Logan Rankin started out leading retail operations for a Fortune 50 company, but soon realized while he was working hard, his money wasn’t working hard for him. As he developed his financial literacy, he decided to take a big risk — he bought his first investment property, leaving only $7 in his bank account. Today, Logan owns 185 buildings totaling 1,923 units. In this episode, he shares how he’s been able to scale without partners or syndications, his tips for lead generation, and the number-one rule he lives by.
What makes Logan unique is that he has been able to scale to 1,923 units at $200M AUM while keeping all the equity. Funding the deals became possible once he shifted his mindset to viewing apartments as businesses rather than properties. He learned how to force appreciation and soon developed a process for quick turnaround repositioning on older apartment buildings using his own property management company. “All of it is through repositioning my properties and refinancing the money out, and then buying another one and doing the exact same thing,” he explains.
Logan prides himself on paying substantial finders fees based on cash-on-cash returns. He has a 100% track record, which gives him a major credibility boost as well.
Surprisingly, he also credits police officers and pest control workers with bringing him deals. “I love properties that are mismanaged, and a lot of times when they’re mismanaged … there’s crime,” Logan explains. A persistent pest control problem also indicates a potentially mismanaged property.
For investors with smaller portfolios, Logan recommends sitting down and having coffee with brokers, which he used to do. “I’d buy them coffee and I would try to Babe Ruth it,” he says. “I’d try to call my shot: ‘My goal this year is to buy 20 units, I would love it to be with you, and if you give me a shot, I know we can make a lot of money together.’”
Logan once got overconfident and purchased an apartment building in a poor location. “That’s one of my biggest rules now,” he says. “You can control everything about operations, you can rebuild your entire building if you want, but you can’t control what’s around you.” It was a lesson he learned the hard way. The three things he now considers when evaluating a property’s location are the state of the surrounding properties, population growth, and job growth.
Logan Rankin | Real Estate Background
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TRANSCRIPT
Slocomb Reed: Best Ever listeners, welcome to The Best Real Estate Investing Advice Ever Show. I'm Slocomb Reed and I'm here with Logan Rankin. Logan is joining us from Green Bay, Wisconsin. He's the owner and founder of Rankin Enterprises and Focus Property Management. He is personally the owner of almost 2,000 units with an AUM of over $200 million. Logan, can you start us off with a little more about your background and what you're currently focused on?
Logan Rankin: Yeah, that sounds good. Thanks for having me on. For me, I grew up in a small town in northern Wisconsin, not too much further northeastern from Green Bay. Blue-collar, hardworking city, and just didn't learn a lot about financial literacy. Went through school, graduated college, still didn't learn a lot about financial literacy. Learned how to work hard, but had that scarcity mindset. Started my career like a lot of people, started working in a corporate job, Fortune 50 company, leading retail operations. And as I started to do pretty well and started to promote and make a little bit more money, I realized that, just like back in a small town in Wisconsin I was working really hard, but my money just wasn't working hard for me.
I was doing things like getting rid of all my debt. I graduated with $40,000 in debt, putting money into a 401K, but I'm working so hard, and I could just feel my money not working hard for me. Luckily, I started reading some books. You read enough books, you try enough different financial things, you run into real estate. So I convinced my wife in 2013 to buy our first investment property as a single-family house, left us with $7 left in our bank account. I remember underwriting it. I told my wife, “This is what the book says. I underwrite it like this, and it should produce $3,400 after a year.” I'm like, “If it does, we'll just take a vacation. It's worth it.” A little bit of a risk there leaving $7 in the bank, but it actually cash-flowed after a year, $3,300.
That changed everything for me. That was a big moment. Not the money, just the fact that I could underwrite a deal or accurately control, understand, and predict within $100. Because I couldn't do that in my 401K, and I couldn't do that in any other investment that I made. So the next year, my wife and I bought a duplex, two units. We doubled, went broke again. A year after that, we bought two duplexes, went broke again. Every dollar we had, we just kept putting into real estate. That was about the time I started to realize that, what was helping me make more money at my current leadership job with a Fortune 50 company - I was promoting, getting more responsibility - I started realizing that I'm pretty good at leadership and people. I love diving into and dissecting the financials or the P&L of the businesses, and I was obsessed with operations.
Those three things translated really well to real estate, digging into the operational efficiencies of an apartment, digging into the financials, and trying to force NOI. In 2019 I had about 200 units, which was enough units to be able to... Because it's not what you make, it’s what you keep. So if I looked at what I was keeping, I’m working 10 to 20 hours on my real estate, I was keeping the same amount as my W2 job working 70 hours a week, nights and weekends. So I retired in 2019, and the first thing I did, since I'm an operations guy, is I started my own property management company, and started with four people. Today, we have just over 73. I think 73, we just hired our last employee. In my portfolio, it's 1,923 units, just about $200 million. I think what makes me unique - I've been able to scale and do that while keeping all the equity. I don't have any partners, never done a syndication. My wife and I still retain all the equity in those 1,923 units.
Slocomb Reed: You had 200 doors in 2019, which means you added over 1,700 in the last three years.
Logan Rankin: Yes.
Slocomb Reed: You're in ownership of all of those?
Logan Rankin: That's correct.
Slocomb Reed: Logan, that's incredibly impressive. I have a very blunt question here, that I can't think of any better way to put this... Where did the money come from to buy 1,700 units, coming from a portfolio of 200 doors and leaving a job? Given that you are putting yourself in a position to retain all of the equity, how did you fund those deals?
Logan Rankin: Yeah, I think the biggest thing that I learned is in 2018, 2019, all I was buying was multifamily. The only thing I could afford in the beginning was houses and duplexes or four units. Once I started realizing that buying apartments is not buying properties, it's buying businesses, and then I applied what I learned... Because I'm in Wisconsin, there's small appreciation here. But I learned how to force appreciation. So what I did is I started buying these 1970s and 1980s value-add deals owned by ma-and-pa owners that look at their property as a property, they probably manage it themselves, and there are a lot of opportunities to be able to force NOI. Then I built my property management as not just a management company, but a construction company as well.
With 2,000 units, 73 people is a lot. You don't need that many to be able to manage that many units. But we internally rehab the majority of our units. So I was able to figure out how to reposition, I got really good at repositioning properties. For example, you asked how to fund deals. What I would do is I’d buy that deal, that was probably at a wholesale, most likely a wholesale price. I don't think I've bought a deal on market in three years. Then what I would do - in the time that it would take somebody to reposition that property, let's call it four years, I'd do it in 12 months.
After the 12 months, I'd refi that money out, I'd use all that refi money and put it back in. With 200 units, I had a lot of opportunity when I retired from my job to be able to start putting money back in too, because those 200 units, I really didn't refi any of them. So at first, I refi'd to give me a really nice pool of money to allow me to buy about 500 that next year, and then it just kept rolling. This year, in Q1, I'm having my best start to a year yet either. I closed on 500 units already this year, and all of it is through repositioning my properties and refi-ing the money out, and then buying another one and doing the exact same thing.
For example, in-house, we probably turn 15 to 20 units a month, and we turn units in about 72 hours. We'll go in there, we vet the unit, we'll put in the LVP, we'll put in appliances, paint etc, and then we'll obviously move the rent up. But what I've realized, at least in my market, is there are so may properties that still have the shade carpet and the weird paint colors. These 1970, 1980, and 1990s that the owner just doesn't want to upgrade. And there was also brand-new construction, that's thousands of dollars more. So there's a big need for in the middle, because people want to be proud of where they live, they want to have an experience that they can remember. So I really focus on that middle. Taking that 1970s-looking property and making it look like a brand-new build; it just wasn't built then. I think there's that big opportunity there, and certainly, that has allowed me to be able to scale NOI and reap the benefits of that.
Slocomb Reed: Absolutely. And taking renovation in-house. Do you do third-party property management? Or is it just for your own portfolio?
Logan Rankin: Just only for my employees and myself. My employees, I do it from a standpoint of they get the same cost basis as I do, but only in-house. I constantly hear so many people worried about -- they find a deal, they close on a deal, and they're trying to find money, which is important. But once the deal is closed, they don't know how to operate it, or they don't operate as well as they should. And I had third-party management when I was still working, so I know what that's like. You can still obviously manage the manager, but I feel like there are a lot of people that are really poor at that. A lot of people that don't look at operations as detailed as they should, because there are so many different levers you can push to be able to drive real value.
Slocomb Reed: That's awesome, and absolutely correct. That's one of the reasons why I am a self-manager as well, with a portfolio is significantly smaller than yours. But one of the reasons I've retained management is I have yet to find a third-party manager who would be able to do it as efficiently and as cost-effectively as I can. I'm finally getting to the point now where it is more of a 10 to 20 hour a week deal than a 30 to 40.
Logan Rankin: That's awesome, and you're exactly right, there are not enough good ones out there. That's a whole different topic.
Slocomb Reed: Are all of your properties in the Green Bay Area?
Logan Rankin: Yeah, they're across the Fox Valley. Primarily Green Bay, Appleton Oshkosh, for those familiar with Wisconsin. They're within about a 50-mile radius, but I have some a few hundred miles away. They're all in Wisconsin, for sure. Slowly, I'll start to expand out of Wisconsin, but for right now, there's still plenty of opportunity. If I can keep my apartments closer, obviously it helps with the economy of scale, too.
Slocomb Reed: Absolutely. Reading into the numbers a bit... I'm in Cincinnati, Ohio, Logan, so Midwestern markets are familiar. One of the things, reading into your numbers, AUM of $200 million with just under 2,000 doors means an average value per door of around 100,000. But also in my notes here, I have 185 buildings at 19,025 units, which means that your average property is around 11 doors, or $1.2 million. Now, I know in Cincinnati, there are still opportunities to find those deals off the market because of the size. Until you get into 20, 30, and 40-unit properties, there are still mom-and-pops, or mas-and-pas as you said, who are managing those properties and thinking of it as a property and not like a business. You said you never buy on market; that's 1,700 units of off-market deals in three years. How are you doing your lead generation? How are you putting yourself in front of these sellers?
Logan Rankin: It's a good question. I will tell you, the reason the unit count too is so small is because my first 200 were a lot less than 11 units. But again, it’s just hard to build a portfolio without doing syndications or partnerships in the beginning. But then it really gets going. For example, this year, of the 500 units I've closed on, the smallest was 48 units. Actually, the rest were 100 or more, which is much easier now. The bigger, the better, in fact.
But from how I’m sourcing the deals - so I pay really good finder’s fees. Anybody that knows me knows that my finder's fee - I don't nickel and dime people. I'm going to pay based on cash-on-cash returns... So if you find a deal, I think they know to come to me.
Secondly, I've closed on over 100 deals. I've never got a deal under contract that I haven't closed. So I have 100% track record, and I think that goes a long way when people are looking at deals and bringing them to me. Because obviously, they're not going to get paid unless it closes, too. So I think that helps. I tell everybody and anybody. I have police officers that have brought me deals, I have pest guys that have brought me deals... Because just think about it, a police officer goes to a lot of properties that there's a lot of crime. And if I usually stick to, 99% of time, locations that are really strong, but I love properties that are mismanaged, and a lot of times when they're mismanaged, there's what? There's crime. Who fights that crime? Police officers. So the police officer is going to them and they know that I'm a willing buyer... There's a good chance that whoever owns that is tired. Same with pest. You know, if they're going to a place a lot to take care of a cockroach situation, bedbugs, whatever that owner must be tired of owning it. That's a great way. Calling like crazy, utilizing my resources and calling people, and trying to make compelling offers for them to be able to sell. Recently this year, I hired somebody in my team to just do that. He's just constantly helping me source leads, call people, and introduce who I am and what I am as a buyer. So a lot of different things like that.
But I think for somebody that has a smaller portfolio like anybody that's listening that has from 2 to 10 to 20, I used to go and sit down with every single broker real estate agent that would listen to me. I buy them coffee, and I would try to Babe Ruth it. I would try to call my shot. “My goal this year is to buy 20 units. I would love it to be with you. If you give me a shot, I know we can make a lot of money together." And I would do that over and over and over again. Because when you're small -- it's easy for me now because I have credibility, but when you're small, you don't have the credibility. So you've got to call your shot, and then you got to follow through with it. I think that helps a lot, too.
This year or the last year and a half, I've been doing some strategic things too, like waiving a financing contingency. Nothing shows the strength of a buyer who helps move somebody. Because if you're going to sell, you don't want to screw around. Especially with COVID, the last thing you want to do is let a whole bunch of investors through your apartment, and then all of a sudden, it doesn't close and you've got to go through that shit again. So just trying to do different things like that, or putting on more earnest money would be a few ideas.
Break: [00:13:49.03] - [00:15:34.21]
Slocomb Reed: Waiving or not having a financing contingency and then letting your deposit go hard - those are the two biggest factors financially, aren't they?
Logan Rankin: Yeah, 100%.
Slocomb Reed: When I talk to the brokers in my sphere - and this is not everyone I take out for a coffee, but the people I already have a good relationship with, when I'm asking them about other investors, the first stat that they quote to me are, "He's four for four with the deals he's gotten under contract, and he never re-trades." Or, "He's re-traded X number of times." For our listeners, re-trading in the commercial space is when during the due diligence period the buyer does or attempts to renegotiate the contract during due diligence to bring down the price. That's called re-trading. So tell us a little more about your finder's fee.
Logan Rankin: I do my finder's fee usually based on either the amount of units... If it's a straight-up deal, maybe it'll be about somewhere between 150 to 250 a unit. Or I'll do it based on cash-on-cash returns. If it's a strong cash-on-cash return, I'll give more, and if it's a lower cash-on-cash return, I'll give less. That's kind of something we talk about, whoever finds me a deal. I’ll underwrite it, and I'll show them how I’m underwriting it, and why it might be worth what it is or not worth what it is. I've given out at least a half-dozen six-digit finder’s fee. I know I paid that maintenance guy more than he made in two years on one finder's fee.
Other than labor, because I would argue that labor is very important in this type of market to do what I'm doing, finding the deal is very tough. So I think that's really important to pay for the deal. Now, obviously if the deal is not a great deal or it's just a lower deal, then we'll talk about that too.
The other thing I didn't share, a lot of the people that send me deals, one thing that I do that I think is almost, let's call it more valuable than the fee, is I'll actually let that person, if they want to get into real estate, follow me around in the entire deal. Because all they did is give me the deal. I’m underwriting it, my attorney’s putting together the offer to purchase, and I'm doing the negotiating. Even if it's a real estate agent, by the way; they don't have to do anything. They're licensed now, they don't do anything.
But what I will allow them to do is watch and listen. I’ll allow them to come to the inspection, I'll see what bank, how I financed it, and what the negotiations look like. I'll teach him, which from a guy that got into real estate only reading from books and who didn't know anybody, that would be the most valuable thing there is if you want to scale your wealth in real estate, is learning from somebody that's actually doing the deal so you can do it yourself.
Slocomb Reed: You talked about treating properties like a business and understanding operations in building a business plan. What would you say is the most important skill that you brought into real estate with you and that you've developed as you built your portfolio?
Logan Rankin: Two come to mind right away. I'll say the first one that came to my mind is my ability to be able to assess the business. Obviously, I'm talking about the apartment; assess the business really well and how it's currently being run, and then strategize a lot of different ways to run that business better, which would equal a lot higher NOI. I think I do things different on every phase of that process, even my inspections. When I get a deal under contract, the inspection... Most people do an inspection to inspect the property and see what's wrong with it. I do that, but that's like the 10th thing I'm doing during the inspection. It's like very low on my list. I very rarely ask for anything during inspections, and that's just another reputation thing. So what I do on an inspection is -- because you can only see so much on all the P&Ls, and then the rent rolls. On paper, you can only assess the business so far. After you've assessed that though, when you're on-site, that's when you really get to look at things. So you get to look at the income side and the expense side.
For example, I walk every single unit. I just closed on a 199-unit, for example, a few weeks ago. As I was walking the units, I noticed that at least 30% of them had water leaks that were not taken care of. Now, here's a good example. You look at what the P&L said for how much he's paying in water, and it's probably 30% higher than what it should be, which is significant when he talks about cap rates. I know I can reduce that by just simply fixing that issue. I can also figure out what are other things as I'm walking that we could do with the rehab process.
We walk a unit, we're measuring the vanity, we're measuring the cabinets, we're measuring the floor. We're getting all of that right away, so that when somebody puts in their 60-day notice to leave, we already have the plan. Because a big problem right now is materials. Well, I spend on average $550,000 to $650,000 a month on CapEx, because right now I'm repositioning 11 properties at the same time, and I speed-reposition so we can go quick. But to have that in materials, that's a big deal. But if you can put those materials in 50 days before the person even moves out, the likelihood of you having that is much higher.
I'm constantly hearing that from a lot of people in real estate, like “I can't get appliances. They're not coming for two more weeks.” Well, they ordered them as soon as the tenant left, so that's two weeks of vacancy. That's why we're always pushing to rehab these units in 72 hours. Vacancy is real in repositions, and especially when you're doing them fast, because it creates a lot more.
I'm also looking at, when I inspect that property -- so back to the repositioning, what are their income sources? What else can I do? For example, this apartment I was talking about, they didn’t allow pets. It’s backed up to a park; there's like four acres of grass. If you rehab the units - and we used to put in luxury vinyl planks - you can harden the units while they look great. For all the listeners, I think pets is a no-brainer. Pets is an absolute no-brainer.
Slocomb Reed: Yes to pets.
Logan Rankin: Yes. Yes to pets, all day. Last year, I did more than pet stores do in just pet fees. You get a fee when they move in, and you get a fee per month. If you really do it right, the amount of damage that happens is very minimal. Again, if you're upgrading the units right. If you have all carpets, I understand why people wouldn't want to put in pets. But I highly recommend that the way you can harden the unit also allows you to get a lot higher base on the rent, too.
We have a lot of processes too, like with our company, when we do through the rehab process. I think rehab in general is a vast subject, where a lot of people get emotional about it, or they're like, “Well, how much do we spend on a rehab?” I built my management company so that our operation team just does it based on ROI. Everything in your business should be done based on return on investment.
For example, we have three kinds of terms, that's it. There are no kind of Menards specials or Home Depot specials. We have just two types of flooring, that's it. We have one type of cabinet, and why there are three different versions is because there's a light turn, there's a medium turn, and there's a heavy turn. How do you know? It's based on ROI. Our light turn is going to cost us $3,500, our medium turn is going to cost us $5,000, and our heavy turn could cost us between $10,000 to $20,000, depending on how nice of a property it is, if we're going to throw in granite.
If it's a medium turn, that costs $5,000, and we assess we can get $150 more. Well, then we simply take 150 x 12, we get $1,800. We divide $1,800 by the $5,000 rehab, we got a 36% return on our investment. If that 36% is better than a light turn and a heavy turn, then that's a turn that we do, or the materials, and we go after it.
All these little things I've learned from assessing P&Ls, from looking at businesses from my W2 job, I've brought over to real estate, and I love operations. We're constantly just trying to figure out how to do things more efficiently, but also provide a better experience.
Slocomb Reed: What are the biggest mistakes you've made along the way?
Logan Rankin: A lot. In the beginning, I probably financed every single property the first two years completely wrong. Put down way too much, amortization way too low. That was a pretty big mistake. I'll talk about this later in the show, too, because I think you asked a question about what are one of the biggest mistakes or money you've lost. I got too overconfident; once and I didn't buy a 28-unit apartment in a good location. That's one of my biggest rules now. You can control everything about operations, you could rebuild your entire building if you want, but you can't control what's around you. I had to learn that lesson the hard way, for what's around you. I think those are a couple of the bigger mistakes.
Slocomb Reed: Talk about that a little bit more, about not being able to control what's around you. I look at something similar with my own portfolio and the properties that I'm looking to acquire, how much control am I going to be able -- and as a real estate agent talking to clients about the fourplexes that they want to buy, is it a standalone? Is it on a cul-de-sac surrounded by single families? Or is it in a row of 20 of the same building? How much are you going to be able to control the reputation of the property by the action that you take and the things that you do to your property?
How is it that you gauge the importance of the surrounding area? And go a couple of layers deep here, because we all have a general idea that you want to be in a better location. What is it specifically that you're looking at in the area, directly surrounding the property of interest to you?
Logan Rankin: Yeah, absolutely. By the way, I listened to a different episode... I think I remember - you help people find real estate, but not only that, but if you find a deal and you give it to them, you even give them the option where you will manage for them, right?
Slocomb Reed: I have done that in the past. Yes.
Logan Rankin: Yeah, that's awesome. I don't think people understand -- until you actually do property management like you do and like I do, I don't think people really understand what an opportunity you're giving other people too, because it's way harder than people think.
Slocomb Reed: Right. Yeah, totally.
Logan Rankin: But that's a different subject. To answer your question - yeah. I look at three different things. We'll keep it to three, but essentially, I don't care what my land or my building looks like. In fact, I'm actually hoping it looks pretty awful. I'm hoping to have the worst-looking building or land...
Slocomb Reed: Because that's the building and the land that you have the control over, and you have the ability to improve it.
Logan Rankin: That's exactly right. So the first thing I'm paying attention to is everything around me that I don't own. That's what everybody should be paying attention to. Who cares about the cars in your parking lot, which is a good indication of the tenants that you have? Yeah, it's important to look at. I care more about the cars on the other parking lots and what they look like. Then I'll look at population growth, and then I'll look at job growth, and what that looks like as well, too. Those are primarily the three biggest things. I'll even throw in a fourth. Sometimes you can kind of feel where something is shifting or moving, which also could really help you if you time it right, too. Because I feel like this building that I'm referencing, we did everything we possibly could. But even when I looked at the population and the jobs, and what was happening in this area, our tenants were never going to be the kind of tenants that were going to be easy to manage. Everything around them indicated that.
I thought, “If I operate this building really, really well, if I manage it really, really well, I'll turn this thing around.” It was particularly hard. You probably know this. Sometimes, those are the best deals. This guy's like, “Yeah, I'll seller finance this thing for you. I do a lot of seller financing; it helps getting into deals. So I’ll finance 20%." I got in this deal with no money down. I don't know why. And then I will say, I did buy, a year and a half ago, a 122-unit apartment community that was just awful. The day before closing, there's a shooting, bullet holes in the signing. But this thing was on 5.5 acres, surrounded by trees. All around, on the other side of those trees were great homes.
This is what you're looking for, guys. This was a terrible area only because of the 122 apartments on 5.5 acres. Now, that's what you want. That's a situation that you want to be able to take over and get into. By the way, that's a fun story, too. I took that over at 30 vacancies. Yeah, it was crazy.
Slocomb Reed: Yeah, I wish we had time to get into that story now. Hopefully, we'll have the opportunity to do it on a future episode, Logan. Are you ready for the Best Ever lightning round?
Logan Rankin: Sure, man. Let's do it.
Slocomb Reed: Awesome. What is the Best Ever book you've recently read?
Logan Rankin: I've just read Principles for Dealing with the Changing World Order by Ray Dalio. His first book was Principles on Life and Work or something like that, which is pretty good, too.
Slocomb Reed: Yeah, Ray Dalio’s got some great books. What is your Best Ever way to give back?
Logan Rankin: I've got a book coming out. My first book, I just wrapped it up, and it's Find Your Financial Freedom. I'm really excited. For everybody listening, I'm going to give the link here and they'll put it in the show notes, but if you use the link on the week of May 10, you can get the book for 99¢. I shared my story, I grew up not knowing anything about financial literacy. The way I'm trying to give back now is this book, for one, and my wife and I are actually working on a foundation as well, and all that's predicated on financial literacy.
I don't think there's enough of it in society, I don't think there's enough of it in school, I don't think people are talking about what they need to talk about, and I think my book does a really good job of helping people take actionable steps to scale towards financial freedom. Hopefully from this podcast you know that I believe you can do that with speed. A lot of this book talks about exactly that. I'll definitely put the link in there, and check it out.
Slocomb Reed: Excellent. Logan, what is your Best Ever advice?
Logan Rankin: I think my Best Ever advice would be to question everything, question it fast. I'm not just talking about the media; just everything that you've learned. It could be even from family, friends, or school. I wish I would have questioned things a little bit sooner. Obviously, I'm talking mostly from financial literacy, but I just think there's a lot out there, and I think you should question it, make sure you truly understand it. There are a lot of things in life you don't want to outsource. If you question those things, you don't have to outsource it. That would be my Best Ever advice.
Slocomb Reed: Logan, where can people get in touch with you?
Logan Rankin: You can email me at logan@loganrankin.com. Go to my website loganrankin.com as well, and you can see all my social media stuff. If you have any questions, hit me up on there.
Slocomb Reed: Great, and those links are included in the show notes. Logan, thank you. Best Ever listeners, thank you as well. I know I've gotten a lot of value from this conversation. If you've gotten value from it as well, please subscribe to our show. Leave us a five-star review and share this episode with a friend to who we can add value to as well. Thank you and have a Best Ever day!
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