Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.

---

When you’ve got somebody that understands the real estate top to bottom front to back and can explain what’s going on, and if you’re a prepared buyer, Steven, I’d say it all the time, it’s always a good time to buy, there’s never the right time to buy because all the time is the right time to buy, you just have to understand and be equipped. What would your life look like if you could replace all of your working income with simple and conservative investments that could do it for you?

Over the last 13 years, we’ve helped 1000s of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their working income with real estate investment income.

Each week, we’ll be pulling back the curtain on the ins and outs of real time retirement based real estate transactions that will transform your financial future, even if you have no real estate experience. This is replace your income with me, Kevin Gleason and Steve Earle. All right, well, Hello, everybody, and welcome to replace your income with Kevin and Steve, who’s not in the office right now. How’s it going? Hey, what’s up, man? Steve decided to just hole up in his basement. And he’s worried that bombs are falling. He’s got a tinfoil hat on. I think he thinks aliens are coming. So he’s not in the office. Is that what’s going on? Steve? I like your tinfoil hat.

Actually, I heard some news. I don’t know if this is true or not. So you know, I’ll give you that caveat. But it’s worse than bombs falling. And it’s the fact that the government, the federal government, just came out with a proposal to add a 30% tax to every Venmo business transaction. Is that right? Dude? Yeah. Like tomorrow, it starts tomorrow. Now I could be wrong. I’m my source of information might not be accurate. But that bomb was just dropped on me this morning, as I was paying through Venmo, a company that was cleaning the carpets in my house. And he’s like, Hey, you got this done just the nick of time, because tomorrow there will be a 30% tax would be added to this Venmo transaction. percent received. Like that’s like that’s a Moab right? The mother of all bombs?

What? I don’t know that doesn’t I don’t even that would that’s a whole that doesn’t make any sense whatsoever, dude. And then you compound that with the fact that we’ve got a budget proposal bill that is being discussed in Congress right now. That is over 2000 pages?

Well, I mean, this is part of it, right? So they’re finding different ways to pay for this. And there’s some things you know, on the real estate side, we won’t get in today, cuz it’s not our topic. But there’s some like weird, wacky, crazy things that are being discussed and proposed to be able to pay for the amount of money that the government’s looking to borrow to do the things that they want to do. And I think there are a number of moabs falling to the earth as we speak, that we will find out about over the next coming months and weeks.

Oh, my goodness. I mean, let’s just think about this for a second. I think I heard that this bill that they’re discussing that they’re passing that it’s like 2005 pages. And I think that’s almost twice just to give everybody some context. Steve, have you ever read the book? Les Miserables? You have? Yes. Yes. And was it was it a quick little read something you do in an afternoon?

Maybe over six months of afternoon? Yeah. Anyways, I’m a slow reader.

Dense book. I think this bill is twice as long as Victor Hugo’s Les Miserables. Just put that into context. Just think about that. Isn’t that insane? Oh, my goodness, Steve, we live in the craziest world. And it’s just getting crazier.

But that’s why we come here on this podcast. So we can try to boil some of it down and make sense of some of it, at least from a real estate perspective. Right? Isn’t that why we do this?

Yeah, you know, I love the title, or the words that you speak so often, and so eloquently, simple, and conservative, simple. Like the word simple. Let’s keep life simple.

Yeah, you know, I like it too. And I like it, mostly because that’s about as complicated as I can understand. I said, I needed one word responses and explanations. I am not a complicated man, and simples just better. It’s just fun.

And today, though, we’re going to talk about something that after the podcast, hopefully will be simple to understand. But for somebody kind of jumping into real estate today, like the real estate, and we talk about a seed, in truth be told, we are in a kind of a new frontier, the real estate market, what’s happening right now, it’s really kind of different than almost anything that that we’ve seen.

And that’s not necessarily a negative, there’s a ton of positives. But there’s just things that and this is why we like to do the podcast and keep it pretty current. There’s things that you guys need to be aware of that are happening right now in the real estate market, just so you can make sense of your investments whether you’re done for your real estate client or not.

Just so you You kind of understand there’s a lot of people buying and selling properties right now who don’t know the conversation we’re about to have and have been very confused by a variety of factors. So that’s what we’re going to talk about today.

Today we’re going to talk about the fact that there is a massive difference between property values, purchase prices, and appraised values. See, this sounds a little crazy, because generally speaking, it’s always kind of been the fact that like, Okay, I’m going to buy a home for what the market value is, and then it appraises for that and so all three of these numbers are supposed to be the same.

But what we’re seeing today, right now in real time, is that a purchase price is going to be very different than what an actual market value is, which is going to be very different from time to time than an appraisal is going to be than an appraised value is going to be and so we thought today see that we would dive into all of these talk a little bit about the differences talk about what’s going on and try to make sense of it for everybody and keep it simple right?

Yeah, so I mean Kevin, let me even share an example that we’ve experienced very recently and we have a client buying a property and new construction so you’ve got a seller who’s the builder right and they’re looking at the market they’re seeing what you know other builders are selling their properties for and and they’re looking at their costs and what they need to sell that property for in order to earn a reasonable profit and so on.

And so there’s the list price right on that property. And then you’ve got the contract price which in this case, the buyer one of our clients said yeah, I think that this is a fair price. Because you know we ran the numbers through the Performa the numbers were great on the pro forma cash flows good the combined cash on cash is great and the annualized return on investment is phenomenal.

And you know, it looks reasonable looking at other builders prices and and other you know, opportunities out there this it looks reasonable, right? So you started the process, you start going through it and one of the items in the process is you got to get an appraisal kind of like you mentioned there’s the offer of the list price and at the market price and then appraisal price and the goal is to get all three of those to line up in this situation is interesting.

And these poor appraisers I think they’re being hit from the regulator’s they’re being hit from, you know, back in the day, you know, all the new compliance rules that that were put in place to rein appraisers in and keep make sure that they’re doing a good job in the right job. And things kind of swung one way.

And here’s here’s the thing is the appraiser came in, and the appraisal came in $20,000. Under list price match, under list price, then $3,000 under offer price. Now, we said many times, Kevin that how do you really determine like, what is a home really worth? Yeah, to mine, it’s worth whatever somebody is willing to pay for it. That’s right.

Now, having said that, you know, lenders, right, they have to get some gauge of from a third party of you know what a property is worth. So they can kind of protect their asset, make sure they get enough down payment and that kind of thing.

So we told them justify, they’re making a risk by extending a loan on an asset. So they want to justify the loan, they have to justify it to shareholders or whatever. Or if they’re going to package and sell that loan to Fannie and Freddie, it’s got to hit all these guidelines. So they go in order a third party appraisal, right? It’s mandatory.

Yeah, exactly. And it makes sense. It’s logical. And so in this case, the appraisal came in, you know, $20,000 loan so you take a look, you look at the appraisal, you try and figure out like, are they using the right comparables, you know, are they in the right market?

Or do they understand what this property comes with? You know, the granite countertops, the solid surface flooring, the extended deck on the back and patio, all the different factors, right? Real quick See, pause right there.

Because you said comparables, I don’t know maybe there’s somebody listening who doesn’t understand how comparables work as a part of an appraisal, maybe let’s just talk about that just briefly, and then dive back into kind of how the appraiser this particular property looked at it.

So So when you say comparables, you know your real estate broker, you run comparables for potential clients that you used to work with that were buying here locally, and on an appraisal, there’s also comparables that are located so let’s talk about what are comparables?

Yeah, so comparables are, the goal of an appraiser is to look at other existing homes in the area that are comparable in nature. So if the subject property the one that you know, was being appraised is three bedrooms and two baths, you want to find properties that have three bedrooms and two baths, and similar similar square footage, similar everything as much as similar as far away?

Yeah, within a certain radius, you know, they they like to keep things typically within you know, a one mile radius. So all of those things right, and if one home has four bedrooms instead of three, then they’ll adjust the appraisal accordingly.

And so That’s the idea of appraisals, right? So there’s different ways to appraise a home, you can do a cost analysis, you can do a comparison analysis, you can do an income analysis. So for a commercial property, it’s more based on income based residential, it’s more comparable based, and sometimes cost base like what what does it cost?

What would it cost to build this house. And so what’s interesting on this particular appraisal is purchase price was I believe, like 239, nine, and the seller felt that that was a fair price, the buyer agreed that that was a fair price worked on the performance, they agreed on that then the appraisal came into the appraisal came in about 20.

Well came in $20,000, low. But what’s interesting is on this appraisal, the cost replacement value on the appraisal is 240. So in other words, if the house burned to the ground, and it needed to be rebuilt, it would cost 240,000 to rebuild the home. Right? Is that what you’re saying? Yeah, but it uh, he decided to appraise it for what,

I guess about 220 because it came in at 20. Low. And that’s based on like, appraisals, poems that that this appraiser chose to include in the valuation. Now, you don’t have any control over which homes are being chosen and what logic is going into that.

But it’s a very subjective process, I guess that’s the point that I’m trying to make. It’s not just scientific. Yeah, it’s very non scientific. I mean, they are appraisers tried to be as scientific as possible by using the comparables by using costs and so on, at the end of the day, it’s really somebody’s opinion of what you know, an educated appraiser trained and so on their opinion of what the property is worth.

Nonetheless, it’s still subjected to the thought process, the biases, the life experience of that individual person. And so part of the problem that I’m going to cut these appraisers a lot of slack, like we just are living through a very strange time, right with, with the economy or Venmo taxes.

So cut him some slack there, it’s a very difficult situation for the professionals who are trying to provide an exact valuation. But where it gets really difficult is for the buyer, right for the investor where he’s like, the investor, he or she is trying to figure out like, yeah, like, the numbers make sense to pay, you know, this price in the problem is that if a property doesn’t appraise for that, the lender is only willing to loan up to 80% LTV of the appraised value of the property, which means that at the end of the day, if the buyer wants to proceed with the purchase of the property, they have to make up the difference between appraised value and what the lender is actually willing to lend.

And the 20% of the putting down to get that loan to value at 80%, they got to come out of pocket with that difference. And as soon as you do that, when you have a greater out of pocket that drops your return on investment, because you get more money into the project, right? And so right. Sometimes, you know, you don’t have that extra money to put down sometimes you feel like, well, that’s going to drop my ROI enough that, you know, I rely on that number to make some of my decision making process.

So it makes it difficult to move forward. And so you know, depending on your circumstances, as the investor, you may feel like you need to back out of the deal. Sometimes it happens, sometimes it doesn’t. And even when you’ve been prepared as the investor, there’s always that moment where it’s like, Hey, I was planning on maybe a $5,000 difference, maybe, maybe on the outset a $10,000 difference. But when you get into numbers like 20,000.

And here’s the thing, Kevin, we’ve never experienced this before as a company, right? Yeah, we’ve been doing this long enough this year, that, you know, we try to prepare our clients to know and understand that, when there’ll be multiple offers, on most properties to theirs, there’s a chance that it might not appraise, but not for that much of a difference. Like, yeah, not a $20,000 difference. Yeah, that’s a pretty startling development in the purchase process. It’s a pretty big hurdle to get through.

And so in that situation, it may very well make sense to kind of back up if the seller is unwilling to come down in price. If they know that they have the ability to sell that property to a cash buyer who does who’s not contingent on an appraisal, then obviously, it’s in their best interest to back out of the deal or to not, you know, not come down in price because they know, they know, they can sell to somebody because somebody values it at that much, or potentially give even more than that.

And so it’s subjective, and it’s something that very difficult to nail down. It’s, it is part of the strange times that we live in. And it’s part of what we have to as investors kind of reconcile in our own minds. And sometimes, like I mentioned, it might make sense to move forward, it might make sense to pull back and just look for another property.

It really is so crazy, because you think about this particular property and thankfully we have these amazing agents that work with our clients in the who explained to our awesome client, our awesome agent explaining to our awesome client, that the reality right now his property values are rising so quickly that there’s a lag on when an appraiser is going and looking at appraising a property, right?

Like you mentioned, there’s all of these different analysis, there’s all this different analysis that they’ll do. And all of these different ways they can look at the properties and generate some amounts of what a property is worth.

One of the main ways is the comparable method where they’re going and looking for other comparables. similar properties that aren’t too far away that are similar in square footage, and bed and bath, and all of that stuff. But because property values are rising so quickly, because there are people that are willing to pay above even asking price, right, if somebody is willing to pay above asking price, and that’s what they buy the home for.

That is technically the market value, right? So just think of it. And so let’s say this particular property, we absolutely have somebody willing to pay $240,000. But let’s say there was another cash buyer who came along and said, You know what, I’m going to buy that property for 250. Well, the seller is going to list it at 240.

But there’s a buyer who wants to buy it at 250. So the market value when that property got purchased would be 250. But the purchase price or the asking price, or the list price is 240. But then the appraised value comes in at 220. But then the insurance cost replacement value is at 240. But the appraisal comes in at 215 or 220.

Because the comps that the appraiser is using are properties that are that recently sold, but they may be properties that recently sold but they are not those same properties would have sold for more today than they would have a month ago. And so the appraiser is looking at purchases that happened a couple months ago, which aren’t even necessarily indicative or really representative of what the price of the property should be today.

So to Steve’s point. It’s complicated and subjective. But what we want you guys to know is this, in this real estate environment, right, we just need to understand the game that we’re playing. So if we’re going to go and purchase a property and let’s take a different approach, let’s say that we go and find a property that and the purchase price is $230,000. And we go well, that’s pretty cool $230,000 for this property, this is going to be great.

And let’s say that working with our agents in the field, the agent say you know what the purchase price may be 230. But we’re going to be getting multiple offers on this property. And the numbers on this property according to the analysis still work, if we go and offer 240.

Now here’s you need to understand, if we offer 240, you’re going to have to spend a little bit or whatever the number is right to 35, whatever the number is, you’re gonna have to spend a little bit more than just the standard 20 or 25% down payment, but you’re gonna win this deal that’s going to perform for you for years to come.

You may be looking at a property listed for 230 getting advice from the agent that you want to put in an offer at 235. When you buy that property at 235, assuming that you do, that becomes the market value, but the property may appraise for 228.

Right? So it’s just this incredible environment that it’s not that we can control it right, Steve, it’s not that we have much control outside of the research and data that we can find that we can do. I just think most people don’t know that right now.

When you are looking at property purchases, there is going to be a difference potentially, between what the appraised value is for many, many years Steve, most of us believe that an appraisal is the true representation of what a property is worth.

But that’s not necessarily the case. Because what a property is actually worth is what someone’s willing to pay for it. So and this is happening even with sellers like so here’s a good example.

So the property that my wife and I bought that we moved into last year, we put in a full price offer because we knew that the market was heating up and we really wanted this home. And so there was an asking price that was determined by an agent who’d run comps and said I think that we can sell the property for x.

So my wife and I we said okay, you know what, we’re gonna give a full price asking offer because we want them to know we’re serious. And so we did we put in a full price because we knew that most people play the game, you know, most people come in and offer less than the purchase price in a normal real estate environment. Don’t you think? that’s accurate, Steve? Most years, if there’s a list price, aren’t we typically making offers for below the list price?

Yeah, that’s historically right. That’s historically right investor, Mo. And what we learned very quickly, is you know, this concept of a good deal like years and years ago that the concept was you got to buy 15% below market value for it to be worked by.

And what we’ve kind of transitioned to is Hey, depending what the market is, a good deal might be offering below list price, or a good deal might be offering right at market price, or, and in today’s market. Oftentimes, a good deal a good opportunity or a purchase worthy property is one that you offer several $1,000 above asking price.

Now, of course, the numbers still have to work for that to be, you know, a good deal. But the point is, there’s more to a good deal than just price, you’re looking at all the different factors that we talked about all the time, all the way from location of the property, to the purchase price, to what rent you can collect, to the type of tenant to the type of property management to the cash flow to the appreciation, and all those factors.

When you take a look at the overall opportunity in front of you, offering as much as $10,000 or more over asking price could be a phenomenal deal. So let me give you a quick example. So this same property, Kevin, a year ago, today is when obviously I know the builder, I’m over the acquisitions at number three real estate, working with this builder.

At that point in time, the expectation is that he could build this home, sell it for in the profit, he needed to get on it. And he could offer that home for $180,000. Unbelievable. We’re one year later, Kevin, and we’re $60,000 higher. And trust me, he’s not putting an extra $60,000 in his pocket. Because over the last year, building materials skyrocketed. labor costs skyrocketed. And in fact, labor and material became very scarce, which is why it’s skyrocketed.

And so the holding costs of having like it taking longer to build the home, which means your cost of capital goes up all of those factors, has forced the builder to raise the price to words like he needs to sell this home for $240,000. Now to make it work, and that’s in the course of less than 12 months.

Now, I’m not going to calculate it here, but a $60,000 increase on what was $180,000 home in one year. Yeah, that’s massive. That’s massive. So the again, these poor Appraisers who they are required by their rules and regulations mandated by the state to use comparables that have already happened.

They don’t get to forecasts, they can only base price on what has happened in the past. And therefore appraisals in a scenario like we have today. Just it becomes kind of a very difficult situation for them. For the buyer for the seller for the market, generally speaking.

It’s just weird, right? You look at so the home that Milan and I bought, so we offer at 450 because we that was what was our primary residence is full disclosure. So we offered it for 50. That was a purchase price. The appraisal came in at 440.

And now the sellers had a choice, right? The sellers could either say Oh, okay, well guess you guys are gonna have to pay 10 grand extra. But what they did, because they had factors that they were weighing in as sellers, which was they were going to leave the country, they needed to get out of the house, if we come in, and we’d said, Hey, we’re going to offer you for 30, they probably wouldn’t offer they probably would have entertained a variety of other offers, right?

But because we came in with a full price offer, we could have even gone in and offered a little bit more to show him that in good faith, we really wanted to purchase the property, but it appraised at 440. And what they decided to do, because they didn’t want us to fall out of contract, or they didn’t want us to back out and say okay, we’re not going to buy it at 450, they decided to lower their purchase price by $10,000.

And so we got a $10,000 bump just right out the gate over what we thought we were going to purchase it for. Now I share that story with you not to just give you my personal information, but simply for this reason that in every one of these transactions, there are multiple parties that work, okay, you have somebody that’s listing and selling, you have somebody that’s buying, you have an appraiser that’s appraising, you have other homes in any given neighborhood that were purchased, and that are now part of the appraisal on the home that you’re looking to purchase that then you’ve got some of these other things that are taking place with labor being more expensive, and being the shortage with materials, having a shortage and being more expensive.

And then you’ve got this influx of people wanting to move to areas in suburban areas because they’re still getting out of these major metropolitan areas with ridiculous rules and tax laws. And so you look at all of this stuff, and it’s simply this real estate is a living, breathing thing. It is dynamic, and it moves and it changes. And here’s the point. It should never be scary. When I listen to us talk about this stuff, Steve, I’m going on man if I was not already in real estate, or if I did not already know something about real estate, and I’m hearing that all this crazy stuff that’s going on.

I might be like Whoo, nope. On I’m gonna wait till this dust settles. But the reality is when you’ve got somebody that understands the real estate top to bottom front to back and can explain what’s going on and if you’re a prepared buyer, Steven, I’d say it all the time. It’s always a good time to buy. There’s never the right time to buy because all the time is the right time to buy. You just have to understand and be equipped.

So in today’s market, if you’re looking to buy an investment property, you should be equipped with the idea that the purchase price may be different than what you end up offering to buy the property for, because maybe you’re offering a little bit more than list or asking price.

And that may be a little bit different than what it appraises for, if you understand that fact that there’s these factors that are taking place, and that maybe it makes sense, maybe it doesn’t make sense. But if you walk into it eyes wide open, understanding that this is the environment that we’re in, then you’re prepared, right?

I’m excited that you said that any time is a good time to buy if you’re prepared. And if you understand, you know, the market, you can you can move into it at any time without fear. I’m making an offer on two properties today in our Oklahoma market.

And I know that you’re getting ready to do something very similar as well. Yes. You know, myself earlier in the year as a company, we also are continually are buying. But I’m super excited to jump in again for the second time this year and buy, you know, add two more properties to my portfolio. And I now have properties and all of our markets.

Well, except for Oklahoma City. That’s one of the reasons why I really want to go there is it’s a brand new market. And I just think it’s important for you know, for us individually, to constantly be doing what we’re preaching as well. So anyways, today’s an exciting day for me, I’m going to be reaching out, they’re going through the exact same process.

We literally right here, we go through, we pay the exact same fees that our clients pay, yeah, we tech, same thing, we work with the same account executives, the same agents, the same lending all of it, we just plug ourselves right into the system. And that’s the confidence that we have, that it works.

Yeah, you know, it’s what Steve and I were talking about this the other day, because I was telling them that we’re getting ready to offer on a property in Oklahoma, as well. And I said, and I love paying our fees. And the reason for that is because what we do is valuable.

You know, I’m not a real estate expert, you know that Steven fact, I’ll say it and I’ll say it again, I’m not even a real estate investor. I’m somebody that loves what real estate can do. I love that real estate, in principle and philosophically can help to replace one’s income bit by bit over time, whether it’s all of the income or just a little bit.

I love that real estate generates income and works for me 24 hours a day, seven days a week when I don’t even have to think about it. But I’m not somebody who gets up and eats sleeps breeds drinks real estate, I think you’re more on that side of the coin Steve than I am. And one of our account executives Adam, he’s like all about real estate, right?

Like you read real estate articles. I read, you know, sports and political articles. But so with that, though, I say that because I love what real estate does. And I love knowing about real estate, because I can then navigate the game. Look, you cannot play the game.

If you don’t know the rules. If you don’t know why a chessboard is set up the way that it is and how certain players can move and what spaces they can take and how far they can go, then there’s never any way for you to win the game, you got to understand the framework, understand the strategy, understand that the board is set and then understand what approach you need to take at any given moment, given how the game is unfolding.

To me that is an analogy for what we do with real estate. If we know that the board is set, if we know that the game is dynamic, and it’s going to change with every single move. But if we can prepare ourselves and understand how to work within that framework within that strategy within any given moment, then whether we are real estate experts are not whether we are in love with real estate or not, we can be in love with what the real estate can produce, we can be in love with the income it can generate, we can be in love with the appreciation that it creates.

We can be in love with even paying above asking price, even if it appraises for a little bit less than that. Because if we understand the game and the rules, and we understand that the board is set, and we understand that we can take advantage of it, we can win the game in the long run. And that’s really the key. And that’s why we wanted to jump on today and say look, let us help you understand how the board is set.

Let us help you understand that in this game, the one we’re playing today, asking price may be different than market value may be different than appraised value. But it doesn’t have to be scary. In fact, it should be exciting that the market is moving and changing. And we have the ability to help you navigate it so that you can take advantage of this incredible opportunity because it’s never a bad time to buy.

Sometimes it’s a bad time to sell. But it’s never a bad time to buy. And we can assist you in whatever way is right for you, whether you’re a client or whether you’re somebody listening to this podcast, or consuming our content so that you can be a more successful investor in your own right. We want you to understand the game and understand the rules so you can take advantage of it.

And you could go and win the game, whether that’s all together or just little tiny wins bit by bit. So the real estate can truly be a piece of the life that you want to lead. And that’s really why we think that’s why we do this? Right, Steve?

Yeah, well, Kim, I would just say this, if you’re not a real estate expert, I don’t know who is. So you know, I totally get your self deprecating humor that you’re you’re so good at, but you are amazing and awesome, and an expert and an investor.

And it’s awesome to be able to have these conversations and discussions with you. And maybe I’m a little bit more passionate on the actual real estate side of it than you. But as far as like knowledge, ability, that kind of thing. I mean, you, I think you’re definitely at the top of the Echelon. Well, you’re kind. Thanks for the great discussion.

Yeah, no, it was good. I think we thought everybody needed to hear this. And so thank you, everybody, for tuning in. As always, we appreciate you, hey, make sure you go and follow the podcast. And you know, now it’s different apples change that you don’t really subscribe, you follow the podcast, but go follow it go give it a five star review.

And more important than then even that, share it with a friend, you know, we really try to bring content that’s fresh. And that’s exciting. You guys probably know we don’t record these, you know, months and months in advance so that we can talk about what’s really happening right now. And we hope you appreciate that.

We hope you enjoyed that. And we thank you for tuning in. So for now we’ll sign off and we’ll talk to you real soon. Have a good one. Thanks so much for listening to replace your income with Kevin and Steve. Do you want to connect with us and other income replacement Rangers out to obliterate the status quo and experience real retirement with income replacement through real estate type done for you real estate USA in your Facebook search bar, and make sure to like our company’s page.

Send us a message while you’re there. And I’ll send you a personal hello and make sure you’re on our weekly property scouting emails where you can view weekly deals right in your inbox. Until then, thanks so much for joining us on replace your income. And just remember, income replacement for you and your family may only be one property away. See you next week.