One Factor That Most Newbie Traders Ought to NOT Do

You posted your juiciest actual property inquiries to the Baker Pockets boards. As we speak, we’re answering them. Hey everybody, it’s Dave Meyer right here with Henry Washington. And for at this time’s present, we picked 4 hotly debated latest subjects from the BiggerPockets boards. And we’re gonna weigh in with our opinions on what the posters ought to do. We’re gonna cowl on this episode, whether or not it’s a good suggestion to make use of personal cash in your first deal, when to just accept a tenant with crimson flags, learn how to elevate lease for inherited tenants, and… whether or not the 70% rule nonetheless works for flips in at this time’s market. Henry, you’re able to dive into these group questions? Yeah, man, that is great things. Let’s do it. Superior. Nicely, I’m glad to have your assist. Let’s dive into our first query. All proper, Henry, this query comes from Chris on the BiggerPockets boards. He’s questioning about elevating personal capital and particularly what occurs when you do this after which a deal goes unhealthy. He wrote, I’m a newbie investor who nonetheless hasn’t gotten their first deal. I’ve spoken with some actual property mates and so they’ve instructed me about how personal cash has helped their enterprise develop massively. It’s one thing I consider will assist me lastly get that coveted first deal and first paycheck. So earlier than we get into the second half a couple of potential deal going unhealthy, curious your ideas right here, Henry, on whether or not elevating personal capital is a good suggestion within the first place for somebody who’s making an attempt to land that first deal. I believe elevating personal capital is an enormous accountability. I imply, you might be borrowing different folks’s cash. And I believe too typically folks wish to borrow cash as a result of they’ve been unhealthy with their cash. And they also’ve acquired unhealthy spending habits and wish to borrow cash as a result of it feels much less dangerous. I’ve by no means considered it that means, truthfully, however once you put it that means, it’s not a really interesting scenario for the lender. Precisely. Most novices wish to borrow cash as a result of they really feel like they don’t have any. And lots of people don’t have any cash saved up as a result of they’ve acquired unhealthy spending habits. And so now you wish to take these unhealthy spending habits and apply them to any person else’s cash. And I believe that may be dangerous. Now to reply the query with out emotion and it positive you may completely borrow personal cash and do your first actual property deal. However is that the correct factor to do? Such as you actually need to ask your self, effectively, why don’t I’ve any cash? Why don’t I’ve any cash to place right into a deal? And if it’s since you are unhealthy with cash or financial savings, then it’s in all probability not a fantastic concept so that you can go borrowing any person else’s cash to do a deal once you don’t have any expertise but. Since you’re gonna make errors. I imply, I used to be simply telling folks final evening that I made a rookie mistake on a home I simply completed flipping like proper now and I’m very seasoned, proper? That’s going to value me about $7,000. So you realize, I don’t know that borrowing personal cash is one of the best resolution for a model new investor. I agree with you and I’ll comply with up in a minute. I’m curious when you contemplate partnering with household and mates, personal cash, or is {that a} totally different class? It relies upon. Companion to me means you get fairness, proper? And in order that’s true. If you happen to’re partnering and also you get fairness, then I believe that’s totally different. However in case you are simply borrowing their cash and paying them some type of curiosity, then that’s simply borrowing cash. And also you’ve acquired to actually look within the mirror and say, like, is it a good move for me to borrow any person’s cash once I haven’t been nice with cash and to get right into a deal that I’m not sure is an effective deal or not but? Like, I simply I simply don’t know that that’s one of the best transfer. I are likely to agree with you. I do some personal lending and I’ll let you know categorically, little question that if somebody who had by no means carried out a deal requested me to borrow my cash, I might not even take a look at the numbers. I wouldn’t take a look at something. I might not lend somebody cash who has by no means carried out this earlier than. Most individuals who do personal lending, they do it as soon as they’re already rich and it’s a capital preservation technique, proper? They’re simply making an attempt to. make some strong pursuits. They’re not making an attempt to make large swings. They’re not making an attempt to take enormous quantities of threat. And betting on a rookie investor is dangerous. Even when you have one of the best intentions, you do all of your homework, it’s simply riskier for the lender. Now, I believe the, what I type of hinted at earlier than, partnering with somebody who’s mates or household, I believe that’s a good way to get began. And I do know not everybody has family and friends that they’ll associate with. But when that possibility is accessible to you, I believe most individuals truly get began indirectly. We talked to lots of people on the present. Individuals determine it out, they associate collectively. And in order that’s how I might go for 2 causes. At the start, the individuals who know you might be gonna be most keen to wager on you and going to somebody who doesn’t know you is gonna be actually robust. The second factor is simply type of like legally and technically about how this works. However when you borrow cash from a non-public lender, that signifies that they’ve a lien. and so they have a proper to that property. And so if issues go poorly, that lender, relying on the construction of it, can repossess that home and take it from you, and you might lose every part. If you happen to associate with somebody who has the correct understanding of the deal, and one month you don’t make your money move, or perhaps three months you don’t make your money move, or six months you don’t make your money move, when you’re fairness companions, you might associate collectively to make up that shortfall. Hopefully it’s not that large, however you’re not gonna be liable to shedding your… property to a non-public lender as a result of they’ve a primary place lean on the property. So I simply assume that going for actual personal cash goes to be robust and dangerous for a brand new investor. Amen. Thanks for the query, Chris. Hopefully it was useful to you and to all of our listeners. We’re going to take a fast break, however on the opposite aspect, we’re going to reply a quite common and essential query, Henry. Is there ever a situation the place you need to settle for a tenant with a crimson flag? We’ll be proper again. Hey everybody, I’m again right here with Henry Washington. We’re answering questions from the BiggerPockets group. The following query involves us from Sandra and he or she is interested by whether or not or not it’s higher to take a emptiness or to just accept a tenant with some crimson flags. She writes, that is our second rental in Indianapolis and we closed on it a few months in the past, however it’s been troublesome to seek out tenants. The primary rental we closed on in April rented rapidly with no points with a fantastic tenant needed to ask everybody what their expertise is with tenants which have had a number of late funds on their report and certainly one of them additionally declared chapter up to now. Is it higher to attend for a tenant that’s extra on time with funds and go away the place vacant for now or settle for whoever applies new to all of this? So any recommendation is appreciated. Henry, take the primary shot at this one. So there’s a, there’s a few parts right here. So first it says a few late funds after which second it says chapter. So now, if the late funds weren’t within the image and it was simply somebody who had a chapter, I wouldn’t essentially let that crimson flag cease me from renting to them if I knew what the chapter was about as a result of there are quite a lot of conditions that trigger chapter that don’t have a lot to do with if that individual is. an individual who can and can make funds on time. Like folks file chapter due to divorce conditions, due to medical payments. Medical payments are loopy, man. For positive, yeah, medical debt. Like if it’s medical debt that’s prompted you to have chapter, that won’t cease me from renting to you as a result of most individuals on this nation can’t afford their medical debt. Can you discover that out although? Like, is that one thing you simply ask and belief them on? Yeah, I might ask them, however you may take a look at their credit score report sometimes and discover out. You wish to look into what’s inflicting it. Now, the late funds plus the chapter, and if I discover out the chapter doesn’t have something to do with medical debt or a divorce or one thing like that, then no, I’m not going to lease to that individual. The issue with late funds is, look, folks get behind. I’ve been a tenant who’s acquired behind on lease earlier than and it occurs. However there, it’s only a few and much between that I discovered the place tenants get behind after which truly actually get caught up. And so type of, when you play that, I’ve type of gotten behind recreation. It’s very, very exhausting to get caught up. And so to me, I might anticipate a extra certified tenant than renting to an individual on this explicit scenario. However I don’t have an issue renting to any person that will have some quote unquote crimson flags. It simply will depend on what these crimson flags are and why and the way they acquired there. I believe that’s nice recommendation to actually take a look at every particular person scenario and never simply apply cookie cutter recommendation. I’m going to confess one thing to you that I’m very mad about, Henry. I missed a cost on a random bank card this 12 months as a result of I stay in Europe and my invoice went to my dad’s home and this complete silly factor, it was for like $80. And my credit score rating dropped 100 factors in a single day as a result of I used to be 30 days late on like an $80 factor. So I simply, clearly that’s not a really critical scenario, however you realize, if somebody checked out my credit score report proper now, they’d see a late cost. And so I believe it’s tremendous essential to similar to take this stuff in context. Now for me personally, if there was a historical past of late funds and it was latest, that will concern me. I believe if it was two years in the past or three years in the past or 4 years in the past, and so they might let you know an affordable story about what occurred and so they’ve been in a position to pay lease not too long ago on time, I believe that wouldn’t concern me as a lot. That stated, when you don’t really feel assured that they’re going to have the ability to pay, I take the emptiness each time. Each time. You bought to take the emptiness as a result of truthfully, you’re going to get the emptiness eventually. Yeah. After which discover a fantastic tenant, then take an opportunity on a scenario that I don’t really feel assured in. After which I’m going to only have a emptiness a pair months down the highway and quite a lot of stress. 9 instances out of 9, once I discover myself on this scenario the place I don’t have intestine feeling about somebody and about what’s on their utility 9 out of 9 instances, it finally ends up going South, proper? I don’t have any tales the place I used to be like, I had a foul intestine feeling, however they turned out to be superb. Like not one. Yeah, that’s a very good level. Yeah, it’s type of like, I speak about this like with hiring basically, like at BiggerPockets or elsewhere. It’s like, it’s acquired to be a hell sure. You understand, like it’s a must to really feel actually good about it. And I believe that’s true, regardless if there are crimson flags on somebody’s credit score report. I’ve undoubtedly rented to individuals who have had late funds earlier than and it’s labored out positive. Like I stated, not tremendous latest and extreme late funds. However you realize, folks get behind and so they can flip it round financially for positive. Life be life in. Okay. So Henry, earlier than we transfer on, let me simply pose a hypothetical right here. Trigger we don’t know the precise scenario, however let’s simply assume that Sandra thinks about this decides this isn’t the correct tenant. What do you do from right here? You simply hold the identical lease. Do you decrease your lease? Is there something you’ll advocate to her that she might do to try to fill this emptiness? So if you concentrate on a property, it’s both going to be three issues that cease any person from renting it. It’s both the worth, the situation or the advertising, proper? a type of three issues is out of whack or a number of of them are out of whack. And so these are the levers it’s a must to pull. If it’s been listed for 3 months and it’s listed all over the place the place it must be listed, the place folks can get eyeballs on it, that means the advertising is nice and the situation is nice, then it’s a must to modify the worth. Proper? Now it could be that it’s priced what it needs to be for a property of that dimension and sq. footage in that, that specific neighborhood space. And whether it is, if every part round you is priced equally and is renting, then it’s in all probability your situation or your advertising. And so I might take a look at your competitors and see what have they got that you just don’t have? Why are folks choosing any person else’s earlier than they decide yours? And the advertising, that’s simply one thing you’re going to need to analysis. If you happen to’re the one doing the advertising, perhaps you’re not good at it. Possibly it’s not. It’s true although. Inform it to them straight. Take into consideration who your perfect tenant is after which how that perfect tenant seems to be for a property. And is your property seen in these locations? If the reply to that’s no, then your advertising’s unhealthy. So these are the levers I’d take a look at. One different factor I’ll add there too, is that the rental market could be very seasonal, that means that there are occasions when it’s quite a bit simpler to seek out tenants, and there’s instances when it’s quite a bit tougher to seek out tenants. This submit got here in mid-November, and it’s robust. I don’t know when you’ve needed to do it, however I’ve all the time struggled to seek out tenants in both November, December, and January. Sure. And so that you may must decrease lease to try to entice a high quality tenant there. After which I all the time advocate to folks, when you do discover a good tenant, you both do like a six month or an 18 month lease to just remember to don’t end up in a scenario the place you’re once more, it’s simply type of preventing uphill. You’re making an attempt to push towards the grain after which as a substitute get your leases renewals in April by way of September, you’re going to be positive. Yep. Agreed. Our subsequent query comes from Larry Nelson in Venice, Florida. And he says, I personal a rental property, however I’ve had them for some time. I’m now taking a look at a property that’s tenant occupied, going to a month to month in November. It’s a long-term tenant who has not expressed curiosity in leaving. The present lease is about 500 much less per 30 days than what my analysis tells me it could possibly be for this property. I do know it is a enterprise, however recommendation on buying a property and wanting to boost the lease as much as honest market from being a lot decrease. Henry, what would you do on this scenario? I’ve had this case quite a bit. And the very first thing you wish to make sure that of is that this tenant actually is an effective tenant. If the tenant is an effective tenant, they’ve nice cost historical past. The unit they stay in is in good situation. Proper? Like that’s gold. Good tenants are exhausting to seek out. Proper? And particularly in the event that they wish to keep, like I wish to assist them keep. Now it’s a enterprise and it is advisable get them nearer to market rents, however there are a number of methods which you could go about doing that. At the start is simply having a dialogue with them and letting them know that you’d love for them to remain and also you wish to work with them to have the ability to keep, however need them to grasp that like I needed to pay for this property, which implies I do have a mortgage to pay, which implies I’ve to attempt to get this worth up. So I wish to work with you. on that. And so I might have that dialog and say, Hey, market lease is a couple of thousand {dollars} a month for this unit. That’s what I might get if any person else have been to maneuver in right here, however I’d like to have the ability to hold you. Do you assume you might afford $800 a month? And if we might step by step stair step you as much as 800, do you assume that will be affordable? And quite a lot of the instances they’re keen to do these issues as a result of most tenants know that they’re getting a deal. once they have actually, actually low rents. Sure, they do. And when you can hold their lease decrease than what it will be in the event that they needed to transfer, as a result of they don’t wish to transfer, shifting prices cash, shifting prices time, after which they’re going to need to go pay a thousand bucks some other place. So if they’ll keep, not spend the cash or the time, and pay 800 or 700, they’re in all probability going to be keen to do this. After which I might work with them on both taking their lease, stair-step it up, perhaps 50 bucks a month till we get there, perhaps it’s 100 bucks each couple of months, such as you and that tenant can work out what’s financially affordable to step them as much as that over time. Possibly it’s we go up 100 bucks each six months till we get there, proper? Like you’ve to have the ability to determine that out. However conserving them in that unit, in the event that they’re high quality tenant and so they’re paying persistently is gold. You don’t need to get all of them the best way as much as market. I couldn’t agree extra. I really feel like there’s some individuals who take this method the place it’s like, I’m the owner, I personal this enterprise, I’m coming in, I’m telling you what lease is. I’ve by no means carried out that. Prefer it might work. It might, however I simply agree with Henry that sometimes in these conditions, I purchased a property this 12 months, the place this occurred, the individual had been there for 18 years, I used to be like, this in all probability is nice tenant, proper? And I’m what, why would I kick out a fantastic tenant in a property that I intend to, to personal for a very long time, however on the identical time, like the best way I underwrote the deal was to get rents near market charge. So I believe that could be a actually essential a part of that is that when you’re going to throw the e book on the tenant and say, Hey, I’m going to get this to the utmost lease I can underwrite it that means. That’s positive. That means you’re saying, Hey, utilizing Henry situation for the primary 12 months, I’m going to get 800. And the second 12 months I’m going to get 900. After which by years three or 4, like that’s how I give it some thought. Like by years three or 4, like I’ve to get market lease at a sure level, however I’m keen to type of. stretch that out for 10, particularly when it’s been there for many years, like I’m going to work with that individual. In order that’s one factor is to underwrite it. The second factor is, once you discuss to folks about market charge, like I believe Henry’s proper, folks know that they’re getting a deal. However a minimum of perhaps it’s simply me as a result of I really like information. However I like to inform folks be like, right here, that is what issues are renting round you simply so like, you present that you just’re not making this up out of skinny air, you’re not nickel ing and diming them. I believe the third factor that a minimum of tenants perceive and the half that type of makes me really feel snug at this, as a result of it’s awkward, such as you don’t wish to screw somebody over is that the present property proprietor has put this rental unit up on the market. And so somebody goes to return in and be a brand new landlord on this scenario. And I all the time wish to place it that the tenant feels that The very best factor that might have occurred for them is that I purchased this as a substitute of another person, as a substitute of some company landlord who’s not going to speak to them. Who’s going to similar to, say this quantity and be actually exhausting. And so I discover when you take that method and also you type of put your self of their footwear and clarify to your, your footwear too, like I purchased this property, I’ve all these bills and simply have a dialog with folks, a minimum of for me, it’s all the time labored out. Um, and so I believe taking the longterm. All the pieces I assume I do in actual property is rather like, take into consideration the long-term right here and don’t similar to combat over $200 that’s going to finally result in a emptiness and lack of tenant. It simply doesn’t make sense. Trey Lockerbie I agree with you, however you completely want to do this diligence and ensure they’re tenant. Jeff Sarr Completely. After which the opposite factor I’ll say is that if it is a multi-unit to deal with folks equally and never like say, hey, this one tenant, you realize, you get to remain the opposite one, we’re going to max it out. I believe it’s a must to take a comparatively comparable method with everybody to only be honest, no matter circumstances, supplied that they’re all strong tenants, have been paying on time, care for the property, and so forth. All proper, so we’ve talked about personal cash. We’ve talked about tenants with crimson flags, and we’ve talked about elevating lease. Now we gotta take a break, however once we come again, we’re gonna speak about one thing in your wheelhouse, Henry. Whether or not or not folks needs to be utilizing the 70% rule in at this time’s day and age, we’ll be proper again. Welcome again to the BiggerPockets Podcast. I’m right here with Henry Washington, reply group questions. And Henry, I gotta throw this query to you as a result of I’ve by no means flipped a home and this one’s about flipping. It comes from Cheyenne who says, hi there everybody, I’ve a couple of questions for the repair and flip buyers. I did two flips final 12 months. One I made a revenue on, the opposite one was mainly break even. I realized quite a bit from each tasks and hope to study extra. I needed to know what are your ideas on the 70% rule? Do you guys nonetheless apply that rule? For all of the offers right here in South Florida, I’m not in a position to do 70% and it looks as if the revenue margin is de facto small. What greenback quantity or proportion do you search for in repair or flip properties? So Henry, I’m gonna throw this to you want I stated, however first perhaps you may clarify to everybody what the 70% rule is after which inform us when you use it. Yeah, the 70% rule is a air quotes rule that took place perhaps what 5, seven years again when it acquired actual standard, which is actually saying, you realize you’re shopping for deal or you realize you’re shopping for a deal that’s gonna become profitable when you purchase it at 70% of the after restore worth minus the repairs that it wants. So in different phrases, if the home ARV or after restore worth was $100,000 and also you’re shopping for it for $70,000, you’ve hit the 70% rule. however it’s a must to subtract the repairs. So if it wants $20,000 price of repairs, meaning it is advisable subtract one other 20 grand, which places you at a couple of $50,000 buy worth. And so what it was saying is it is a fast and simple means so that you can know what to supply on a property for it to be a worthwhile flip. Now, the 70% rule has all the time, to me, simply been a rule of thumb. It’s not- You imply it’s not legally binding? It’s not the regulation, proper? Like- I believe folks use it as a result of it’s a fast and simple option to give you a proposal worth, however there are different fast and simple methods to give you a proposal worth which might be going to be a complete lot extra exact and are going to be a complete lot extra market particular as a result of the 70% rule is just not market particular. It’s only a normal calculation. And so I don’t use the 70% rule. As a substitute, I do my very own fast and simple calculation. It’s only a max allowable provide calculation. and I do it actually on the calculator on my cellphone. At the start, you want the after restore worth. That’s an important quantity it’s a must to have. So when you have the after restore worth, I take that ARV minus bills, which might be your closing prices, your holding prices, and your commissions. Okay. Proper? So for closing prices, I sometimes do. In my market, it’s in all probability gonna be wherever between 5,000 to $10,000, and that… counts the purchase and the sale. Okay. Since you’re gonna pay closing prices twice, proper? Whenever you purchase it and once you promote it. So you’ve to do a little analysis sufficient to know what’s closing prices sometimes gonna value you in your market, each once you buy and once you promote. So ARV minus closing prices, minus holding prices. That is one thing it’s a must to work out for your self as effectively. What are your typical holding prices? So for me, I’m utilizing… personal cash or exhausting cash and I’m sometimes paying 11 or 12% curiosity solely. And so for me, it’s going to be wherever between a thousand to 2000 bucks a month, relying how a lot I’m shopping for the property for. After which it’s a must to take that and contemplate how lengthy you’re going to carry that property for. So if I’m paying $2,000 a month in holding prices and I plan to carry that property for six months, that’s $12,000. So ARV minus closing prices minus holding prices. after which minus the repairs. And the final and most essential factor that it’s a must to subtract is the revenue that you just wish to make. So you employ the revenue virtually as an expense, proper? Simply in my thoughts, I’m constructing a calculation right here. And so we now have ARV, proper? You begin with the worth that you just assume which you could promote it for. That comes from comps. Let’s simply use an instance right here. Let’s say it’s a $200,000 property. So that you stated, you realize, Closing prices are going to be 10 grand. That takes you to 190. Let’s say that we’re going to, you realize, comfortable prices. I’m simply going to make up numbers right here. Let’s say it’s 30 grand. It will get you to 160 and say that in your time, Henry, you want this to make you 50 grand, proper? 50 grand, okay. So meaning that you’d be keen to pay $110,000 for this property, proper? Trigger you’re promoting it for 200. You’ve gotten 10 Okay of closing prices. We stated, 30 for comfortable prices, like financing, that type of stuff. After which 50 in revenue, you’d pay 110. Precisely. OK, and so that isn’t 70% rule, proper? As a result of I believe the 70% rule is doing it backwards, proper? It’s simply saying how a lot revenue try to be pleased with. However you place revenue earlier into the equation. Completely. I wish to dictate how a lot revenue I wish to make, given the quantity of threat I could also be taking up for a job. If I’m taking a look at a property and it’s in a neighborhood the place issues are promoting sluggish, it’s acquired basis points or perhaps it’s acquired a bizarre structure, I need extra revenue for taking up extra threat. And so I’m going to bake that in on the entrance aspect to know what I’m keen to pay for it. I’m not going to let some arbitrary calculation dictate to me how a lot I ought to make on that property. If I’m shopping for a home and it’s in a rock star neighborhood, it’s a beauty rehab, I could also be keen to make much less revenue or provide extra to do this deal. And so I dictate the revenue that I wish to make primarily based on what that deal is telling me. So how do you give you that revenue although? As a result of that absolutely is sensible to me. That is true of any kind of funding. The quantity of revenue, the quantity of reward that you need to get depends on how a lot threat, how a lot time that you just’re placing into the deal. However like… I can think about it will be simple to only say, hey, I wish to make, you realize, on a 200 grand property, I wish to make 100 grand. How do you give you one thing that’s each bold however lifelike? So the rule of thumb I take advantage of for the revenue that I wish to make is I sometimes wish to make what I’m spending on the rehab. So if I’m doing a 50k rehab, I’d wish to make a 50k revenue. Now I’m keen to regulate that slider primarily based on the issues that we talked about earlier than. How probably is it to promote on the ARV? Is it in a fantastic neighborhood? Is it bizarre? The extra bizarre issues that occur that home has, the extra revenue that I’m gonna wanna make and vice versa. So it’s a sliding scale, however the rule of thumb is that if I spend 50, I wanna make 50. In different phrases, I don’t wanna go do $100,000 rehab and solely make 30 grand. To me, that’s not gonna do it. So if I’m underwriting a deal that has $100,000 rehab, I’m in all probability gonna attempt to bake in $100,000 revenue. After which I’ll be keen to slip that primarily based on a few of these components we talked about. I think about that additionally will get simpler as you do extra offers. Or discuss to different buyers and say, hey, on a median strong center type of threat, center effort deal, you may often anticipate $40,000 in rehab prices, $50,000 in earnings. And so you may type of tune your radar a bit of bit to say, OK, that is on the spectrum, the correct spectrum of threat reward. profile for me. However that’s one thing you study over time. Or when you’re new to this, like this poster within the BiggerPockets group, that is precisely why you go on the BiggerPockets discussion board and ask these kind of questions as a result of similar to Henry simply defined, somebody hopefully in your market can let you know what sorts of revenue you might anticipate for what sorts of properties. Completely. All proper, effectively, thanks for educating us on that one, Henry, a lot appreciated. And thanks for your whole knowledge on this. This was quite a lot of enjoyable. I recognize all of your enter for the BiggerPockets group. Hey, thanks for having me. We should always do extra of those. It is a lot of enjoyable. I really like, I really like answering these questions. Similar. I believe these have been actually good questions. If you’d like your individual query answered both by Henry and I, or by the BiggerPockets group, make sure that to go to biggerpockets.com. The slash boards, you may ask these inquiries to actually 1000’s, if not tens of millions of skilled actual property buyers utterly without cost. You may get the knowledge of the gang proper there on biggerpockets.com. That’s all we acquired for you at this time on the BiggerPockets podcast. Thanks for listening. We’ll see you subsequent time.