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Debe absorber en cascada: ITP (6-10% según CCAA), notaría/registro (~1-1,5%), costes de capital, Capex de reforma, comisión de venta (3-5%) y buffer de error del AVM.",[],{"_key":569,"_type":395,"children":570,"level":166,"listItem":457,"markDefs":579,"style":412},"3557b7c4d15d",[571,575],{"_key":572,"_type":399,"marks":573,"text":574},"7d8c2dac1531",[451],"Tiempo de venta.",{"_key":576,"_type":399,"marks":577,"text":578},"a2d48a39f62b",[]," Tiempo de venta en el percentil 90 de probabilidad. Es la variable que convierte margen bruto en rentabilidad anualizada real.",[],{"_key":581,"_type":395,"children":582,"level":166,"listItem":457,"markDefs":591,"style":412},"203595ea622d",[583,587],{"_key":584,"_type":399,"marks":585,"text":586},"b164e3aed429",[451],"Capex / Spread Ratio \u003C 50%.",{"_key":588,"_type":399,"marks":589,"text":590},"239b21e399d9",[]," Si la reforma consume más del 50% del Spread, el margen de error ante desviaciones de obra —que son la norma, no la excepción— es estructuralmente insuficiente.",[],{"_key":593,"_type":395,"children":594,"level":166,"listItem":457,"markDefs":603,"style":412},"60516108a0bd",[595,599],{"_key":596,"_type":399,"marks":597,"text":598},"568f0a5fa97d",[451],"Validación demográfica:",{"_key":600,"_type":399,"marks":601,"text":602},"36c7a6ca9d68",[]," El precio de salida post-reforma no debe exigir una cuota hipotecaria superior al 35% de la Renta Media mensual de la sección censal.",[],{"_key":605,"_type":395,"children":606,"markDefs":611,"style":527},"0d87b92161ba",[607],{"_key":608,"_type":399,"marks":609,"text":610},"c72417ae30e9",[],"Estrategia YIELD (Renta): Generación de Cash-Flow",[],{"_key":613,"_type":395,"children":614,"markDefs":622,"style":412},"a0bd95a12acc",[615,618],{"_key":616,"_type":399,"marks":617,"text":534},"b767a4e19640",[451],{"_key":619,"_type":399,"marks":620,"text":621},"00bfc4b0debb",[]," El activo se evalúa como un negocio. La métrica crítica no es el precio de compra, sino la diferencia entre el Yield del activo y el coste de financiación. En un entorno de tipos elevados, esta diferencia se estrecha y la selección de zona se vuelve determinante.",[],{"_key":624,"_type":395,"children":625,"markDefs":629,"style":412},"240fc2a3fd69",[626],{"_key":627,"_type":399,"marks":628,"text":546},"51e8918a022d",[451],[],{"_key":631,"_type":395,"children":632,"level":166,"listItem":457,"markDefs":641,"style":412},"88cde78c4f22",[633,637],{"_key":634,"_type":399,"marks":635,"text":636},"f08d00f66d89",[451],"IPD Alquiler > 7.",{"_key":638,"_type":399,"marks":639,"text":640},"7b3a44e840b0",[]," Índice de Presión de Demanda. Garantiza tasa de ocupación próxima al 100% y capacidad de actualización de rentas. Un IPD \u003C 5 en alquiler indica mercado estancado donde la vacancia puede destruir el modelo financiero completo.",[],{"_key":643,"_type":395,"children":644,"level":166,"listItem":457,"markDefs":653,"style":412},"37259ca3cb01",[645,649],{"_key":646,"_type":399,"marks":647,"text":648},"d81e971454d4",[451],"Net Yield > Coste de Financiación (Positive Carry).",{"_key":650,"_type":399,"marks":651,"text":652},"803f123c6983",[]," Con hipotecas al 4-6% en el entorno actual, el umbral de exigencia sobre el Yield Activo es significativamente más alto que en el ciclo 2015-2021.",[],{"_key":655,"_type":395,"children":656,"level":166,"listItem":457,"markDefs":665,"style":412},"fe0de92862c8",[657,661],{"_key":658,"_type":399,"marks":659,"text":660},"be2c38ad3253",[451],"NOI (Net Operating Income):",{"_key":662,"_type":399,"marks":663,"text":664},"7aff4d079255",[]," Alquiler Bruto Anual menos todos los gastos operativos reales: IBI, comunidad, seguros, gestión, mantenimiento corriente y vacancia estimada. Convierte la estimación de Yield en un business plan financiero verificable.",[],{"_key":667,"_type":395,"children":668,"level":166,"listItem":457,"markDefs":677,"style":412},"24b96bde9aff",[669,673],{"_key":670,"_type":399,"marks":671,"text":672},"c50903aaddb6",[451],"Riesgo regulatorio:",{"_key":674,"_type":399,"marks":675,"text":676},"a2aeeac60377",[]," Zonas declaradas o en riesgo de ser declaradas como mercado tensionado bajo la Ley de Vivienda tienen un perfil de riesgo estructuralmente diferente. Este análisis debe preceder a la decisión de compra.",[],{"_key":679,"_type":395,"children":680,"markDefs":685,"style":527},"c1f9c7661d1c",[681],{"_key":682,"_type":399,"marks":683,"text":684},"c494a7c9c870",[],"Estrategia DISTRESSED (Capa Legal): Arbitraje de Complejidad",[],{"_key":687,"_type":395,"children":688,"markDefs":696,"style":412},"5e1454e3de08",[689,692],{"_key":690,"_type":399,"marks":691,"text":534},"b80c0643946f",[451],{"_key":693,"_type":399,"marks":694,"text":695},"68eb31ffb667",[]," Capitalizar ineficiencias de precio generadas por complejidades jurídicas, posesorias o financieras. El descuento existe porque el activo tiene un problema que la mayoría de inversores no puede o no quiere gestionar. La ventaja competitiva es la capacidad de resolver esa complejidad más eficientemente que el mercado.",[],{"_key":698,"_type":395,"children":699,"markDefs":704,"style":412},"3da7e9fa65cd",[700],{"_key":701,"_type":399,"marks":702,"text":703},"5cff1b8da317",[451],"La métrica reina: ROI Anualizado Estresado",[],{"_key":706,"_type":493,"body":707,"markDefs":18},"98fa98eec547","\\text{Margen Estresado Anualizado} = \\frac{\\text{Spread(\\%)}}{(\\text{Meses Judiciales} + \\text{Meses Reforma} + \\text{Tiempo Venta}) / 12}",{"_key":709,"_type":395,"children":710,"markDefs":731,"style":412},"554d9857e689",[711,715,719,723,727],{"_key":712,"_type":399,"marks":713,"text":714},"a387f3d6bea3",[],"Esta fórmula desmonta las falsas oportunidades con precisión. Un activo con Spread del 55% que requiere 36 meses judiciales + 3 de reforma + 6 de venta genera un ROI Anualizado Estresado del ",{"_key":716,"_type":399,"marks":717,"text":718},"40d37daaa352",[451],"14,7%",{"_key":720,"_type":399,"marks":721,"text":722},"c75ec816c8b3",[],". Un activo con Spread del 30% pero solo 6 meses judiciales + 2 de reforma + 4 de venta genera un ROI del ",{"_key":724,"_type":399,"marks":725,"text":726},"04bb49f56d82",[451],"30%",{"_key":728,"_type":399,"marks":729,"text":730},"64311757087c",[],". La intuición dice que el primero es mejor. El dato dice exactamente lo contrario.",[],{"_key":733,"_type":395,"children":734,"markDefs":739,"style":412},"fed98eb9a02e",[735],{"_key":736,"_type":399,"marks":737,"text":738},"618d07dbc7a6",[451],"Sub-estrategias y KPIs específicos:",[],{"_key":741,"_type":395,"children":742,"markDefs":747,"style":412},"98895c084342",[743],{"_key":744,"_type":399,"marks":745,"text":746},"22bf4f4bd8bb",[451],"NPL (Non-Performing Loan) — El Triángulo de Valores:",[],{"_key":749,"_type":395,"children":750,"markDefs":755,"style":412},"24946609905d",[751],{"_key":752,"_type":399,"marks":753,"text":754},"3d77a044dec7",[],"En un NPL, el activo de inversión no es el inmueble; es el crédito hipotecario en situación de impago. El inmueble es el colateral. El análisis se estructura sobre tres vértices:",[],{"_key":757,"_type":395,"children":758,"level":166,"listItem":767,"markDefs":768,"style":412},"3d98ede5ee43",[759,763],{"_key":760,"_type":399,"marks":761,"text":762},"c639eaa706fc",[451],"Asking Price:",{"_key":764,"_type":399,"marks":765,"text":766},"be3a82abff35",[]," Coste de adquisición del crédito. Punto de partida del análisis financiero.","number",[],{"_key":770,"_type":395,"children":771,"level":166,"listItem":767,"markDefs":780,"style":412},"dade3adda9b9",[772,776],{"_key":773,"_type":399,"marks":774,"text":775},"c814606daa30",[451],"Total Claim (Deuda Total):",{"_key":777,"_type":399,"marks":778,"text":779},"c4738a098e6a",[]," Capital + Intereses + Costas judiciales acumuladas. Límite de puja máxima en subasta.",[],{"_key":782,"_type":395,"children":783,"level":166,"listItem":767,"markDefs":792,"style":412},"ca63d47ae7bb",[784,788],{"_key":785,"_type":399,"marks":786,"text":787},"ff7258508008",[451],"Market Value (Valor RESIDELIA):",{"_key":789,"_type":399,"marks":790,"text":791},"9aa19e3e685b",[]," Valoración actualizada del colateral físico mediante el AVM, complementada con valoración profesional cuando la singularidad del activo lo requiere.",[],{"_key":794,"_type":395,"children":795,"markDefs":800,"style":412},"f2787370a034",[796],{"_key":797,"_type":399,"marks":798,"text":799},"eb0de81bc6d4",[],"Métricas críticas derivadas:",[],{"_key":802,"_type":395,"children":803,"level":166,"listItem":457,"markDefs":812,"style":412},"e902a2cca68a",[804,808],{"_key":805,"_type":399,"marks":806,"text":807},"d34809193049",[451],"ITV (Investment-to-Value) \u003C 50%:",{"_key":809,"_type":399,"marks":810,"text":811},"0b824079be73",[]," (Asking Price / Market Value) × 100. Benchmark no negociable. Un ITV superior al 65% con LTV elevado convierte la operación en apuesta.",[],{"_key":814,"_type":395,"children":815,"level":166,"listItem":457,"markDefs":824,"style":412},"c4cb9f546abb",[816,820],{"_key":817,"_type":399,"marks":818,"text":819},"42a6916144d7",[451],"LTV (Loan-to-Value) > 100% = Negative Equity:",{"_key":821,"_type":399,"marks":822,"text":823},"957d6af91905",[]," El deudor debe más de lo que vale su activo. Señal que facilita la negociación directa y el acuerdo extrajudicial.",[],{"_key":826,"_type":395,"children":827,"level":166,"listItem":457,"markDefs":836,"style":412},"ca264da47eab",[828,832],{"_key":829,"_type":399,"marks":830,"text":831},"4670fb8a046e",[451],"Haircut (La Quita):",{"_key":833,"_type":399,"marks":834,"text":835},"3ee490a3ce6d",[]," Descuento sobre la deuda total que el inversor puede ofrecer al deudor a cambio de posesión amistosa. Acorta drásticamente los Meses Judiciales, mejorando el ROI Anualizado Estresado de forma determinante.",[],{"_key":838,"_type":395,"children":839,"level":166,"listItem":457,"markDefs":848,"style":412},"aa17e9f8378d",[840,844],{"_key":841,"_type":399,"marks":842,"text":843},"13239820adad",[451],"Meses Judiciales:",{"_key":845,"_type":399,"marks":846,"text":847},"379f56c1a490",[]," Dato crítico que debe obtenerse por juzgado específico mediante datos del CGPJ, no estimarse por la media nacional. El rango en España oscila entre 12 y 48+ meses según la saturación del partido judicial.",[],{"_key":850,"_type":395,"children":851,"markDefs":856,"style":412},"6f4434e27b4b",[852],{"_key":853,"_type":399,"marks":854,"text":855},"bfb619365fe4",[451],"Nuda Propiedad — Inversión Actuarial:",[],{"_key":858,"_type":395,"children":859,"markDefs":864,"style":412},"0205f66db131",[860],{"_key":861,"_type":399,"marks":862,"text":863},"8c1d08d02624",[],"Compra de la propiedad de un activo sin el usufructo. El comprador adquiere el derecho a la plena propiedad, pero no hasta el fallecimiento del usufructuario. El descuento real oscila entre el 30% y el 60% sobre el valor en plena propiedad.",[],{"_key":866,"_type":395,"children":867,"markDefs":872,"style":412},"067263d264d9",[868],{"_key":869,"_type":399,"marks":870,"text":871},"5f88a5d89cea",[],"Filtros analíticos obligatorios:",[],{"_key":874,"_type":395,"children":875,"level":166,"listItem":457,"markDefs":884,"style":412},"5cc4e361e40e",[876,880],{"_key":877,"_type":399,"marks":878,"text":879},"4c2165208801",[451],"Edad del usufructuario > 70 años.",{"_key":881,"_type":399,"marks":882,"text":883},"80fbe23f62e4",[]," Con menos de 70, el horizonte puede superar 15-20 años, destruyendo el ROI Anualizado por cualquier escenario de tipos.",[],{"_key":886,"_type":395,"children":887,"level":166,"listItem":457,"markDefs":896,"style":412},"8cdd0852186b",[888,892],{"_key":889,"_type":399,"marks":890,"text":891},"4e863b2c7b5a",[451],"Demografía de la sección censal: Renta al alza + Edad media alta.",{"_key":893,"_type":399,"marks":894,"text":895},"076f14cfd5d7",[]," La combinación óptima es la gentrificación latente: zonas donde la renta media está en tendencia ascendente pero donde la pirámide de edad del barrio indica que el parque de vivienda cambiará de generación en los próximos años.",[],{"_key":898,"_type":395,"children":899,"level":166,"listItem":457,"markDefs":908,"style":412},"372e38747a01",[900,904],{"_key":901,"_type":399,"marks":902,"text":903},"4b9dfdb0eee7",[451],"Ausencia de cargas operativas durante el usufructo:",{"_key":905,"_type":399,"marks":906,"text":907},"f0f3a95df498",[]," El propietario nudo no soporta gastos de gestión ni mantenimiento corriente, mejorando el ROI Efectivo frente a una operación de renta estándar.",[],{"_key":910,"_type":395,"children":911,"markDefs":916,"style":412},"3dfd93b7076c",[912],{"_key":913,"_type":399,"marks":914,"text":915},"0846e9ec0ba7",[451],"REO Sin Posesión — Activo con Ocupante No Autorizado:",[],{"_key":918,"_type":395,"children":919,"level":166,"listItem":457,"markDefs":928,"style":412},"e0ecb5d74c1a",[920,924],{"_key":921,"_type":399,"marks":922,"text":923},"35cc24a97031",[451],"Spread mínimo > 30%.",{"_key":925,"_type":399,"marks":926,"text":927},"848760d1f660",[]," Colchón estructural para cubrir costes de lanzamiento, honorarios legales y riesgo de deterioro interior.",[],{"_key":930,"_type":395,"children":931,"level":166,"listItem":457,"markDefs":940,"style":412},"6b2bc558b2b5",[932,936],{"_key":933,"_type":399,"marks":934,"text":935},"4bac6d36aca4",[451],"Análisis del edificio/zona como proxy del estado interior:",{"_key":937,"_type":399,"marks":938,"text":939},"8280e64be2c2",[]," En ausencia de visita, el entorno constructivo, el año de construcción y el historial de incidencias en la zona sirven como estimadores del riesgo de Capex adicional.",[],{"_key":942,"_type":395,"children":943,"level":166,"listItem":457,"markDefs":952,"style":412},"8c20831e273b",[944,948],{"_key":945,"_type":399,"marks":946,"text":947},"69964c7e41a9",[451],"Riesgo regulatorio específico:",{"_key":949,"_type":399,"marks":950,"text":951},"c5148b5cbcf5",[]," Las moratorias de desahucio en zonas tensionadas han alargado estructuralmente los plazos de lanzamiento. Este factor corrector geográfico debe incorporarse al cálculo de Meses Judiciales.",[],{"_key":954,"_type":395,"children":955,"markDefs":960,"style":527},"c867809079ad",[956],{"_key":957,"_type":399,"marks":958,"text":959},"910df5d7f390",[],"Estrategia Patrimonial: Preservación de Capital",[],{"_key":962,"_type":395,"children":963,"markDefs":971,"style":412},"dc4613ed8716",[964,967],{"_key":965,"_type":399,"marks":966,"text":534},"c02e66d824bd",[451],{"_key":968,"_type":399,"marks":969,"text":970},"0163ca1f872f",[]," Proteger el capital contra la inflación y la volatilidad en activos de máxima calidad y liquidez. No es la estrategia de mayor rentabilidad; es la de menor riesgo. El activo CORE debe seguir siendo demandado por el perfil de comprador o inquilino más solvente del mercado dentro de 10 años.",[],{"_key":973,"_type":395,"children":974,"markDefs":978,"style":412},"b4c511d350d6",[975],{"_key":976,"_type":399,"marks":977,"text":546},"2c126656638c",[451],[],{"_key":980,"_type":395,"children":981,"level":166,"listItem":457,"markDefs":990,"style":412},"924784fc64c0",[982,986],{"_key":983,"_type":399,"marks":984,"text":985},"7b6343d701c0",[451],"Renta Media Top 5% Nacional.",{"_key":987,"_type":399,"marks":988,"text":989},"428392fd68b5",[]," Criterio primario y no negociable. Las zonas en el percentil 95 han demostrado históricamente menor caída de precios en ciclos bajistas y recuperación más rápida en ciclos de crecimiento.",[],{"_key":992,"_type":395,"children":993,"level":166,"listItem":457,"markDefs":1002,"style":412},"e5a9d2ca90f7",[994,998],{"_key":995,"_type":399,"marks":996,"text":997},"955daf15bae4",[451],"Correlación Precio/IPC Histórica Positiva.",{"_key":999,"_type":399,"marks":1000,"text":1001},"e5a568b3d67e",[]," El activo debe haber demostrado que su valor crece al menos en línea con la inflación en el largo plazo.",[],{"_key":1004,"_type":395,"children":1005,"level":166,"listItem":457,"markDefs":1014,"style":412},"c8972dbb3180",[1006,1010],{"_key":1007,"_type":399,"marks":1008,"text":1009},"bf2c21c20a70",[451],"IPD en rango 6-8 (Equilibrio de Mercado).",{"_key":1011,"_type":399,"marks":1012,"text":1013},"0c71d4e87561",[]," Un IPD > 9 puede señalar mercado sobrecalentado con riesgo de corrección. El rango 6-8 indica mercado líquido pero no especulativo.",[],{"_key":1016,"_type":395,"children":1017,"level":166,"listItem":457,"markDefs":1026,"style":412},"8eea64b5e2b1",[1018,1022],{"_key":1019,"_type":399,"marks":1020,"text":1021},"6e55b2342505",[451],"T_Sale P90 \u003C 6 meses.",{"_key":1023,"_type":399,"marks":1024,"text":1025},"81852a437c35",[]," La desinversión debe poder ejecutarse en menos de 6 meses bajo cualquier escenario razonable.",[],{"_key":1028,"_type":395,"children":1029,"level":166,"listItem":457,"markDefs":1038,"style":412},"81d44e1a3d19",[1030,1034],{"_key":1031,"_type":399,"marks":1032,"text":1033},"ed2f7e608879",[451],"Riesgo regulatorio bajo.",{"_key":1035,"_type":399,"marks":1036,"text":1037},"4de04185853d",[]," Probabilidad de declaración como zona tensionada y densidad de grandes tenedores son variables que deben analizarse antes de la compra.",[],{"_key":1040,"_type":395,"children":1041,"markDefs":1046,"style":403},"79ccf88639d3",[1042],{"_key":1043,"_type":399,"marks":1044,"text":1045},"7866c4b95040",[],"Las métricas técnicas del sistema: definición y protocolo de cálculo",[],{"_key":1048,"_type":395,"children":1049,"markDefs":1054,"style":527},"d6803239f6fe",[1050],{"_key":1051,"_type":399,"marks":1052,"text":1053},"892ec9d47e7d",[],"AVM o valoraciones automáticas: la base de todo",[],{"_key":1056,"_type":395,"children":1057,"markDefs":1062,"style":412},"455e25947fd0",[1058],{"_key":1059,"_type":399,"marks":1060,"text":1061},"ddb88c14054c",[],"El AVM de RESIDELIA provee la valoración de mercado actualizada a nivel de activo individual, desagregada de promedios zonales y calibrada con datos transaccionales reales del mercado.",[],{"_key":1064,"_type":395,"children":1065,"markDefs":1070,"style":412},"1df977eeebb7",[1066],{"_key":1067,"_type":399,"marks":1068,"text":1069},"c50b4c05d2fc",[],"La precisión del AVM determina la fiabilidad de todas las métricas derivadas: Spread, ITV, LTV, Yield Activo. Un AVM impreciso contamina toda la cadena analítica aguas abajo.",[],{"_key":1072,"_type":395,"children":1073,"markDefs":1078,"style":412},"2a5d0668557e",[1074],{"_key":1075,"_type":399,"marks":1076,"text":1077},"16b167414237",[],"Para activos con singularidad que reduce la confianza en la valoración automática —características constructivas atípicas, estado legal complejo, micro-mercado sin comparables directos— RESIDELIA provee herramientas de valoración manual y profesional. La tecnología amplifica al profesional; no lo sustituye.",[],{"_key":1080,"_type":395,"children":1081,"markDefs":1086,"style":527},"a797692a4702",[1082],{"_key":1083,"_type":399,"marks":1084,"text":1085},"ff757983e9af",[],"Spread % (Margen Bruto de Seguridad)",[],{"_key":1088,"_type":493,"body":1089,"markDefs":18},"e05a03ef1a25","\\text{Spread(\\%)} = \\frac{\\text{Valor AVM} - \\text{Precio Compra}}{Valor AVM}\\times 100",{"_key":1091,"_type":395,"children":1092,"markDefs":1097,"style":412},"a87b644cfe00",[1093],{"_key":1094,"_type":399,"marks":1095,"text":1096},"e429fc0f36f9",[451],"Absorción en cascada del Spread:",[],{"_key":1099,"_type":395,"children":1100,"level":166,"listItem":767,"markDefs":1105,"style":412},"da689ef078cc",[1101],{"_key":1102,"_type":399,"marks":1103,"text":1104},"72dbacdc595c",[],"Costes de adquisición: ITP (6-10% según CCAA) + notaría/registro (~1-1,5%)",[],{"_key":1107,"_type":395,"children":1108,"level":166,"listItem":767,"markDefs":1113,"style":412},"180113c9f2ea",[1109],{"_key":1110,"_type":399,"marks":1111,"text":1112},"c7554611fb3e",[],"Costes de capital: intereses de financiación durante el periodo de tenencia",[],{"_key":1115,"_type":395,"children":1116,"level":166,"listItem":767,"markDefs":1121,"style":412},"6cd75f8f2763",[1117],{"_key":1118,"_type":399,"marks":1119,"text":1120},"3eaf9f86b3b4",[],"Capex: inversión en reforma para alcanzar el Valor RESIDELIA asumido",[],{"_key":1123,"_type":395,"children":1124,"level":166,"listItem":767,"markDefs":1129,"style":412},"0f7e1b1abe92",[1125],{"_key":1126,"_type":399,"marks":1127,"text":1128},"a5af5efdbdb7",[],"Comisión de venta: 3-5% sobre precio de salida",[],{"_key":1131,"_type":395,"children":1132,"level":166,"listItem":767,"markDefs":1137,"style":412},"0826fec7191f",[1133],{"_key":1134,"_type":399,"marks":1135,"text":1136},"4364dc4d0f1e",[],"Margen de error del AVM: buffer ante desviaciones de valoración",[],{"_key":1139,"_type":395,"children":1140,"markDefs":1145,"style":412},"d86490b605fa",[1141],{"_key":1142,"_type":399,"marks":1143,"text":1144},"f2fafa5e14db",[],"Solo lo que sobra después de absorber todos estos costes es beneficio real. 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Alta liquidez, velocidad de absorción máxima, precios estables o al alza.",[],{"_key":1219,"_type":395,"children":1220,"level":166,"listItem":457,"markDefs":1229,"style":412},"e6a03620e821",[1221,1225],{"_key":1222,"_type":399,"marks":1223,"text":1224},"08b0903928a2",[451],"IPD 6-8:",{"_key":1226,"_type":399,"marks":1227,"text":1228},"a1156dc19a1d",[]," Mercado sano y equilibrado. Buena liquidez, rotación adecuada.",[],{"_key":1231,"_type":395,"children":1232,"level":166,"listItem":457,"markDefs":1241,"style":412},"93da3cb18367",[1233,1237],{"_key":1234,"_type":399,"marks":1235,"text":1236},"95a5d53a47d4",[451],"IPD 4-6:",{"_key":1238,"_type":399,"marks":1239,"text":1240},"8f7d0918a339",[]," Mercado tibio. Absorción lenta. Mayor exposición a vacancia en YIELD o tiempos de venta extendidos en EQUITY.",[],{"_key":1243,"_type":395,"children":1244,"level":166,"listItem":457,"markDefs":1253,"style":412},"213f81f18c14",[1245,1249],{"_key":1246,"_type":399,"marks":1247,"text":1248},"c0f889565228",[451],"IPD 0-4:",{"_key":1250,"_type":399,"marks":1251,"text":1252},"363a7e646d0f",[]," Mercado estancado. Solo operaciones con Spreads extraordinarios y horizontes temporales largos tienen justificación en este rango.",[],{"_key":1255,"_type":395,"children":1256,"markDefs":1277,"style":412},"1a6c7b4cf0be",[1257,1261,1265,1269,1273],{"_key":1258,"_type":399,"marks":1259,"text":1260},"d2759785b9f6",[],"El IPD existe en dos variantes: ",{"_key":1262,"_type":399,"marks":1263,"text":1264},"8e530f01e8d9",[451],"IPD Venta",{"_key":1266,"_type":399,"marks":1267,"text":1268},"cb8f3455654c",[]," (estrategias EQUITY y CORE) e ",{"_key":1270,"_type":399,"marks":1271,"text":1272},"ab6e97243291",[451],"IPD Alquiler",{"_key":1274,"_type":399,"marks":1275,"text":1276},"c8a061eeed62",[]," (estrategia YIELD). Mismo modelo, datasets separados.",[],{"_key":1279,"_type":395,"children":1280,"markDefs":1285,"style":527},"faef74470e90",[1281],{"_key":1282,"_type":399,"marks":1283,"text":1284},"3941e972d5d8",[],"Margen Anualizado Estresado: la métrica definitiva",[],{"_key":1287,"_type":493,"body":1288,"markDefs":18},"cef85778bee5","\\text{Margen Anualizado Estresado} = \\frac{\\text{Spread(\\%)}}{(\\text{Meses Judiciales} + \\text{Meses Reforma} + \\text{Tiempo Venta})/12}",{"_key":1290,"_type":395,"children":1291,"markDefs":1296,"style":412},"40430180fe87",[1292],{"_key":1293,"_type":399,"marks":1294,"text":1295},"13f381d73820",[],"Fórmula extendida con coste de capital explícito:",[],{"_key":1298,"_type":493,"body":1299,"markDefs":18},"fe38e976a735","\\text{Margen Real} = \\frac{\\text{Spread Neto(\\%)}-(\\text{Coste Capital Anual}\\times\\text{Meses Totales})/12}{\\text{Meses Totales}/12}",{"_key":1301,"_type":395,"children":1302,"markDefs":1307,"style":412},"ae047f91dd6b",[1303],{"_key":1304,"_type":399,"marks":1305,"text":1306},"c0fdbb7b8f37",[451],"Benchmarks mínimos:",[],{"_key":1309,"_type":395,"children":1310,"level":166,"listItem":457,"markDefs":1319,"style":412},"6f3845521465",[1311,1315],{"_key":1312,"_type":399,"marks":1313,"text":1314},"7c73932b6b61",[451],"EQUITY / DISTRESSED:",{"_key":1316,"_type":399,"marks":1317,"text":1318},"1a6150263f8e",[]," > 15-20%",[],{"_key":1321,"_type":395,"children":1322,"level":166,"listItem":457,"markDefs":1331,"style":412},"1f1c23988a37",[1323,1327],{"_key":1324,"_type":399,"marks":1325,"text":1326},"6b9dd2c391a8",[451],"YIELD:",{"_key":1328,"_type":399,"marks":1329,"text":1330},"b6057a266489",[]," > 7-12%",[],{"_key":1333,"_type":395,"children":1334,"level":166,"listItem":457,"markDefs":1339,"style":412},"8aaf0e6b32d4",[1335],{"_key":1336,"_type":399,"marks":1337,"text":1338},"369e9319d1f6",[],"Referencia de coste de oportunidad: rentabilidad de alternativas líquidas en el entorno actual (letras del tesoro al 3-3,5%, fondos diversificados con expectativas del 7-8%)",[],{"_key":1341,"_type":395,"children":1342,"markDefs":1347,"style":527},"36e17a83d6f3",[1343],{"_key":1344,"_type":399,"marks":1345,"text":1346},"4882be6f08cf",[],"NOI y Net Yield",[],{"_key":1349,"_type":395,"children":1350,"markDefs":1355,"style":1356},"491bb46d1052",[1351],{"_key":1352,"_type":399,"marks":1353,"text":1354},"b9a1c1caf3db",[],"Yield Activo (Bruto) = (Alquiler_Mensual × 12) / Precio_Compra × 100",[],"blockquote",{"_key":1358,"_type":395,"children":1359,"markDefs":1364,"style":412},"ba0a4a38c95f",[1360],{"_key":1361,"_type":399,"marks":1362,"text":1363},"4d9633efe303",[],"El punto de partida del análisis. Nunca el punto final.",[],{"_key":1366,"_type":395,"children":1367,"markDefs":1372,"style":1356},"7941b94b6c38",[1368],{"_key":1369,"_type":399,"marks":1370,"text":1371},"b86e7bd16d24",[],"NOI = Alquiler_Bruto_Anual − IBI − Comunidad − Seguros − Gestión − Mantenimiento − (Vacancia_Estimada × Alquiler_Mensual)",[],{"_key":1374,"_type":395,"children":1375,"markDefs":1380,"style":1356},"f485eb318a8c",[1376],{"_key":1377,"_type":399,"marks":1378,"text":1379},"821114e055f7",[],"Net Yield = NOI / Precio_Compra × 100",[],{"_key":1382,"_type":395,"children":1383,"markDefs":1392,"style":412},"882d29077b72",[1384,1388],{"_key":1385,"_type":399,"marks":1386,"text":1387},"369528a5bec2",[451],"Positive Carry",{"_key":1389,"_type":399,"marks":1390,"text":1391},"45cb2d83ac29",[]," se produce cuando Net Yield > Coste de Financiación Hipotecaria. 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El producto líquido es el loft o apartamento de 1-2 habitaciones bien comunicado. El error clásico es comprar viviendas grandes pensando en familias que estadísticamente no viven allí.",[],{"_key":1446,"_type":395,"children":1447,"markDefs":1452,"style":412},"1bfe827fd14c",[1448],{"_key":1449,"_type":399,"marks":1450,"text":1451},"9478ba89d57a",[451],"Renta Media — Scoring de Solvencia del Comprador Final:",[],{"_key":1454,"_type":395,"children":1455,"markDefs":1460,"style":412},"7313cbc157df",[1456],{"_key":1457,"_type":399,"marks":1458,"text":1459},"3c129a3b4ca9",[],"Regla operativa no negociable: el precio de salida de una operación EQUITY no debe exigir una cuota hipotecaria superior al 35% de la Renta Media mensual local.",[],{"_key":1462,"_type":395,"children":1463,"markDefs":1468,"style":412},"14d5c622415d",[1464],{"_key":1465,"_type":399,"marks":1466,"text":1467},"7f625b0c4d18",[],"Ejemplo de aplicación: si el activo reformado vale 200.000€ y financiando el 80% a 25 años genera una cuota de 900€/mes, la Renta Media de la zona debe superar 2.571€/mes para que 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