 Because, see, there's three main ways that you make money in real estate. Technically, some people say four or five, but essentially, you make money from cash flow. If you buy property and you collect the rents, and the rents are higher than the mortgage, or if you bought it cash, you're going to make money from there. Now, that's the smallest way you make money, but you do make money from cash flow. For example, you buy property that has a cap rate of let's say 6%. That just means that if you bought it all cash, you would get 6% return on your money, which is not bad. Just compared to other investment vehicles. That's one way. The second way that you make money is through depreciation. So depreciation, at least in US tax law, is such that if I have a property, let's say it's $100,000 in value, let's say 80,000 of that is structural and 20,000 is land. On the $80,000, I can straight-line depreciate that property over 23 and a half years. That is... I think I always mix it up the number of years, but it's 20 something. I think it was 23 and a half, but anyway, for residential property, what that means is that I can take that $80,000 divided by 23.5, and I can show that as a loss on my taxes every single year. So you make money through that depreciation. The third way that you make money, actually, I guess I'll give four in this case, is principal paydown. So you have a mortgage on the property, especially if you have tenants paying it, and even if it breaks even, it washes. So you've got zero cash flow on it. The mortgage is being paid down, so you're paying down the principal. So you can imagine if I held a property for 20 years, I had quite a bit of principal paydown on that property that is essentially free. I'm not paying that. My tenants are paying that, or that's one way of looking at it. And then the fourth way, which is actually the most important when you make money, is through leveraged depreciation. And leveraged depreciation is the key. That's where you make the most money. What that means is that... So let's say I bought a property cash. If I bought a property cash, $100,000 property, let's say there's a 6% return on that property. I would make $6,000 a year. And when you make cash, are you talking about just deposit or full straight cash? Full straight cash, just invested $100. Yeah, if I did that, I wouldn't have leveraged depreciation. I would still have appreciation. Let's say that that property goes up in value. Okay, so I have $100,000 property, I bought a cash, and it goes up 10% in value. So it's now worth $110,000. What's my return on my investment? Do that again? It's a question. So I have $100,000 property. I bought it all cash. It goes up 10% in value. What's the return on my investment? Let me 10K. Yeah, and what in terms of percentage? 10%. Yeah, 10%. Okay, now that was an easy one. It's kind of a trick question. So now let's say that same property I buy for $100,000. But instead, I put 20% down on it. So I invest $20,000 into the property. I rent it out and everything. I lose the 6% cash flow on it. Forget about that. It ends up being a wash on the cash flow, 10, it rents it out. But I probably break even on it. Now, same scenario, it goes up $10,000. So the property value increases by 10%. Now what's my return on investment? I don't know, what is it? It's so, okay, so if it was all cash, right, and it went up 10%, then you said I made $10,000, right? So I'm still making $10,000, but I invested $100,000 in the first scenario and I made $10,000. So that's a 10% return. In the second scenario, I invested $20,000, but I still made $10,000. So I got a 50% return on my initial investment. And that's the power of leverage appreciation. And that's the key to becoming rich and to making money in real estate, is that you're buying these properties, right? And my strategy is to buy and hold. Okay, that's the only sensible strategy for real estate investing. Now, a lot of people are gonna get mad and upset, but I'll talk about the other activities I don't consider to be investing. They're real estate business activities, but they're not investing. To me, the definition of an investment is that it has to not rely on future events in order for it to produce a return, right? So speculation in my mind is anything where you need something to happen or you're hoping something to happen or you have good knowledge that you think something will happen, that's speculation. Investing in my definition is that it doesn't matter. Right now it's a good deal, right? So in that case, what we're doing or what my strategy is, I'm buying properties, okay? I'm renting them out. The tenants are paying the mortgage, so I'm getting the principal pay down. I might get a little bit of cash flow on it, or if I get zero, it's fine, it doesn't matter, okay? So I'm getting the principal pay down. I'm getting huge depreciation on the properties, especially when you own a lot of properties, but I'm biding time for them to go up in value because I have leverage appreciation. It's a leverage investment, right? So if I'm 5x levered, which means that I'm essentially borrowing 80% of the money from the bank, I still make money on the bank's money. That's the key to the leverage appreciation. And remember, the debt service for that money that I'm borrowing is paid by the tenant, is paid by the rent that's coming in. So that's taken care of. So I'm essentially getting the bank's money for free and then getting the value from that appreciation, which is a leverage to my investment. And that's the strategy, right? And if you do that, then you keep on buying properties every year, then what's gonna happen is that you're gonna be getting somewhere, you might not get 50% return on your money every year, but if real estate on average just goes up, let's say 3%, okay? It's a 5x lever. So if you have a piece of real estate and you're levered such that you've put 20% down on it, whatever the appreciation is, you can multiply that by five. So if real estate goes up a modest 3% per year, you're actually making three times five 15% on that investment. That's not including all the other ways you make money, the depreciation, the principal pay down. So on average, a real estate investment, even if you're dumb, okay? Even if you make a stupid investment, it's just you just buy properties at market value, which I recommend you buy them under market value. But even if you do, and they're not great investments, you're still probably gonna get somewhere between a 15 to 20% return on your money. And if you buy good investments, it could be 30, 40, 50% return on your money. And we're not talking overall return. We're not talking irrespective rate of return at the end of the, we're talking yearly return, right? If my property goes up 3% and I have 20% down into it, I'm getting 15% appreciation return every single year. So that compounds very quickly. And that's why the compound interest calculator is such a great tool is because if you punch the numbers in, if you say, okay, well, if I invest in the stock market and I put $100,000 in the stock market and an S&P 500 index fund, okay? Probably the smartest stock market investment if you're gonna do that, okay? And you look at the historical rates of returns. And if you say, okay, let's say I can get a 7% return every year, right? If you punch that in and you start with $100,000, it's gonna take you a long time to even accumulate a million dollars, a very, very long time, okay? You're not gonna be able to enjoy your wealth, okay? And that's if everything goes well. Plus you're gonna pay taxes on that. Whereas with real estate, if you take that same $100,000 and you deploy that, let's say you deploy that as 20% investment and a $500,000 property, okay? And you're getting a return rate of 15%. Let's be conservative here. You're gonna be rich very quickly. When I say very quickly, I mean like 15 years, okay? That's, you're gonna have a significant amount of money. Plus you're not gonna be taxes on that because at least I'm not sure what the laws are in Canada but in the US we can do a 1031 exchange which is a tax deferred exchange. So we never have to realize the gains of the property. We can just roll it into another property and continue our investment. For as long as you have another property. You just have to identify another. There's some rules around that. I just sold like four, actually I sold five, no six properties this year and rolled them all into one big commercial property doing a 1031 exchange. So I didn't pay any taxes on a huge gain that I made from those properties. Yeah, so if people are wondering what John's talking about, it just, depending on, and this applies to stocks or any commodity sale is capital gains tax. Yeah, so what kind of strategy did you have originally though for the type of properties that you wanted to acquire?