VR= $850,000 / $13,400,0000.063 or 6.3%

I R V



Value = 5,600,000NOI = ?Rate = 12%

I=R x VV= .12 x $5,600,000$672,000


Based on the following, calculate the operating expenses:1. Gross Potential Income from rents is $125,0002. Other income (Parking) is $13,0003. Market Vacancy and Collection Loss is 8%4. Management is based on 3.5% of EGI (effective gross

income)5. Maintenance and repairs were $25,000 but included

$5,000 for roof replacement6. Utilities last year were $6,000 but there was a severe

water leak (subsequently repaired) and the more typical expense for utilities is $5,000

7. Salaries, wages, benefits were $20,000 last year8. Reserves for replacement are typically 2.5% of EGI

Problem 5

117


Based on the following, calculate the operating expenses:Total Expenses : $52,680$125,000 – (8% x $125,000) = $115,000 (PGI less vacancy)$115,000 + $13,000 = $128,000 (EGI)Management: 3.5% x $128,000 = $4,480Maintenance & Repair: $20,000 (roof was capital expense)Utilities: $5,000 (water leak was unusual expense)Salaries: $20,000Replacement Reserves: 2.5% x $128,000 = $3,200

Problem 5

118

Income Approach


Deduct Operating Expenses from EGI

Total Expenses : $52,680

$4,480 + $20,000 + $5,000 + $20,000 + $3,200 =

And the NOI is what?

119

Income Approach


Net Operating Income (NOI)

Less Total Expenses : $52,680EGI: $128,000

Net Operating Income: $75,320

- What is the operating expense ratio? 58.8%

NOI/EGI $75,320/$128,000 = 58.8%

-If the property sold for $685,000 what was the capitalization rate? 11.0%

NOI/Sale$ $75,320/$685,000=.11 or 11.0%

120


What is the net operating income given the following:1. Potential gross rent is $40,0002. Vacancy & collection loss is 10%3. Expense reimbursement charges are $4,000 based on a

pro-rata share of certain operating expenses4. Property management fee is 10% of EGI5. Other non-reimbursable fixed expenses are $16,000

A. $19,316B. $19,640C. $20,050D. Cannot be determined without knowing variable expenses.

Problem 6

121


Potential Gross Income $40,000Plus Expense reimbursement @100% occupancy $4,000Total Gross Income $44,000Less Vacancy & Collection Loss (10% x subtotal above) ($4,400)Effective Gross Income $39,600Less Expenses

Property Management (10% of EGI) ($3,960)Remaining Expenses ($16,000)

Net Operating Income $19,640

B. $19,640

Problem 6

?

122

Income Approach


Select Appropriate Capitalization Rate

123

Overall Capitalization Rate OAR

The direct relationship between a single year’s annual net operating income and

the property’s sale price or value.

Typically, concluded OARs are rounded to ¼ (8.25%, 8.50%, 8.75%).

However, when calculated off of a sale, typically use two decimal places

(8.24%, 8.49%, 8.74%).

Just be consistent

Taxes?

Replacement Reserves?

Subject is a fully occupied property leased to a national credit tenant. What is the appropriate Capitalization Rate based on the following three sales:

Sale 1: 7.5%; property leased to a local tenantSale 2: 8.0%; property was 20% vacant at time of saleSale 3: 7.0%; property included surplus land for expansion or additional parking

A. Less than 7.0%B. 7.0 – 7.5%C. 7.5 – 8.0%D. More than 8.0%

Problem 7

124


A. Less than 7.0%B. 7.0 – 7.5%C. 7.5 – 8.0%D. More than 8.0%

Sale 3 sets the lower limit because surplus land adds value (R = I/V)

Sale 1 sets the upper limit because properties leased to a local tenant would likely sell at a higher capitalization rate (i.e. higher risk) than if leased to a credit tenant.

Problem 7

125

Income Approach


Capitalize the NOI into an estimated value

Three properties have the following NOIs:

Property A: $75,360Property B: $95,650Property C: $125,867

If the market is utilizing capitalization rates between 7.0% and 7.5%, what is the range of value based on the three properties?

$1,004,800 to $1,798,100

$75,360/.075 = $1,004,800 $125,867/.07 = $1,798,100

126

Survey Monkey?


https://www.surveymonkey.com/r/8DCL3YF

127

SM #10

An office building has an NOI of $345,978. What is the market value if the capitalization rate is 7.0% rounded to the nearest $100,000?


V=I/R

$345,978/.07 = $4,942,542Rounded to: $4,900,000


Matching

Borrowing of funds in hopes of earning a greater return than the cost of the borrowed funds. This amount can be negative, positive, or neutral.


Leverage

130

Matching

The tenant is required to pay all or part of the operating expenses associated with the

real estate.


Net Lease

131

Matching

Reflects the relationship between the real estate taxes and the value of the property.


Effective Tax Rate (ETR)

132

Matching

Includes only the floor area occupied by the tenant.


Net Leasable Area (NLA) or Net Rentable Area (NRA)

133

Matching

Obtained after determining the potential income for the property.



134

Matching

Market Rent, Contract Rent, Excess Rent, Percentage Rent, Effective Rent, Leasehold

Rent.


Types of Rents

135

Matching

Value is created by the expectation of benefits to be derived in the future.


Anticipation

136

Matching

Most common type of financing for Real Estate.


Mortgage

137

Matching

A contract will calls for a fixed minimum base rent and a variable rent


Percentage % Lease

138

Matching

Parking Fees, vending machines, coin-operated laundries


Miscellaneous Income

139

Survey Monkey?


https://www.surveymonkey.com/r/7R9FHT8

140

SM #4

An office building has a potential gross income of $525,000 and a 7% vacancy and collection loss rate. Assuming an expense ratio equal to 45% of effective gross income, calculate the net operating income (NOI).


$525,000 – ($525,000 X 7%) = $525,000 - $36,750 = $488,250 (EGI)

$488,250 X 45% = $219,712.50 (rounded to) $219,713 (expenses)

$488,250 - $219,713 = $268,538 (NOI)

SM #6

What is the indicated value of the subject property if the NOI is $135,850 and the overall capitalization rate is 11%?


V=I/R

$135,850/.11 = $1,235,000

SM #7

What is a property's overall capitalization rate if it sold for $4,325,000 with an NOI of $475,750?


R=I/V

$475,750/$4,325,000 = .11

SM #8

What is a property's NOI if it sold for $375,000 with an overall capitalization rate of 11.5%?


I=R x V

.115 x $375,000 = $43,125

SM #9

A property sold for $5,100,000 with a capitalization rate of 8.43%. If the Expense ratio was 45% of Effective Gross Income. What was the property's EGI?

145

I=R x V

.0843 x $5,100,000 = $429,930 = NOI

NOI = 55% of total expensesEGI = NOI/.55EGI = $429,930/.55 = $781,691

SM #9

A property sold for $5,100,000 with a capitalization rate of 8.43%. If the Expense ratio was 45% of Effective Gross Income. What was the property's PGI if Vacancy & Collection Loss was 8%?

146

EGI was $781,691PGI – Vacancy = EGIPGI – (8% x PGI) = EGIPGI – (8% x PGI) = $781,69192% x PGI = $781,691PGI = $781,691/.92 = $849,664 (PGI)

Documents

Real Estate Investment & Finance/ Development of th … Estate Investment & Finance/ Development of Net Income During the Session Type "?" in Chat for a Question Type "&" to go back