2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、1本科畢業(yè)設(shè)計（論文）外文翻譯原文：原文：ChapterTwentyNineRealEstateRealestateshouldrepresentasignificantpositionineveryinvest’sptfolio.Befedetailingwhyrealestateshouldbeaceholdinginallptfoliosadiscussionofthepotentialnegativesiswarranted.I

2、feelwemaycurrentlybeexperiencingarealestatebubblesimilartoourstockmarketbubbleofthelate1990ssimilartotheJapanesestockmarketrealestatebubbleofthelate1980s.SchillertheauthofIrrationalExuberancehasrecentlyvoicedsimilarconce

3、rns.Thisbubbleisdueatleastinparttothehisticallylowinterestratesthatwehavehadfseveralyearsthegreatamountofliquidity(i.e.money)beingpumpedintotheeconomy.Onewaytomeasuretherealvalueofyourhomeistocomparewhatthepropertycouldb

4、erentedfincomparisontothepricethencomparethistothereturnonanyinvestment.Asanexampleifahomecosts$100000canberentedf$800amonth($9600ayear)this9.6%returnrepresentsasolidinvestment.Howeversaythepriceofthehomehasrisenmethan15

5、%ayearf56yearswouldnowsellf$200000.Buttherenthasactuallypedslightlyto$750amonthbecausesomanypeoplenowqualifyfmtgagessotherearelessrenters.Therateofreturnonthehomeasarentalhaspedto4.5%($75012monthsis$9000whichis4.5%of$200

6、000).Consideringtheamountofmoneyinvestedtheilliquidityofrealestatethesalescommissionexpensessuchasinsurancetaxesmaintenanceetc.a4.5%returnisprobablynotadequate.Tobeabletorealizeameusualrateofreturnfromthepropertyeitherth

7、erentmustrisethepricemust(themelikelyscenario).Whentheonlyhopeofreturnonarealestateinvestmentisfromthefavabletax3Comparethistorealestate.Sellingapieceofrealestateiscumbersome.Itmaytakeweeksmonthslongerinadownmarketifthep

8、ropertyisoverpricedthecommissionsaresignificant.Youdonotsellyourhomeinapanicassometimesoccurswhenthestockmarketsstocksaresoldinapanic.Thesefactsessentiallyfceyoutoholdrealestatelongerwhichintheendincreasesthelikelihoodof

9、aprofit.Thinkofthisasastofsystemenfcedpatience.Theleverageofamtgageincreasestheprofit.Apieceofrealestateisoftenasoundinvestmentwithonlya20%downpayment.Comparethistopurchasingastockwithonly20%down80%margin(theaverageinves

10、tcannotmakesuchaninvestmentsincethisisgreaterthantheusualmarginrequirementsallowedbytheFederalReserve.Howeverhedgefundssometimesdousethisamountofleverage).Thepurchaseofastockon80%marginwouldbeaterriblyflimsyinvestment.Co

11、nsiderthefollowingasareasonableexampleofthefinancesprofitpotentialofthepurchaseofarentalproperty.A$200000propertyispurchasedwitha20%downpaymentof$40000.Ifthepropertywaschosenappropriatelytherentshouldjustaboutcoverthemtg

12、agepaymentona15yearnote.After15yearsyour$40000hasgrownto$200000amethan11%compoundedannualrateofreturn.Butthegaincouldbeevengreater.Thereisalsothefollowing:1.Depreciationwithitsfavableshttermtaxconsequences.2.Theinteresto

13、nthenotetheexpensestomaintainthepropertyaretaxdeductible.3.Hopefullytherewillbeanincreaseinthevalueofthepropertyitself.4.Itshouldbepossibletoraisetherentastimegoesonsuchthatatsometimepossiblyevenfromtheoutsetthereisposit

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