PDF Summary:The Real Estate Investing Blueprint, by Ashley Marie

Acquiring real estate assets provides unique opportunities for generating wealth, but you need to approach investments with careful planning and financial savvy. In The Real Estate Investing Blueprint, Ashley Marie dives into the key strategies and financial considerations involved in navigating the property market successfully.

This guide explores the benefits of property investment, factors to weigh before committing funds, techniques for finding undervalued properties, and practical methods to evaluate potential investment prospects. Marie also covers managing rental properties, using leverage responsibly, understanding complex exchanges, and exiting investments at the right time.

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Practical Tips

• Start a virtual investment club with friends to practice leveraging debt. Use an online stock market simulator where each person manages a hypothetical portfolio that includes the option to use leverage. This way, you can learn from each other's strategies and outcomes in a risk-free environment.
• Consider starting a peer-to-peer lending circle with friends or family to fund your endeavors, where each member contributes funds and agrees on terms for repayment. This creates a private loan system that can be more flexible and personal than dealing with banks or traditional lenders.
• Develop a habit of conducting mini "pre-mortems" for your projects. Before starting something new, take a few minutes to imagine it failing and then work backward to identify what could lead to that failure. This helps you spot potential disadvantages early on and plan to mitigate them.

Choosing and overseeing properties

The document underscores the significance of selecting an appropriate property and its effective administration in the context of property investment. Marie provides comprehensive advice on identifying properties with prices lower than the market rate, conducting thorough evaluations of properties, understanding the complexities of rental property laws, and maintaining positive relationships with tenants.

Factors to consider when choosing real estate for investment purposes.

Marie underscores the necessity of meticulously evaluating the dynamics of the area's real estate market, understanding the legal framework, and performing an in-depth analysis to uncover any potential issues before choosing a suitable property for investment.

Examine the local real estate landscape thoroughly, considering elements like crime rates, the caliber of nearby amenities, and the value of properties in the neighborhood.

Before settling on a property, Marie recommends investigating the local market to ensure it aligns with your investment goals. Examine the area's track record for security, its proximity to amenities like schools, parks, and shopping centers, and the value of surrounding properties. Assess the potential for growth and appeal of the region by analyzing current market trends, recent sales data, and average rental rates. Exploring surrounding neighborhoods provides a comprehensive insight into the general state and attractiveness of the area.

Other Perspectives

• Focusing solely on nearby amenities might overlook the potential of areas that are currently underdeveloped but slated for future improvements or developments.
• Market analysis can be subjective and may lead to confirmation bias, where an investor only acknowledges information that supports their preconceived notions about the value or potential of a property.
• Security track records can sometimes be misleading due to underreporting or inconsistencies in how crimes are reported and classified across different jurisdictions.
• The definition of valuable amenities can vary greatly depending on individual needs and lifestyles; for some, proximity to cultural centers or hospitals might be more important than schools or shopping centers.
• Recent sales data and rental rates may be skewed by short-term events or anomalies and might not be indicative of long-term trends.
• The state and attractiveness of an area can be subjective and influenced by personal preferences, meaning that comprehensive insight might not translate to universal appeal.

Decide on investing in either commercial or residential real estate by evaluating your financial goals and appetite for risk.

This section of the text explores the unique attributes that differentiate properties intended for business purposes from residential ones, emphasizing the importance of choosing a type of property that aligns with your investment objectives. Properties intended for individual or family occupancy provide a more approachable starting point because of their reduced initial expenses and simpler legal requirements. Engaging in commercial real estate ventures can lead to increased earnings, though it often necessitates a more substantial upfront financial commitment, involves intricate rental contracts, and is associated with a higher level of uncertainty. Ashley Marie recommends choosing a real estate investment that matches your budget, desired involvement, and risk acceptance.

Other Perspectives

• The idea of aligning investments with risk tolerance assumes that investors have a correct understanding of their own risk appetite, which may not always be the case; some investors might overestimate or underestimate their tolerance for risk.
• Simpler legal requirements for residential properties do not necessarily mean less risk or effort, as residential tenants have significant legal protections, and managing these properties can be time-consuming.
• Complex rental contracts in commercial real estate could be seen as a disadvantage, but they also allow for more tailored agreements that can benefit both the landlord and the tenant, potentially leading to longer lease terms and more stable income.
• It does not address the potential for passive income through real estate investment trusts (REITs) or other vehicles that might align with an investor's financial goals but require less direct involvement than owning property.

Examine properties thoroughly to ascertain the extent of maintenance or improvements required and include these expenses in your assessment.

Marie emphasizes the necessity of comprehensive property evaluations prior to finalizing any acquisition choices. A comprehensive analysis will reveal any current issues, such as foundational flaws, roof leaks, or outdated electrical setups, in addition to any issues related to the water and sewage systems. It is essential to have a clear grasp of the property's condition to accurately include renovation costs in your budgeting.

Practical Tips

• Use social media to crowdsource opinions about a neighborhood by posting questions in local groups or forums. This can give you a sense of community issues, development plans, or local sentiments that might not be apparent from just a physical evaluation or standard research.
• Use a home improvement app with augmented reality (AR) to visualize renovations. Some apps allow you to point your phone's camera at a space and overlay different design options. This can give you a better sense of what materials and changes will actually look like, which can prevent overspending on elements that don't match your vision or needs.

Effective methods and responsibilities for managing property investments.

This section of the book highlights the essential roles involved in managing properties, which include acknowledging legal obligations, creating strong screening methods for potential tenants, maintaining the property, and nurturing good rapport between the landlord and the tenants.

Ensure you understand the legal obligations to maintain livable premises and to interact with every tenant in a fair and unbiased manner.

Marie emphasizes the importance of understanding state and local regulations that govern the relationship between property owners and those who reside in their properties to maintain legality and prevent conflicts. These laws cover various aspects, including lease agreements, security deposits, eviction procedures, and landlords' responsibilities for maintaining habitable living conditions. Being aware of these legal responsibilities ensures that you maintain your rights as a property owner and ensures fair treatment for all tenants.

Practical Tips

• Develop a checklist for routine property inspections that includes fairness criteria. When you inspect properties, use the checklist to ensure that all tenants' living conditions are up to the same standard. This could include checking for consistent maintenance response times, quality of repairs, and access to amenities.

Other Perspectives

• Overly stringent regulations may discourage individuals from becoming landlords, which could reduce the availability of rental properties in the market.
• The responsibility for maintaining livable premises is not solely on the landlord; tenants also have a duty to care for the property and report issues in a timely manner.
• Unintentional biases can influence interactions, meaning that even with the best intentions, a landlord might not always succeed in being completely unbiased.
• Prioritizing property owners' rights without considering the broader social implications may contribute to systemic issues such as housing inequality and affordability crises.

Develop a strong method for assessing the reliability and responsibility of prospective renters.

The reliability of tenants is crucial to the prosperity of property investment ventures. A thorough tenant screening process will help you minimize risks associated with late payments, property damage, and evictions. To gain a thorough insight into potential renters, it's essential to combine verification of their job status and references from previous landlords with a range of screening methods, such as rental applications, evaluations of their financial reliability, and checks of their criminal records. Employing impartial standards to assess candidates guarantees equitable treatment and reduces the likelihood of bias.

Practical Tips

• Implement a reward system for tenants who consistently meet their obligations, such as on-time payments or maintaining the property well. This could be in the form of annual rent discounts, upgrades to rental units, or gift cards to local businesses. Such incentives can encourage good tenant behavior and foster a positive landlord-tenant relationship.
• Create a personal reference checklist tailored to your needs when evaluating potential employees or tenants, including non-standard questions that go beyond just confirming job status or tenancy history. For example, you might ask about the candidate's ability to handle conflict or their commitment to ongoing professional development. This approach helps you gain a more holistic view of the individual's character and work ethic.
• Develop a renter's resume that goes beyond the standard application, highlighting your stability and reliability as a tenant. Include references from previous landlords, a brief statement about your rental history, and any community involvement or volunteering, which can make you stand out as a responsible and engaged community member.
• Partner with a local financial advisor to offer short financial education sessions for prospective tenants. This can be a win-win situation where tenants get valuable advice on managing their finances, which in turn can make them more reliable renters, and the financial advisor gains exposure to potential clients.
• You can enhance your personal safety by setting up a policy for background checks before engaging in transactions with individuals, such as when renting out a property or selling items online. Start by using online public record search services to verify the identity and criminal history of the person you're dealing with. For example, before renting a room in your home, run a background check on potential renters to ensure they have no history of violent or property-related crimes.
• Volunteer to be part of a hiring or selection committee in your community or workplace and advocate for the use of structured interviews. Structured interviews use a set of predetermined questions that are asked to all candidates in the same order and manner. This can help reduce bias by ensuring that all candidates are evaluated on the same criteria. You can suggest this approach for the next time your community group is looking for new members or your workplace is hiring.

Maintain the value of the property by conducting essential repairs and regular inspections.

Maintaining your rental property in top condition is essential to attract and retain tenants. Address maintenance inquiries from residents swiftly and perform routine inspections to pinpoint issues before they develop into expensive fixes. Regular assessments facilitate the early detection and rectification of minor issues such as leaks or cracks, as well as other maintenance needs, which helps to avert their progression into significant problems that could impact your property's worth.

Practical Tips

• Start a neighborhood tool-sharing initiative to reduce the cost of repairs. By pooling resources with neighbors, you can access a wider range of tools without purchasing them. This not only saves money but also fosters community relationships, which can be helpful when you need advice or assistance with a repair.
• Use a journal to track the performance and maintenance of your vehicle. Note dates of oil changes, tire rotations, and any strange noises or behaviors. This habit can help you identify patterns or recurring issues, allowing you to address them promptly. If you notice your car is pulling to one side consistently, it might be time to check the wheel alignment.
• Set up a dedicated tenant communication channel using a popular messaging app to ensure you're easily reachable for maintenance issues. By creating a group or a dedicated contact on an app like WhatsApp or Telegram, you can provide tenants with a direct line to you for maintenance requests. This approach is more immediate than email and can be less intrusive than phone calls, allowing for quick acknowledgment of the issue and the scheduling of repairs.
• Create a "trouble log" in a notebook or digital app to track small issues as they arise in your daily life. Whenever you notice something amiss, jot it down with the date and a brief description. At the end of each week, review the log and address the most pressing issues. For example, if you've noted that your sink is starting to drain slowly, take the time to unclog it before it becomes a bigger plumbing problem.
• Partner with local trade schools for discounted property assessments and repairs. Trade schools often look for real-world training opportunities for their students. You can offer your property as a training ground for assessments, which can be more affordable than hiring professionals. This not only helps maintain your property but also supports the education of future tradespeople.

Advanced investing techniques and exiting investments

This section explores advanced aspects of real estate investment, focusing on methods to spot undervalued properties, understanding the complexities of tax-deferred exchanges, various approaches to finalizing investment transactions, and maintaining a flawless credit record to facilitate future financial endeavors.

Strategies for finding and acquiring real estate that is valued lower than its actual worth.

Marie provides practical guidance on pinpointing properties in the market that are priced below their true value. The section delves into methods for identifying sellers open to negotiation, understanding the costs involved in acquiring real estate, utilizing capitalization rates, and examines the option of purchasing properties through auctions.

Identify real estate opportunities where the value has been reduced due to a range of economic factors.

Understanding the nuances of the nearby real estate market is crucial. Economic downturns, increased unemployment, or a surplus of available real estate might present opportunities to identify homes priced beneath their actual market worth. Marie recommends seeking out properties in areas facing economic difficulties or where the proprietors may be experiencing monetary pressures for potential investment.

Practical Tips

• Diversify your investment portfolio to include assets that are not directly affected by local unemployment rates. This could mean investing in stocks, bonds, or real estate investment trusts (REITs) that are spread across different geographical locations and industries. By doing so, you reduce the risk of your overall investment portfolio being negatively impacted by a downturn in the real estate market due to rising unemployment in a specific area.
• Create a simple spreadsheet to compare property prices and listing durations in different neighborhoods. By collecting data on how long properties stay on the market and their final selling prices, you can start to see patterns that may suggest a surplus. For instance, if properties in one area are consistently selling for less than the asking price and staying on the market longer, this could be a sign that there's a surplus of real estate in that area, potentially leading to lower prices.
• Partner with a local real estate agent to get alerts on properties in economically challenged areas. Explain your interest in undervalued properties and ask to be notified about any that hit the market. This relationship can give you a head start on evaluating potential investments, as agents often have access to listings before they are widely advertised.
• Develop a habit of driving through neighborhoods to spot "For Sale by Owner" signs, as these properties might not be listed online and could be priced more competitively. Owners selling without an agent might be doing so to save on commission costs and may be under financial pressure, potentially leading to a below-market value deal. This strategy involves simply taking different routes when running errands or going for a drive.

Connect with homeowners facing challenges such as foreclosure or divorce, as these situations often lead them to be more inclined to sell, which can enable you to negotiate more favorable purchase prices.

Sellers often show readiness to consider lower bids when they are intent on quickly liquidating their assets. Property owners may find themselves in situations like foreclosure, divorce, or death that necessitate a rapid sale of their property. Approaching property owners who are facing financial difficulties and are willing to sell can result in better negotiation terms and the chance to acquire property below the prevailing market price. Marie advises approaching these situations with empathy and a clear understanding, while consistently prioritizing your financial objectives.

Practical Tips

• Create a network of professionals like divorce attorneys and financial advisors who can refer you to homeowners going through a divorce. Offer to provide free seminars or informational materials to their clients about the options for handling real estate during a divorce. This strategy positions you as a helpful resource and can lead to referrals from professionals who trust your expertise and discretion.
• Develop a relationship with a real estate attorney who can advise you on the legal aspects of purchasing properties from owners in financial distress. This professional can help you understand the nuances of such transactions, ensuring you're prepared to act quickly when an opportunity arises. They can also keep you informed about the legalities of purchasing distressed properties in your area.
• Start a "Financial Objective Journal" to track your progress in aligning empathy with financial goals. At the end of each day, jot down instances where you had to balance empathy with financial decisions, what you learned, and how you can improve. This could be as simple as noting how you handled a friend asking for a loan while keeping your own budget in mind.

Investigate the potential of acquiring properties by buying tax liens or participating in web-based platforms that facilitate joint property investment ventures.

Marie delves into diversifying investment risks by examining real estate prospects with significant tax obligations and by exploring the realm of platforms that facilitate collective real estate investment. These strategies offer unique advantages and pave the way for financial involvement that is usually not possible with standard approaches. However, they also come with intrinsic hazards and factors that need to be acknowledged.

Practical Tips

• You can start by creating a spreadsheet to track tax lien auctions in your area, including dates, locations, and contact information for the relevant tax authorities. This will help you stay organized and ensure you don't miss any potential opportunities. For example, use a simple Excel or Google Sheets document to list upcoming auctions, and set reminders a week in advance to prepare for each one.
• Engage in micro-investing by allocating a small, affordable amount of money to a web-based property investment platform. This low-risk strategy allows you to experience the process firsthand, understand the flow of transactions, and evaluate the platform's user interface and support services without committing significant funds.
• Engage in active online communities or forums focused on collective real estate investment to learn from others' experiences and strategies. By participating in discussions, asking questions, and sharing insights, you can gain practical knowledge and perhaps discover lesser-known investment platforms or opportunities that align with your investment goals.
• Consider starting a small-scale crowdfunding campaign for a community project. This allows you to experience firsthand the power of collective financial involvement. You could fund anything from a local art installation to a community garden, using social media and crowdfunding websites to gather contributions from a wide range of supporters.
• Develop a habit of seeking diverse perspectives before making important decisions. Reach out to friends, family, or colleagues who might see things differently and ask for their input. This can help you identify potential risks and benefits you hadn't considered, leading to more informed choices.

Factors to evaluate prior to selling real estate holdings.

This section of the book provides insights on recognizing the ideal time to exit an investment. Marie explains that various factors, including changes in market conditions, local regulations, significant upkeep needs, and personal circumstances, can influence the decision to sell property.

Evaluate crucial metrics like the investment's yield, the state of the market for rentals, and the tax implications linked to the real estate to pinpoint the optimal timing for sale.

Understanding the subtleties of market variability and the related potential risks is crucial. If the capitalization rates for similar properties are higher than those for your property, it could indicate that your asset's value isn't being fully realized, which might mean that selling could be beneficial. A reduction in the demand for rental properties could lead to lower rental prices or a rise in vacancies, which may suggest a decline in investment returns and lead to thoughts of selling off assets.

Other Perspectives

• Tax implications are complex and can change with new legislation; relying on current tax laws to determine the timing of a sale could result in unexpected outcomes if those laws change.
• Market variability is inherently unpredictable, and even with a thorough understanding, unexpected events can disrupt the market, making it impossible to perfectly time the sale of real estate based on these factors alone.
• The decision to sell should also consider the owner's individual financial situation, investment strategy, and long-term goals, rather than being based on market metrics alone.
• Lower rental prices could actually increase the pool of potential tenants, leading to higher occupancy rates and potentially stabilizing investment returns over time.

Understand the benefits of a 1031 exchange and how it can help defer capital gains taxes

Engaging in a 1031 Exchange allows you to swap one investment property for another while postponing the payment of capital gains tax that would normally be owed right away. This efficient strategy enables you to defer taxes until the exchanged property is eventually disposed of in a sale that results in financial profit. Navigating the intricacies and adhering to the strict timelines of tax-deferred property exchanges can significantly improve your long-term investment strategies, particularly with the assistance of an experienced intermediary and the knowledge of proficient real estate experts.

Practical Tips

• Consider setting up a dedicated savings account for the proceeds from property exchanges. Whenever you engage in a property exchange, transfer an amount equivalent to the estimated taxes deferred into this account. This practice will ensure that you have funds set aside for future tax liabilities when you eventually sell the property for a profit.
• Create a timeline visualization tool to track your property exchange deadlines. Use a digital calendar or project management software to set up alerts for key dates in the tax-deferred exchange process, such as identification and closing deadlines. This will help you stay on top of the strict timelines without having to memorize them.
• Set up a mock negotiation session with a friend or family member to practice your communication and bargaining skills. This can help you feel more confident when discussing terms with real estate experts and intermediaries. You might simulate a scenario where you're trying to lower the commission rate or negotiate the terms of a property sale.

Modify your real estate portfolio to stay in sync with personal situations or overall changes in the real estate market.

Market cycles and unexpected challenges can influence your exit strategy. A sudden escalation in property taxes, along with the necessity for continuous significant maintenance, or a significant change in community laws, such as stricter eviction policies, could indicate a worsening environment for investing. Additionally, significant life changes such as a change in employment, a divorce, or an inheritance might necessitate the liquidation of real estate holdings to adjust your financial strategy, regardless of current market conditions.

Practical Tips

• You can create a real estate portfolio dashboard using a spreadsheet to track changes in your personal situation and the market. Start by listing all your properties and relevant details such as location, value, mortgage, rental income, and expenses. Add columns for personal factors like your job stability, family size, or retirement plans. Regularly update the dashboard with market trends like interest rates or average rent prices in the area. This visual tool will help you see when your personal situation or market shifts might warrant a portfolio adjustment.
• Set up a "Peer Strategy Review" group with fellow entrepreneurs or professionals from different industries. Meet monthly to discuss and critique each other's exit strategies, focusing on how market cycles and challenges could affect them. This cross-industry perspective can provide unique insights and creative solutions that you might not have considered on your own.
• Develop a maintenance forecast calendar for your properties. Start by listing all known maintenance tasks and their expected frequency. Use a free online calendar or project management tool to schedule reminders for inspections and budget reviews. This proactive approach allows you to anticipate and spread out maintenance costs over time, reducing the impact of significant, unexpected expenses.
• Set up a "Real Estate Readiness Fund" by saving a small percentage of your income. This fund is specifically for covering costs associated with selling property quickly, such as minor repairs, staging, or real estate agent fees, in case of an unexpected life change. For instance, if you suddenly inherit a property that you need to sell, having this fund readily available can help you cover the upfront costs without disrupting your regular finances.

Maintaining a strong credit score is crucial for enhancing opportunities within the realm of real estate investments.

The author underscores the importance of preserving a robust credit score throughout every aspect of investing in real estate. A strong credit history not only makes it easier to secure loans with favorable terms but also allows for the expansion of purchasing power with diminished financial burden owing to lower costs of borrowing.

Develop plans to improve your credit standing, which can significantly influence the costs linked to obtaining financial support.

Marie emphasizes the critical role that a robust credit score plays in obtaining financing for real estate investments. Lenders assess your financial trustworthiness by examining your credit history and score, which influences both your ability to secure loans and the expense associated with borrowing, as seen in the interest rates offered. Ensuring a robust credit standing through punctual bill payments, prudent debt oversight, and regular credit report checks can enhance your likelihood of obtaining advantageous loan conditions and reduced borrowing expenses.

Other Perspectives

• A focus on credit score alone might overlook the importance of having a solid business plan and experience in real estate, which can be equally crucial in convincing lenders of the viability of an investment.
• In certain cases, individuals with little to no credit history, known as "credit invisibles," may be financially trustworthy but are disadvantaged by traditional credit scoring methods, prompting some lenders to seek additional information.
• While credit history and score are significant factors, they are not the only criteria lenders consider when evaluating loan applications. Other factors such as income, employment stability, and assets can also play a crucial role.
• Credit unions and community banks might offer more favorable interest rates to members or local residents regardless of their credit scores, as part of their community support ethos.
• Regular credit report checks are useful for identifying errors or fraudulent activity, but they do not directly improve credit standing; corrective actions based on the findings from these checks are what lead to improvements.
• A strong credit standing does not guarantee lower borrowing costs if the borrower lacks negotiation skills or financial literacy to understand and choose the best available loan products.

Ensure financial caution by aligning your loans with the limits of your credit capacity.

Creditors meticulously assess the ratio of your outstanding debts to your overall credit availability. Maintaining a low ratio is indicative of prudent credit management and enhances your standing as a trustworthy borrower. Marie advises prudent handling of existing credit lines and stresses the significance of paying off outstanding obligations to maintain a positive debt-to-credit ratio, which in turn increases your attractiveness to prospective lenders.

Practical Tips

• Establish a 'pre-loan' savings routine where you save the equivalent of the projected loan repayment amount for a few months before taking out the loan. This practice not only builds up a buffer for future loan payments but also tests your budget's resilience to the additional financial commitment. If you find you're unable to save this amount consistently, it's a clear sign that the loan may be beyond your credit capacity.
• Engage in a "Credit Simulation Game" with friends or family to better understand credit management. Create a game where each person starts with a fictional amount of credit and debt. Throughout the game, players make decisions on how to manage their credit, such as taking on new debts, paying off existing ones, or increasing their credit limits. This game can help you learn about the impact of different financial decisions in a risk-free environment and foster better credit habits.
• Create a visual debt-to-credit ratio tracker using a spreadsheet or a free online budgeting tool. Input your credit limits and outstanding balances, and use conditional formatting to change the color of the cells as you approach higher utilization percentages. This visual cue can prompt you to adjust spending or make additional payments. For instance, you might see the cell turn yellow at 30% utilization and red at 50%, signaling it's time to take action.
• Challenge yourself to a "no-spend" week once a month, where you only spend money on absolute necessities. Any money you save during this week can be allocated directly to paying down your debt. To make it more effective, plan your meals, commute, and any other necessary expenses in advance to avoid any non-essential spending.
• Engage in a monthly 'credit line audit' where you review all your credit accounts to assess their statuses. Look at your credit utilization ratio, interest rates, and any fees or penalties you've incurred. If you find an account that's costing you more than it's worth, consider closing it or switching to a better option. For instance, if you have a credit card with a high annual fee that you rarely use, it might be more prudent to close the account or switch to a no-fee card.
• You can automate credit card payments to ensure you never miss a payment and inadvertently hurt your debt-to-credit ratio. Set up automatic payments for at least the minimum amount due each month. This will help maintain a positive payment history, which is a key factor in your credit score and attractiveness to lenders.

Opening a multitude of credit accounts can negatively affect your credit score.

Opening several lines of credit in a short period may negatively impact your credit rating, despite the importance of having access to credit for real estate investment purposes. Every inquiry for additional credit could potentially decrease your score, since it could suggest to lenders that you carry a greater risk. Marie recommends careful consideration before taking on new debt and underscores the necessity of diligently overseeing existing financial obligations to build a strong and reliable credit history.

Practical Tips

• Create a strategic timeline for when to apply for new credit by mapping out significant upcoming financial events in your life, like buying a car or home. This way, you can plan applications around these events, spacing them out to avoid a cluster of credit inquiries that could potentially harm your credit score.
• Create a "debt decision matrix" to evaluate the necessity and impact of potential debts before taking them on. Start by listing the reasons you're considering the debt, the benefits, the risks, and potential alternatives that don't involve borrowing money. For example, if you're thinking about taking out a car loan, your matrix might include the convenience of having a car, the total cost with interest, and the possibility of using public transportation or carpooling instead.