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August 20th. MAREI North. A New MAREI meeting for our friends in the northland and for those who venture north of the river. Join Dan Krupa and his team to talk about all things real estate. In Person at iWerx. Masks Required.
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C O M M U N I T Y
Because Real Estate Is a Team Sport Have the Support of the Community!
Our community is open to new and experienced entrepreneurs who are seeking: In depth local, boots on the ground knowledge and experience within our community. Both in depth training as well as introductory topics on a variety of strategies. Education, not only on how to do a strategy, but also how to do it ethically, why we might want to do something some way and the ability to weigh the risks as well as the rewards. To share resources, knowledge and referrals with fellow members. The support and confidence that a group of likeminded, wealth building entrepreneurs can give you in starting and growing your real estate business. Yes, we have a lot of different speaker on moneymaking strategies both from a national scale as well as locally based to help you get a well rounded education to make money with real estate. But what really sets us apart from the national gurus and their forums and podcasts is the sense of community you get with our Kansas City area based investors: flippers, landlords, rehabbers, wholesalers, retailers, note investors, and all the people who provide the services for them. Got a question about what is going on in the market . . . join us at the meeting for the market update and to hear from our industry partners on what they are seeing right now in the Kansas City Market. Sometimes we look at just the numbers and other times our experts share what they are seeing for
offers, closings, interest rates, incoming rents, buying materials, scheduling contractors and more. Want to see how a real life deal turns out or just see what others are doing in their properties, then be sure to look for the case studies from fellow members shared at the meetings and here in the newsletter. Want to share your expertise so people know you buy house, SHARE a case study, one of the best ways to get out in front of people so they know you are a landlord, a rehabber, a lender or even a property manager, share a case study. Want some one-on-one discussion, then be sure to join us at one of our MAREI Master Mind meetings where you can ask a question and share your expertise. Have a quick question, need a service provider referral, or have a property to sell and don't want to wait for the next meeting, pop onto the Facebook Group. And if you just want to hang out with some great people who believe as strongly as you do that real estate investing is an awesome business? Attend a meeting, chat on Facebook or attend one of the events on the calendar. Our main meeting is open to the public and your first meeting is always FREE. Join us at the next meeting and see why MAREI is a community that you need to have in your life and in your business. See you soon - in person or on zoom. Kim Tucker, MAREI Founder
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Mid-America Association of Real Estate Investors is the Kansas City Metro's largest, most engaged and knowledgeable community of real estate investors, landlords, wholesalers, retailers, creative buyers, creative financing buffs and more.
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It's easy to create a seller financed note, it takes due diligence to create a marketable one.
Quality Notes B Y
K I M
T U C K E R
A Note, short for Promissory Note is
That Promissory Note creates the
Financed Note. Find a buyer who
nothing more than a promise to pay.
obligation to pay and the Deed of
wants your house, agree to take the
Trust or Mortgage secures that
purchase price over time, agree on a
When you get a loan on a house or
obligation. Packaged together they
price and terms and how much they
other property from a traditional
can be held long term so the creator
give you in down payment. Sign some
lender, before they give you any
of the note – the lender – can collect
documents, record some documents
money or make any payments on
payments as agreed. Or that package
and suddenly you now have a seller-
your behalf, you will make your
can be sold to someone else, usually
financed note. To protect your own
promise to pay to the lender by
at some sort of a discount and then
interest in an effort to make sure you
signing a promissory note. Further, to
the new owner can collect the
GET PAID and at the same time have a
make sure the whole world is on
payments.
Note that someone else might want to
notice that you have promised to pay
buy should you want cash now rather
you will sign either a Deed of Trust (in
For simplicity sake throughout this
than payments over time, you need to
MO) or a Mortgage (in KS) that
article we shall refer to this package of
do a bit of homework.
outlines what happens if you don’t
Promissory Note and Deed of Trust or
live up to your promise, basically how
Mortgage as simply a Note.
the lender can foreclose, that gets recorded with the county.
We will take a look at a few guidelines provided to us from Michelle Winberry
It is fairly easy to create a Seller
with www.SellerFinanceKC.com. Note
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these are guidelines that will give you
the property is that the house should
you will see the Max Loan to Value for
as the lender a better chance at having
be a minimum of 800 square feet and
the 1st Loan and for the 2nd loan.
a borrower who will pay as agreed and
have at least 2 bedrooms and 1
at the same time have a note that is
bathroom. And have an after
Foreclosures: A good idea is to review
easier to sell to a person who buys
repaired retail value of at least
the borrower's credit report to make
notes. But ultimately it is your
$50,000. Now if you have a much
sure there has not been a foreclosure in
transaction and you can adjust things
lesser house and have the ability to
the past 3 years.
as you go, but the more lenient you are
hold the loan all the way to the end
on the rules, the less likely it is for your
and collect payments, you can go for
Bankruptcy: Now if your borrower has
borrower to pay and at the same time,
it, but should you ever need to sell on
declared bankruptcy this in and of itself
the less money you would receive on
the note on a lesser property, you
is not a deterrent. What you want to
the note should you decide to sell it.
might find it difficult.
see is that they have not filed on in the
Items to Research
Credit Report: Next, you are going
dismissed it was more than a year ago
past 2 years, that if they have had one to want to obtain a credit report. If
and that in their entire life they have not
The Property: This is what is going to
you are in the business of creating
had more than 2.
secure the property. If they don’t pay,
seller-financed loans, you may have
the Note owner will then be able to
taken steps to obtain your own
Debt to Income Ratio: Or DTI
foreclose, get control of the property
copies of credit reports. But for the
compares how much is owed each
and then either keep the property or
rest of us, we are going to find a
month to how much money is earned.
sell it to secure the debt. If you are
licensed mortgage loan officer to
Specifically, it’s the percentage of the
creating a seller-financed note, one
help us with underwriting, paperwork
gross monthly income (before taxes)
would assume you are fairly
and they should be able to obtain a
that goes towards payments for rent,
knowledgeable about the property
credit report as well.
mortgage, credit cards, or other debt.
because you own it. But should you
To calculate ass up the monthly
decide to sell the note to someone else,
The chart at the top will give you a
housing payment, alimony or child
you are going to want to know the true
good idea of how much money you
support, student, auto or other monthly
value of the property based on its
want your borrower to put down
loan payments, credit card monthly
condition so you can determine what
based on their credit score and
payments, and other monthly debt
the true loan to value might be later on
example interest rates you might
payments. Divide all those monthly
in your research.
charge. The Minimum Down column
payments combined by the gross
is for single loans, but if you are
monthly income before taxes, this will
going to create a 1st loan and a 2nd
give you the borrowers DTI ratio.
Some other things to consider about
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For your purposes, this should not
Payment History: If they have other
exceed 50% (If you go online 35% or
mortgages on real property, we want
less is good, 36 to 49% there is room to
to see a 12 month verified payment
improve, 50% or more is bad) You can
history, which should show on their
usually find these monthly debts on the
credit report. If they don’t own
credit report.
property, we would like to get verification from their housing
Other Factors to Consider:
provider of at least 12 months of the on-time payments.
The above items are what you as a lender would initially review, but there
Income Verification: Ask to see pay
are other factors to consider. While
stubs to verify the income of the
these other factors may not make or
borrower.
break your decision to lend, if one 1 or two of the following are not the
Spouse: if there is a spouse, they
greatest you might want to ask for more
must sign the Note, and if the
money down or if a lot of the following
spouse's income is needed to
items are bad you might want to find a
support a lower than 50% debt to
different borrower.
income ratio, then both spouses will need to have their credit checked
Employment History: Ideally, they
and the averaged scores will be used
have been at the same job for at least a
in to determine the amount down
1 year or if they have changed jobs
and interest rates.
recently it is within the same industry for the last 3 years.
Appraisal: This is not a must,
however, at least obtain some sort of Child Support: We would like to see
valuation of the property either an
the borrower current on child support,
appraisal or a BPO or a quality
if they are delinquent, learn the
Comparative Market Analysis from a
particulars.
local Realtor that knows the area well.
Other Debts: Look for items like IRS
Rent Comps: Knowing what rents in
Tax Liens, Garnishments, Unpaid
the area should be is also helpful,
Property Taxes, Charge-Offs and other
should your borrower fail to pay and
judgments. These might be a bit
the note holder need to foreclose,
tougher to find as they are not going to
they may decide to rent the home out
be on the credit report. You might have
and knowing what those numbers
to check with their employer, local
are in advance can be helpful.
courts, and county tax records for other real or personal property owned.
Title Insurance: Always close your
transaction through a Title Company Trade Lines: When we say this we are
(or an attorney if that is customary in
looking at any revolving debt on the
your area) and make sure the new
credit report and ideally most if not all
owner has an owner title policy and if
will be over 6 months old.
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you think you may sell your sellerfinanced note, make sure to get a Lender’s Title Policy, they are usually an extra $200 to $300. Licensed Mortgage Loan Officer: With all the rules and regulations that came out of the Great Recession, the limits to the number of seller-financed notes you can create in a year and the requirements that
all owner-occupied loans be processed by a Licensed Mortgage Loan Officer are two that you need to know about. The numbers of loans you can do vary by state, but the need for an LMLO to underwrite and create the necessary documents is fairly standard across the country. Ultimately if YOU are creating a sellerfinanced note it is up to you to determine if the borrower will pay. These are just guidelines after all. However, guidelines exist to help you make a well-informed decision, and should you decide to ignore those guidelines, you might end up with a borrower that struggles to make payments and may ultimately need to be foreclosed. And if you ever need to sell the note, you may get a lower payment. If you would like to learn more about seller financed notes or may need help creating one, be sure to reach out to Michelle and Brian Winberry at www.SellerFinanceKC.com or email them at SellerFinanceKC@gmail.com. For everyone who registers and attends the August 11th MAREI meeting, we will be sharing Michelle's "Recipe" for guidelines for creating a standardized marketable note as well as a replay of the meeting presentation on Seller Financed Notes. Say hi at the next event. Kim Tucker, founder
K C R A R
&
H E A R T L A N D
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Current as of August 7, 2020. Report provided by the Kansas City Regional Association of REALTORSŽ. All data from Heartland Multiple Listing Service. Report Š 2020 ShowingTime. |
July Market Update Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning. Closed Sales increased 7.0 percent for existing homes and 40.1 percent for new homes. Pending Sales increased 11.1 percent for existing homes and
72.1 percent for new homes. Inventory decreased 47.1 percent for existing homes and 34.9 percent for new homes. The Median Sales Price was up 9.3 percent to $234,950 for existing homes but remained flat at $384,900 for new homes. Days on Market decreased 9.4 percent for existing homes but increased 3.4 percent for new homes. Supply decreased 50.0 percent for existing homes and 40.0 percent for new homes. While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in
March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near recordlow levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market. See full report at www.KCRAR.com/Statistics
S T E W A R D S H I P
P R O P E R T I E S
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Why it pays to watch MLS, Incorrectly Listed Property Details Can Be Your Gain
BRRRR in Waldo B Y
A N D R E W
S Y R I O S
From time to time it would seem that
Indeed, last year we found a 2-bed, 1-
In order to get the first crack, the
we get a deal because of miss-listed
bath house in Grandview on the MLS
wholesaler needs to know you and
attributes. This beautiful home in the
that we bought for a mere $40,000.
trust that you can close. (Many
Waldo area of Kansas City is a 3 bed,
This was likely because it was listed at
wholesalers have heard people talk
2 bath home that is somehow only
440 square feet. Sometime back,
big only to be unable to put the
listed at 902 square feet. From what
there had been an unpermitted
money together at the end.) Proving
I can gather, that only includes the
addition that was now grandfathered
yourself to a quality wholesaler can
downstairs and the upstairs (with a
in. I guess I can’t know for certain if
go a long way, which was the case for
bedroom and bathroom of its own)
that dissuaded any of the competition
us on this deal.
is not counted because it’s ceiling is
and let us snatch up a good deal, but
only about seven and half feet tall.
at least I’d like to think so.
While common for properties of its
This house is located in the Waldo area of Kansas City, between Wornall
age (it was built in 1939) and
This property was brought to us by a
and Holmes. This is one of our
something homeowners and renters
wholesaler we’ve done a few deals
favorite areas to invest as it’s a
are willing to accept, even if they
with before. Wholesale deals can be a
desirable area with high occupancy
take a small discount for it.
mixed bag. A lot of what you’ll see is
that rents well and has been
Sometimes things like this house’s
bad, some is OK and some is really
appreciating consistently. It’s also
second floor don’t find their way
good. Often the best you will see is
close to our office which makes it
onto the county records and may
when you can get the first crack at
easy to manage. They asked for
dissuade some potential
such deals, before the wholesaler
$125,000 if I remember correctly. We
competitors from looking.
emails the deal out to their list.
talked them down a bit and came to
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terms at $116,250. The home needed a large rehab
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like going over budget, we’ve had
refinance the property without leaving
cases far worse than this so $5000 is
any of our own money in the deal.
not the end of the world.
though. This included a roof, the
And any time you
gutters, exterior paint, landscaping,
We find ourselves all into the property
substantial sheet rock repair,
for just about $165,000 and expect it’s
appliances, cabinets, counter tops,
worth close to $220,000. On the exact
interior paint, all new flooring, etc.
same street, a 3 bed, 1.5 bath home
We budgeted $40,000 for the
sold for $212,500 in February of this
repairs, which included a
year and a 4 bed, 2 bath home sold for
contingency for unforeseen
$240,000 last August.
expenses and holding costs. We were quickly able to rent this We came in a little over budget at
property for $1195/month to a quality
just over $45,000. It’s far more
tenant and will look to refinance it
common to go over budget than
shortly. If it appraises for $220,000 as
come in under, which is something
we believe it will, we would be all in
that every new investor needs to be
for approximately 73 percent of its
cognizant of. And while we never
After Repair Value and be able to
can “BRRRR out,” it’s a good deal.
Not so Secret Training Would you like to learn more about Buy, Rehab, Rent, Refinance and Repeat? Visit www.AndrewSyrios.com for access to many of his articles and videos. And look for Andrew on Bigger Pockets as he writes for them and is active in the forums.
M E R C H A N T S
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Townhouse Flip B Y
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This rehab flip is a townhouse in
bath. One would also assume from
Lenexa brought to us by Susan Aubin
the photos that the interior was
with Merchants Mortgage.
painted and the hardwood floors
The numbers: Purchased 12/31/2019
refinished. As it was a townhome, the The Investor was a repeat client with
exterior is maintained by the HOA.
Merchants that has closed 14 transactions to date.
Merchants lent 100% of the purchase
Purchase Price:
$185,000
Rehab:
$ 27,500
Closing Costs:
$
7,000
price, 100% of the rehab, and 100% of The property was listed for sale on MLS
the closing costs. They had a charge
Total Loan:
$219,500
for $220,000 and if you were to look it
of 1.75 points to fund the loan and
2 1/2 Months Interest:
$
up, it looked like a very nice home that
then 9.75 fixed interest, the note did
the average home buyer would buy
not amortize. They borrower had
Property sold 03/17/2020
and put in a little bit of DIY effort. The
interest only payments with no
Sold off Market
Investor made an offer of $185,000
prepayment pentalty and the note
No Realtor Commission
which was accepted and they
was due in 6 months.
purchased it in December of 2019, right at the end of the year.
4,500
Sale Price:
$268,000
It is important to note that the
Seller Closing Costs:
$
borrower pledged a separate free
Profit:
$ 40,000
4,000
Can you say MOTIVATED SELLER to
and clear property as additional
take a $35,000 price cut.
collateral to be able to obtain 100%
Note that while this case study only
financing as typically Merchants
looks at purchase costs, rehab costs,
The investor needed $27,500 for
does want the investor to put some
loan costs, and closing costs to buy
rennovations wich appears based on
money down at closing. But as the
and to sell, there are a few other costs
the photos to have been spent on new
"mushy money" experts, bring them a
like 2 1/2 months ot taxes, insurance,
cabinets and flooring in the kitchen,
scenario and run some numbers to
utilities and the like. If paid commission
new tile in the entry, and a new main
see if it will fit their criteria.
would have been $16,000.
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Photo from Michael Fleshman on flikr https://flic.kr/p/crT1Ud
Why The Cares Act Seems So Uncaring Towards Everyone.
Protect Yourself B Y
D A V I D
P I C K R O N
Landlords, it’s time we all pay very
up with $4000 to make the landlord
loans to cover employee pay, and those
close attention. A second devastating
whole? It appears that tenants
that were unemployed collected more
wave of trouble is thundering towards
interpreted the eviction moratorium as
than they would have if they worked, all
us and it is imperative that you know
“we do not have to pay rent,” which
to help people cover their expenses.
how to protect yourselves and your
could not be further from the truth.
What did the struggling landlord get
investments. On July 26, 2020, the
So, what happens now?
from the Cares Act? Nothing but their
120 days of eviction relief provided by
properties “seized” by the Federal
the Cares Act expired. With that,
Over the next 30 days, if the Cares Act
government if they had a loan backed
landlords across the United States
is not extended, thousands of people
by Fannie Mae or other government
were given the green light to start the
in your area face being evicted and
backed loan (something the landlord
eviction process for non-payment of
receiving a judgment against them for
did not ask for) and told they could not
rent, with the caveat of having to use a
thousands of dollars. These costly
make decisions for properties they
special 30-day notice as required by
judgments had to come from
own. This has resulted in landlords
the act. We are seeing that landlords
somewhere to help the landlords who
who are financially stretched and a
are generating notices with
carried their loans and their unpaying
pool of potential tenants that are not all
$4000-$8000 demands for the last
tenants for months. For many
that dependable.
several months of unpaid rent,
landlords, the burden was too great,
begging the question that if they
and they did not survive carrying
COVID has had a significant impact on
couldn’t afford $1000 a month rent,
these unexpected costs. The Cares
our society but it is by no means
what makes us think they can come
Act also gave businesses large PPP
K I M
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T U C K E R
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H O U S I N G
P R O V I D E R S S
Bad Screening = Bad Tenant = Expensive Eviction Download our Free Ebook: "Steer Clear of Your Next Eviction"
Visit www.RentPerfect.com to download. the first time that people have endured
Two. Ask for proof of payment of rent
band together to survive in an
challenging situations. Everyday
for the last 4 months through bank
environment that has been stacked
people deal with illness, cancer, and
statements or cancelled checks. Do
against us by our legislatures and
other diseases and disabilities that are
not fall for they were living with family
tenants.
terribly unfortunate. In the past,
and did not have to pay rent.
tenants that have struggled with these
Together we can weather the storm
types of issues have leaned on family,
Three. Give good landlord
and come out of this a stronger and
savings, or churches to help them make
verifications. What that means is
more unified group.
ends meet. With the Cares Act, the
when you are asked about a current
landlord was the one forced to carry
or former tenant, stick to fact-based
The secret to being successful in this
the bill. We have been beat up enough
answers, and stay away from sharing
business is finding the right tenant or
and the struggle is not over. The
your personal, biased opinion of the
what I call “business partner” and
current pool of potential applicants in
people. A factual question you can
proper screening is one way to beat the
the next 30 days will have evictions and
answer and provide backup for is
challenges ahead, including bad
judgments against them that can hurt
“Has your current tenant paid his or
legislation put out by our government
you. Here is how to protect yourselves:
her last few months of rent?” Simple
under the guise of Cares.
question with a simple answer of yes
One. Call your screening company and make sure they search for eviction records in your local jurisdiction and in the jurisdiction your applicant has lived. Credit
or no. We need to protect each other
David Pickron is President of Rent
so no one gets hurt again and that
Perfect and a fellow landlord who
can happen when we ask for and
manages several short- and long-term
provide good landlord verifications.
rentals. He is a private investigator and teaches organizations across the
I do not want to see any fellow
country the importance of proper
landlord be victimized again. We are
screening. His platform, Rent Perfect,
good people who have been
was built to help the small landlord find
responsible enough to be able to
success. www.rentperfect.com
civil eviction record is for your
provide housing across this country
877-922-2547
screening company to go right to the
to millions of people. For the most
court. Keep in mind, since these are
part we are all not rich, but rather are
bureaus removed eviction and judgement data from their reports last year, so the only way you can find a
off the credit bureaus, these evictions will not affect credit scores.
living simple responsible lives, trying to get ahead a little and raise our families. More than ever we must
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P R O V I D E R S
Career Fair KC
Kansas City— August 10th, 2020 — Last Thursday at Career Fair KC, Local Housing Providers presented over 27 local companies offering immediate jobs as well as paid training and apprenticeship programs to provide in excess of 400 local jobs, all paying at minimum of $15 and many paying $20, $30 and more. Many with benefits and programs for veterans, seniors and second chance opportunities for felons.
Sponsored by KC Regional Housing Alliance, Mid-America Association of Real Estate Investors, Landlords Inc. and WinVestor’s, all local associations of local housing providers, the event was completely free for Employers and Attendees and hosted live online on Zoom as well as streamed live on Facebook and on the EnVision Center Network KC platform to allow for the maximum number of people to attend. The Facebook live stream is still posted online at Facebook.com/CareerFairKC and has had over 7,000 views to date and over 350 log ins to the live event on Zoom. This live video is currently being edited and individual job presentations will soon be posted on the Facebook
page as well as on the CareerFairKC.org.
Providing Jobs & Opportunity for Growth
Seeking to Make a Difference
Ultimately presenting opportunities from the Workforce Training Program for Edgemoor that result in jobs at the Airport, JE Dunn, Cerner, Coca-Cola, Fed-Ex for big corporate names most will recognize. Many more training and apprenticeship programs from a carpenters and electrical union. Many positions in construction, maintenance and property management. Manufacturing and Transportation positions. Health Care and Teaching Positions.
“With the COVID -19 many of our members have reported that the majority of their residents have either been paying rent or have worked out arrangements to have rent paid through July,” shared Kim Tucker, founder of Mid-America Association of Real Estate Investors, “But many residents have been furloughed or are only working partial hours and not sure how long they would be able to pay rents. We wanted to share opportunities with our residents to find new, good paying jobs.“ KC Regional Housing President, Stacey Johnson-Coby shared that even before COVID we kept “hearing the fact that tenants can’t get a two-bedroom apartment living on minimum wage. and we agree. And so it’s like, what can we do about that?" Johnson-Cosby had been planning an in-person Career Fair prior to COVID to show case jobs that pay a living wage then she teamed up with the other housing providers once the stay at home orders took effect to find a way to present virtually.
If you are between jobs in Kansas City or are seeking a job change and would like something with growth opportunity, good pay, benefits, be sure to visit www.CareerFairKC.org to review the schedule of employers and the job offerings as most of these employers have multiple open positions and need people with a minimum of a high school education, a few are available for teens.
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