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#finance , #investmentbanking , #investment , #stockmarket , #valuation , #financial analysis , #financialmodellingIn this video, we will discuss a roadmap to a successful career in finance: Investment banking & Financial modelling by introducing our Advanced Valuation and Financial Modelling Cohort starting from November 11th, 2025.
Private credit has grown from a niche institutional asset class into a $2.6 trillion global market and a major source of corporate financing. Driven by post–Global Financial Crisis regulatory reform, bank retrenchment, and investor demand for income, it has become a central feature of modern capital markets and is increasingly reaching wealth management clients and sophisticated retail investors through semi-liquid funds, non-traded business development companies (BDCs), interval funds, and digital platforms.
As this transformation accelerates, understanding how private credit is structured, how fund design shapes investor outcomes, and what expanding retail access means has become essential for investment professionals.
The world’s richest have amassed an eye-watering stockpile of $15.1 trillion—and their heirs are set to take over a third of the global billionaire fortune in the coming decade. Women and Gen Xers are set to take home the largest slice of the pie.
About 5,000 spouses and adult children will inherit $6.6 trillion of billionaire wealth by 2035, according to a recent report from wealth-intelligence firm Altrata.
More and more billionaires are inheriting part of their wealth thanks to the growing frequency of inter-generational estate transfers and family gifting. And within the next 10 years, new billionaire records could be broken as thousands more receive wealth from the current group of 3,795 billionaires—an all-time record.
Looking ahead, women stand to gain the most from the great wealth transfer. Only 13% of current billionaires are women—but as men over the age of 60 dominate the ultra-rich cohort, more than 1,235 female spouses (representing 90% of billionaire partners) will inherit a sizable chunk in the next decade. Altrata says the mega-wealthy gender gap will narrow over time, and as their fortunes grow, there will be “greater diversity” in decision-making and ownership.
“[Rising female billionaire representation] could also spur more entrepreneurial activity and venture capital involvement among the wealthy female class, drive an expansion of female-focused wealth management services, and influence large-scale philanthropic endeavors,” the report says, adding that billionaire women are more involved in non-profit sectors than men are.
Thousands of others stand to ride the wave of the trillion-dollar wealth transfer, including billionaires’ siblings, grandchildren, and organizations tied to philanthropic endeavors like non-profits and education institutions.
But their adult children will be some of the biggest beneficiaries—especially Gen Xers.
Gen X children will be among the biggest inheritors
Baby boomer billionaires spent decades grinding it out and stockpiling their successes—and now, their grown-up children are getting in on the action. Altrata found that 23% of expected adult child heirs, typically aged around 48, already work with their ultra-rich parents in the primary family business. That means the latchkey generation is now poised to inherit a massive share of that wealth.
“Attention is often focused on young millennial and Gen Z heirs, but the Gen X demographic is by far the most numerous in line to inherit from their wealthy parent(s),” the Altrata report says.
Rather than simply receiving cash deposits, adult heirs are set to take on a combination of real estate and shares in listed companies, private businesses, and investment portfolios.
Then there’s carrying on their parents’ entrepreneurial legacy: Some billionaire children will lead family businesses that have passed down through generations, from manufacturing and consumer goods to finance and retail.
And when wealth falls into their laps, these billionaire heirs are expected to shake things up.
Young and middle-aged inheritors are more digitally savvy and activism-oriented than older generations. New technologies, responses to climate change, and “impact investing” could be huge areas of interest for these rich adult children, Altrata explains, which could run awry with how their older parents want to spend their fortunes.
Geopolitical tension and AI will shape the great wealth transfer
As thousands of spouses and adult children step into wealth in the coming decade, they’ll be up against major headwinds.
Altrata predicts that “further erosion of the global rules-based order,” climate pressures, tech transformation, and changes to the global economy in the AI era will shape the years ahead.
“This substantial transfer of family wealth is set to occur in a world of rising complexity, tense geopolitics, and major environmental and technological change,” the report says. “A more unpredictable multipolar world, with shifting centers of power and influence, will complicate the succession-planning and wealth-preservation strategies of the global billionaire class.”
However, there is still opportunity in the chaos of the great wealth transfer. Altrata says that volatility gives next-gen billionaires new opportunities in business, investing, and philanthropy.
As trillions of dollars change hands, inheritors won’t just take on their family fortunes—they’ll also have the chance to reshape how that wealth is invested, spent, and put to work.
“Europe has been worrying about slowing growth since the start of this century,” Mario Draghi said in 2024. “Various strategies to raise rates have come and gone, but the trend has remained unchanged.”
There is a tendency for gloom to descend when thinking about Europe’s economic and business prospects. In comparison with America, the Gulf and Asia, the mature markets of the EU and the rest of the continent have languished. Since the financial crisis, GDP growth in the euro-area has averaged 0.9% a year. In the U.S., it is above 2%.
Being European, overdoing the downsides comes naturally. We are a broadly skeptical and conservative bunch, not overly impressed by flamboyant displays of confidence.
Admittedly the continent has labored as the AI hyper-scalers of America and China have produced products (and valuations) that make the eyes pop. Progress towards a European capital markets union is lumpy. The effects of the U.K. leaving the EU are still being felt. The EU’s Digital Markets Act has been criticized for being both anti-consumer and anti-growth.
There are, though, plenty of bright spots. On September 16, we will reveal our annual Fortune 500 Europe, the list of the 500 largest companies across the continent by revenue (here’s a link to last year’s list). These are the powerhouses of the European economy, led last year by Volkswagen, Shell and Glencore. The 2026 index will be a treasure trove of statistics on profits, revenues and growth—with many lessons from the successes of those listed.
On the same day, C-suite leaders from across Europe and the Middle East will be gathering in London for Fortune CEO Forum to talk about growth and share successes and best practices. Leaders from Anthropic and OpenAI will be in the room with the CEOs of Ferrari and Volvo Cars U.K. The U.K. chairman of energy giant EDF will sit alongside board members from NatWest and the in-country CEO of Société Générale. Defense sector policymakers will discuss infrastructure investment with the likes of Honeywell and Tech Mahindra. Entrepreneurs from banking, AI delivery and telecoms will talk about future opportunities. From Microsoft to Shell, C-suite executives representing nearly $2trn of wealth will be in the room.
On September 16 C-suite leaders from across Europe and the Middle East will be gathering in London for Fortune CEO Forum to talk about growth and share successes and best practices.
Alongside the data from the Fortune 500 index, there are other reasons for optimism. Europe’s Innovation Scorecard, a test of research and investment trends compiled by the European Commission, revealed that innovation performance has increased by 11.6 percentage points since 2019. The U.K., Europe’s second-largest economy, sits happily above the EU average by more than 30 percentage points. “Europe continues to perform well,” the most recent scorecard said.
The continent boasts some of the greatest universities in the world, is an AI-intellectual powerhouse, has booming financial centers of which many are rightly envious, best-in-class manufacturing from cars to windmills and leads the way on energy sustainability research and non-fossil fuel production. Global leaders flock to Europe for its unique position, geographically and politically, between China, the rest of Asia, the Gulf, and America. Education and healthcare systems are in the top tier. The U.K. wants to see closer co-operation with the rest of the EU.
In a research note at the end of July, Goldman Sachs said that Europe’s economic growth had been “more resilient than expected’ given the energy price shock which followed the U.S. and Israeli attacks on Iran and the closure of the Strait of Hormuz.
“We see several reasons for this resilience,” the note said, “The economy’s energy dependence has declined. Fiscal policy supports growth [with] rising defense spending across Europe. Real household income growth remains robust, and labor markets have remained resilient despite sub-potential growth, with the unemployment rate at an all-time low.”
As a continent keen on saving, consumer confidence remains positive despite stubbornly high inflation. Most families are comfortably liquid and spending is continuing to rise. Incomes are up without the deleterious effects on wealth equality seen in the U.S.
“We estimate that broad financial conditions—including bank lending conditions and the European Central Bank’s policy stance—point to a positive impulse to growth,” the bank said.
Business leaders want to turn that impulse into a trend and know that collaboration across the continent and globally is key. Policy makers will also need to play their part.
“We must take a new stance towards cooperation,” Draghi said. “In removing obstacles, harmonizing rules and coordinating policies, our confidence that we will succeed in moving forward should be strong.” The plan is clear. Now it is time for the execution phase.
For the latest coverage and updates from Fortune CEO Forum, as well as insights into the companies on our list, visit this page.
Miguel Herculano, Santiago Montoya-Blandon and Jorge Pinheiro
Financial conditions indices are widely used by central banks and policymakers, including in the UK, to summarise and monitor in real-time the state of financial conditions in an economy. But most indices focus on what happens to average conditions, rather than the risks policymakers are often most concerned about – such as sharp downturns in economic activity or surges in inflation. We develop novel targeted financial conditions indices (TFCIs), using US data, that focus directly on measuring and forecasting these risks. Instead of asking which financial variables move together on average, the approach identifies which ones matter for specific outcomes. We show that different risks are linked to different financial factors – and that focusing on these can improve the forecasting performance of these key macroeconomic targets.
Financial systems are typically assessed using measures that focus on what happens most of the time or on an average basis. But crises are defined by the opposite: they are shaped by rare, extreme events that sit in the tails of the distribution. Financial conditions indices (FCIs) are widely used by central banks and policymakers to summarise and monitor the stance of the financial system. Most FCIs are built to track the average co-movement across financial variables and markets. That makes them useful for predicting the central tendency of macroeconomic outcomes – but much less so for understanding the extreme outcomes policymakers tend to worry about most.
In practice, risks are rarely symmetric. When it comes to real activity, policymakers are often concerned with downside tail risks – sharp contractions rather than average growth. For inflation or unemployment, concern may lie in the upper tail – unexpectedly high inflation (inflation-at-risk), downside risks to growth (growth-at-risk), or spikes in joblessness. Yet standard FCIs, often constructed using Principal Components Analysis (PCA, a statistical method that summarises the common movement across many financial variables), are agnostic about which part of the distribution matters. They summarise what moves together, not what drives tail events.
This blog introduces a new approach that starts from the opposite direction. Rather than asking which financial variables comove on average, it asks which ones matter for specific macroeconomic risks of interest. We construct targeted financial conditions indices (TFCIs) that are explicitly designed to predict tail risk of key macroeconomic variables – such as the lower tail of growth or the upper tail of inflation.
The key insight is simple. If the policy question is about tail risk of a key target, the conditioning information should be tailored both to that tail and target from the outset. Using a quantile-based extension of the three-pass regression filter of Kelly and Pruitt (2015), the method extracts financial factors that are specific not only to the macroeconomic variable of interest, but also to the quantile being forecast, rather than the variation that dominates on average.
Once we do this, the picture of financial conditions changes meaningfully. The financial drivers of downside risks to activity look different from those associated with upside risks to inflation or unemployment. In other words, there is no single ‘financial conditions’ factor – there are multiple, tail-specific ones, each with distinct economic content.
Why targeting tails changes the picture
In practice, this is done by adapting an existing factor-based approach so that it focuses on specific parts of the distribution – using quantile methods rather than standard average-based techniques.
Put differently, standard methods ask which financial variables move together most strongly. The targeted approach asks which combination of financial variables is most informative about the specific tail risk policymakers care about. Those are different questions –and, as we show, they lead to different answers.
What the data shows
We apply this approach to a large panel of 105 monthly financial indicators, spanning credit, leverage, and risk measures in the United States, and covering the same data set used in the Chicago Fed’s National Financial Conditions Index. We examine three macroeconomic targets – CPI inflation, industrial production, and unemployment – across multiple forecast horizons and across parts of the distribution. The focal tail is the part of the distribution that the index is designed to capture. For example, on inflation, we focus on the upper tail (the highest inflation outcomes), allowing the index to identify the financial signals that matter most when inflation is unusually high rather than when it is close to average.
A first key result is that targeting materially changes the economic content of the extracted factor.
Chart 1: Full-sample focal-tail TFCIs versus PCA
Notes: The focal tails are 𝜏 = 0.90 for inflation and unemployment and 𝜏 = 0.10 for industrial production.
For downside risks to industrial production, the targeted index loads heavily on variables related to delinquency, volatility, and money-market conditions. By contrast, for upside risks to inflation, the index places greater weight on commodity prices, term spreads, and liquidity-sensitive credit variables. The full list of variables can be found in the same data source above, in the ‘Contributions‘ file.
Chart 2: Top predictor-level contributors for the focal tails
Notes: Bar length is the mean absolute contribution of each financial series to the corresponding TFCI. To describe a few, SPOVX is the CBOE Crude Oil Volatility Index, COMMODLIQ is the COMEX gold/NYMEX WTI futures market depth, and the BONDGR is the New US corporate debt issuance relative to its 12-month moving average.
This distinction matters. It implies that ‘financial conditions’ cannot be summarised by a single metric if the goal is to understand different macroeconomic risks. The financial signals associated with downside risks to activity are not the same as those associated with upside risks to inflation or unemployment.
Does targeting improve forecasting performance?
We next assess whether these targeted indices improve the ability to forecast macroeconomic outcomes. We measure forecast accuracy using a standard metric (more specifically, tick loss) where lower values indicate better performance.
In practical terms, the question is whether targeting specific risks – such as periods of very high inflation – helps us make better predictions than focusing on average outcomes.
The results show that targeted indices can deliver meaningful improvements in forecasting performance, particularly for inflation. For example, when forecasting the upper tail of inflation – periods when inflation is unusually high – the targeted index consistently produces more accurate forecasts than both a simple benchmark model and one based on a standard FCI. In several cases, the improvement is sizeable and statistically significant at 1%.
For industrial production and unemployment, the improvements are more nuanced. The targeted indices frequently outperform the autoregressive benchmark and, in some cases, also improve on PCA based measures – particularly at shorter horizons or for specific parts of the distribution. But the gains are not uniform across all settings.
This pattern is informative. Targeting does not automatically dominate traditional approaches in every context. Instead, its advantages are most pronounced when the forecasting objective is closely aligned with a particular tail risk.
Why this matters for policymakers
For policymakers, FCIs are valuable because they provide a compact summary of a large and complex financial system. But the relevant summary depends on the question being asked.
If the objective is to monitor broad financial conditions, a conventional FCI may suffice. But if the objective is to assess risks – such as the probability of a sharp economic downturn or an inflation spike – then a more targeted measure may be more informative.
The results in this paper suggest that tailoring financial conditions indices to specific macroeconomic risks can change both the interpretation of financial conditions and the inferred drivers of those risks. This can, in turn, support more targeted policy analysis and communication.
Although the empirical application uses US financial and macroeconomic data, the broader lesson is not specific to the United States. Policymakers in the UK and elsewhere often focus on risks that are concentrated in particular parts of the distribution, such as periods of unusually high inflation or sharp economic downturns. While the specific financial indicators associated with those risks may differ across countries, the framework illustrates how measures of financial conditions can be tailored to the policy question at hand, helping to identify the financial signals that are most relevant for assessing particular macroeconomic risks.
Conclusion
The central message is straightforward. If policymakers care about tail risks, the tools used to measure financial conditions should reflect that focus.
Targeted financial conditions indices provide one way to do this, by identifying the financial signals that matter for specific macroeconomic outcomes rather than relying on a single, broad measure.
In doing so, they shift the focus from average conditions to the risks that are most relevant for policy decisions – where financial conditions may matter most.
Miguel Herculano is a Lecturer (Assistant Professor) in Financial Economics at the University of Glasgow, Santiago Montoya-Blandon is a Lecturer (Assistant Professor) in Economics at the University of Glasgow and Jorge Pinheiro works in the Bank’s Banking Capital Policy Division.
If you want to get in touch, please email us at bankunderground@bankofengland.co.uk or leave a comment below.
Comments will only appear once approved by a moderator, and are only published where a full name is supplied. Bank Underground is a blog for Bank of England staff to share views that challenge – or support – prevailing policy orthodoxies. The views expressed here are those of the authors, and are not necessarily those of the Bank of England, or its policy committees.
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Southwest Confirms Airport Lounges and New Premium Card
Southwest today unveiled plans for its first-ever airport lounge network, marking the next chapter of the Southwest Airlines® travel experience.
Southwest is partnering with Chase to bring together Southwest’s signature Hospitality and the success of the Chase Sapphire Reserve Lounge Network℠ to create a premium and welcoming airport experience. Each lounge will offer a sophisticated design, locally-inspired dining, high-quality amenities, and valuable travel benefits that are offered today in the Chase Sapphire Reserve Lounge Network.
“Southwest Airlines has built one of the most trusted brands in travel1 by delivering authentic Hospitality that Customers value. Our lounges will be a natural extension of that experience, offering Customers a place to relax and experience the Southwest brand in a new way,” said Tony Roach, Executive Vice President, Chief Customer & Brand Officer at Southwest Airlines. “The introduction of a lounge network represents a strategic investment in Rapid Rewards and deepens our 30-year partnership with Chase.”
At which airports will I be able to access Southwest lounges?
Construction has begun on the first four Southwest lounges, and the first guests are expected to be welcomed in late 2027. These locations include:
Austin-Bergstrom International Airport
Baltimore/Washington International Thurgood Marshall Airport
Daniel K. Inouye (Honolulu) International Airport
Nashville International Airport
This is just the beginning of a broader footprint across the Southwest system, with at least seven more lounges planned to open over the next several years across high-demand business and leisure markets.
How do I gain access to the Southwest lounges?
A new, premium, Southwest Rapid Rewards® Credit Card issued by Chase will be launching in 2027 and will provide access to the new Southwest lounge network.
On the commercial and multifamily side, bridge and fix-and-flip financing continues to matter for investors moving quickly on value-add deals. Brokers who can speak fluently across that full menu, rather than defaulting to one product, are the ones major lenders are betting on, and why brokers should lean in too.
“Investors don’t want a broker who only knows one loan type. They want someone who can look at the whole picture, the property, the entity, the exit, and tell them which structure actually fits.”
What it takes to work this niche well
This is a relationship business as much as a product business. Knowing the underwriting mechanics of a DSCR loan matters, but so does understanding rental comps, cap rate trends and how vacancy is moving in the submarkets your clients are buying into, the kind of regional valuation challenges that trip up lenders unfamiliar with local multifamily markets. In a market like Los Angeles, where regulatory conditions and rent control rules can shape a deal as much as the numbers do, that local knowledge is not optional. The brokers who do this well tend to build a bench of private and non-bank lending partners, because no single lender fits every investor profile, and they stay close to the property managers, 1031 exchange intermediaries and commercial real estate brokers who see these deals before anyone else does. That referral network matters more here than in almost any other part of the business, because investor clients tend to keep buying, and a broker who structures the first deal well usually gets the next five.
Where deals get complicated
The friction usually shows up in three places. Valuation gets harder when part of a property’s income comes from short-term rental platforms rather than a signed lease, and lenders vary widely in how much of that income they will credit. Timelines get tight when a client is coming out of a 1031 exchange and has a hard deadline to close. And ownership structure adds another layer, since most serious investors are buying through an LLC or limited partnership, which changes documentation and, in some cases, pricing. The best approach is to get ahead of all three early: line up a lender who explicitly underwrites short-term rental income before you need one, build closing timelines around the exchange deadline rather than a generic 30-day estimate, and confirm vesting and entity requirements at application, not at the closing table.
None of this is complicated in theory. It just rewards brokers who have done the homework before the client calls, not after.
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Go back to July 8, 2026. Ionis Pharmaceuticals(IONS +2.42%) was on a roll. The biotech stock had more than doubled over the previous 12 months. Its future looked bright. But one day later, everything changed.
Ionis lost more than 20% of its value on July 9. And that was just the beginning of the sell-off. Even with a rebound in recent days, the stock remains roughly 30% below its peak in early July.
Was Ionis Pharmaceuticals’ sell-off overdone? I think so.
Image source: Getty Images.
Missing the bigger picture
I wouldn’t say that Ionis’ steep plunge was much ado about nothing. The company experienced a double-whammy on July 9.
Eplontersen, an experimental therapy initially developed by Ionis, missed its primary endpoint in a Phase 3 study targeting transthyretin amyloid cardiomyopathy (ATTR-CM). Late-stage clinical flops can be especially painful. This failure came on top of more bad news on the same day related to tominersen, a drug developed by Ionis for the treatment of Huntington’s disease.
Both clinical setbacks were blows to Ionis, especially the eplontersen failure. However, the impact to the company was cushioned by the fact that these were partnered programs — eplontersen with AstraZeneca(AZN -0.52%) and tominersen with Roche(RHHBY +1.39%). The real stars of Ionis’ growth story are its fully owned therapies.
Today’s Change
(2.42%) $1.45
Current Price
$61.33
Key Data Points
Market Cap
$10BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Day’s Range
$59.77 – $61.77
52wk Range
$50.01 – $86.74
Volume
4.8K
Avg Vol
2.9M
Gross Margin
95.66%
Sales for heriditary angioedema drug Dawnzera soared 63% sequentially in the second quarter of 2026. This momentum should continue as the drug is launched outside the U.S.
Tryngolza won U.S. Food and Drug Administration (FDA) approval for treating severe hypertriglyceridemia (sHTG) in June. It’s also gaining momentum in its initial approved indication of familial chylomicronemia syndrome (FCS). Ionis projects peak sales for Tryngolza of more than $3 billion.
The FDA is also scheduled to announce an approval decision for zilganersen in the treatment of Alexander disease by Sept. 22, 2026. There are currently no approved disease-modifying treatments for the rare neurological condition.
Many investors are missing the bigger picture with Ionis — a much more encouraging picture than its stock performance reflects. Wall Street isn’t, though. The consensus 12-month price target for the stock is roughly 46% higher than the current share price.
A reality check
If I’m right that Ionis’ steep sell-off was overdone, does that mean the stock will surge in the near future? Not necessarily. The reality is that it can take a while for investors to recognize that a stock is attractively valued.
Some investors won’t view Ionis’ valuation as attractive even after its sharp decline, with its forward earnings multiple at nearly 91. However, growth stocks with exceptional opportunities usually sport premium valuations. I think that Ionis is in this group.
The biotech stock’s sell-off is overdone, in my opinion. Forward-looking investors should be able to make money over the long run buying this beaten-down stock on the dip.
It’s a luxury many of us dream about: simply being able to buy investment properties for cash without that pesky mortgage payment complicating things every month. With interest rates showing few signs of decreasing, buying for cash has never made more sense for those who are able.
But what does buying for cash actually mean, and what strategies can you use to accomplish it?
The Midwest and Sunbelt Are Attracting Cash Buyers
As the economy tightens and the cost of living increases, it will come as no surprise that cash buyers have been declining in number, according to a new report from Realtor.com. Cash buyers accounted for 31.4% of sales in the first four months of 2026, down slightly from 32.3% at the start of 2025.
However, the national picture was far from uniform, with increases occurring mostly in the Midwest and Sunbelt in the following cities:
Pittsburgh: +6.8 points
Providence, Rhode Island: +3.7
Austin, Texas: +2.7
Dallas: +2.3
Houston: +1.9
The following states enjoyed the highest share of all cash purchases:
Mississippi: 47.2%
New Mexico: 45.9%
Montana: 45.9%
Missouri: 42%
Florida: 41.3%
The data show that while many investors are tightening their belts, preferring to keep cash in bank accounts rather than spend it on real estate, there are pockets of the country still attracting all-cash buyers, with soaring tech stocks (AI) fueling purchases.
“Investors, second-home buyers, and repeat buyers who can leverage cash from a previous sale are using their buying power,” the National Association of Realtors said in its latest Confidence Index, on the news that 26% of buyers in June and July were all-cash.
According to Realtor.com, the top and bottom of the market—houses priced below $100,000 and above $1 million—are where the majority of all-cash deals are happening. Buyers with limited access to credit and deep-pocketed investors flush with cash are swooping in, while the rest of the market frets about financing.
“As buyer demand has cooled and inventory has built up in many metros, homes are sitting on the market longer, and a fast, guaranteed close becomes the main selling point of an all-cash offer rather than a way to win a bidding war,” Realtor.com senior economist Hannah Jones wrote in the report.
Leveraging Is No Longer an Investor’s Go-To Strategy
When rates were low, leveraging was the go-to strategy for real estate investors, with the BRRRR strategy enjoying immense popularity and investors stacking up doors by recycling cash. That is no longer possible in many markets if cash flow is the ultimate goal.
Instead, acquiring fewer rentals by using available cash resources is a safer, more conservative approach in a volatile market.If you have access to cash, choosing when to deploy it is essential—because in an unpredictable market, earning lower returns in a safe, tax-free account can be preferable to risking it in real estate, helping you maintain your liquidity.
However, if the rate of return—through cash flow, compounded with tax advantages, appreciation, and debt paydown—is greater than you would otherwise earn keeping your cash on the sidelines, it could be worth taking the plunge. These are popular sources for funding all-cash deals:
Low-yield money market accounts and short-term certificates of deposit: These are typically the places where conservative investors put their cash before considering riskier investment vehicles like real estate.
High-appreciating stocks (AI/tech): Capital gains taxes from the sale of stocks need to be factored into the profitability of reinvesting in real estate. Diversification and a move away from a volatile stock market are among the main benefits of investing in real estate with cash.
Using equity in a personal or rental property: The key here is not to replace one debt with another but to earn a profit while borrowing on a short-term basis (more on this later).
Partnering with a cash investor: No investment partner wants their money tied up long-term. There needs to be an exit strategy.
Why Buy an Investment for All Cash?
Aside from future-proofing your property against foreclosure and lowering your monthly obligations, thereby increasing cash flow, buying a property for all cash can allow you to secure a home at a lower price when bidding against buyers dependent on a loan. It also means you can keep acquiring properties (at least for a while) without waiting for interest rates to fall.
Scenarios Where a Cash Purchase Makes Sense
To increase cash flow
Sometimes an investing scenario arises that is too good to pass up, and you need to move fast, assuming a house becomes available at a deep discount and can generate cash flow by adding ADUs, etc. In this case, snapping up a deal and diligently paying back the money you borrowed (such as with a HELOC) could make a cash purchase worthwhile.
To fund a flip
A short-term loan, either from your HELOC or a cash partner, makes a cash purchase worthwhile.
When you are expecting a windfall
If an inheritance, tax refund, bonus from your job, or stock sell-off is around the corner, borrowing from your house through a private lender or another short-term source could be worthwhile to secure a deal, because you know you will be able to pay them off quickly.
When you can cut a deal with a homebuilder
Homebuilders are more willing than ever to sweeten the pot for buyers, adding finished basements, extra bedrooms, or an office to move inventory. These deals make sense when the cash flow from renting out one of these homes offsets the money you borrowed to make a cash payment.
When you plan to live in the house for two years before selling
If you’re liquidating cash from savings or borrowing from elsewhere, if you plan to buy a personal residence and live in it for two out of five years with the certainty of realizing a considerable increase in equity (in the case of a renovation, for example), buying for cash could make sense because you will not be liable for the capital gains tax on the profits (depending on the profit amount and your marital status).
Final Thoughts
We’re all familiar with the old-school chestnut from our parents: “Money doesn’t grow on trees.” It comes from somewhere, and just because you have the money to invest in real estate with an all-cash purchase doesn’t mean you should.
Often, buying a property for cash does not guarantee cash flow. Taxes, insurance, bad tenants, repairs, officious property inspectors, and legal fees are all ways your “great deal” can quickly turn into a nightmare.
All-cash deals are generally best with an exit strategy—but sometimes even a no-brainer exit strategy can end up in a protracted mess (buyers pulling out of deals, financing falling through, legal complications, etc.).
The bottom line is that if you plan to buy a deal for cash, make sure you can afford to lose it should things not go as expected.
