leveraged IRR

嗨，从没放弃的小努力你好：

leveraged IRR 指股东角度的IRR，只把自有资金视为本金。同学可以参考如下介绍~

leveraged IRR and unleveraged IRR是分别从股东出资角度和整体property角度来看投资的IRR。

Leveraged IRR: 只看股东出资部分

• Initial cash flows= total investment - debt. 
• The annual cash flow = NOI - the mortgage payment. 
• The terminal cash flow = the sale price - the mortgage balance.

Unleveraged IRR：从整体property角度来看，

• The initial cash outflow, annual cash flows and terminal cash flow are higher because no debt is incurred, so unleveraged IRR is based on all-cash investment.

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虽然现在很辛苦，但努力过的感觉真的很好，加油！