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Flashcard 1731679620364

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#dynamic-programming
Question
In dynamic programming, the next time when the same subproblem occurs, instead of recomputing its solution, one simply [...]
Answer
looks up the previously computed solution

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blem by breaking it down into a collection of simpler subproblems, solving each of those subproblems just once, and storing their solutions. The next time the same subproblem occurs, instead of recomputing its solution, one simply <span>looks up the previously computed solution, thereby saving computation time at the expense of a (hopefully) modest expenditure in storage space. (Each of the subproblem solutions is indexed in some way, typically based on t

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Dynamic programming - Wikipedia
This article's factual accuracy is disputed. Relevant discussion may be found on the talk page. Please help to ensure that disputed statements are reliably sourced. (November 2015) (Learn how and when to remove this template message) <span>In computer science, mathematics, management science, economics and bioinformatics, dynamic programming (also known as dynamic optimization) is a method for solving a complex problem by breaking it down into a collection of simpler subproblems, solving each of those subproblems just once, and storing their solutions. The next time the same subproblem occurs, instead of recomputing its solution, one simply looks up the previously computed solution, thereby saving computation time at the expense of a (hopefully) modest expenditure in storage space. (Each of the subproblem solutions is indexed in some way, typically based on the values of its input parameters, so as to facilitate its lookup.) The technique of storing solutions to subproblems instead of recomputing them is called "memoization". Dynamic programming algorithms are often used for optimization. A dyna







Flashcard 1732657679628

Question

In operator theory, the value of a [...] at a function φ is given by multiplication by a fixed function f .

Answer
multiplication operator

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In operator theory, a multiplication operator is an operator T f defined on some vector space of functions and whose value at a function φ is given by multiplication by a fixed function f . That is, for all φ in the d

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Multiplication operator - Wikipedia
This article does not cite any sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (December 2009) (Learn how and when to remove this template message) <span>In operator theory, a multiplication operator is an operator T f defined on some vector space of functions and whose value at a function φ is given by multiplication by a fixed function f. That is, T f φ ( x ) = f ( x ) φ ( x ) {\displaystyle T_{f}\varphi (x)=f(x)\varphi (x)\quad } for all φ in the domain of T f , and all x in the domain of φ (which is the same as the domain of f). This type of operators is often contrasted with composition operators. Multiplication operators generalize the notion of operator given by a diagonal matrix. More precisely, one of th







#bellman-equation #dynamic-programming
The mathematical function that describes the optimization objective is called the objective function.
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Bellman equation - Wikipedia
edit source] To understand the Bellman equation, several underlying concepts must be understood. First, any optimization problem has some objective: minimizing travel time, minimizing cost, maximizing profits, maximizing utility, et cetera. <span>The mathematical function that describes this objective is called the objective function. Dynamic programming breaks a multi-period planning problem into simpler steps at different points in time. Therefore, it requires keeping track of how the decision situation is evolvi




#bellman-equation #dynamic-programming
The information about the current situation which is needed to make a correct decision is called the "state"
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Bellman equation - Wikipedia
objective is called the objective function. Dynamic programming breaks a multi-period planning problem into simpler steps at different points in time. Therefore, it requires keeping track of how the decision situation is evolving over time. <span>The information about the current situation which is needed to make a correct decision is called the "state". [1] [2] For example, to decide how much to consume and spend at each point in time, people would need to know (among other things) their initial wealth. Therefore, wealth




#bellman-equation #dynamic-programming
The variables chosen at any given point in time are often called the control variables.
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Bellman equation - Wikipedia
would need to know (among other things) their initial wealth. Therefore, wealth ( W ) {\displaystyle (W)} would be one of their state variables, but there would probably be others. <span>The variables chosen at any given point in time are often called the control variables. For example, given their current wealth, people might decide how much to consume now. Choosing the control variables now may be equivalent to choosing the next state; more generally, th




#bellman-equation #dynamic-programming
The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state.
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Bellman equation - Wikipedia
to the current control. For example, in the simplest case, today's wealth (the state) and consumption (the control) might exactly determine tomorrow's wealth (the new state), though typically other factors will affect tomorrow's wealth too. <span>The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state. For example, if consumption (c) depends only on wealth (W), we would seek a rule c ( W ) {\displaystyle c(W)} that gi




#bellman-equation #dynamic-programming
Such a rule, determining the controls as a function of the states, is called a policy function
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Bellman equation - Wikipedia
ue of the state. For example, if consumption (c) depends only on wealth (W), we would seek a rule c ( W ) {\displaystyle c(W)} that gives consumption as a function of wealth. <span>Such a rule, determining the controls as a function of the states, is called a policy function (See Bellman, 1957, Ch. III.2). [1] Finally, by definition, the optimal decision rule is the one that achieves the best possible value of the objective. For example, if someone choose




#bellman-equation #dynamic-programming
The best possible value of the objective, written as a function of the state, is called the value function.
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Bellman equation - Wikipedia
mathematical function, such as a utility function), then each level of wealth will be associated with some highest possible level of happiness, H ( W ) {\displaystyle H(W)} . <span>The best possible value of the objective, written as a function of the state, is called the value function. Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationshi




#bellman-equation #dynamic-programming
Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationship between the value function in one period and the value function in the next period. The relationship between these two value functions is called the "Bellman equation".
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Bellman equation - Wikipedia
ghest possible level of happiness, H ( W ) {\displaystyle H(W)} . The best possible value of the objective, written as a function of the state, is called the value function. <span>Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationship between the value function in one period and the value function in the next period. The relationship between these two value functions is called the "Bellman equation". In this approach, the optimal policy in the last time period is specified in advance as a function of the state variable's value at that time, and the resulting optimal value of the obj




Flashcard 1737650212108

Tags
#bellman-equation #dynamic-programming
Question
The mathematical function that describes the optimization objective is called [...].
Answer

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The mathematical function that describes the optimization objective is called the objective function.

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Bellman equation - Wikipedia
edit source] To understand the Bellman equation, several underlying concepts must be understood. First, any optimization problem has some objective: minimizing travel time, minimizing cost, maximizing profits, maximizing utility, et cetera. <span>The mathematical function that describes this objective is called the objective function. Dynamic programming breaks a multi-period planning problem into simpler steps at different points in time. Therefore, it requires keeping track of how the decision situation is evolvi







Flashcard 1737653357836

Tags
#bellman-equation #dynamic-programming
Question
The information about [...] which is needed to make a correct decision is called the "state"
Answer
the current situation

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The information about the current situation which is needed to make a correct decision is called the "state"

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Bellman equation - Wikipedia
objective is called the objective function. Dynamic programming breaks a multi-period planning problem into simpler steps at different points in time. Therefore, it requires keeping track of how the decision situation is evolving over time. <span>The information about the current situation which is needed to make a correct decision is called the "state". [1] [2] For example, to decide how much to consume and spend at each point in time, people would need to know (among other things) their initial wealth. Therefore, wealth







Flashcard 1737654930700

Tags
#bellman-equation #dynamic-programming
Question
The information about the current situation which is needed to make a correct decision is called [...]
Answer
the "state"

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The information about the current situation which is needed to make a correct decision is called the "state"

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Bellman equation - Wikipedia
objective is called the objective function. Dynamic programming breaks a multi-period planning problem into simpler steps at different points in time. Therefore, it requires keeping track of how the decision situation is evolving over time. <span>The information about the current situation which is needed to make a correct decision is called the "state". [1] [2] For example, to decide how much to consume and spend at each point in time, people would need to know (among other things) their initial wealth. Therefore, wealth







Flashcard 1737656503564

Tags
#bellman-equation #dynamic-programming
Question
The variables chosen at any given point in time are often called [...].
Answer

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The variables chosen at any given point in time are often called the control variables.

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Bellman equation - Wikipedia
would need to know (among other things) their initial wealth. Therefore, wealth ( W ) {\displaystyle (W)} would be one of their state variables, but there would probably be others. <span>The variables chosen at any given point in time are often called the control variables. For example, given their current wealth, people might decide how much to consume now. Choosing the control variables now may be equivalent to choosing the next state; more generally, th







Flashcard 1737658076428

Tags
#bellman-equation #dynamic-programming
Question
The dynamic programming approach describes [...] by finding a rule that tells what the controls should be, given any possible value of the state.
Answer
the optimal plan

It's a function, and in functional analysis a point in the functional space, and thus Banach fixed point theorem applies.

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The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state.

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Bellman equation - Wikipedia
to the current control. For example, in the simplest case, today's wealth (the state) and consumption (the control) might exactly determine tomorrow's wealth (the new state), though typically other factors will affect tomorrow's wealth too. <span>The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state. For example, if consumption (c) depends only on wealth (W), we would seek a rule c ( W ) {\displaystyle c(W)} that gi







Flashcard 1737659649292

Tags
#bellman-equation #dynamic-programming
Question
The dynamic programming approach describes the optimal plan by finding a rule that tells [...], given any possible value of the state.
Answer
what the controls should be

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The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state.

Original toplevel document

Bellman equation - Wikipedia
to the current control. For example, in the simplest case, today's wealth (the state) and consumption (the control) might exactly determine tomorrow's wealth (the new state), though typically other factors will affect tomorrow's wealth too. <span>The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state. For example, if consumption (c) depends only on wealth (W), we would seek a rule c ( W ) {\displaystyle c(W)} that gi







Flashcard 1737661222156

Tags
#bellman-equation #dynamic-programming
Question
The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given [...].
Answer
any possible value of the state

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The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state.

Original toplevel document

Bellman equation - Wikipedia
to the current control. For example, in the simplest case, today's wealth (the state) and consumption (the control) might exactly determine tomorrow's wealth (the new state), though typically other factors will affect tomorrow's wealth too. <span>The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state. For example, if consumption (c) depends only on wealth (W), we would seek a rule c ( W ) {\displaystyle c(W)} that gi







Flashcard 1737662795020

Tags
#bellman-equation #dynamic-programming
Question
Such a rule, determining the controls as a function of the states, is called a [...]
Answer
policy function

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Such a rule, determining the controls as a function of the states, is called a policy function

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Bellman equation - Wikipedia
ue of the state. For example, if consumption (c) depends only on wealth (W), we would seek a rule c ( W ) {\displaystyle c(W)} that gives consumption as a function of wealth. <span>Such a rule, determining the controls as a function of the states, is called a policy function (See Bellman, 1957, Ch. III.2). [1] Finally, by definition, the optimal decision rule is the one that achieves the best possible value of the objective. For example, if someone choose







Flashcard 1737664367884

Tags
#bellman-equation #dynamic-programming
Question
The best possible value of the objective, written as a function of [...], is called the value function.
Answer
the state

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The best possible value of the objective, written as a function of the state, is called the value function.

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Bellman equation - Wikipedia
mathematical function, such as a utility function), then each level of wealth will be associated with some highest possible level of happiness, H ( W ) {\displaystyle H(W)} . <span>The best possible value of the objective, written as a function of the state, is called the value function. Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationshi







Flashcard 1737665940748

Tags
#bellman-equation #dynamic-programming
Question
The best possible value of the objective, written as a function of the state, is called [...].
Answer
the value function

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The best possible value of the objective, written as a function of the state, is called the value function.

Original toplevel document

Bellman equation - Wikipedia
mathematical function, such as a utility function), then each level of wealth will be associated with some highest possible level of happiness, H ( W ) {\displaystyle H(W)} . <span>The best possible value of the objective, written as a function of the state, is called the value function. Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationshi







Flashcard 1737667513612

Tags
#bellman-equation #dynamic-programming
Question
dynamic optimization problem in discrete time can be stated in a [...] form known as backward induction
Answer
recursive, step-by-step

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Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationship between the value function in one period and the value function in the next period. The relationship between these two

Original toplevel document

Bellman equation - Wikipedia
ghest possible level of happiness, H ( W ) {\displaystyle H(W)} . The best possible value of the objective, written as a function of the state, is called the value function. <span>Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationship between the value function in one period and the value function in the next period. The relationship between these two value functions is called the "Bellman equation". In this approach, the optimal policy in the last time period is specified in advance as a function of the state variable's value at that time, and the resulting optimal value of the obj







Flashcard 1737953512716

Tags
#state-space-models
Question
inference for [...] can be performed efficiently using the sum-product algorithm
Answer
directed graphs having a tree structure (no loops)

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focus on the two most important examples of state space models, namely the hidden Markov model, in which the latent variables are discrete, and linear dynamical systems, in which the latent variables are Gaussian. Both models are described by <span>directed graphs having a tree structure (no loops) for which inference can be performed efficiently using the sum-product algorithm <span><body><html>

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Flashcard 1737989164300

Tags
#bayesian-ml #prml
Question
In HMM, because the latent variables are [...], this conditional distribution corresponds to a table of numbers that we denote by A, the elements of which are known as transition probabilities.
Answer
K-dimensional binary variables

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Because the latent variables are K-dimensional binary variables, this conditional distribution corresponds to a table of numbers that we denote by A, the elements of which are known as transition probabilities.

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Flashcard 1752745250060

Question
High Probability Selling; is a new paradigm that requires salespeople to sell with integrity in order to achieve what?
Answer
outstanding results

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Flashcard 1756495219980

Tags
#has-images #lagrange-multiplier #optimization
[unknown IMAGE 1756479753484]
Question
In optimization with equality constraint and a D dimensional variable x. [...] then represents a (D−1) dimensional surface in x-space
Answer
The constraint equation \( g(x)=0 \)

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In optimization with equality contraint and a D dimensional variable x. The constraint equation then represents a (D−1) dimensional surface in x-space

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get a good mortgage broker on your team.
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Mort- gage brokers will have a stable of Fannie Mae, Freddie Mac, conduit, and local lenders that they do business with regularly.
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www.MultiFamily Millions.com and put in the keyword broker.
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Choose a Management Company While all this is going on, you should also be lining up your man- agement company.
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irem.org web site. IREM stands for the Institute of Real Estate Management. Go to this site and look for Certified Property Managers (CPMs) or Accredited Residential Managers (ARMs) in your area.
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Property managers specialize in certain properties. Make sure you match the property manager with your property type.
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This company was indeed expert at managing high-end properties. But mine was a low-end property. They didn’t know how to attract that type of tenant base, and were over-screening the tenants. They also were repairing my vacant units as if the CEO of a company was going to move in. When I asked them about this, they told me: “We have high stan- dards, and we aren’t going to compromise them.” I told them that I, too, had certain standards, the first being that I make a profit while providing a safe, affordable, and clean place to live. If I don’t make the profit, I can’t provide the housing.
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Close the Deal All the pieces are now in place. The only thing left to do is to finish the financing paperwork. You are ready to close the deal. When you buy smaller properties, you’ll close in the title office or an attorney’s office.
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With bigger complexes in emerging markets across the United States, the lender will mail you a document package overnight. You’ll sign it in front of a notary, and send it back overnight.
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The seller will do the same. Then you wire the funds over on the appropriate day and you’re the proud owner of the property. You now turn it over to the management company.
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Buy and Flip When you’re starting out, you have very little time and less money. One option, therefore, is to flip your deal for a quick profit. When I say flip, I mean you put a property under contract, close on it, and immediately sell it to another party to realize your profits.
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To flip a property, you must be buying the property under market value and you then resell it at market value to another investor.
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Why would people sell a property to you below the market value? There are many reasons: r They may have inherited a property they don’t want or don’t know how to run. r They’re in foreclosure. r They could be in bankruptcy. r They’re a burned-out landlord. r They see profits starting to drop and want to get out while they still can. r It may be an estate sale. r They could be trading up to a bigger property. r They’re retiring from the game. r They need money quickly to fund another venture. r They need money even more quickly to pay taxes to the IRS. People sell below market value for these reasons and more.
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I want systems in place to attract these motivated sellers continuously.
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The mortgage amount is $311,000. You agree to purchase the property for $311,000. You could make your profit on this property in two ways: 1. You could assign the property to another investor and get an assignment fee, or 2. You could close on the property and immediately put it back on the market to resell it
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The Assignment Process Let’s look at how the assignment approach works: When you create the offer to buy the property, you put your entity name in as the buyer of the property. (Never buy in your own name, for asset-protection purposes.) After your entity name, you put the phrase: and/or assigns.
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when I’m buying a property, I usually buy in a limited liability company (LLC). For simplicity, I usually call the LLC by the same name as the street address of the property.
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if I buy a property on Market Street, I name the property Market LLC.
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If I’m purchasing the 284-unit Mag- nolia Park apartment complex, I name it Magnolia Park LLC.
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be sure that whatever name you give to the LLC, add to the end: and/or assigns. This allows you to assign the contract to a third party. You will receive an assignment fee before any closing, and the third party will close on the property. The benefit to you? It’s the very fastest way to get money after putting a deal together. The downside is you don’t get the big lump sum that might be yours from the property down the road.
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The size of your assignment fee depends on how well you negoti- ated the deal, and how much equity is in it. On smaller properties, most investors will not buy from you unless they’re making at least $20,000 on the transaction. That’s the low end. Thus, if you want to make a $5,000 assignment fee, you’ll need at least $25,000 in equity. When I say equity, I mean the net amount of proceeds in the deal after taking the market value and deducting any costs associated with it.
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Most assignment fees are between $5,000 and $10,000 on smaller deals and as much as $100,000 to $500,000 on bigger ones. Not bad, huh.
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A $52 million portfolio. The person holding the contract is willing to wait for his $1.2 million until after we close. That’s good, because I can now finance that right into the deal
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When you are assign- ing a contract over to a third party, never wait until the closing to get your assignment fee!
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We do not sell the same way we buy. You should not wait because you want your buyer to have some skin in the game. You want him to put up cash so there is a high probability he will close.
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you want the seller to pay the assignment fee beforehand: If he doesn’t, he may decide to renegotiate with you as you are getting close to the closing. If this happens, you’ll be negotiating from weakness: You need him to close to get that deal done and get your money.
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The only time you should assign a deal is if you need money quickly, or you’re so busy doing other deals that you don’t have time to do anything more with this one.
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stick with the deal and get that pot of gold that’s waiting at the end of the rainbow. The way to do that is to take the deal through closing, and then sell at the market rate. So instead of having to assign the deal to someone who will make his profit by selling it at market rate, you’ll get that profit, too. It will mean that you have to arrange your financing, and close, and then prep the property for resale (most likely cosmetic repairs). This is still a flip, because you’re not holding on to the property for any length of time. It’s just that for your work in closing the deal, you get more profit.
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begin the marketing process to sell that property as soon as you get it under contract. Not after you own it, but just after you have it under contract.
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Buy your prop- erty with good enough numbers in place that it’s generating cash flow. That way, you won’t be coming out of pocket to hold the property before you sell.
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With an empty single-family house, you pay the mortgage until it’s sold. I don’t like that. With a multi-family property, your tenants pay your mortgage and expenses until you sell it.
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Buy and Hold If you get past that phase where all you can think about is a wad of fast cash, then the next goal is to generate cash every month.
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If you think you can create additional value in the property through market appreciation, then hold it for a while (usually one to five years). There must be certain factors present in the market (like impressive job growth) that will create additional demand for properties. This is the essence of the emerging-market strategy
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While you’re holding the property, you’ll run it like a business. A qualified property management company will run the property. You’ll check financial and operational performance every month. If your management company is doing a good job, you’ll also cash checks every month!
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While you’re holding the property, it’s important that you are always raising rents. We call this pushing rents. If you’re in the right market at the right time, rents should be rising. Every time you rent a vacant unit or do a lease renewal, raise the rents to whatever the market will bear. Doing this will increase your net operating income. That, in turn, will increase the value of your property. If you are disciplined at this, you will see your equity increase very rapidly.
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You are not raising rents; it’s your manager who’s doing it!
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At some point, it will be time to sell the property and trade up to a bigger property in that market, or something in another emerging market.
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Here is an example of this strategy in action: I bought a 32-unit property in Huntsville, Alabama, for $614,000. At the time, Huntsville was an emerging market. I held the property for 18 months and resold it for $1,100,000. After all costs, the profit was close to $430,000.
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I had a property manager run the building. I would get my profit-and-loss statement every month, along with a cash flow check.
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It’s all about turning your small properties into big properties, and your big properties into bigger properties!
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Buy, Reposition, and Sell After your investing has built a solid financial foundation for you, you’ll want to make some real money. If you’re willing to do the work it takes, then you should buy, reposition, and sell.
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Repositioning is when you buy a property with a problem, fix that problem, and resell the property for a big profit.
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You cannot only reposition a property, but also the tenant base. When you reposition, you add value.
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When talking with bro- kers, ask them if they have any value add deals. They’ll know exactly what you mean; they’ll also know by that code word that you’re a player!
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You can add value by raising rents, raising occupancy, doing repairs, increasing income, decreasing expenses, and many other ways.
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To reposition the tenant base, you change tenants over time to a profile that is best suited for the property.
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Let’s say you have a 20-unit apartment building that was built 30 years ago. Because of its age, let’s say it’saCproperty. Occupancy has dropped to 77 percent and rents are low. They’re doing anything they can to keep the old tenants, so they are not raising rents. That’s causing a lot of deferred maintenance on the property (that is, repairs that need to be done and have been neglected). It’s hard to get new tenants to move in because the place doesn’t look good. You can see, of course, the vicious cycle: Because they can’t get new tenants to move in, they don’t have the cash to do repairs. Their vacancy drops even more. This is the situation at a lot of properties in need of help.
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You look at the deal and realize that the property actually sits in a good B area. You decide you want to take a crack at repositioning it for big profits. The property is selling for $550,000 and you think you can resell it for $950,000 when you’re done.
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You’ll need to repair the interior and exterior of the property. You won’t break the bank on the quality of the work, but will install fixtures and appliances that a B tenant would expect to find. Hence, you are repositioning this C property to a B and shooting to reposition the tenant base from a C tenant to a B tenant.
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follow a well-tested process to reposition with the greatest profit. First, you repair the exterior, the common areas (recreation hall, patio, and so forth), and change the name of the property, adding new signage.
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For a repositioning to be successful, you must first change the per- ception of the property in the eyes of both the current tenant base and the community. By changing the appearance of the outside of the property, you’ve taken the first highly visible step to changing that perception. You also put up big banners that say Under New Management, and New Management, New Attitude.
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The strategy is to keep the current tenants paying rent as long as possible, because you need this money for cash flow. But you realize that only 20 percent to 30 percent will still be living in the property one year from the day you start. This doesn’t mean you will lose 70 percent to 80 percent of your occupancy; instead, you’ll be trading up your tenants. The old tenant profile will move out, and the new profile will move in.
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Repositions fail for two reasons: 1. The buyer runs out of money; or 2. The buyer hires the wrong management company.
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When doing your calculations, first determine how much the re- pairs will cost. Then determine what your breakeven occupancy is. Do this by taking the total amount of expenses you have on the property, including your debt service (that is, the mortgage). Then calculate your average market rent and divide the average rent by your total expenses. That’s your breakeven annual rent. Divide that number by 12 and you are now looking at your monthly breakeven rent.
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Let’s say you have a 30-unit building and your annual expenses, including debt service, is $175,000. Divide that number by 12 to get a monthly expense figure of $14,583. Now divide the $14,583 by the average monthly rent ($650) and you get 22.4. Round that up to 23. This means if you rent 23 units, you will be at breakeven.
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To find out what percent occupancy this represents, simply divide the breakeven number needed by the total number of units: 23/30 = .766. This means you need to get to 77 percent occupancy to break even. Occupancy above that will generate positive cash flow.
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let’s say you’re buying this building at 65 percent occupancy. You need to figure out how long it will take you to repair the property so you can start leasing it up. Then figure how many units you can lease per month.
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At 65 percent occupancy, this means you have about 20 units rented. To get to your 23-unit breakeven number, you’ll have to rent an additional three units.
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Now you’re buying a 300-unit property. Your breakeven is 230 units. If you are buying it at 65 percent then you have 200 units occupied. You must now lease up 30 units. You must figure out how many units you can lease up each month. Let’s say that number works out to be five. If you need 30 units rented, it’s going to take you a minimum of six months to get there (30 divided by 5). Now add on how long it will take you to do the repairs and change the perception. Finally, add a couple of more months. (How often do things go perfectly?) You need six months to lease up, three months to do repairs, and a fudge factor of three months. That’s a whole year before you get to break even. The question is, do you have enough money to cover expenses for that year until you get there?
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Repositions can be cash cows when investors go in with their eyes open and a realistic reserve. They can be disasters when they blunder in without doing the math
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How often does a rehab come in at or below budget? So add at least another 10 percent to the cost of your rehab. By doing all of this, you will set yourself up for success.
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When hiring a management company, make sure it has done at least five prior repositioning deals before doing yours. If it hasn’t, your project will come in over budget and over deadline.
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Ask the management company what it will do on a regular basis to earn their fee. What they should tell you is they walk the property every morning with the contractor. They review the work that was completed the day before, determine what was done right and wrong, and build the plan for the day.
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The manager is responsible for keeping the contractor on the site, doing the work, and doing it right. They should have a checklist, and a completed list that is reviewed daily. For this service, the management company will be paid an extra fee that’s 5 percent to 10 percent of the cost of the total construction.
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Qualitative Characteristics of Financial Statements
#reading-estandarte
  • Financial information faithfully represents transactions and events when accounted for in accordance with their substance and economic reality and not merely their legal form. Commonly, a legal agreement will purport that a company has "sold" assets to a third party. However, an analysis of the substance of the arrangement indicates that the company retains control over the future economic benefits and risks embodied in the asset, and should continue to recognize it on its own balance sheet.

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Make sure there are no overages (add-ons). Management companies typically get paid 5 percent to 10 percent of all overages as well. They won’t have a problem with the contractor’s excuse of having to get more money from you, because they benefit, too. You’d better act very upset if people even mention an overage, so they know not to ask for another one.
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There are times when you will have to pay an overage. It’s usually when a job is started but there was no prior way to know the total extent of work needed until something is opened (usually a wall, the ground, or the roof ).
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when you’re getting con- tractor bids, have them give you price scenarios of different things that might be found when something is opened, and how much each will cost you.
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we bought a 192-unit property from a bank for $2.3 million. The bank originally had a mortgage on it for $4.3 million. The process of buying a property below the mortgage value is called short selling, which is what we did. We put $850,000 into it and repositioned the tenant base. This took 18 months. We resold it for $5.6 million and made $2.1 million. It took four months to sell.
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get good at these systems
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become a transaction engineer. You’ll start to recognize that different properties are good for different strategies.
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A deal might not be in a great area, but the numbers are good: You’ll flip it to another investor and make a nice slug of money.
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One of your marketing techniques uncovers another property in a better part of the city. The numbers are just as good, but you decide to keep that one in your portfolio. It has a good chance of appreciating rapidly, is a stable cash generator, and has a good tenant base.
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omeone brings you a property that’s in trouble. This time it’s mismanagement. You’ll look at the numbers and run them through some analysis tools. If you think you can solve the puzzle, you buy it. Then you fix the problem, increase the cash flow, and increase the quality of the tenant base. As soon as you get it stabilized, you sell it for a big profit.
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match properties to these investment strategies
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repositioning is by far the most time-consuming—and most profitable—approach
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most people couldn’t recog- nize a repositioning deal if it walked up and slapped them in the face.
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Outfit yourself with the kind of radar you need to sweep through an area and have these repositioning deals jump out at you.
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R eal estate professionals talk about highest and best use. For instance, owning a parking lot in Manhat- tan might make you a few bucks, but putting a skyscraper on it would be its highest and best use, and could earn you far more money.
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your highest and best use might be to reposition properties.
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there are few things you can do as a real estate investor that will earn you more money than to reposition multi-family properties.
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Qualitative Characteristics of Financial Statements
#reading-estandarte
  • Financial information is reliable if it is free from material error and
    is complete. Information is material if its omission or misstatement could influence decisions that end-users make on the basis of the financial statements. Information is reliable when it is neutral or free from bias and prudence. A degree of prudence when preparing financial information enhances its reliability. However, a company should not use prudence as the basis for the recognition of, for example, excessive provisions.

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The primary goal of repositioning is to enhance the asset and create value.
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Because multi-family properties produce income, we create value by increasing net operating income.
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how value is created. You calculate net operating income (NOI) first by taking property income and subtracting expenses. Do not include the mortgage in this calculation; it will come into play later.
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Qualitative Characteristics of Financial Statements
#reading-estandarte
  • End-users must be able to compare a company's financial statements through time in order to identify trends in financial performance (comparability). Hence, policies on recognition, measurement, and disclosure must be applied consistently over time. Where a company changes its accounting for the recognition or measurement of transactions, it should disclose the change in the Basis of Accounting section of its financial statements and follow the guidance set out in IFRS.

    The application of qualitative characteristics and accounting standards usually results in financial statements that show a true and fair view, or fairly present a company's financial position and performance.

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It’s important to look at these before-financing numbers because they tell us how the property is doing, regardless of how the owner paid for the property.
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NOI is good or bad only when compared to something, and that something is property value. This brings us to a very critical calculation in real estate investing: Capitalization Rate = NOI Propert y Value
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The capitalization rate (cap rate) is the return that you would expect to get on your investment if you did not have a mortgage. This is called an unlevered or unleveraged return.
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Cap rates typically run between 6 percent and 12 percent. If a property has a low cap rate, you’re getting a lower return compared with the cost of that property.
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Why would you accept that? One reason is if the property is very stable and therefore less risky. Just as government bonds can pay a lower interest rate because there’s so little risk involved, income properties follow the same principle.
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the less risk that an asset carries, the lower its cap rate.
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Let’s say that we’re looking at a B-grade property. B cap rates, depending on the market, range from 7 percent to 8 percent. Let’s use 8 percent. To determine the value of the property, we just use a variation of the preceding equation: Property Value = NOI Capitalization Rate Just take $70,000 and divide it by 8 percent, or .08. The value of the property is $875,000.
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the real core of the repositioning process: When you increase your NOI, you increase the property value very quickly.
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There are many different things you can do to increase the NOI. Taking just one tool, let’s say you raise rents, and increase the NOI from $70,000 to $95,000. Same property, but now with a higher NOI. To determine your new value, you take that new NOI and divide by 8 percent. $95,000 divided by .08 = $1,187,500!
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Raising rents by $25,000 just increased the value of the property by $312,500! Ain’t repositioning great? This may take you only a couple of months to do. Maybe because of not many leases expiring, it could take longer. But regardless of the time it takes, is it hard to do? No! All you did was raise the rents. And to be accurate about it, you didn’t even do that! You had your management company do it for you! That’s an example of a nice, clean repositioning.
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if your marketing systems are continually bringing you deals, you get to pick the ones with the greatest increased-profit potential.
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It’s All about Raising the NOI
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Some people specialize in just buying properties with low rents, raising the rents, and then reselling quickly.
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Sometimes your best bet is to do some repairs. Other times, you need to change the tenant base
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other properties have low occupancy, and your NOI will increase when that challenge is solved.
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When purchasing a property to reposition it, you’re looking to do one or more of three things. I call them NOI Factors, because they all have to do with NOI:
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1. NOI Factor 1: Increase the quantity of the income stream. This is usually through raising rents, increasing the occupancy, or both.
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2. NOI Factor 2: Increase the quality of the income stream. When you have tenant turnover, are you able to put in a better quality, more stable tenant than the one who left?
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3. NOI Factor 3: Increase the durability of the income stream. This has to do with keeping your desirable tenants as long as possible, or releasing quickly when tenants do leave.
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When you put more than one of these NOI factors into play at your property, stand back because its value is about to explode.
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know exactly what you’re looking for when scanning properties for possible repositioning.
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You’ll be on the lookout for specific problems when evaluating a property for repositioning. If you cannot find and then fix one of these problems, don’t do the deal.
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Wear and Tear In addition to normal wear, deferred maintenance is an important fac- tor. With the help of a property inspector, you’ll evaluate this wear and determine how much it will cost you to fix it.
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Deferred maintenance is a hidden profit magnifier if you can fix it and still be profitable.
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The older the building and the less it’s been maintained, the more work will be needed to get it up to snuff. You should also realize that the older the property, the more main- tenance you will continue to do after you buy it.
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All properties are in a constant state of decline, but older properties simply decline faster.
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In older properties, you can expect to repair or replace: r Rotting wood r Carpets r Appliances r Heating and air conditioning r Sinks, counters, faucets, and pipes (especially underground pipes
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Here’s a rule of thumb: If you want to reposition a building that’s more than 35 years old, you may be better off reselling as soon as the repairs are done. At that point, the property will look its best. If you keep it in your portfolio, you will constantly be spending money on issues that pop up.
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Functional Obsolescence I’m referring to properties with an outdated design or style. It’s also a property that does not have many amenities.
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I once looked at a property in Montgomery, Alabama, that was 60 units. It was a good deal in the sense that the property was selling at a much lower price than its market value. Upon close inspection, it was selling for less than market because the property did not have any air conditioning.
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Without air conditioning, you’ll lose many tenants in the late spring and summer months.
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It’s hard to compete when you have such a large disadvantage. Your tenant base then becomes those people who can’t afford any- thing else.
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There are two types of changes you can make when repositioning a property: perceived and physical.
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When you are making a physical change, you do just that to the property, whether it’s repairs, upgrades, or whatever. These changes should be done in a certain order: Start with the outside and work your way in.
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On the exterior, you may need to fix the roofs, repair woodwork, and replace siding or windows. While you’re doing that, you can be working on the landscaping.
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The best part about hiring different crews is they can often be working at the same time. So while roofers do their thing, the painters are hard at work on the outside. Carpenters can be fixing the decks while landscapers improve the grounds.
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Don’t forget parking lot repairs and tenant mailboxes! Tenants see these every single day. And every single day they affect the tenants’ attitude about living in your property.
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If your parking lot needs repair, resurfacing, or restriping, get it done. If mailboxes are rusty, rickety, or not all the same, then get new ones as soon as possible. Also make sure the mailbox area is well lit and freshly painted.
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If the mailboxes are outside, try to get them out of the weather. On a three-family property where mailboxes are against the side of the building, this may be a little difficult; but see what you can do.
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On a 100-unit complex where all mailboxes are in the same place, if the area doesn’t have a roof, you need to build one. If you don’t have a roof structure over your mailboxes, your tenants will have a negative experience every time it rains and will probably gripe to all the other tenants standing there and getting soaked
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Flashcard 1757945400588

Question
[default - edit me]
Answer

Show Interfaces


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Most important show commands for CCENT - 16985 - The Cisco Learning Network
est and since show commands are so important, I'm adding their own section. These are the ones I have so far, I've tried to group them according to their role in troubleshooting. Can you guys think of any others I might need on the CCENT? <span>Show Interfaces show ip interface brief show mac address-table show ip protocols show ip route show cdp neighbors show cdp neighbors detail show cdp interface show running-config show version







Make living in your property a pleasant experience. From the mo- ment a prospective tenant drives up to the property for the first time, and every day thereafter, you want your property to generate a positive and inviting subconscious feeling. It should be visually pleasing. That means the exterior of the build- ings are in good shape, the landscaping is crisp and plentiful, and the yard is clean.
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Where to Find Profits from Repositioning 61 Sure, these are small nuisances. But if tenants who are already an- noyed by the mailbox situation then hit a pothole in your parking lot, it can be just the thing to swear to themselves that they’re getting outta there. Make living in your property a pleasant experience. From the mo- ment a prospective tenant drives up to the property for the first time, and every day thereafter, you want your property to generate a positive and inviting subconscious feeling. It should be visually pleasing. That means the exterior of the build- ings are in good shape, the landscaping is crisp and plentiful, and the yard is clean. After focusing on the exterior, now start repairing the common areas. These are all the spaces tenants share, like the basement, recre- ational areas, hallways, storage areas, and laundry. The laundry merits careful attention. Tenants can either have good experiences or a constant annoyance that leads to complaints, vandal- ism, and move-outs. Laundry areas should be kept well-lit and clean at all times. That usually means daily attention, because things can deteriorate in an ignored laundry area pretty quickly. The laundry area is considered an amenity. It’s supposed to be an additional bonus for living on this property. If it’s not kept clean, it becomes a liability.
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After focusing on the common areas, now start repairing the units, both vacant and occupied.
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The second type of change is the perceived. I’ve already talked about perceived change in the preceding section. These changes have little to do with physical overhauls, and everything to do with how both tenants and the community view the property.
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When you are repositioning the property, you’ll be turning over a number of tenants. It may be that the current tenant profile is just not ideal for your property once it’s fixed up.
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In most repositioning cases, the property also suffers from low oc- cupancy. In either case, you need new tenants. Where will you get these tenants? They’ll come from the commu- nity. In fact, the majority of your tenants will come from a three-mile radius around your property. That’s an important statistic.
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#process
Let’s say you take over a property and reposition it to attract a certain tenant profile. If that tenant profile makes up a small percent of the population within three miles of your property, your chances of success will be low
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#process
When you’re considering purchasing a property, the first thing to do is take a look at that three-mile radius. You must determine the demographic profile of the tenants you want after you improve the property. Then that profile must match what’s available within three miles of the property.
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Repairs will be one major way to change the perception of this prop- erty, and management policies will be the other major way.
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The first thing you do after making the repairs I listed earlier is to put all tenants on notice. You inform them that a new manage- ment company is on the site
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Many owners and managers make the mistake of building walls between themselves and their tenants instead of building a community, which is much more positive and profitable.
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The first step in enforcing the rules is to get rid of the slow-payers, non-payers, and any criminal element. When you get these dregs out of your property, you will build community among the remaining tenants. First, it’s a community of people who simply follow the rules and pay their rent on time. Soon, it becomes a community of people who actually enjoy living in this property because they feel like they belong.
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’ve got a couple of apartment complexes where the local Domino’s Pizza TM gives us free pizzas every month to throw a party! Why? They want the exclusive right to put flyers on the doors, and I’m happy to allow it. What a great win/win situation: r The tenants think we bought them pizza. r Tenants enjoy a great get-together. r The pizza company gets more business. r I gain goodwill and potentially better occupancy and rental rates
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Create an atmosphere of community and your tenants will stay with you.
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People will notice that good things are happening and your property will come to mind when someone’s asking around for an apartment. This is the first sign that your repositioning is successful. It’s the breakthrough.
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Real estate investing is all about cycles: Every property goes through a cycle, and so does every town and area.
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Growth . . . maturity . . . decline: These are three phases that all properties and areas will experience.
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The growth phase is when it is built.
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As the property leases up and becomes full, it enters the mature phase.
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your goal as an apartment owner is to have the mature phase last throughout your ownership. During the mature phase, the building is rented up, and tenants pay their rent on time. The manager is able to keep the property looking good, keep tenants happy, and still deliver cash flow. At the same time, the property value is increasing.
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Management must take care of any maintenance on the property when it comes due.
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Flashcard 1757993372940

Question

In operator theory, multiplication operator is an operator Tf defined on [...spaces...]

Answer
some function space

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In operator theory, a multiplication operator is an operator T f defined on some vector space of functions and whose value at a function φ is given by multiplication by a fixed function f . That is, for all φ in the domain of T f , and all x in the domain of φ (which is the sam

Original toplevel document

Multiplication operator - Wikipedia
This article does not cite any sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (December 2009) (Learn how and when to remove this template message) <span>In operator theory, a multiplication operator is an operator T f defined on some vector space of functions and whose value at a function φ is given by multiplication by a fixed function f. That is, T f φ ( x ) = f ( x ) φ ( x ) {\displaystyle T_{f}\varphi (x)=f(x)\varphi (x)\quad } for all φ in the domain of T f , and all x in the domain of φ (which is the same as the domain of f). This type of operators is often contrasted with composition operators. Multiplication operators generalize the notion of operator given by a diagonal matrix. More precisely, one of th







#hilbert-space #spectral-analysis
Spectral theory extends eigenvalues and eigenvectors to linear operators on Hilbert space
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Spectral analysis - Wikipedia
power spectrum) of a time-domain signal. This may also be called frequency domain analysis Spectrum analyzer, a hardware device that measures the magnitude of an input signal versus frequency within the full frequency range of the instrument <span>Spectral theory, in mathematics, a theory that extends eigenvalues and eigenvectors to linear operators on Hilbert space, and more generally to the elements of a Banach algebra In nuclear and particle physics, gamma spectroscopy, and high-energy astronomy, the analysis of the output of a pulse height anal




Flashcard 1758001237260

Tags
#hilbert-space #spectral-analysis
Question
Spectral theory extends eigenvalues and eigenvectors to [...]
Answer
linear operators on Hilbert space

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Spectral theory extends eigenvalues and eigenvectors to linear operators on Hilbert space

Original toplevel document

Spectral analysis - Wikipedia
power spectrum) of a time-domain signal. This may also be called frequency domain analysis Spectrum analyzer, a hardware device that measures the magnitude of an input signal versus frequency within the full frequency range of the instrument <span>Spectral theory, in mathematics, a theory that extends eigenvalues and eigenvectors to linear operators on Hilbert space, and more generally to the elements of a Banach algebra In nuclear and particle physics, gamma spectroscopy, and high-energy astronomy, the analysis of the output of a pulse height anal







#eigen-analysis #spectral-theorem
In linear algebra, an eigenvector or characteristic vector of a linear transformation is a non-zero vector that only changes by a scalar factor, when that linear transformation is applied to it.
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Eigenvalues and eigenvectors - Wikipedia
m Wikipedia, the free encyclopedia (Redirected from Eigenvalue) Jump to: navigation, search "Characteristic root" redirects here. For other uses, see Characteristic root (disambiguation). <span>In linear algebra, an eigenvector or characteristic vector of a linear transformation is a non-zero vector that only changes by a scalar factor, when that linear transformation is applied to it. More formally, if T is a linear transformation from a vector space V over a field F into itself and v is a vector in V that is not the zero vector, then v is an eigenvector of T if T(v)




Flashcard 1758007004428

Tags
#eigen-analysis #spectral-theorem
Question
when applied to it, an eigenvector of a linear transformation only [...]
Answer
changes by a scalar factor

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In linear algebra, an eigenvector or characteristic vector of a linear transformation is a non-zero vector that only changes by a scalar factor, when that linear transformation is applied to it.

Original toplevel document

Eigenvalues and eigenvectors - Wikipedia
m Wikipedia, the free encyclopedia (Redirected from Eigenvalue) Jump to: navigation, search "Characteristic root" redirects here. For other uses, see Characteristic root (disambiguation). <span>In linear algebra, an eigenvector or characteristic vector of a linear transformation is a non-zero vector that only changes by a scalar factor, when that linear transformation is applied to it. More formally, if T is a linear transformation from a vector space V over a field F into itself and v is a vector in V that is not the zero vector, then v is an eigenvector of T if T(v)







Deferred maintenance also makes your property riskier to purchase, and that gets us back to the valuation equation: If you buy a risky prop- erty, you should expect to get a higher return. That means the buyer demands a higher cap rate, which forces the value of your property to go down.
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Be a smart owner: Do your repairs on a regular basis and you will protect your asset, tenant base, cash flow, and property value!
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a B property in a B area. Such a property would nor- mally trade around an 8 cap rate (they’re expressed in percentages, so technically it’s .08). Let’s look at what the formula tells us for value: = Value of $5,000,000 NOI of $400,000 Cap Rate of .08 Now let’s see what happens when the property is viewed by in- vestors as more risky, and thus acceptable only at a cap rate of 9: = Value of $4,444,444 NOI of $400,000 Cap Rate of .09
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You lost almost $600,000 in value because you didn’t want to spend the relatively few bucks on repairs. Even worse, you also lost your best tenants.
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If deferred maintenance starts happening, your property will enter the decline phase. This is the worst of the three phases, and it usually happens because owners become cheap, or distracted by other investments, or both.
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If you show that you don’t care, your management people will soon follow suit.
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it's often too big for P P P to have nice properties.
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The decline phase typically ranges from one to two years. How long it takes to get a property back up and running properly will depend
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A rule of thumb is that the repositioning will take about as long as the decline.
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Bringing a property to the market too early is a mistake many repo- sitioners make. You can avoid this mistake by understanding that occupancy will dip for a few months before it gets better.
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Mistake #1 is to expect occupancy to go only up. Then novice repositioners make Mistake #2: They get nervous and lower both the rent and the tenant profile they’ll accept. They take applications from the same type of tenants they were trying to eradicate.
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expect to lose 15 to 20 percent of the occupancy you have at the time of takeover. Furthermore, expect that around 70 percent of your tenants at the end of one year will be new.
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#probability-measure
Let me make one quick comment about why probabilists like to use the Borel σ − σ− \sigma- algebra rather than the Lebesgue σ − σ− \sigma- algebra. For an analyst, the definition of a function being measurable is that the inverse image of open sets is measurable. Since probabilists don't require our spaces to have topologies, this really doesn't work for us. For a probabilist, the definition of a function being measurable is that the inverse image of a measurable set is measurable. The Borel σ − σ− \sigma- algebra has the nice property that if you compose two Borel measurable functions, you get another Borel measurable function in either definition. This property fails badly for Lebesgue measurable functions with the analysts' definition of measurable.
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You need enough cash to see you through the worst-case scenario of a repositioning deal. You must anticipate all the things that could go wrong, and figure that most or all of them will go wrong at the same time. Then you must calculate how much cash will get you out of that situation.
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I did not say it has to be your own cash.
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you need different skills to be a great repositioning manager.
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During the growth period of each city, the creation of a central business district (also known as CBD) took place. This is the part of town where businesses congregated. They naturally do that because it’s easier to attract many customers to one central area instead of making them go all over the place.
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As the CBD grows, it usually grows in a particular direction away from town. This is called the path of progress. Here’s the interesting thing: Over the years for that city, the path of progress almost always goes toward that same direction.
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n every real estate cycle, it’s the path of progress that starts to revitalize first. Determine the path of progress in your target city, and focus your efforts there for the greatest potential profits.
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Don’t confuse the path of progress with revitalization zones. These are areas in a city that have been neglected, usually because of a lack of funding.
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A city may target such an area to bring it up to current standards. To do this, they offer incentives for investors and contractors to renovate properties there. The city may also give incentives and tax breaks for businesses to move in. These methods can often make an area turn around and even thrive
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opening and closing tags, which are <?php and ?> which tell PHP to start and stop interpreting the code between them.
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everything outside of a pair of opening and closing tags is ignored by the PHP parser.
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PHP: PHP tags - Manual
PHP parses a file, it looks for opening and closing tags, which are which tell PHP to start and stop interpreting the code between them. Parsing in this manner allows PHP to be embedded in all sorts of different documents, as <span>everything outside of a pair of opening and closing tags is ignored by the PHP parser. PHP also allows for short open tag , <%= , and the script tag <span>




Article 1758107405580

Logical fallacies
#fallacies #logic

Fallacies are common errors in reasoning that will undermine the logic of your argument. Fallacies can be either illegitimate arguments or irrelevant points, and are often identified because they lack evidence that supports their claim. Avoid these common fallacies in your own arguments and watch for them in the arguments of others. Slippery Slope: This is a conclusion based on the premise that if A happens, then eventually through a series of small steps, through B, C,..., X, Y, Z will happen, too, basically equating A and Z. So, if we don't want Z to occur, A must not be allowed to occur either. Example: If we ban Hummers because they are bad for the environment eventually the government will ban all cars, so we should not ban Hummers. In this example, the author is equating banning Hummers with banning all cars, which is not the same thing. Hasty Generalization: This is a conclusion based on insufficient or biased evidence. In other words, you are rushing to a conclusion before you h



the City of Boston determined that the Fish Pier would be the next revitalization zone and renamed the area the Seaport District. Today, you’ll still see the fish piers, but most of the warehouses have been replaced by hotels, restaurants, the federal courthouse, a new museum, and the Boston Convention and Exhibition Center. A once-specialized part of the city is now alive with many forms of commerce.
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Revitalization areas are great places for investors like you and me to make a lot of money.
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To find out where the revitalization areas are in your target city, call the chamber of commerce or the economic development committee in that area. Ask them for a copy of the Master Plan. Almost all cities have a master plan that outlines where the city is focusing its resources.
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To determine whether the city is actually following the master plan, ride by the areas that are targeted for focus and see if any progress is being made. If so, then great. If not, look elsewhere.
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A city is the same as a property: During the mature phase, as long as the city keeps maintaining the infrastructure, the area will stay in the mature phase. The quality of life holds steady, citizens are ac- tive in the community, and the infrastructure meets the needs of the citizens.
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Who can use IAM?
Any AWS customer can use IAM. The service is offered at no additional charge. You will be charged only for the use of other AWS services by your users.
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IAM FAQ - Amazon Web Services (AWS)
ees and applications secure access to resources in your AWS account without creating an IAM user account for them. You specify the permissions for these security credentials to control which operations a user can perform. Q: <span>Who can use IAM? Any AWS customer can use IAM. The service is offered at no additional charge. You will be charged only for the use of other AWS services by your users. Q: What is a user? A user is a unique identity recognized by AWS services and applications. Similar to a login user in an operating system like Windows or UNIX, a user




#fucked-up-questions #reading-megafono
Financial statement notes (footnotes) provide information about matters such as the company's accounting methods and assumptions, contingencies, and acquisitions and disposals. Footnotes to the financial statements are audited.
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#fucked-up-questions #reading-megafono
An analyst should use disclosures to evaluate:

1. What policies are discussed

2. Whether they cover all the relevant data in the financial statements

3. Which policies required management to make estimates, and

4. Whether the disclosures have changed since the prior period. Management shareholdings can be found in SEC filings.
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#fucked-up-questions #reading-megafono
Financial statement notes (footnotes) provide information about matters such as the company's accounting methods and assumptions, contingencies, and acquisitions and disposals. Footnotes to the financial statements are audited.
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#fucked-up-questions #reading-agustin-rios
A decrease in an asset account should be balanced by a decrease in either liability or equity; a decrease in expense increases the net income and then equity. So an decrease in asset account should be balanced by increase in expense.
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#fucked-up-questions #reading-agustin-rios
Accruals accounting requires that an accounting entry should be entered when the earliest event occurs ( i.e. paying or receiving cash, providing a good or service, or incurring an expense). One or more offsetting entries will be required once the exchange of goods or delivery of services is completed.
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