# on 16-Feb-2018 (Fri)

#### 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 [...]
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 .

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

#### Annotation 1737637891340

 #bellman-equation #dynamic-programming The mathematical function that describes the optimization objective is called the objective function.

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

#### Annotation 1737639988492

 #bellman-equation #dynamic-programming The information about the current situation which is needed to make a correct decision is called the "state"

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

#### Annotation 1737641561356

 #bellman-equation #dynamic-programming The variables chosen at any given point in time are often called the control variables.

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

#### Annotation 1737643134220

 #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.

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

#### Annotation 1737644707084

 #bellman-equation #dynamic-programming Such a rule, determining the controls as a function of the states, is called a policy function

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

#### Annotation 1737646279948

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

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

#### Annotation 1737647852812

 #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".

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

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

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

#### Original toplevel document

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

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

#### Original toplevel document

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

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

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

#### Original toplevel document

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 [...].

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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.
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.

#### 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 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.
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 [...].
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

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

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

#### Original toplevel document

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.
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.

#### 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 1737665940748

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

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#state-space-models
Question
inference for [...] can be performed efficiently using the sum-product algorithm
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.
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?
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
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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#### Annotation 1757720481036

 get a good mortgage broker on your team.

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#### Annotation 1757722316044

 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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#### Annotation 1757723888908

 www.MultiFamily Millions.com and put in the keyword broker.

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#### Annotation 1757725461772

 Choose a Management Company While all this is going on, you should also be lining up your man- agement company.

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#### Annotation 1757727034636

 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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#### Annotation 1757728607500

 Property managers specialize in certain properties. Make sure you match the property manager with your property type.

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#### Annotation 1757730180364

 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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#### Annotation 1757731753228

 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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#### Annotation 1757733326092

 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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#### Annotation 1757734898956

 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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#### Annotation 1757736471820

 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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#### Annotation 1757741190412

 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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#### Annotation 1757742763276

 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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#### Annotation 1757744336140

 I want systems in place to attract these motivated sellers continuously.

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#### Annotation 1757745909004

 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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#### Annotation 1757747481868

 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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#### Annotation 1757749054732

 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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#### Annotation 1757750627596

 if I buy a property on Market Street, I name the property Market LLC.

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#### Annotation 1757752200460

 If I’m purchasing the 284-unit Mag- nolia Park apartment complex, I name it Magnolia Park LLC.

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#### Annotation 1757754035468

 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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#### Annotation 1757792046348

 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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#### Annotation 1757793619212

 It’s all about turning your small properties into big properties, and your big properties into bigger properties!

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#### Annotation 1757795192076

 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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#### Annotation 1757796764940

 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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#### Annotation 1757798337804

 You cannot only reposition a property, but also the tenant base. When you reposition, you add value.

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#### Annotation 1757799910668

 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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#### Annotation 1757801483532

 You can add value by raising rents, raising occupancy, doing repairs, increasing income, decreasing expenses, and many other ways.

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#### Annotation 1757803056396

 To reposition the tenant base, you change tenants over time to a profile that is best suited for the property.

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#### Annotation 1757804891404

 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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#### Annotation 1757806464268

 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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#### Annotation 1757808037132

 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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#### Annotation 1757809609996

 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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#### Annotation 1757811182860

 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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#### Annotation 1757812755724

 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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#### Annotation 1757814328588

 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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#### Annotation 1757815901452

 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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#### Annotation 1757817736460

 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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#### Annotation 1757823503628

 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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#### Annotation 1757825076492

 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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#### Annotation 1757826911500

 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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#### Annotation 1757828484364

 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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#### Annotation 1757830057228

 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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#### Annotation 1757831630092

 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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#### Annotation 1757834775820

 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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#### Annotation 1757836348684

 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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#### Annotation 1757837921548

 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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#### Annotation 1757840542988

 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.

#### Annotation 1757841853708

 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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#### Annotation 1757843950860

 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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#### Annotation 1757845523724

 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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#### Annotation 1758036626700

 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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#### Annotation 1758038199564

 If you show that you don’t care, your management people will soon follow suit.

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#### Annotation 1758041083148

 it's often too big for P P P to have nice properties.

#### Annotation 1758043180300

 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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#### Annotation 1758045539596

 A rule of thumb is that the repositioning will take about as long as the decline.

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#### Annotation 1758047112460

 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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#### Annotation 1758048685324

 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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#### Annotation 1758050258188

 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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#### Annotation 1758051831052

 #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.

#### Annotation 1758053403916

 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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#### Annotation 1758054976780

 I did not say it has to be your own cash.

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#### Annotation 1758056549644

 you need different skills to be a great repositioning manager.

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#### Annotation 1758058122508

 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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#### Annotation 1758059695372

 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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#### Annotation 1758061268236

 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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#### Annotation 1758062841100

 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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#### Annotation 1758064413964

 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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#### Annotation 1758094560524

 opening and closing tags, which are which tell PHP to start and stop interpreting the code between them.

#### Annotation 1758097444108

 everything outside of a pair of opening and closing tags is ignored by the PHP parser.

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

#### Annotation 1758120512780

 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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#### Annotation 1758122085644

 Revitalization areas are great places for investors like you and me to make a lot of money.

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#### Annotation 1758123658508

 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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#### Annotation 1758125231372

 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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#### Annotation 1758130736396

 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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#### Annotation 1758140435724

 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.

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

#### Annotation 1758144630028

 #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.

#### Annotation 1758147775756

 #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.

#### Annotation 1758150397196

 #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.

#### Annotation 1758155377932

 #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.