Show Me the Money Profitable Property Framework

Thank you so much for buying the Show Me the Money Profitability framework. It's amazing. I've been building this for ages and I'm looking forward to telling you all about it. Have you been stuck in analysis paralysis before? I have. Buying property, things like that. This is going to help you smash through that. Hi, I'm Dax Stanley from Hera Property. I've been investing in property and helping other people invest in property for about 15 years now. And what I found was, you know, the key thing is this framework right now, it's to be able to analyze a property straightaway. You see something, you think it's good, how do you drill down on it quickly enough so that you can find out if it's worth going any further in more detail or let it go and pass it on and find something else. And this is what I've been working on over 15 years to make sure that I can see properties very quickly and, and make sure that, you know, first the initial cut, it works. If it doesn't, it doesn't. And look, I came from almost 15 over almost 20 years ago. I bought a book called Rich Dad, Bought Poor dad by Robert Kiyosaki. Who's seen that? Who's read that one? Yeah, yeah. Well, that started my property journey. Straight after that book I got straight into the investment market, started doing the research and bought my first apartment. And it was, it was, it was a good experience for me. I didn't really do much research on it and luckily enough I bought well and I, and I, and I made a profit through that. So overall, I think from that first one I realized that I hadn't really done my due diligence, which was really drilling down on the numbers and finding out what I, I needed to do to make sure that this investment, one of the biggest investments in my life, would make me money. So I started investing in courses and I started getting a mentor who could help me through these things and show me all these different strategies that you could do with property. I really only thought there was a couple of, you know, buy, renovate, buy land, subdivide, buy and build. But there's a whole range of things and, and I've been experimenting on a whole lot of those and how, which ones would make me the right amount of profit to build my portfolio up. So, you know, after hundreds of thousands of dollars on mentors and programs and courses and five day events and three day events and all that sort of stuff, that's where I've got to this framework. Show me the money framework. And look, it's been a journey, it's been an amazing journey from here. We've really done a lot of work to help build this framework for you to make sure that it's a quick, easy, repeatable framework that you can step through and make sure that at any stage you can find, if there's an issue with the property or the numbers don't add up, then you exit straight away and get onto the next property. We want to be able to make sure we can get this process happening really quickly because over the 11,000 suburbs in Australia, we don't have that much time to look at each individual property that looks like it's profitable, to make sure it is profitable. And that's where this framework comes in. So we want to make sure that the property that you buy is profitable. We want to make sure that it's got growth in there. We want to make sure that you know, when you buy, you make the money when you purchase. And I can explain that further. And the key thing there is that if you buy in the right area, in the right numbers, with the right tenancy, the right yield, then it will allow you to buy more and more quicker. Okay. On the flip side of that, if you buy it with no analysis, you buy it with your heart and your soul and you think, this is amazing. You haven't done the stats, haven't done the review, and it turns out to be a lemon, you can be pushed back five years, six years, seven years in your property, wealth growth. And it can be really painful. So let me get into the tactics, Let me walk you through those so you can actually see how you can do it and how you can make do it for yourself and find out if these properties are right for you. Who's ready? Yeah. Okay, great. Excellent. So secret number one is asking the right questions. Now, I know when I've been looking at property, when I first started out, you know, the real estate agents, all excited and their A type personality and they really knew what they were talking about. They knew what the mark was about. They knew, you know, all these things that they just, they just bombarded me with it and they made out that they were the experts and it just sounded right. They'd done the work, it looked perfect, they sold it really well. What else did I need it to know? And that was the first mistake I made. Now you don't have to make that mistake because I know from straight away how to find something that's profitable for you straight away by asking the right questions. And these questions, let's have a look at those. So first question I love asking real estate agents is why are they selling? Why do I ask that question? Now, real estate agents shouldn't be answering that question with an answer of why they are selling, okay? When they tell you it's because of a divorce or because they're moving into state or they're doing, you know, they've got issues, they're running out of money and things like that, that's a clear indication that the real estate agent is not really working for them. Okay? And this is something key to remember when you're building relationships with real estate agents and when they're giving you statistics and things like that. Because if they're telling you certain things that they shouldn't be, that's private, what else are they saying? So just make sure that, that you're clear on what they answered there. Secondly, they'll tell you a rental appraisal. Now, real estate agents that sell these properties, they probably pull a rental appraisal up higher or the top end of the market. Now when they produce reports and rental appraisal reports and stuff like that, they don't usually include all the properties in the area that are similar to the one you're looking to purchase. So you've got to be really careful if you get a report from, from somebody that it's including all of them. They haven't selected some and just kept the others aside so you don't have to see them. You want to see the whole market. You want to see the rentals. If you're buying, you know, a four bedroom house or a three bedroom house with a two toilets and a garage, you want to see all of those in the local vicinity and what are they renting out at, Then you can make an appraisal from that. Usually the median price is a good thing. And we can. There's a program I showed where you can go on to some of the websites and you find the medium very quickly, okay? And one of those ways is you go on to realestate.com or domain.com you put in your requirements, okay? And you do a search and you'll see at the top it says how many rental properties there are in that category. Then what you have to do is you find the middle of that, which is the median and then that's your rental appraisal for that area. And you can see ranges and see the qualities and things like that, but there's a whole range of that. You can go into the third question Is vacancy rates. You really want to know the vacancy rates in these areas. You want to know, you know, if it's above cpi, if it's how fluctuated it is. You know, there might be a glut of four bedroom houses but not three bedroom houses. Yeah. So a lot of people may only want three bedroom houses in this area. There might be five bedroom houses that are higher vacancies. So you really want to see the range in terms of the different types of properties that are in that area. And that will help you in the next stage, which is the equation side of things. And the last question you ask them is what's the lowest price that the vendors will go for? And this is a really interesting question, like the first one, why are they selling? A really interesting question to figure out, you know, what the real estate agent will tell you. So have a look at that. The lowest price. Grab all these. And this is all the questions you need to ask straight away. That's it. Okay. To then get into the next secret. So let me get onto that and I can show you what that looks like. So secret number two. Okay. This is really key. So that little picture there. Yeah. Back of the envelope, you could do this after you've done an inspection, you can do it online after you've just gone off the phone call with a real estate agent. And you can make sure that the numbers add up straight away. And so straight into the second secret is if the numbers don't add up, get onto the next property. That's a really good way of dumping, determining if this is a really good property and needs more detail, more information or see you later. I don't want to know about it. We'll get onto the next property. Okay, so what does this back of the envelope calculation looks like? So what we really want to know is the rental yield. Now the rental yield is based over the whole year and it's how much money based on the asking price and the rent that it's profitable. Okay. How much money is it making as a return on investment? Okay. And this is really key to determine if it's roughly going to be cash flow positive or not. And if it's cash flow positive, you're making a profit. Okay. And that's one of our key points there. And so I didn't really know this when I first started and what happened was, you know, we'd be out, I'd be looking at properties, be asking all these really, you know, all these different questions. Some of the questions, you know, felt like I was Asking the right questions. But you know, the real estate agents see right through you. So just go in with these right questions to get these first calculations done. Well, okay. And these numbers will add up. So what we do is we take the asking price and you know, in secret number one, we said, what is the lowest price that the vendor would take? So plug that in there, plug that in where the asking price is. Okay? The weekly rent up on the top line there. That's where we did the rental appraisal. Remember, we found the middle area and that's where we went for. And that middle area based on your requirements, plug it in there. Then we times it by 52 because it's 52 weeks in the year. Okay. We're not taking into vacancies right now because we just want to get a high level view. Okay, Vacancies. We could put it in if it's too high, but really I asked for vacancies because if it's over two weeks, get rid of it. I'm not interested. Okay, then what we do is times it by 100 to get the percentage. Okay. Now when you add all that up, if it equals, you know, over 6%, 5, 6%, this is where we're sort of going. Yes. Okay. This is probably positive cash flow property. If it's somewhere closer to the interest rate that you're getting for your property, like 2, 3, 4% like that, it's probably not making that much money. We want it to be roughly 2% above the interest rate you'll be getting off your loan. So, you know, at the moment it's quite low, but you know, if you're looking at 4 or 5%, it should be 6 or 7% above that. And so if you get those results, if you get a result that's like 2% to 4 or 5% next property, okay, 5, 6, 7, up, that sort of area, I definitely start going into the next secret. And that's really key to, to really deep diving and making sure that you're making the right choice at the right time. So let me get onto secret three, if we've got that far. Okay, so what we really want to do here is drill, drill, drill, drill, drill down into more data. This is where, you know, this is one will be one of your biggest asset investments at this time. And you really want to get all the data on the table, lay it all out and see it and see what's happening to make that right decision. Now be aware, you can get analysis paralysis here. Too much information, too much data. Can Cause an issue where you just stop and say, oh my God, this is too much, I can't do anything done and not invest at all. And time goes by and you don't and you miss out on deals and deals and deals. So these are the data points that you need to, to focus on. And this is what I've collected over the 15 years to help you make the right decision going forward. Okay. The data we need, the data we're asking for is management fees. So management fees are what the rental market, the rental property manager will be asking you to pay for them, to look after your property, for them to find tenants, for them to do maintenance, for them, to, to do all the end of year reports and things like that. Management fees can range anywhere from 4% to 10%, even higher if you're doing rooming houses and holiday rentals and stuff like that. So you really need that management fee in that area. And that's really key because if you do do it the right way and you make sure that you negotiate well, then over the long term these management fees will, will pay for themselves. Okay. Because one, they'll pay for the time that you're putting in place. You don't have to worry too much about finding the right tenants because the property manager will look after that and make sure they get the right tenant for you. And also it's a long term relationship with them. The other one to look at is council rates. Council rates are really key to make sure that there's no high fees. Okay. And you need to put it in there because it is one of the costs that we need to incur and make sure that we get it right and put it in our calculations. The third one is insurances. So you gotta be really careful about this because landlord insurance can be different in different suburbs, so can fluctuate quite a lot. So be ringing getting some quotes on that. Three quotes, usually utility costs. So that's water, electricity, gas, Internet, all those sorts of things. If it's untenanted, you have to pay for those. So you need to keep an eye on those as well. Okay. Utility costs also if there's connection fees when you're buying and building, you need to make sure you're covering those things as well. Also over the long, over the term, sorry, with utility costs also if you do have an apartment, sometimes when they're not separately meted, so if not every unit is meted for their water, then it's a group thing and the landlords, the investors have to pay for it. Okay. So be careful there. There's a little twist there. Also the loan interest, a lot of people miss this out. The loan interest is very key to be in the calculations because a lot of people miss that out and go, ah, you know, that's built into the loan. But no, it's covered in your costs. We want to make sure the yield that we talked about in the last section is covering all the holding costs and these are the holding costs that we want to focus on. And the last point in here, you need to be very cautious of old properties. Okay? Condition of the property is very key to maintenance issues. Okay? A brand new property. Great, fantastic. Everything's new. You've got warranties, you've got building warranties, you got appliance warranties and all that sort of stuff. And it's really great with an old property. There's termites, there's damp, there's rising damp, there's white ants, there's, there's leaks, there's hot water systems that can go out, there's ovens and things that, you know, been around for quite a while that can break down and can cost you a lot of money to fix. Okay? So we really want to make sure if it's an old property, the condition of the property and get some condition reports and see if there's any major purchases that we need to do in terms of maintenance, okay? So that's really key to make sure that if we get all that sort of data and pull it all together, we going to lead into the secret number four. Okay? So secret number four is review. Review the hidden risks. Okay? I want to tell you a story about a time where I didn't review the hidden risks. And it was a disaster. We put a place in Elwood Melbourne. Okay? What I didn't know about Elwood was about a hundred years ago, Elwood was a swamp, okay? And they drained the swamp because it was near the beach and they wanted to have people live there because it was right near the beach and right near the city and it was a really good location. So they drained the swamp because they didn't want to swamp near the city and started building houses on it. Little did I know, I didn't do this risk analysis, didn't have a look at the floodplains, didn't look at any of that sort of stuff because I didn't know at that time that I needed to look at that. We moved in, we put it, you know, when you get all your boxes and all the boxes were in the garage out the Back double, double garage. It was all full of boxes. And if you've had this before, you know, they sometimes go floor to ceiling with the boxes, and they'll create a little alleyway between all the boxes. So, you know, you walk sideways through these boxes. Now, I had this downpour of rain come. It was a massive downpour rain. It kept raining, raining, raining, raining, raining. And we're sitting in our new home going, oh, look, you know, tin roof. Nice. Sounds great. Excellent. I said. I said, I better go out and just check out the backyard, because the alleyway out the back is where the dry. Where the garage was. So I went out. The backyard was really wet everywhere. And I'm like. I went into the garage door. Garage. I went down, down the sides of the boxes. I came out. I pressed the button to open the garage door. And as the garage door was opening up, I looked down, and where the bluestone alleyway was was not bluestone. It was a river. And this river was slow, just raining and just there. And I was like, oh, my. And I looked back at my boxes, and there was about that much between the water and the garage floor, and the garage was built up a little bit. And that's where I first realized I went, hmm, the floodplain could be an issue here. Cut a long story short, the water did rise and rise and rise, and I watched it hit our. All of our boxes, cardboard boxes full of our stuff, as it rose and just soaked through our boxes, and it was horrendous. And so that was a key learning lesson for me around risks. And just doing my due diligence as much as I can to find out what's wrong with this property or what can I find out. Going to council and talking to them about it, having a look at plans, having a look at contour lines, having a look at overlays. All these things is really key. Even talking to neighbors about, what's the risk here, what actually happens here, what's the key things that I should be looking at? Just be careful when you're getting into these things. Here's some of the other things that I've learned over time that will really help you as well. Okay. We want to make sure the yield covers the holding costs. Okay. So your profit, the money that you're making in terms of the rental. So you take your weekly rental, times it by 52. That is what your profit, your revenue is what money's coming in. Now. We want that yield to cover all the holding costs that we just went by. Okay. At least that okay. Because then it pays for itself. Then if you lose your job or something else happens like that, it's fine. You don't have to put any money into it. It looks after itself. It's yours. That sits there. The second one there is around capital growth. So you want to delve deep into the capital growth of the area. Make sure that area over a long term has had a strong capital growth, has to be above the cash rate. Because the cash rate shows that if you're going up at the cash rate, you're not losing any money. So if it's going above the cash rate, you are making money on that property. Some other properties are going below or they might just be staying a capital growth rate of nothing. But because the cash rates going up, it's actually losing money. And that's key to be aware of. Also, vacancy rate must not exceed CPI Consumer Price index. Okay. And that's what we look at to make sure that vacancy is around two weeks maximum. Because we don't want our property on the market for any empty for any longer than two weeks. Okay. That's really key point because it can really stuff with the calculations annual profit. Okay. Also have a look at the quality of the tenants in the area. You can go to the Australian Bureau of Statistics and look into the area and see what types of people are living in that area and really determine what socioeconomic level they're at and what type of quality they are. And also you can drive the streets and actually see what the properties are like, what are they looking at and stuff like that. Also look at the location and we've got a section around that, around major infrastructure growth, things like that. And also make sure that the realistic rent or the rent is realistic for your property. Okay. It's really hard sometimes to determine that if it's a unique property. Okay. One of the key things we like to do is build median price, median property places. Because we know at the median that is where the market is. And you want to really be building, you want to be growing, you want to be buying things. That is for the biggest market. Okay. So I hope that's helped with Secret 4 review the hidden risks. It can be really a minefield in that space. Unbelievable. Okay, now this is the fun bit. We get on to the results. Yes. I love this bit. This is the best. I love that guy. $1 million. This is really cool. This is what I love doing. Love doing the stats, putting into our spreadsheets and making it all work. Now let me run through the numbers that you need to put into place to get that spreadsheet working. Okay. So what we need to do with the cash flow results, we need to really, to get down to that cash flow, we need a whole lot of things. So one, we need to work out the funds required. Okay. So this will involve mortgage brokers and banks to find out what our LVR is, which is loan to value ratio. And that's really key to make sure that we know how much we can borrow and how much we actually need as cash to put in. Okay. So usually if we're buying house and land packages, you need to put a thousand dollars deposit down straight away. Okay, easy. Then what you'd be looking at is somewhere between 5 and, and 20% deposit. Okay. This will really depend on the time of the market, what's going on, what your borrowing capacity is, and all that sort of stuff. So that's really key. So once we've got that in place, there'll be other expenses in there. There'll be legal expenses, There'll be, there'll be, there'll be conveyancing costs. There'll be, if you're doing, if you're buying something that's already been built, will be doing condition reports, seeing if there's termites and rising damp and things like that. Once you've got that in place, there'll be, might be a buyer's agent cost. We've got those costs in there. And also there might be some government funding that comes back to you. Okay, so we'll add all those funds up, what, what's required to buy the property, and we'll come down and the main thing there we need to find out. The main number we want coming out of that funds required is how much cash you need to put into the deal. That is the number we want to get out of that line item, funds required. Okay. The second line item, now this is really key. We need to make sure that we cover all the expenses. Okay. So the expenses we're really looking for, and I've gone through some of these in the sec. The stage before that are around drilling down on our data. Okay, so these are things like management fees. Okay, let's plug those in. We need to know the expenses. I like to do it weekly, monthly and yearly across these things so I can see and start playing with some of these numbers. Okay, we want the rates, what's the council rates, what's the body, corporate rates, if you've got those sorts of things. What are some of those rates that you need to be Aware of, to include into our expenses category. Then we want to know about the repayments. What are the loan repayments? So we know from the funds required how much borrowing we're going to take out. We work out how much the loan repayments is going to be. We plug that in as well. And also, like I said, you need to get your insurances. So get those insurances. Right? Get them. Get three quotes. We always love to get three quotes and really figure out what happens. Plug the middle one in, usually for me, or sometimes I do the highest one just to make sure the numbers are right. Once we've got those, once we've got all the expenses, add them all up. Then you know, weekly, monthly, yearly, how much are your expenses? Okay. And this is really key, really helping you feel comfortable about what's going on and where and where you can. What the numbers are adding up to be. Okay, then what we want to do, we want to make sure we've got the market rent. Okay? So you've done your rental analysis. You made sure it's realistic. Okay. You backed it up with a whole lot of data from the current market. Now what I like to do here is also like I did with the expenses, you separate it from expense for weekly, monthly, and annually. But also I do the optimistic and pessimistic and middle of the range. So I'll do a. The lowest rent, I think this property will rent out at the median. What we think we ideally what it will probably rent out for and then the maximum it'll rent out for. And I love having those stats because I can actually see and make key decisions and, and a risk profile to make sure that I get it right. Okay. Once we got that market rent down, this is where we add them up. Okay. So we take, we take the expenses and we take the rent. Okay. And we do the rent minus the expenses to get the cash flow before tax. Okay? So this is really key. And what you can actually see is the table going weekly, monthly, year, yearly with lowest rent, average rent and highest rent. And the table gets filled out with the cash flow before tax. Now all these should be positive. If we've followed the right procedures, they should be coming out as positive numbers, which means they're putting money in your pocket after all the expenses. Okay. Because the expenses have paid the rent. And then it's on top of that. Okay. And then the next step finally is cash flow after taxes. Now this is really key. What you need to be able to do is find out what your, what your tax rate is. Okay. As, as an income earner. And once you've got that tax rate in the spreadsheet, you'll be able to plug it in and determine based on that tax rate and how much tax will be taken out of the before tax calculation to work out how much cash you'll be getting after tax. Okay. And this also should be positive. And if this is positive, this is one of the green lights, one of the big ticks. Cash flows King means it's putting money in your pocket after all expenses. We want this number. Anywhere between $400,000 a month in your pocket after cash, after expenses, which is really important. Okay. So once we have the cash flow, if it's all green, fantastic. Let's go on to the next step. If it's not green, you can have a look at some of the numbers, but it's probably time to just let it go. Okay. The next step is capital growth results. Now these are key, what capital growth results? Capital growth means how much is the property growing every year? Okay. And what I like to map out is how it's going for one year, how it's going five years, and how it's going 10 years. Sometimes we do a lot more predictions and go a lot further from that. But let me go into what we do. So firstly you take the purchase price, what you think you're going to buy it for the lowest price that you're going to purchase for. Then you've done the analysis of the property, the capital growth of that area. Now most capital cities in Australia are sitting on about 6 to 7%. Okay. So if you're buying in a capital city, which is one of our preferred areas because of the long standing data and the maturity of the markets, you pull an average of 7%. Okay. Then what you do is you project from the purchase price a 7% growth a year one and then you do the next years to 5 years, 7% growth, 5 years and 7 and 7% growth at 10 years. Once you've got those in place, you can actually determine when you need enough cash to, to get to the next property. Because remember when you were doing the cash flow results, you were working out what funds were required. Okay. So those funds required could be something like $60,000, $80,000 depending on the property. Okay. And you can have a look over the years, when will you get that $80,000 coming from this property? And that's a really good indication. We want the $80,000 or 50, 50, $60,000 equity growth within this property to be anywhere between the first year and the fifth year. Okay, if it is between the first year and the fifth year, it's another green light. It's a ready to go. This is great. So if you've got the cash flows green, this is green. That gets us onto the next section, which is this decision to go, go, go, go, go to green light, green. Okay? This is where the rubber hits the road and you need to move. Okay, We've done all the analysis. The analysis is all there. It's very clear that it's putting money in your pocket every month. It's very clear that anywhere between the first year and the fifth year, you'll be able to buy another one just off this property. Not one or two properties. Once you get a few, this is the momentum you can gain. But if those two things add up, it's really clear you've done the risk analysis, You've got enough capital growth in the property, you've got enough cash flow property. This is a tick, tick, tick, tick, tick. Yes, but, you know, just be careful. This is where a lot of people just lock up. They just can't do anymore. They can't figure out why they can't move. And they start trying to do more analysis in different areas and have a look at other properties and trying to see if that other property is better than this property, and start, you know, they get overwhelmed with data and they get analysis paralysis. We get a lot of our clients coming to us because of just that. And it's really key. So if it's got the good cash flow, if it's got the capital growth and your risk analysis complete and you like and all it adds up, it's a go, go, go, and it's ready to negotiate on the purchase price with confidence. That's the next module of this, of this, of this whole program about negotiation and settlement. But this one right now, this is where we're at. So at the next, this next stage, who wants to see a case study? Does anyone see a case study? Anyone? Anyone? Yep. Okay, great. Let me take you through some numbers. These numbers I'll show you very quickly. So this is a really good case study that we had last month. The purchase price. The guy that I'm working with, amazing guy, he works for IT company, CEO of the company. He's got a couple of investment properties, but he's just snowed under at work. He's just smashed. He understands the market, understands what he wants. He understands, he wants cash flow. Okay? That's key for him to build his portfolio out and he wants that revenue coming in so that it pays for itself. And if anything happens, then it's secure and safe for him. That's his risk analysis. So as you can see Here, purchase price 530k. We did get it down 5k through negotiation. And I can teach you some of those techniques in another page, another section. The weekly rent we got for this is around. And we did the analysis, we did the reviews, we had a look is 630 a week. I should update the slide to say per week there and I will. So really great. So we did that calculation that I told you about. So you put the purchase price down the bottom 530k. You, you put the weekly rent up there, times it by the number of weeks of the year to get that number. Divide that by the purchase price to get the percentage. And the percentage is 6.2. So it's above that range we talked about. So it's above the five, five and a half percent. So it's worth going to the next stage of analysis. Okay, so we did that. We got all the stamp duty details, we got all the legals, we got all the pest and building, we got, we got all the buyer's agent fees, we got all the insurances, we got a little council rates, we got all the management fees, we got what the loan repayments were. We plugged that all into the cash flow calculator that we've got and found out that after all the expenses, it's putting $742 per month back into his pocket. That's profit. That's pure profit. Okay, that profit. What we've done is we've put a line of credit, an offset account with his property and we've started to put it in there. Okay, so it's even going to save him even more money then what we've done. We know what his tax rate is. It's quite a high tax rate. We put that details in and you can see it's dropped, but it's still $467 per month after all expenses. How many of these can you buy? How many do you want? Because it's not costing you anything other than the initial outlay of the, the, the funds required. Okay, so this is really fantastic. So once you've got it, it's there. So what we did then map out and because this is in a capital city, we mapped out the growth at 7% over the five year. Over one year, five years, 10 years, five years is $184,000. So he needed $65,000 funds to get into this. So really makes sure that the capital growth anywhere between one year and five years, he needs $65,000 to get into the next property. So he can definitely do it within the next second, two to three years, just based on this property. So this was a green light. This was go, go, go, go, go. So I hope this case study has helped you. We're doing a lot of these like this for our, our clients right now. And I hope that all these steps have helped you to make sure that what happens is you can go there, you can find a property, you can ask those simple, quick questions. Do the back of the envelope calculation, go. Yes, this makes sense. Then if it does make sense, drill down all on the data, get more data, make sure you got it all right. Do your risk analysis. See how that all works. See if the risk profile is low enough for you to buy. Then do the cash flow calculations. Once you've got all the data and the risk, put it all together, make sure it's positive cash flow even after tax. Once you've done that, it's go, go, go, go. So I just wanted to say thank you so much for being a part of this and really appreciate you purchasing this product. I hope that's really valuable. The spreadsheets are all in here for you to use. You're going to really love this, the checklists, and really, you'll be able to do this for yourself. I look forward to talking to you further and I really look forward to your journey in growing your wealth through property. Thank you.