Chat Transcript – June 7, 2010

Posted on June 8, 2010

Roger Dawson Hi Janevan and Fishizzle! Mike should be with us shortly
Roger Dawson There’s Mike!
Mike_Summey Hi everyone!
Fishizzle Hey Roger and Mike
Roger Dawson Hi Rudolph!
Mike_Summey Looks like I’m late.
robsargent828 Hi!
Mike_Summey Hi Rob
Roger Dawson Mike no, you were right on time. to the second
janevan Hi Rudolph!
Mike_Summey I’ve had a busy day. Just barely made it back in time.
RudolphtheRed Hi Folks!
Mike_Summey Any questions before we start getting busy?
Mike_Summey Now’s the time. Only 4 of you and 2 of us. the odds are good.
Mike_Summey Hi Joshua
Mike_Summey Hi DAve
Joshua Hi Mike
Mike_Summey Hi jneun
jneun Good evening all
RudolphtheRed What is the best way to accertain appropriate rent for a property?
Fishizzle Mike, I know you typically purchase homes newer than 1970. I’m considering a place built in 1900, that has been updated. Would you caution against this purchase? Location is pretty unbeatable.
Mike_Summey Rudolph, find a property manager you like and get that number from them. They know the rental market best. That’s what I do.
Mike_Summey Fish, that’s a bit old. Is it an historic property?
Fishizzle Yes, it is a historic property although I don’t think it has to comply with any historic preservation requirements.
Roger Dawson Rudolph: A property manager that is experienced in the area and one that you trust, is your best way to find out what a property will rent for.
Mike_Summey Fish, there are so many relatively new homes on the market right now at great prices, I wouldn’t want to look at something that old.
Mike_Summey Hi Gene
Mike_Summey Hi Weur
WeurJ hello, Mike. This is my first chat.
Mike_Summey Weur, glad to have you. We’re friendly here so feel free to jump in any time.
robsargent828 Mike, I am looking at a 1930 duplex (originally SFR) for 30K with 60K wort of rehab in the Candler area. Would you take on something like that or start from scratch, just demolish and put a new place on it.
Roger Dawson Another way to evaluate rental potential is to act like a tenant and go see a few properties. By the time you’ve seen ten rentals in the neighborhood, you’ll have a good feel for it.
Fishizzle How much do you have to worry about a “newer” property’s neighborhood remaining stable over, say, 50 years? We want to have our rentals for life.
Mike_Summey rob, like I said to Fish, there are so many relatively new homes on the market now, why would you want to undertake a project like that?
jneun Anyone care to share what percentage of the final price they have had success with as an opening bid? So if the list price is $200K and you can make money at $160K where would you bid?
Mike_Summey Hi tortorainc
tortorainc Hello all
Joshua Mike, remind me, do you do your own inspections or do you have an official inspection report done during your due diligence period?
Dave Hi, guys. I’m curious if you have had any success in generating leads for properties from sources like bankruptcy attorneys, divorce attorneys or other non-bank professionals. I have tried to knock on the door of a few banks to identify potential candidates – short sale and non short-sale — and probably just need to keep pounding the pavement.
GeneS. HI Mike, My daughter is looking to purchase a home in Pa. There is a 2% Buyers Transfer Fee. How much are Buyers Transfer Fees in other areas of the U. S. The estimated closing cost on a $ 170,000. home purchase is $ 10,000. (that doesn’t include taxes and insurance up front escros of about $ 2,000.)
Mike_Summey jneun< I’d probably offer $140,000.
tortorainc Hi mike
robsargent828 Dave, I have had success with attorneys handling probate cases.
Mike_Summey Joshua, I do my own inspections, but remember I’ve been at it for nearly 40 years.
GeneS. At $ 10,000. closing costs that means that the home must appreciate $ 10,000. to break even. Is that pretty standand in home purchases? That seems excessive to me. Is it excessive?
tortorainc Mike I’m a property manager and broker in Buffalo NY
Fishizzle is it worth it to purchase a rental property if the first few years you can only cash flow less than $100/month? (NOI minus mortgage)
Mike_Summey Dave, there are a ton of bank owned properties listed with Realtors. Why not look at them? They are much easier to buy that short sales and such and once the property has gone through foreclosure the title is usuall cleared of everything.
tortorainc I agree Maike bank ownerd proerties are much better
Mike_Summey GeneS, we do not have transfer fees in NC, SC or AL and that’s the only 3 states I’m buying in.
Roger Dawson Jneun, strickly from a negotiating standpoint if they’re asking $200K and you want it for $160K you should offer $120K. Then you are Bracketing your objective. At that low price you’ll have to imply some flexibility to encourage them to negotiate with you.
Mike_Summey Hi Rob
RobPit Hello Mike…first time attendee!
Mike_Summey tort, I’m going to shorten your screen name so it is easier to reply. Glad to have you with us. Maybe you can answer some of the property manager questions we get.
Joshua Mike, remember in your CDs when you tell that story about the bank wanting to only loan you on % of of purchase instead of appraised value? You went back to them and said you are going to loan me less money because I got a good deal, but would loan me less than if I paid market value? Well, I’m in the same situation, but bank won’t budge! Thoughts? I can provide more details
Roger Dawson My son just bought a short sale but it was a real hassle. Don’t try it if you’re allergic to stress.
Mike_Summey Fish, I will buy if the property only breaks even because I know that the longer I own the property the better the cash flow will get as the mortgage pays down and the rent goes up.
tortorainc You got it
RobPit Is there supposed to be audio with this?
Mike_Summey Rob, glad to have you. Just jump in at any time with a questiuon.
Roger Dawson Rob: No, no audio.
Mike_Summey Hi jlee
jlee Hello Mike and Roger
Roger Dawson Hi Jlee
Mike_Summey Rob, we’re “low tech” here.
jneun Roger, Thanks. That’s the approach I’ve been taking. Will try a couple more with emphasis on flexibility then perhaps try Mike’s version and bail at my money making point.
Dave As a realtor I have access to MLS and my other realtors. I’m fairly new and getting to know them. I just thought that there might be some interesting opportunities to pursue with the attorneys. Thanks for the feedback.
Fishizzle what do you think about SFH vs duplex or fourplex? we’re finding it’s harder to cashflow SFH in our area.
jlee I want to say “Thank You” to both of you. I just made an offer that was accepted for my 1st purchase just for investment.
Roger Dawson Congratulations jlee! The first one is always the hardest.
tortorainc Congrats Jlee
Mike_Summey Joshua, try anther bank.
Mike_Summey Fish, where are you located?
Fishizzle Boise, ID
RudolphtheRed Guys, silly question perhaps: How far out of town would you look for investment rental property? I live in Asheville so perhaps you could give an example of distance relevant to this area, too. 🙂
Mike_Summey jlee, that’s great!
tortorainc Mike properties in Buffalo are cheaper than ever and the cash flow is great
robsargent828 Hi Rudolph I am in Asheville too, stick around afterwards so we can exchange contact info!
Mike_Summey Rudolph, I invest in Asheville, Anderson, SC and Enterprise, AL. I have good management in all three places and I stick to within a 10 mile radius of the management firms.
Joshua Mike, bought it cash. They’re the only one offering cash-back refinancing at all in the area. Believe me, I’ve talked with over 30 banks.
Roger Dawson When you’re making a low offer be sure to explain why you’re making it. E.g. to make it rentable you’ll have to relplace the floor in the kitchen and put in a new air conditioner. Then the seller doesn’t think that you’re lowballing them to take advantage of their misfortune.
Mike_Summey tort, are you working with Leigh Santo?
tortorainc Yes
Mike_Summey Joshua, do you have it rented yet?
RobPit Mike..I live in NC (Pinehurst) but am pursuing REO’s and short sales in Asheville, Greensboro, and the Triangle. Any intel on what areas and price points you feel are good flip opps in Asheville?
tortorainc I have been managing is properties for three years
tortorainc his
Mike_Summey tort, Santo was a regular with us most of last year, but we haven’t seen him in several months. How is he doing.
Joshua Mike, not yet, but should be shortly. I wasn’t planning on getting the financing until it was anyway.
Mike_Summey Rob, Charlotte is good and across the border in Spartanburg, Greenville and Anderson there are some terrific deals.
Roger Dawson Rob: don’t forget that we don’t preach flipping properties. We believe in buying and holding. Mike still owns the first rental he bought.
Mike_Summey Hi adam
tortorainc His wife was sick and just past
adam hi mike hi everyone
WeurJ I am looking for an education starting point; I would like to invest in real estate and need a knowledge base
Mike_Summey Joshua, don’t talk to a bank until you have the property rented and then you can show cashflow to cover the loan.
Mike_Summey tort, sorry to hear that. Please tell him I asked about him.
Mike_Summey Weur, have you read our books?
Roger Dawson Weur: start with our book and audio series: The Weekend Millionaires Real Estate Investing program. We wrote it just for you.
robsargent828 Wuer I recommend their books big time!
WeurJ no, just heard about your website last week from my brother
jlee I’m going to sign out early tonight but just wanted to let you know that your plan worked for me. Now I just have to figure out how to get the 2nd one.
WeurJ thank you, Roger, Rob!
Roger Dawson Thanks JLee
Mike_Summey Weur, check out the online store on our website. You will find everything you need there and if you have any questions, we host these chats the first Monday of each month. We’ll help you any way we can.
tortorainc i will
RobPit Thanks Roger….just looking to generate more of my own capital at this point. Even after 35 yrs in const and development, this is still new to me at this level.
WeurJ Thanks, Mike
Mike_Summey jlee, I’m very happy for you. The more experience you get the easier it will get.
Mike_Summey Hi angela
angela531 hi are you taking questions?
Mike_Summey angela, whenever you’re ready.
Fishizzle sorry to rehash this question: i want to hold property for my lifetime – many of the “newer” properties i’m finding are in areas that may or may not be stable over 50 years, vs. older homes in established/desirable areas. what are your thoughts?
Joshua Mike, don’t think I’m going to get a different result. They already told me that it would need to be rented before they would do the loan at all. Starting the negotiating process now since it takes some time. Just thought I would get your and Roger thoughts
RudolphtheRed Someone a few moments ago brought up SFR vs. multi-family. I own both flavors and find the multi-family to cash flow more easily. Mike and Roger what is your take on this?
Mike_Summey Fish, I understand your concerns, but think what a neighborhood of 50-100 year old homes will be like in 50 years. You need to evaluate each neighborhood individually and feel comfortable with the long haul.
Mike_Summey Joshua, what type financing are you asking them to do?
Fishizzle thanks, that’s an important consideration. I’m interested to hear the answer to Rudolph’s question too.
RobPit Mike…it the areas you mentioned, do you feeels that values have stabalized for real? I own part of a property I inherited in central Phoenix (AZ) and somewhat feel it has there….but I am concerend by what could be another round of value hits with the shado inventory issues.
angela531 I’ve got two properties left both on ARMs tied to LIBOR. i have enough cash from selling my other properties to pay off the mortgages but i don’t want to be cash poor. I don’t show high income so I don’t fit any traditional categories for a refi. They’re both non-owner properties and i have tenants in them. One is in LA and one in Vegas. Together, they cashflow – for now, because LIBOR is low. Suggestions?
Mike_Summey Rudolph, I agree. Multifamily will usually cash flow better because most people don’t understand that about 25% of the price of SFHs is emotion. Take the emotion out of it and offer what the cash flow will dictate and they work about the same. You just get a lot of rejections on SFH offers.
Roger Dawson Rudolph, I believe that you should have a mix of properties in your portfolio. Apartment buildings (16 units or more) give you better cash flow. SFRs might appreciate faster in rental income and are easier to sell should you get into trouble and need to raise some cash. (Don’t tell Mike that I mentioned selling. He doesn’t believe in it.)
Mike_Summey Rob, a very interesting thing about rentals. Rents tend to be much more stable that prices so buying properties based on current rental rates will usually work over the long haul because you don’t see the large fluctuations you see in purchase prices.
tortorainc Mike is right never sell
Joshua Mike, 15 yr am, their program is 6.25%, 5 yr fixed. Purchased for 60K. 6K in repairs. Appraised at 90K. Max they’ll loan is 54K.
Mike_Summey angela, I would not use your cash to pay off the mortgages unless you just have to. That cash provides a good reserve to cover the loans if you have vacancy. Try to shop for a floating rate fixed payment loan with an interest floor and cap.
Roger Dawson If you’re not familiar with LIBOR, here’s the definition:
RobPit Mike, that does make sense and of course you know firsthand in up and down markets.
Mike_Summey Hi jason. Are you my son Jason?
angela531 define “floating rate fixed payment loan”??
WeurJ All, thanks for the information and hospitallity. I am still at work here and have to get back to it. Thank you for the suggestions for initial knowledge base. Best regards
robsargent828 mike, do you buy contracts from wholesalers, and if so what is your main criteria?
Mike_Summey Weur, join us again next month.
jason i am
WeurJ Will do. Thanks again.
Roger Dawson LIBOR: London Interbank Offered Rate. It’s what international banks lend each other money at. It fluctuates daily.
Mike_Summey rob, I’ve bought a few, but I don’t make a regular practice of it. I can usually find deals as well as they can.
Roger Dawson Hi Jason!
jason hello roger
angela531 I’m getting nervous watching LIBOR rise due to trouble in Europe…
Mike_Summey I bought two SFHs last month and have another one that is supposed to close by next Wed. One is a 4BR 2.5BA with double car garage, 3 years old. I got it for $57,700
Mike_Summey Hi rh
tortorainc Mike you own any properties in Buffalo
Fishizzle would you recommend buying in neighborhoods that are a “mixed bag” with some new remodels and also some homes that need TLC or just wait to find a good price in an all new area?
rh Hello everyone.
robsargent828 Mike who was the seller on the SFH? Bank, estate, person, etc?
Mike_Summey The other is a 3BR 2BA with dbl car garage 4-5 years old. I got it for $42,000. Both needed only cosmetic repairs, interior pait in both plus carpet in one.
RobPit Short of looking for owner-financed deals, lease options, etc., what advice would you give someone who is short on capital of their own to buy and hold? In other words, is there a relative fast-track to attracting investor capital…and where/how?
Mike_Summey tort, no I don’t. It’s too cold for me there.
Joshua Mike, 15 yr am, their program is 6.25%, 5 yr fixed. Purchased for 60K. 6K in repairs. Appraised at 90K. Max they’ll loan is 54K.
Mike_Summey rob, both were bank foreclosures.
tortorainc I bet you that
tortorainc The cold keeps the property manager busy with no heat calls
rh Mike, are those typical home prices in your area or are they exceptional bargains?
Mike_Summey Fish, I’d bee somewhat leery of the mixed neighborhoods unless you can buy enough of the ones needing TLC so you can fix the neighborhood.
RobPit Mike..were those in WNC?
Fishizzle thanks, Mike
robsargent828 Mike, there are some forclosures I have been interested in but they always require a proof of fund letter or prequal letter to even look at the offer. I have no funds and could only qualify for an owner occupied loan, not investment loan. what do you suggest to over come this to get the banks to look at my offer
Mike_Summey Joshua, that only a 60% LTV. I wish I knew what to tell you. I think you could find a bank that would go at least 75% LTV.
Mike_Summey Hi jose
jose Hello
Mike_Summey rh, they are exceptional prices. Both of the houses have tax values well over $100,000.
Joshua Mike, yeah it’s too bad. They say they do 75% LTV, but they want at least 10% of my own money in the deal…hence loan of 54K
Roger Dawson Mike are you buying exclusively from banks now?
RobPit Mike…in some areas do you feel tax values are a good & true gauge if the assessed values are older than two years? If the area is stable, then I would suspect yes…but in some areas no….especially in the higher priced homes.
Mike_Summey rob, you are right about the proof of funds letter. I just had to get one today for a foreclosure offer I made Friday. If you don’t have the cash or credit to get such a letter, you are at a decided disadvantage. One of the reasons I am getting such good deals from banks it the fact that I can buy for cash and close in a week. That really give you clout.
rh Mike, what determination do you make to submit offers that low? I’m also closing on some REO properties, but I haven’t seen flexibility from the banks at that level.
Fishizzle good question, rh.
Fishizzle I was told 5% flexibility today, which seems laughable.
Mike_Summey Roger, no one of the offers I made Friday was to an individual seller. I am making a lot of offer on bank owned properties in SC, but there aren’t many in AL. Nearly all of the AL offers are to individuals, but I follow the same criteria in both places.
RobPit Depends upon the bank, time of month, quarter, etc. does it not as respects the flexibility?
tortorainc Thats true Mike I recently bought two houses bank owned and i had the cash to close quick and beat out higher offers
Mike_Summey Fish, sometimes you have to wait them out. I’ve made offers that were rejected outright when I made them only to have the bank come back months later and ask if my offer is still good.
Joshua Mike, how long had your 2 deals been on the market? square footage on each?
Mike_Summey tort, I had the same thing happen with the one that was supposed to close Friday. The bank took my offer over two higher ones that were congient upon financing. Then my attorney found a small title problem the bank is having to clear before we can close.
robsargent828 how much longer do we have tonight? til 9 EST?
rh Roger, is your son still purchasing property in Riverside?
Roger Dawson rob, that’s right. 12 minutes more
tortorainc It awsome getting a great deal
Mike_Summey Joshua, I’m not sure about the time on the market. I think both were at least 3-4 months or more. The larger one was 2250 sq. ft. The smaller one was about 1600.
Mike_Summey rob, yes until 9:00 Eastern.
Roger Dawson Rh: he bought a home two months ago in Riverside for 130,000. It sold for over 300K three years ago. He’s living in it and fixing it up.
Mike_Summey My son Jason is in the chat. He and his brother have purchased 19 homes in less than a year and a half.
Joshua Mike, have most of the homes you’ve been buying over the past year been 2000 or newer or have you been buying any built in the 80’s and 90’s?
robsargent828 Jason, what is your main source of financing? Bank, Cash, Private?
Mike_Summey Joshua, most have been newer homes. I think I may have bought 2 older that 2000 in the past couple of years.
rh Mike, I’m curious about the calculations you use when running offer generator on a property. Even when you’re paying cash do you calculate a loan percentage or do you use the cash offer option? And if you use the cash offer option, what is the minimum ROI you try to get? Obviously you can pay much more for the property if you’re seeking a 5% return on your cash versus acquiring a 5% loan. You’re getting great deals so in your case I’m not sure it even makes a difference.
tortorainc I have to leave Mike see you next week
Mike_Summey Hi lewis.
lewis hi
lewis um, i am not seeing any chatting
robsargent828 Jason, what is your main source of financing? Bank, Cash, Private?
Mike_Summey rh, I use the cash offer option and try to get a ROI high enough to cover the payement on the loan when I finance it.
Joshua Mike, 2250 sf, isn’t that on the high side? I thought you wouldn’t buy anything larger than 2000 sf? If not, what is your max?
jason sorry for my delay but have a hungry 3 month old in my lap…we use cash to purchase then once the property is up and running we mortgage
jason multi-tasling lol
jason tasking
robsargent828 no no, tasling is better 🙂
robsargent828 thanks Jason
jason you’re welcome…we’ve had great sucess with it
rh Roger, I just bought a home in Lancaster for 105K. It also once sold for 270K.
Mike_Summey Joshua, I don’t let square footage guide me. I let the mid range of the rental market be my guide. If I can buy a 4000 sq. ft. home at a price I can rent it in the mid range that’s okay. Who knows, I may find a renter willing to pay much more and if so I win.
lewis mike, once you pay off a rental do you then refi it to take cash out and use that money elsewhere?
rh Roger, and the property was in turnkey condition.
Mike_Summey lewis, I used to do that, but I don’t have to anymore. I’ve been at it so long that many of my properties are not owned free and clear. About 70% of them.
Mike_Summey now owned free and clear, sorry
Joshua Mike, thanks, that makes more sense now. I still get concerned with too long of vacancies on larger homes. So for your 2250 sf home what is mid rental range in that area? 800-1200/mo?
Mike_Summey Joshua, that’s about right. If I rent it for $895 it will cash flow.
rh Mike, I know you like to take very good care of your properties. What are some of the bigger upgrades you do to the homes that make them attractive to tenants?
lewis mike, do you finance all your new purchases or do you use your own cash to buy them
Roger Dawson fh: The areas outside of LA are hotter than a pistol right now. There are some real bargains being snapper up by savvy investors right now. This isn’t Detroit. People still want to live here.
Mike_Summey rh, new windows, architectural shingle roofs, vinyl siding, adding AC, etc.
lewis mike, do you own any lower income rentals
RobPit Roger..when u say outside of LA…are you referring to places like the Inland Empire…or further out yet…like the high desert?
Mike_Summey lewis, I buy all new acquisitions with cash, get them rented and then get financing to get my cash back out. I then let the tenants buy them for me.
rh Mike, do you always do the upgrades immediately after you make a purchase or do you spread them out over the life of the rental?
lewis mike, do you finance through lending institutions or private lenders
Mike_Summey lewis, I have a few lower end properties, but they are at the lower end of the mid range for the areas. I don’t have any slum properties.
Joshua Mike, what was asking price on your 2 deals?
Mike_Summey rh, when I buy a property that needs work, I immediately do all that is required to put it in first class condition. That’s how I get the best rents and I factor that into the equation when making the offers.
Mike_Summey lewis, I use only lending institutions. I currently deal with 10 banks.
Roger Dawson Rob: I didn’t mean as far out as the high desert. You can’t commute into LA from there. I meant towns like Riverside and Palmdale.
RudolphtheRed Mike, what would you call the mid-range for Asheville?
RobPit I used to live in Chino Hills up unitl 1994 and thought it was bizzarre when people would commute from Apple Valley, etc. Sure enough, those places crashed the worst in 90-96
Mike_Summey Joshua, I don’t remember. I never even look at the asking price. I don’t want to be influenced by it. I calculate what the property is worth to me and that’s what I offer. I don’t care what a seller is asking, that doesn’t change what it is worth to me.
Mike_Summey Rudolph $700-1200
RobPit Great answer Mike!
Joshua Mike, finally got a couple accepted in past 2 weeks. However, not near as new, 1979 and 1972.
Roger Dawson Rob: I have a second home at Lake Arrowhead and prices there are still down.
RudolphtheRed Thanks! REALLY good questions and answers tonight!
Roger Dawson I need to run. I’m going to be in Hong Kong next month, but I’ll join to again in August.
Joshua 39K and 36K, 3/2, carport. rent for 850 to 900
Mike_Summey Joshua, those will be fine as long as you keep up the maintenance.
RobPit Always loved that smog ring you would see and enter coming down from Arrowhead.
Joshua Much smaller though 1250 and 1350 sf
rh RobPit, I know what you’re talking about. Not a pleasant sight when I hike above Glendale either.
Mike_Summey Everyone, when Imake offers on a property, I start with what it would rent for in first class condition. Then I calculate the NOI based on that rent. Next I reduce the NOI by enough to give me a return on the fix-up and closing cost. Then I use the remaining NOI to back into what I want to offer for the property in it’s present condition.
Joshua What ROI% do you do on your repairs and closing costs?
Mike_Summey If you use our Offer Generator program, it prompts you to make offers just as I described. It is the best tool you can own. I use it on every offer I make.
robsargent828 thanks for that Mike
rh Mike, I presume you offer lower than the remaining NOI.
Mike_Summey Joshua, the same ROI I use ofr anything I put out cash for. Why use a different return for fix-up or for the purchase price? It’s all cash.
lewis mike, i cant save offers calculated by the offer generator
Joshua Mike, agreed, just wondering if that’s 8%, 10%, 12%, etc?
Mike_Summey rh, I usually give myself a bit of fudge room, especially when dealing with an individual seller. With the banks, I make my offer and that it, take it or leave it. I don’t ahve time to go back and forth of a bunch of offers. I can make 10 additional offers with the time I’d spend going back and forth with counters.
Mike_Summey lewis, yes you can.
lewis i have tried. it doesnt seem to work for me
Mike_Summey You just set up a file to save them into on the computer and then go back to that file to retreive them.
lewis ok
lewis have you ever bought a property that didnt work like you had planned.
Mike_Summey Okay everyone, we’re well past 9:00 & I’ve got to run. The rest of you can stay and talk among yourselves as long as you wish.
Mike_Summey Goodnight all!
rh Thanks, Mike.
jason Thanks…
Joshua Thanks Mike, have a good night.
adam good night
rh Joshua, please ask your question about the percentages again next week.
rh Errr, I mean next month.
Joshua Anyone catch what Mike’s ROI requirements were? He said he reduced NOI by his ROI on repairs and closing costs
rh Joshua, I don’t think he said. I personally like to get at least 5%. I don’t know if Mike aims higher.
Joshua Yeah, I try and target 15% myself but maybe that’s limiting me. I’ll ask next month.
rh It’s a good question. I would like to know what rate of return he usually seeks because the Offer Generator gives you a lot of choices. You could pay anything for a property as long as your willing to sacrifice some of your ROI.
Joshua Agreed, have a good night
rh Goodnight.

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