The AFIRE Guide to US Real Estate Investing (Fourth Edition)


Invest responsibly and generate long-term value with the definitive guide to US real estate investing written specifically for non-US investors.

YouTube player

Whether you’re an institutional investor already active or you’re seeking to enter US commercial real estate markets, The AFIRE Guide to US Real Estate Investing (Fourth Edition) serves as both an invaluable general overview and as an evergreen reference that you’ll return to again and again.

This new edition, released in 2024 and edited by Will McIntosh, PhD, has been revised and expanded to bring you fully up to date on the issues and practices you’ll need to build a solid real estate portfolio.

It includes a brand-new forward, introduction, and glossary, as well as 35 new or updated chapters divided into four sections:

• Section 1: Preparing for Investment into the US covers investment strategy, real estate and tax law, corporate responsibility, industry resources, and professional roles.

• Section 2: The Commercial Real Estate Lifecycle explores property due diligence, acquisition, operational management, and disposition of US real estate assets.

• Section 3: Finance and Partnerships explains important financial topics, including information for lenders and borrowers, joint ventures, loans and debt, commingled funds, bankruptcy, and Islamic finance.

• Section 4: Tax and Regulatory Issues discusses securities laws, the Bank Secrecy Act, the Patriot Act, Office of Foreign Assets Control, taxation, real estate investment trusts (REITs), estates and gifts, agreements, and litigation.

Other commercial real estate guides cover individual investors, property flipping, or the technical aspects of taxation and finance. Written just for you, The AFIRE Guide takes the unique approach of focusing on international business, finance, and real estate as well as institutional long-term, multi-generational investment.



Will McIntosh is Global Head of Research for Affinius Capital and is responsible for assisting with the development of commercial real estate investment strategy and managing in-house global research with the objective of informing and enhancing the real estate investment process.

Will comes to Affinius Capital with more than 36 years of experience in real estate. He was previously Head of Global Research for the Abu Dhabi Investment Authority’s (ADIA’s) Real Estate Department where he was responsible for helping develop ADIA’s global real estate investment strategy and building and leading a real estate research platform.

Prior to joining ADIA, Will served as the Chief Investment Officer of Fund Evaluation Group (FEG), and was responsible for investment strategy and manager analysis. Prior to joining FEG, Will was Professor of Finance and Dean of the College of Business at the University of Cincinnati, responsible for overseeing the education of approximately 3,200 undergraduate and graduate students, a faculty and staff of 150, and managing a budget of approximately $12m.

Over the years, Will has also served in leadership positions with several of the largest investment managers including ING Real Estate, AIG Global Real Estate Investment Corp., and Prudential Real Estate Investors (PREI). He has also served in the Investment Properties Group of Arthur Rubloff & Company of Ohio.

Additionally, Will has served as President of the Real Estate Research Institute (RERI) and on the Board of Directors of the National Council of Real Estate Investment Fiduciaries (NCREIF), the American Real Estate Society (ARES) and the International Real Estate Society (IRES). He has served on the Investor Council of the National Association of Real Estate Investment Trusts (NAREIT) and on the Advisory Boards of several university real estate centres. Will is a past President of the American Real Estate Society and is a Fellow of the Homer Hoyt Institute. He has served as a Co-Editor of the Journal of Real Estate Portfolio Management and has published numerous articles in leading real estate professional and academic journals.

Will received his PhD in Finance and Real Estate from the University of North Texas (1987), his MBA with a concentration in Real Estate from Eastern Kentucky University (1979), and his BS in Business Education from the same institution (1977). He is a graduate of the School of Mortgage Banking of the Mortgage Bankers Association of America and served as a Faculty Fellow. He is also a graduate of the Management and Leadership in Education Program, Harvard Institute for Higher Education at the Harvard Graduate School of Education, May 2006.


Member Login

Enter your email address and password associated with your membership to log into If you are unable to login through this popup, go to to reset your password. For questions, contact us.

Forgot your password?