How real estate actually makes money

Real estate is not buy-low-sell-high, it is a leveraged, income-producing, cyclical business, and this cursus shows how it really works. Start with the four channels that pay a property owner, then the leverage that multiplies them, then how income property is priced through NOI and cap rates, and finally the vehicles, risk ladder, market cycle, and the exact way over-leveraged deals collapse. Mechanisms over hype, with worked numbers throughout.