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Many people assume that a news anchor turned real estate agent would have it easy. But what if you couldn't leverage your news personality at all to let anyone know you were even in real estate? Christina Leavenworth found a way to use any free time she got to connect with people outside of her day job as a news reporter and managed to sell 65 homes for $14.8M in volume in her first year in real estate in the Pensacola, FL market back in 2016. A few years later, she launched The Leavenworth Team as a way to handle the growing demand for her services and has turned that into a thriving team of a half dozen agents. In addition, she's grown a rental portfolio to 18 properties ranging from short-term, medium-term, and long-term rentals, all while continue to manage those properties between her and her husband. Find out how she's built this up in just a few short years and how she's willing to lean into uncertainty, grow through challenges, and come out successful!
In this episode hosted by Mike Swenson, we discussed:
Timestamps:
02:52 - Finding success in real estate.
05:07 - Adapting to changing opportunities
05:48 - Building and managing a successful team
08:24 - Adding value and fostering growth helps reduce turnover in a team.
11:36 - Real estate investing.
12:50 - Finding the right team members who can provide value and support.
19:01 - Taking action and defining one's vision.
19:55 - Benefit plan to invest in real estate.
21:12 - Cost segregation for rental properties.
24:24 - Value of podcasts in learning real estate.
26:26 - How to Find Christina.
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Minnesota Real Estate
Read the full transcript here:
Mike Swenson
Welcome to The Real freedom show where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some real freedom together.
Mike Swenson
Hello, everybody. Welcome to another episode of Real freedom, where we talk about building time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson, and today we're going to talk to a former news anchor that was excited about the opportunity inside of real estate to be able to earn unlimited income and still did a job side by side while she was in the news. She's also an investor. So we've got Christina Leavenworth, and she is with the Leavenworth team brokered by Levin rinky Realty based out of Pensacola, Florida. And so in addition to the real estate business, she's got a couple of short term rentals, mid term rentals, buy and hold. And so we'll talk about all that. Welcome to the show. Christina, we're so excited to have you. Thank you, Mike. I'm excited as well share a little bit about your background, what got you into real estate and where you're at today. And we'll go from there.
Christina Leavenworth
So I got my real estate licence in 2016. I was a news anchor at that time, I was the morning anchor, I would go in at three in the morning and get done around 11 A M. and I was pregnant. And I was bored because I I like to drink my wine and jump off at all things. I couldn't do that anymore. So I thought, hey, you know, rather than constantly bug that agent to go look at houses that was helping me why don't I go ahead and get my licence, it's going to be a part time thing. This is never going to be my main jam. That's what was happening in my head. But then once I started doing it, I was like, Man, this is what like God has always wanted me to do and I absolutely fell in love with it. I got my licence in 2016. I didn't start practising until 2017. And I sold 65 homes that first year while having a newborn baby and working full time at the TV station. And it was a crazy year, it was just one of those years. I wish I could tap into that energy again, and have it now. But I mean, it was awesome. Started my team and 2019 I've had as many as 12 people on my team. Right now we're sitting at six. And I really liked that number. I'm happy with that. We have 18 rentals. And yeah, real estate has been such an amazing journey. It's been life changing for us. So I absolutely love talking about it and sharing and hopefully helping others do the same thing.
Mike Swenson
Let's start talking about that year one doing your news anchor position, getting into real estate, and then 65 homes. That's really impressive. And a lot of people are like, Oh my gosh, I wish I could do that. How did you find that business? And how did that grow that first year for those new agents out there that are in a tough market? They've entered real estate and they're probably thinking, what did I get myself into? Maybe you can inspire them with your story of success.
Christina Leavenworth
So a lot of people at first are like, Oh, well, it was because of the news thing. That's why you sold a lot of homes. But it is the opposite. I was very limited by what I could do being a news, I was not allowed to use my legal name I had to use like I was only allowed to use my TV name, I had to use my legal name, I was not allowed to use the phone number I had, I had to get a new phone number. And I was not allowed to post anything about real estate on social media. So I was allowed to post other things on social media about news, but they were like, people can't think of real estate and Christina and put it together. If you want to do this by word of mouth, that's fine. I door knocked with a baby. Because I figured if I had a baby with me, people would be nicer to me. I did all sorts of things where I had to make it work on my time. I really targeted military families. And the way I did that was through Facebook groups. That was a really and now it's a little bit harder. If someone says they're moving somewhere, there's 500 responses. Back in 2017, there weren't as many responses. So I was just on it. You know, 24/7, I started my own networking group, because all the other networking groups was when I was working the other job. So I had to do it at a time that would work for me. And we call that Pensacola power players. And we would get you know, it was almost like a BNI group where we get one person from each industry. We did it at nighttime, we made it fun, we made it free, and just did different things like that, and all that cumulate it and sell it a lot of houses.
Mike Swenson
You know, I think about number one, you use the social media opportunity that was available at that time. And yeah, five years later, six years later, that opportunity is not the same thing. And so there's a lot of people out there that might say, Oh, well she did it, that doesn't work anymore. Whereas the smart person would say, Oh, well, it was Facebook five years ago, our Facebook groups, what is it today and you just have to figure out what's the medium that's going to work. And then the other thing that was really intriguing is you started your own networking group. So instead of saying, Hey, I can't get into a networking group because it doesn't fit my schedule. You said I'm gonna make my own. I'm gonna do it the way that I want to do it. You can let your situation dictate what happens to you or you can lean into it and create your own results. So even just in that short little blurb, there's a couple of things that popped out to me, it's like, oh, well, that's why she's successful because she made it happen versus saying, Oh, I can't do this, or I can't do that because of XYZ situation.
Christina Leavenworth
I do think, you know, some of the limitations that I had with working at the station at the same time, ended up being a blessing because I think I might have thought, Oh, I'm gonna have it easy. All I have to do is put out a post, and people are going to beg me to buy and sell houses. But instead, I knew I couldn't use that I could use groups, because that was they couldn't see that that was me going in there and sliding in people's DMS, but it made it It made it so it's like, okay, like, I now know what I can't do. And it made very few options of what I could do. And I had to really utilise that
Mike Swenson
I know, there's a lot of agents out there that are wondering about forming a team and starting a team. And when's that right time? Or why would I want to do that talk about that journey for you and how you got to forming your team?
Christina Leavenworth
Honestly, a lot of things in my life, I think I'm a little bit more reactive than proactive where I'm getting sign calls I can't answer or you know, your, you just have too much going on. And I went to my brokerage and said, Hey, I want to do this team thing. And teams were still relatively new, it was new to our brokerage and newer to the market, like Keller, Williams, and all have been doing that for a while. And I said, Who do you recommend, and they gave me a few names. And I sat down and really like someone and we became best friends. And it worked out really, really well. That was the same thing as it grew, like we realised, hey, we have so many listings, we don't have enough people to do open houses, we need to add another team ever, and add another team member. And to this day, I still turn people down, you know, it's really important to protect the vibe. And when we were too big, that's where I felt like we lost some of that it was just at things got diluted, I couldn't you know, give my all to all of them. And then rumours star you know, you're it's a family, you know, you're you're managing a family and you're on everyone's life journey, but it's been great. It depends on what you want to do. And there's so many different types of Team models out there, I have a traditional team where you know, I'm at a brokerage, and then I have people under me, and it's a pretty standard like 5050 split. However, some people they do it where it's just them, and they have two or three people that they trust, and they just refer out what they want for 50%, where maybe they don't have all that management, they don't have all that overhead. So there's a million different ways to do it, if that's something you want to do. But you do need to provide them value. I mean, you have to give them value to make them want to, you know, join you for sure.
Mike Swenson
It's interesting, because I consult with admin and operations, setting up systems for real estate teams as well. And so there's been some people that have thought about starting teams or in their journey starting teams. And I think sometimes they get inhibited by Well, you could form it however you want. It's really what's the value you're going to provide? And what's the cost for that. And I agree that you have to essentially recruit that person every single day by adding value to their life, if they come on your team, and you're not continuing to help them grow or help them see a future on your team, they will go somewhere else. Because I've been on teams for most of my real estate career. Like it's also okay, if people leave. There's there's sometimes sometimes it's messy, but sometimes it's not. It's just for a season of light, you know, when I would hire people, I would say, Look, you know, I'm not expecting that we're going to die together on the same team. But at the same time for this season of life, I expect that we're going to work together and it's going to work well. But situations change, motivations, change, life situations change. And that's okay, too. And so there's naturally an ebb and flow on people's teams. But we also know that 80% of people in real estate don't make it to yours. And so yeah, there's just that natural attrition that happens to
Christina Leavenworth
Absolutely, I think, just as a leader and personal development, that's something I've had to learn because I did I think at the beginning, think that we were going to all die together selling real estate, and then people change and life changes. And now I get that and doesn't hurt as much at the beginning. It hurts. It sounds silly, but maybe it's just being a female, but I truly care about them. And like the empathy is there. And but now it's like, Absolutely. How can I help support you? How can I help you achieve your dreams, even if it means not being on my team, and we have those conversations, and it's open and stuff, so but having a team has been great, but being a solo agent is great. So I think you just have to realise, you know, what you want.
Mike Swenson
And the other thing I always want to point out to people too, is you may see a team and think that everything's all pretty, there's never any conflict and you can still have a successful team. And inside of that team, there's still disagreements, there's still issues, there's still hiccups that happen a sign that doesn't get taken down or somebody that's not followed up with and they're upset, that stuff still happens. And so we want to project that we have things together on social media, so people hire us to work with them. But at the same time, there's challenges out there, it's not perfect.
Christina Leavenworth
There are and you know, I there was a disagreement with someone on my team a few months ago, and I told him I'm like this is normal. It is normal to have a disagreement every now and again. And we still love each other. And we both got over it and it was just fine. And again, just that maturity and everything is huge,
Mike Swenson
Because you can havea disagreement with friends with relatives with spouses, and you still decide to hang out together and still be friends after the fact. And the same is true of a real estate team. You can have disagreements and still continue to work together.
Christina Leavenworth
And I know you said that you know you help people build systems and consult and that is often the best way to go. However, though, if you're more like me and you go, Oh crap, I have a team, what do I do with them now, and oh my goodness, we sold 200 homes without a CRM, which is in sane. And I'm like, Oh my gosh, we could have sold 400. And we actually had a CRM. And now we have a CRM, we use it religiously. But I didn't have it all figured out at all. That's the point of that story. Like we didn't even I would screenshot things and be like, call them versus like, now you transfer it and you have categories they go in, and so many different things. So if someone is thinking about it, you don't need to have it all figured out. You'll you'll figure it out along the way.
Mike Swenson
It's okay to set that expectation with them. You know, hey, we're a newer team, or we're still figuring things out. I'm excited to have you on the journey with me. And at the same time, that's the beauty of us working together, I would rather project we'll figure it out together and have them choose to join me than to project I've got it all figured out. And then they come on the team. They're like, wait a second, this person sold me a bag of lies. And frustrated asked for that grace on the front end, hey, we'll figure this out together working together make sense? Because I truly believe working with people if you're more likely going to hit your goals. And for a lot of people, what do they want out of a team, they want value add opportunity administrators support lead generation, somebody that has built a brand and you can kind of slide under them and utilise that learning what to say how to say it to people, there's a tonne of value that a team provides. And so just figuring out what is that value and finding people that are looking for that value, and not everybody's a fit for your team, just because they want to be on a team doesn't mean they're a fit for your team. And it's okay, just because they have a real estate licence and a pulse doesn't mean they're a fit for your team.
Christina Leavenworth
Yes, but on that as well. There's been people I've taken a bet on that I like man, I don't know about them. And they've ended up being the best ones, which has been so interesting. Where again, I trust your gut, and not everyone's going to be fed based on certain things. They say absolutely. Where you're gonna go, they're definitely not a fit. But some of them where you're going, I don't know, it's worth giving a shot. Because they may surprise you.
Mike Swenson
One of the best analogies that I got, we had a board of advisors on on one of my past teams, and it was somebody that was outside of real estate. And they provided some great perspective because they weren't in it. So they thought differently. And this person ran a sales team. And so we were just asking him questions about running the sales team. And he said, You know, I think about our sales team is a mixed bag of nuts, there's peanuts, there's cashews, everybody's different. And there's a different set of personalities and styles. But it's kind of the fact that everyone's different is what makes it cool. And to your point. There's some teams where people are kind of all like each other. But there's some teams where everybody's different and your client base is different people and so you want different personalities that can handle that certain people vibe better with other people. And so it is cool to see that mixed personality or that mixed bag of nuts that come together. Absolutely. So investing in real estate. How did that come up for you?
Christina Leavenworth
We first started investing in real estate in 2018. We were going to sell a primary home we had then we started thinking about it we're like hey, this Airbnb thing because Airbnb was still relatively new then compared to now almost six years later, where there weren't cleaners that were like cleaners or like Airbnb, what like I just clean your house once every two weeks where we had to like train them on the Airbnb platform and do all that like we were one of the first ones in Pensacola and I had a client who had been doing and she kind of helped hold my hand and show us how to do it so he said why don't why don't we try this Airbnb thing and and it worked out and there was hardly any inventory so for a house we paid 120,000 for I think we made like 65,000 That first year on Airbnb, so that return is insane. So then we got more confidence bought another property for like 80,000 as a little condo on the water, but not like on the Gulf of Mexico water it was like on a like a kind of like brackish bayou and we bought that and I think did like 50,000 that first year. So we just kind of kept doing it and we these were on the market they weren't like some crazy off market deals. It was just before the market you know exploded and then we got a few condos and kind of did it more that traditional way for a while and we had up to seven Airbnbs at one time that we were I was mostly self managing. I eventually delegated that and gave that to my husband because he was a little bit better like with clients you know we can be so sweet and everything but when someone's calling you at 10pm because they didn't read the instructions on how to enter like the combo lockbox and it's not a client you may not be as sweet you're like it's it's whatever so anyways, he took over on that and then we slowly we had a major hurricane here we decided to sell some of them so some of them got sold anyway and we just decided that for us doing more mid range to long term was actually more profitable. Because with Airbnb if you get one a bad review, it hurts your entire dashboard. So if I got a bad or so we were constantly throwing money back out at people being like don't leave us a bad review. We're gonna refund you everything and then having like, you know someone coming out to fix something at 10pm costing an arm and lag. Were just a long term renter. Yeah, maybe we're making a little bit less money. But the, you know, just ease of it's better. We we've gotten some properties, some interesting ways. We used a service called addressable, but there's a million out there, where it's like a robot that writes a handwritten card that looks like you're writing, and wrote something along the lines, like, Hey, I'm Christina, and my husband, Milan, we are real people. We do want to buy your property for cash, like no inspections close in 10 days. And we sent it out, like I did the whole search, where we really focused on condos and townhomes because those are easy to maintain. And we bought, I think, like, nine off market properties that way. And when I was with them, I was honest, like, we just recently, there was a property that was worth probably two. Now after we fix it, it's worth, like 240 ish, and needed some repairs, but nothing major needs some paint and some flooring. And I said, Listen, I can give you 115 However, if I put on the market, I probably could get you 150 Right away. And she's like, No, we want to go with you. I'm like, Are you sure? Like she's like, No, I don't want to deal with inspections. I don't want to deal with loans. I'm like, Well, you probably won't, we'll probably be able to get you a cash offer. But she was just like, No, we just want this to be done with and there's some people that that's really what they want. And other situations like that where we came in, and we got things probably 30 to 40% off of market value. By doing that.
Mike Swenson
I think that's the hardest thing as I transitioned to work more with investors is understanding that I had been in the residential side for so long, we're we're just constantly hit over the head with top dollar top dollar, top dollar, top dollar. And then you see no, people want convenience. People don't want people coming through their homes, maybe they inherited the home, and they want nothing to do with it. They're just looking to cash out. And so there's so many different motivators out there work as a residential agent, we're always focusing on that top dollar and great service. But people aren't always motivated by that. And so you're looking at your toolbox of problem solving, here's their problem, how do I help solve it, and it's not always with dollars,
Christina Leavenworth
That's been something surprising to us. So we need to send another one out. But we are we've gotten some great deals through that. So I definitely recommend someone do that. And just make it real feel like I'm real, you can Google me, here's my details. Like I'm not I'm not bluffing here. And then of course, you get some people that just bought like three months ago, and they don't have the equity there for me to be able to buy them out. But you know, I tried to target people that have owned for at least like three years. But sometimes this system, meaning misses something,
Mike Swenson
Do you have a property manager that you're using for your long term rentals.
Christina Leavenworth
Now, we go back and forth on that this is my husband doing all of that. So there's a service I found recently that I'm toying around with so don't take my word on it, but it seems like it might be great. It's called turbo tenant, and they can like do their maintenance requests there. And just at this level of having 18. If we were to sell anything, I I have no idea what to disclose because I don't know what happened to each property. And especially being a licenced agent, you know, you need to be able to disclose this stuff, and even just to really know our ROI, which property the way we spent what on but you can also have it where drafts auto pay there, it draws up leases for you very easily, even though we can do it that and it also syndicate so like Zillow and all that I don't personally put my rentals in the MLS because I find that they don't really rent there that that's not really where they read, if I put it on Zillow, it's gonna take me two seconds to throw it out there for my own personal. And then but this new service will syndicate to all the sites and it's literally like five clicks,
Mike Swenson
Kind of going back to starting a team, you kind of figure things out with where you're at. And it might get more professional or less professional as you go. But you're just going through it as it works. There's no playbook on how to go from agent to team to rental properties. And to just kind of figuring things out as you go. I think the key is continuing to move forward. And what I hear from so many people is they give reasons why they shouldn't or couldn't, or problems that come up and you faced adversity and face challenges. And you just continue to lean into that and grow and move forward versus letting those question marks or uncertainty kind of keep you from taking action.
Christina Leavenworth
Absolutely. And I think sometimes it is a strength and a weakness, the whole, like, we'll just figure it out thing, but it's worked out for us and a property manager, that might be the next step. However, I know no one's gonna care as much as we do about our properties. And you know, they they're not going to lose sleep if it sits empty for two months. Whereas my husband might lose some sleep and sitting empty for two months. And I'm like, Hey, let's get let's get this rented. So, right now we feel like it's manageable. However, he at some point, we might turn stuff over,
Mike Swenson
Looking back here, you know, we're, what, seven, seven years into your real estate journey you got in as a way to make income solo agent team rental properties. It's really cool to see how that's grown in a relatively short period of time. And so any tips or advice for people that are considering real estate or maybe on that verge of starting a team or getting their first rental property, anything like that, just do it
Christina Leavenworth
Like that you'll be able to figure out a way as far as rentals there's so many programmes out there you DSCR loans, even if you don't have the income to support it, there's seller financing is coming back. There's so many options out there and just do it. I mean, definitely underwrite it, make sure it's gonna make sense for you financially. But don't sit there and overthink it, you know, it will work out you know, and as an agent, you know what it's worth, you know, worst case scenario you sell it with us when we were doing the Airbnb is the way we looked at it was okay, what will this make with Airbnb? And then we would say, what would it make as a long term rental, and if it met both of those tasks, then we bought it like, we were going to buy something that only worked as a short term rental, like it had to meet both. So we have those options, because we knew things could turn at any point. Um, regarding starting a team, you know, ask questions, really, I think you need to, like define your big vision, like, do you see yourself still selling houses in five years, if the money is more important to you, it's more profitable to be a solo agent, honestly, it's more profitable. However, if you want more time with your family, if you want to have more of a leadership role, you just need to define what you want, and really make that path to get there.
Mike Swenson
Now, one thing you had mentioned, before we recorded here was, you'd mentioned cost segregation. There's a lot of people out there that maybe have never heard of that, or maybe have heard it and don't understand it, talk about what it is, and then how you guys have used it for your rental properties.
Christina Leavenworth
Six years ago, we did not even contribute into a 401 K. That's how broke we were. Because even though there was a company match, like we were living paycheck to paycheck, and working a million jobs, we also have a food truck, that's like we have a crate for a food truck. We sold the truck, but it still runs. But we were working a tonne of jobs, I was getting overtime anywhere I could. And we were just in a weird financial situation. So we were very financially illiterate. So it's so crazy, you know, six years later, to be able to talk about all these things we have learned. So we just did a cost segregation study, we don't have the results back quite yet. But you hire someone. And for our rentals, I don't remember how many of them they did, it cost us about $25,000. But what they essentially do is they depreciate pretty much the whole thing all at once. So they go the windows costs this, the floors cost this, the trusses cost this roof. And it's really great. So you know, it's probably going to be more than my tax liability this year, but it will rollover, this is my understanding from my accountant. But if you have rentals, it is a really, really great way to, you know, have some sort of tax planning there. So Cost Segregation is one thing we do, I recently started with a defined benefit plan. So I was doing a solo 401 K, as far as just a business owner, and you're limited by how much you can contribute as Christina the person and then Christina, the business. But that was a good option. But a defined benefit plan allows you to contribute a lot more. And the defined benefit gurus will tell you exactly how much it is. But you can use that money to invest into real estate. So if you were to do a flip, you don't pay capital gains on it, because you never take the money out, it stays in a defined benefit plan. So you don't even have to do a 1031 exchange. So if you buy a house for 100,000, you make 100,000 on it, it just stays in there. So you can continue to invest. You can invest in startups, you can do traditional like, you know, money market accounts and stocks, but it gives you a lot more flexibility in what you can invest in. So that's something I'm excited about doing this year.
Mike Swenson
I think it shows we all have the same opportunity out there. And for you, you don't have to know what five steps ahead is because somebody listening to that might be like, Oh my gosh, that sounds like so much. You just need to know, what do I do for the next thing, cost segregation study, we did our first one last year on on our apartment complex. And so it was cool to see like, I didn't know how I did it. But at the same time, it was like, here's the cost, here's the opportunity, here's how this can affect your taxes. And it's like, oh, well, if I pay this to save that it's a win win. And if it doesn't make sense financially, you just don't move forward with the cost segregation study. So it's a relatively simple decision. Either it's going to work for you or not work. And either you pay the money and you get the benefit back or you don't pay the money. But we did an episode on cost segregation study a few months back and the gal that was on there kind of just talked about for most people, it probably makes sense to do it with rental properties, unless it's like a vacant warehouse because there's not as much stuff, right? Because you mentioned the windows and all the other stuff that they look at. So there's a lot of cool stuff that's out there. And for the person listening that doesn't have their first rental property yet. You don't have to know about cost segregation studies yet. You don't have to know about defined benefit plans. You just have to know how do I go get my first property and then figure out the next step after that,
Christina Leavenworth
You know, even Yeah, like get in touch with an accountant so they can start telling you different things to do. Like make sure you're set up as an S corp. Depending on how much you make little things like that. It's all baby steps. Like I didn't get here overnight, just like you didn't get where you're at overnight. It took time. But as long as you're constantly seeking and growing and learning, there's so many resources out there like your podcast to do so you're gonna get where you need to go and I'm a huge proponent of podcasts. That is something I can tell new agents. That's how I learned real estate. I didn't have time to go to all my brokerage trainings or the Association of Realtors trainings. I would listen to a podcast Literally memorise what they would say for a listing appointment, and then do it. I faked it till I made it. And that is available to everyone 24/7 And the more you know, the better you're going to be. I mean, there's no way you're not going to be better if you're constantly feeding your brain, you know more stuff about real estate.
Mike Swenson
That was the same for me. When I started out in real estate, I was on the admin side. And so I just would put on YouTube videos of interviews like this, and I would just pick up a little thing here a little thing there and it was awesome. Real estate agents are you tired of letting the busyness of your real estate business get in the way of your real estate investing goals and your financial future, I'm excited to announce that we've created the real freedom investor agent tribe to help you we've got a tonne of content educational tools to help accelerate your learning curve and get you on the right path to hit your investing goals. We also have a mastermind tribe of people just like you agents that want to grow their own portfolio and encourage you and cheer you on along the way. As well as some private one on one coaching. So go to real freedom.com Click on the store you'll see the options there. We're so excited to be able to help you I've priced at super low so price can't get in the way but did want to have some skin in the game for you to help with that accountability. So go check it out real freedom.com Click on the store we're excited to connect with you and excited for you to connect with your tribe of real estate agents investing trying to build their financial freedom for people that want to get a hold of you or learn more how can they do so just Google
Christina Leavenworth
Christina Leavenworth My cell phone's gonna pop up you can call me directly or you can find me on Instagram at this is Christina Leavenworth for Facebook so just reach out to me I'm happy to help. I love absolutely helping new Realtors new investors get on this amazing journey.
Mike Swenson
Awesome. Well thank you so much and best of luck to you as you continue to grow in the future.
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