on 20-Feb-2018 (Tue)

The mathematical concept of a Hilbert space, named after David Hilbert, generalizes the notion of Euclidean space. It extends the methods of vector algebra and calculus from the two-dimensional Euclidean plane and three-dimensional space to spaces with any finite or infinite number of dimensions. A Hilbert space is an abstract vector space possessing the structure of an inner product that allows length and angle to be measured. Furthermore, Hilbert spaces are complete: there are enough limits in the space to allow the techniques of calculus to be used.

You do not have to be the stereotypical landlord to enjoy the profits from an apartment building. A qualified property manager does all the hard work. They take care of the tenants, collect the rents, pay the bills, pay the mortgage, and put a chunk of cash flow into Robert’s bank account every month.

the coefficient of arbitrarily small function δf in the first order term is called the functional derivative

Systemic risk is the possibility that an event at the company level could trigger severe instability or collapse an entire industry or economy. Systemic risk was a major contributor to the financial crisis of 2008. Companies considered a systemic risk are called “too big to fail.”

$20,000 should be the minimum profit you build into any deal. In other words, if you can’t do it for a 20-grand profit, don’t do the deal.

when you do multi-family investing, $20,000 is chump change. It’s possible to do your very first deal and get a six-figure profit.

profits from your first repositioning deal can reach six figures

As a rule of thumb, for every 1,000 letters you send out, you’ll get a 1 percent response. That 1 percent response will get you 8 to 12 calls from sellers.

Some months, you will send out 1,000 letters and get zero deals

you won’t need to find 1,000 new potential sellers each month. You’ll be mailing second, third, and even seventh letters to people already on your list.

When you’re mailing 1,000 letters a month, you’re destined for success. Just consider how the vast majority of people are talkers, not doers. That includes your competition. So 75 percent will never mail a single letter. Twenty percent will mail a few dozen letters, and lose

interest. The remaining 5 percent may get up to 100 or so letters for a month or two, and then give up.

You will be in such a small minority

you don’t even rate 1 percent, because you’ll have virtually no competition.

The average direct mail piece costs 75 cents to get it out the door. If you’re doing 1,000 letters a month, that’s going to cost you $750. If that’s more than you can afford, then start with what you can afford.

If you multiply that by 12, then in one year, you’ve spent $9,000 to get your mailings out the door. If you are averaging one deal a month, you’re making $20,000 a month. In one month, you’ve more than paid for your marketing for the whole year!

there will be a lag time between when you start and when you do your first deal.

after one year of averaging one deal a month, you can make $240,000, all coming from your marketing costs of a lousy $9,000. Do those numbers work for you?

What would happen if you did a 50-unit complex and your profit was $350,000?

Direct mail works in all phases of the market cycle. It’s one of the few marketing techniques that do. Direct mail your way to wealth!

Become a member of your local landlord association.

Don’t think you have to be a landlord to be a member of the landlord association. Remember, you will be an investor! Let other people do your landlording and property management. You’ll oversee them as an asset manager.

you want to be knowledgeable about landlording, so the people you’re managing will realize you know what you’re talking about.

Knowledge will give you power. No one will be able to pull the wool over your eyes.

The main reason to be a member of the local landlord association is so you can get to know the other owners. These owners will eventually become sellers.

you want to stand out as an action-taker, and associate with the movers and shakers in the group. Do this by joining committees and boards that are part of the association.

Set yourself apart from the masses by volunteering for projects.

What you’re really doing is—again—setting yourself apart from everyone else, and earning the good favor of the key contacts.

Eventually, you can take on a leadership position. Whether it be president, vice president, or treasurer, become an officer and you will get instant respect and credibility.

What if there is no landlord association in your area? Start one.

we started the Metro South Property Owners Association.

We had all kinds of great speakers come and talk to us: judges, lead- paint experts, other investors, financing experts, and many others. Whenever I wanted to know something, I’d invite an expert to come speak to us—for free!

Show me a group of landlords and I’ll bet that at least some of them are thinking of selling their properties.

These landlords are fed up and burned out. They’ve had it, and are ready to sell.

They’re in the landlord business and are not good at it.

They despise tenants

They let maintenance slip.

One sure place to find Don’t Wanters is where the local board of health takes its bad landlords to court.

Locate that courthouse, which will be either your local district court or housing court. Get the list of owners who

are scheduled to appear before the judge. It usually has their names and addresses and is posted on the court date.

Start going to a few of these sessions.

The Don’t Wanters are easy to spot. You can hear it in their tone of voice. They’ve had enough and want out. Follow them out of the courtroom, pull them aside in the hall, and give them your business card. Tell them you specialize in buying their type of property, you may want to buy theirs, and would they be interested in selling.

As with every other deal-attracting technique, you’ll go through many no thanks responses for every how soon can we meet response.

this method of finding deals costs zero money and very little time.

cruise neighborhoods that you’re interested in investing in, and look at all the multi-family properties in the area. Identify the ones you would be proud to own

look at the ones that aren’t so nice. Maybe they need paint, better landscaping, or the roof needs to be fixed. When you see trashy looking properties with broken shades and sheets hung up across win- dows, think money!

you can make this property better!

When you make it a proud place to live again, you’ll be making some very nice profits at the same time.

You can get many properties for below-market prices, because of the deferred maintenance. If you can’t get it for well below market, don’t bother.

When you see one of these properties, pull over, get out, knock on a door, and ask the tenant if you can have the owner’s contact information. You explain that you’d like to do the needed repairs on the property. The tenant’s eyes will widen and you’ll have the owner’s name in a flash. You’re telling the truth, because you’ll do those repairs when you buy it!

go online or visit the assessor’s office. See where the city is sending the tax bill, and give that person a call. If you can’t find the number, then do your direct-mail thing.

Many sites now list commercial properties.

loopnet.com. This service is nation- wide and very popular: commercial brokers, residential brokers selling commercial properties

Before the properties from commercial brokers go on the site, they have most likely been heavily picked-over. When commercial brokers get a listing, they try to sell it to their private buyers’ list first.

you can still find good deals on Loopnet

it will take a lot of number crunching through crummy deals to find a decent one. You’re mining for diamonds, and if you think they’re just lying about, you’ll never make it in this business. Add Loopnet as just one more way to get exposure to more deals, and you will soon become wealthy.

Many Ways to Get Deals

Go after foreclosures, big and small.

Go to eviction court.

Network with estate attorneys.

Network with accountants.

Network with financial planners.

Network with the disposition agents of other real estate companies.

Talk with real estate investment trusts and see what they might have in their portfolio that they want to dispose of.

Read the classifieds.

Put in a classified ad.

There are many ways that investors sabotage their own success.

They sit on their butts and never get started.

actually get started, but give up at the first sign of difficulty or lack of results.

They look for the single Silver-Bullet Technique that will make them filthy rich, and they never find it, so they give up.

50 ways to get one deal, and you should be doing all of them! If you follow that advice, you’ll soon blow the doors off your bank account.

we’re in the marketing business, and real estate is our product. If you don’t get this firmly fixed between your ears, you won’t be in business for long.

become proficient in marketing to get deals

pick up the phone, send some letters, get some lunch appointments, and get out there!

get used to the marketing, and each action gets easier.

start making money.

Use many forms of marketing

You’ll be a hero to your spouse, you’ll be the envy of the landlord association, your face will clear up, and you’ll have a better sex life!

You’ve located one or more good repositioning possibilities. Now we must dive in a little deeper to understand the principles

You need to know when you’re looking at a mess that’s really a wonderful opportunity—and when you’re looking at just a mess.

buy properties that have prob- lems, preferably in areas that have not yet fully recovered from their cyclical downswings.

force a property to appreciate. That’s right, forced appreciation. When you take a property with a problem, and fix that problem, you can substantially increase the value of the property, regardless of general market trends. This is called a value play.

Golden Rule of Multi- Family Investing: Only buy based on actual numbers.

Do not buy any property based on pro forma forecasted numbers.

discover the types of properties that are not only under-valued, but are fixable.

Your typical value play is different from a flip. The typical flip takes three to six months. A typical value play deal will take 12 to24 months to turn around, depending on size and complexity of the repositioning.

typically took me three to six months to do all the repairs and another couple of months to lease them up. I then either held the property for nice cash flow, or flipped it for a single fat check.

one of your fears with multi-family properties is the fear of big numbers. I had that same fear. It kept me in small properties for almost four years. When I finally got over the fear of doing bigger deals, I couldn’t believe how easy they were, and we just kept getting bigger.

Find—and Profit from— Burned-Out Landlords

look for properties that are run down. You can usually spot multiple problems after just glancing at the property from the street.

he’s advertising it to the world with his poorly maintained property. How do we find him if he’s not at housing court this week? First ask the tenants.

Hilbert spaces arise naturally and frequently in mathematics and physics, typically as infinite-dimensional function spaces.

go to the neighbors.

go online or go to your local assessor’s office and find out where the tax bill is going.

If you can get the phone number, call the owner. Otherwise, get the address and send him a letter saying that you want to buy the property.

hire a management company

manage the manager

hrough laziness or sheer incompetence, some managers fall down on the job.

1. Inability to keep the property full 2. Inability to collect rents 3. Higher-than-usual expenses 4. Poor tenant screening 5. Higher-than-usual evictions 6. Property not clean 7. Leasing office not attended 8. Poor tenant relations 9. Poor follow-up on tenant requests 10. Slow to get units ready to rent out again 11. Not telling you about expenses 12. Poor landscaping upkeep

Give a property manage- ment company three months to perform. If you’re not getting the cash flow you were expecting, it’s time to give them notice and bring the next manager in.

You should always have a clause in your management agreement that gives you (and the management company) a 30-day option to cancel the contract.

Many people shy away from a property because it needs repairs, but the savvy investor loves these properties. Usually the uglier, the better, as long as you buy the property at a discount.

Hilbert spaces are indispensable tools in the theories of partial differential equations, quantum mechanics, Fourier analysis and ergodic theory, which forms the mathematical underpinning of thermodynamics.

Geometric intuition plays an important role in many aspects of Hilbert space theory.

Linear operators on a Hilbert space are likewise fairly concrete objects: in good cases, they are simply transformations that stretch the space by different factors in mutually perpendicular directions in a sense that is made precise by the study of their spectrum.

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