The Property Academy Podcast

Case Study Sunday – "I own 4 properties at 38" ... How Dave did it ⎜ Ep. 1704

11 May 2024

Contributed by Lukas

In this episode, we are joined by Dave from Hamilton. At just 38 years old, Dave already owns 4 properties. He talks us through how he did it, the st...

"I lost $10k from one bad decision" ⎜ Ep. 1703

10 May 2024

Contributed by Lukas

In this episode, we discuss how this investor lost $10k from a single bad decision. We share how this investor tried to find the perfect tenant possi...

Where is my money going? Ed + Andrew read their bank statements ⎜ Ep. 1702

09 May 2024

Contributed by Lukas

In this episode, we discuss where our money is going. This includes what we spend money on and what we can cut back on. We read out our credit card a...

Are all Kainga Ora tenants gang members? ⎜ Ep. 1701

08 May 2024

Contributed by Lukas

In this episode, we discuss who Kainga Ora tenants are and share their real stories. This includes how Kainga Ora properties impact surrounding prope...

Easier to get a mortgage? New rules coming soon (CCCFA) ⎜ Ep. 1700

07 May 2024

Contributed by Lukas

In this episode, we discuss the new CCCFA mortgage rules that have just been announced by the National government. We go through what the rules mean, ...

Cheaper to build + renovate property? What the government's building changes mean ⎜ Ep. 1699

06 May 2024

Contributed by Lukas

In this episode, we are joined by Kyle Brookland from Informed Inspections – a property inspection company. Kyle discusses the new building change...

Revealed: When will I die? Actual numbers revealed ⎜ Ep. 1698

05 May 2024

Contributed by Lukas

In this episode, we discuss how long we will live, and when we'll die. This is based on numbers from Stats NZ that estimate how long we'll li...

Case Study Sunday – "My Financial Adviser Fooled Me" – Livii ⎜ Ep. 1697

04 May 2024

Contributed by Lukas

In this episode, we have another Case Study Sunday. Today we are joined by Livii, a property investor from Wanaka. Livii shares her story, starting w...

How to make money in your 20s vs 30s vs 40s vs 50s ⎜ Ep. 1696

03 May 2024

Contributed by Lukas

In this episode, we discuss how to manage your money mindset across your lifetime. This includes the mindset you should have in your 20s vs your 30s,...

Moving overseas as a property investor? – Don't forget these 4 things ⎜ Ep. 1695

02 May 2024

Contributed by Lukas

In this episode, we discuss the 4 things you need to think about as a Kiwi property investor if you're moving overseas. This includes what to thi...

Xero vs Excel vs Hnry – Top 3 best accounting software for property investors ⎜ Ep. 1694

01 May 2024

Contributed by Lukas

In this episode, we compare the top 3 best accounting systems and software for property investors. This includes comparing Xero with Excel vs Hnry. ...

House sold for $1 – do one-dollar reserve auctions work? ⎜ Ep. 1693

30 Apr 2024

Contributed by Lukas

In this episode, we discuss the house that sold for just a single dollar. This includes a discussion of $1 reserve auctions and whether they really wo...

Should I Pay Down Debt vs Invest – Live Case Study ⎜ Ep. 1692

29 Apr 2024

Contributed by Lukas

In this episode, we discuss a case study of whether this couple should pay down debt or invest. We dig through their numbers, consider their goals an...

Revealed: Do houses with more land go up in value faster? ⎜ Ep. 1691

28 Apr 2024

Contributed by Lukas

In this episode, we discuss whether properties with more land get more capital growth and go up in value faster. This is based on a new data from Cor...

Case Study Sunday – We 2.5x our income by moving to Australia – Tamati and Liana ⎜ Ep. 1690

27 Apr 2024

Contributed by Lukas

In this episode, we are joined by Tamati and Liana to talk about their property investment journey. They share how they 2.5x their incomes by moving ...

6 years of changes in 6 months – Do you realise how much is going on? ⎜ Ep. 1689

26 Apr 2024

Contributed by Lukas

In this episode, we discuss the big changes that are happening in the property market. This includes tax changes, tenancy law changes, lending change...

Buyers market vs sellers market – what's the difference? ⎜ Ep. 1688

25 Apr 2024

Contributed by Lukas

In this episode, we discuss the differences between buyers and sellers markets. This includes how to tell whether it is currently a buyers or a selle...

New inflation data – The good and bad news ⎜ Ep. 1687

24 Apr 2024

Contributed by Lukas

In this episode, we discuss the latest inflation data. Inflation has fallen to 4%. That's good. but domestic inflation is still high. What does i...

Buying vs investing in property – what's the difference? ⎜ Ep. 1686

23 Apr 2024

Contributed by Lukas

In this episode, we discuss the differences between buying a property vs investing in property. We share how – as a property investor – you nee...

Buying and selling off-market – is it a good idea? ⎜ Ep. 1685

22 Apr 2024

Contributed by Lukas

In this episode, we discuss buying and selling properties off-market. This includes the pros and cons for both sellers and buyers. This is to give yo...

The Property Clock: how to time the market (the right way) ⎜ Ep. 1684

21 Apr 2024

Contributed by Lukas

In this episode, we discuss the property clock. This is a classic model investors use to understand the property cycles and what might happen next in...

Case Study Sunday – "$50k passive income in 7 years" with Hannah Presswood ⎜ Ep. 1683

20 Apr 2024

Contributed by Lukas

In this episode, we are joined by Hannah Presswood for another Case Study Sunday. Hannah shares the story of how she started investing in property .....

Interest rates vs house prices – should I wait for interest rates to come down before I invest in property? ⎜ Ep. 1682

19 Apr 2024

Contributed by Lukas

In this episode, we compare interest rates and house prices. We specifically look at the numbers to see whether you should wait for interest rates to...

How to set the right rent for your investment property ⎜ Ep. 1681

18 Apr 2024

Contributed by Lukas

In this episode, we discuss the Right Rent system. This comes from Ed and Andrew's book – Wealth Plan. It includes the exact process that you ...

Government announces 'Pet Bonds' – what property investors need to know ⎜ Ep. 1680

17 Apr 2024

Contributed by Lukas

In this episode, we discuss the government's most recent change to the tenancy laws. This includes details about the policy of pet bonds. Soon, ...

Bonus: New Tax Rules For Kiwi Property Investors [2024] - Webinar audio

16 Apr 2024

Contributed by Lukas

In this special bonus episode, you'll hear the audio from the recent Property Live webinar where we looked at 'New Tax Rules For Kiwi Property...

Should property investors lower their rent? The morals of property ⎜ Ep. 1679

16 Apr 2024

Contributed by Lukas

In this episode, we discuss whether property investors have a moral obligation to lower their rents when the tax rules change. National's tax cut...

The accidental capital gains tax (Tainting). Where investors go wrong ⎜ Ep. 1678

15 Apr 2024

Contributed by Lukas

In this episode, we discuss tainting and when property investors accidentally need to pay tax on their capital gains. This is particularly important ...

Property developers – how to get your projects off the ground ⎜ Ep. 1677

14 Apr 2024

Contributed by Lukas

In this episode, we discuss how property developers can get their projects off the ground. This includes which buyers to target, how to get pre-sales...

Case Study Sunday – Joe buys NZ houses from the USA ⎜ Ep. 1676

13 Apr 2024

Contributed by Lukas

In this episode, we are joined by Joe, a German who lives in the USA, who is currently investing in NZ property. Joe walks us through why he made the ...

How long does a property cycle last? Auckland vs rest of NZ ⎜ Ep. 1675

12 Apr 2024

Contributed by Lukas

In this episode, we discuss how long a property cycles lasts in New Zealand. We compare property cycles in our major centres vs the regions and share...

Property maintenance - how much does it cost? ⎜ Ep. 1674

11 Apr 2024

Contributed by Lukas

In this episode, we discuss how much investors should spend on property maintenance per year. We go through a couple of examples to show you how much...

How to get the money to flip properties – Basecorp ⎜ Ep. 1673

10 Apr 2024

Contributed by Lukas

In this episode, we discuss how Kiwis can get the money to flip properties. For this we are joined by John Moody, Chief Financial Officer at Basecorp...

How much more expensive are New Builds vs existing homes? ⎜ Ep. 1672

09 Apr 2024

Contributed by Lukas

In this episode, we discuss how much more expensive New Builds are compared to existing properties. This is based off new data released from CoreLogi...

Jargon Buster: Freehold vs cross lease vs unit title vs leasehold ⎜ Ep. 1671

08 Apr 2024

Contributed by Lukas

In this episode, we discuss different ways of owning land in New Zealand. We cut through the jargon to let you know what terms like freehold, cross l...

How to buy a house with 10% deposit – and what's the catch? ⎜ Ep. 1670

07 Apr 2024

Contributed by Lukas

In this episode, we discuss whether it's possible to buy a property with a 10% deposit. We talk about who can get access to this low deposit lend...

Case Study Sunday – How Helena and Harish are handling high interest rates ⎜ Ep. 1669

06 Apr 2024

Contributed by Lukas

In this episode, we are joined by Helena and Harish to discuss their property investment journey. This includes how they are handling today's high...

Can I negotiate a cheaper house price in Winter? ⎜ Ep. 1668

05 Apr 2024

Contributed by Lukas

In this episode, we discuss how the weather impacts the property market. This includes all of the seasonal impacts on the property market. We look a...

How much vacancy will I have? How often won't I have a tenant? ⎜ Ep. 1667

04 Apr 2024

Contributed by Lukas

In this episode, we discuss how much vacancy property investors should expect. This includes how often you won't have a tenant and therefore how ...

Tiny Homes – Do they stack up as a good investment? ⎜ Ep. 1666

02 Apr 2024

Contributed by Lukas

In this episode, we discuss tiny homes and whether they stack up as a good investment. This includes how much tiny homes cost, what the interest rate...

Is Adrian Orr The Worst Reserve Bank Governor Ever? ⎜ Ep. 1665

02 Apr 2024

Contributed by Lukas

In this episode, we are joined by Matthew Gilligan from Gilligan Rowe and Associates to discuss the legacy of Adrian Orr. This includes whether Adria...

Protect Yourself from Property Disaster with Trusts – Matthew Gilligan ⎜ Ep. 1664

01 Apr 2024

Contributed by Lukas

In this episode, we are joined by Matthew Gilligan from Gilligan Rowe and Associates. Matthew discusses how to protect yourself from property investme...

How to buy the house your tenants want [Free tool] ⎜ Ep. 1663

31 Mar 2024

Contributed by Lukas

In this episode, we discuss how to buy the house your tenants want. This includes giving you our new Opes Tenant Tool. You can use this to figure out...

Case Study Sunday – Tauranga couple invests for the future (Kate and Sean) ⎜ Ep. 1662

30 Mar 2024

Contributed by Lukas

in this episode, we are joined by Kate and Sean to talk about their property investment journey. We talk about what it's all for, and what they w...

Airbnb review: Should I turn my investment property into an Airbnb? ⎜ Ep. 1661

29 Mar 2024

Contributed by Lukas

In this episode, we discuss whether you should turn your investment property into an Airbnb. We run the numbers on one of Ed's properties to see ...

3x your retirement income [Case study] ⎜ Ep. 1660

28 Mar 2024

Contributed by Lukas

In this episode, we discuss a case study of a property investor who is already retired. He owns a $1 million property without a mortgage, but he only...

Lower Interest Rates from Heartland Bank – What's the Catch? ⎜ Ep. 1659

27 Mar 2024

Contributed by Lukas

In this episode, we discuss why Heartland bank has the lowest interest rate ... and whether it's worth it. We talk through the catches – like ...

How Much Less Tax Will I Pay? Interest Deductibility – How it Impacts You ⎜ Ep. 1658

26 Mar 2024

Contributed by Lukas

In this episode, we discuss how much less tax property investors will pay once the interest deductibility rules change. This includes looking at diff...

Break Fees – How Much Does It Cost to Break My Mortgage? ⎜ Ep. 1657

25 Mar 2024

Contributed by Lukas

In this episode, we talk about mortgage break fees and how much it costs to break your mortgage. When interest rates start to fall, many Kiwis will a...

Ranked: Where are House Prices Bouncing Back Fastest? ⎜ Ep. 1656

24 Mar 2024

Contributed by Lukas

In this episode, we discuss where house prices are bouncing back fastest. We share how some regions are bouncing back quickly (and have even surpasse...

Case Study Sunday – 1st Time Property Investors Heidi and Nath ⎜ Ep. 1655

23 Mar 2024

Contributed by Lukas

In this episode, we are joined by Heidi and Nath who share how they have just become first time property investors. This includes what went well (and...

New Interest Deductibility Rules: A Definitive Guide ⎜ Ep. 1654

22 Mar 2024

Contributed by Lukas

In this episode, we discuss National's new interest deductibility rules. This is your definitive guide to the rules, what they are and what they ...

Is It All For Capital Growth + Is It Unfair?⎜Ep. 1653

21 Mar 2024

Contributed by Lukas

In this episode, we discuss whether property investors just invest for capital growth. We also discuss whether that's unfair. This is after Ed ap...

Top 6 Myths About Property Investors Debunked ⎜ Ep. 1652

20 Mar 2024

Contributed by Lukas

In this episode, we discuss the top 6 myths about property investors. This includes myths like interest deductibility – is it just an unfair tax cu...

How the OCR Really Impacts Interest Rates ⎜ Ep. 1651

19 Mar 2024

Contributed by Lukas

In this episode, we discuss how the OCR impacts mortgage interest rates. We talk about what the OCR is, how the banks use it, how it impacts swap rat...

Inflation for Dummies – How Inflation Works For Property investors ⎜ Ep. 1650

18 Mar 2024

Contributed by Lukas

In this episode, we discuss inflation, what it is, how it works. And what you need to know as a property investor. This includes how to calculate the...

Forecasts vs Reality – Are Our House Price Forecasts Correct? ⎜ Ep. 1649

17 Mar 2024

Contributed by Lukas

In this episode, we dig through house price data to see whether our standard house price forecasts match up to reality. Can you reliably say that hou...

Case Study Sunday: Breaking The Poverty Cycle with Sera and Quentin ⎜ Ep. 1648

16 Mar 2024

Contributed by Lukas

In this episode, we are joined by Sera and Quentin. This couple share their inspiring story. From humble beginnings, these two started out by working...

Are Holiday Homes a Good Investment? ⎜ Ep. 1647

15 Mar 2024

Contributed by Lukas

In this episode, we discuss whether holiday homes are a good investment. We look at Airbnb data to get a sense of the returns you can make investing ...

Top Problems with Property Investment Companies ⎜ Ep. 1646

14 Mar 2024

Contributed by Lukas

In this episode, we discuss the top problems with property investment companies. We talk about what these companies get wrong, and what you need to l...

Interest Deductibility Rules Changed – Property Investors to Pay Less Tax ⎜ Ep. 1645

13 Mar 2024

Contributed by Lukas

In this episode, we discuss the recently announced interest deductibility tax rules. We're going back to the old rules. Property investors will b...

Bonus: NZ Property Market Update – 3 Steps To Make Money in Property in 2024 - Webinar audio

12 Mar 2024

Contributed by Lukas

In this special bonus episode, you'll hear the audio from the recent Property Live webinar where we looked at 'NZ Property Market Update – 3...

Dream Home vs Reno and Invest – Case Study ⎜ Ep. 1644

12 Mar 2024

Contributed by Lukas

In this episode, we discuss whether this investor should buy their dream home ... or renovate and invest. This comes from a listener of the show who ...

Revealed: Where Are Properties Selling Above CV? ⎜ Ep. 1643

11 Mar 2024

Contributed by Lukas

In this episode, we discuss where properties are selling above (and below) their CV. This includes the areas where properties are selling 40-60% above...

How Long For Property Prices to Recover? Exact Numbers Revealed ⎜ Ep. 1642

10 Mar 2024

Contributed by Lukas

In this episode, we discuss how long it could take for property prices to recover. If you bought at the top of the market, you've faced the perfe...

Case Study Sunday – Mortgage Free at 40 – How Maurice Will Do It With Investment Property ⎜ Ep. 1641

09 Mar 2024

Contributed by Lukas

In this episode, Maurice Wills joins us to discuss his property investment journey. Like you, Maurice is a listener of the show. He went on his OE an...

Easier to Borrow Money For Property Soon? National's CCCFA Revamp ⎜ Ep. 1640

08 Mar 2024

Contributed by Lukas

In this episode, we discuss National's pledge to revamp and rewrite the CCCFA (the Credit Contracts and Consumer Finance Act). This law saw first...

Buy a House With No Deposit ... What's The Catch? ⎜ Ep. 1639

07 Mar 2024

Contributed by Lukas

In this episode, we discuss Wolfbrook's latest marketing tactic – offering property buyers the chance to buy a house with 'no deposit'....

'Property Ruined My Life' – Should I Sell and Take a $150k Loss? ⎜ Ep. 1638

06 Mar 2024

Contributed by Lukas

In this episode, we discuss a case study of a listener of the show. This investor bought a property in Hamilton. Since then, it has gone down in valu...

Should I Buy, Should I Sell? – Should I Wait, Should I Invest? ⎜ Ep. 1637

05 Mar 2024

Contributed by Lukas

In this episode, we discuss whether you should buy, sell, wait or invest. We go through different case studies and situations. These show who should ...

Property Investment Scams – How to Avoid Getting Conned ⎜ Ep. 1636

04 Mar 2024

Contributed by Lukas

In this episode, we discuss different property investment scams. This includes how to spot common scams and cons, so that you don't lose tends (o...

The Hidden Costs When You Buy a Property + When You Pay Them ⎜ Ep. 1635

03 Mar 2024

Contributed by Lukas

In this episode, we discuss all the hidden costs you'll face when you buy a property. This includes building inspection fees, lawyer costs, inter...

Case Study Sunday – Started Investing at 23 ... Now I Own 3 Investment Properties. With Mike Petas ⎜ Ep. 1634

02 Mar 2024

Contributed by Lukas

In this episode, we are joined by Mike, a property investor and listener of the show. Mike started investing in property at 23. Now he owns 3 investme...

The Chance of Winning Lotto Revealed ⎜ Ep. 1633

01 Mar 2024

Contributed by Lukas

In this episode, we discuss how likely it is that you'll win Lotto. This includes your chance of winning Powerball and 1st division. We also dis...

Bridging Finance – The Complete Guide For Home Owners and Investors ⎜ Ep. 1632

29 Feb 2024

Contributed by Lukas

In this episode, we discuss bridging finance. This includes how it works, how much it costs and how you can get a bridging loan. We go through the ru...

OCR Holds at 5.5% – What It Means For Interest Rates ⎜ Ep. 1631

28 Feb 2024

Contributed by Lukas

In this episode, we discuss the latest OCR decision and monetary policy statement from the Reserve Bank. This includes what it means for interest rate...

Has ANZ Lost The Plot? 6% OCR Forecast Reviewed ⎜ Ep. 1630

27 Feb 2024

Contributed by Lukas

In this episode, we discuss ANZ's recent OCR forecasts, along with why they think the OCR will go up to 6%. We go through their house price and i...

Offset Mortgage vs Revolving Credit – Which is Better? ⎜ Ep. 1629

26 Feb 2024

Contributed by Lukas

In this episode, we compared offset mortgages vs revolving credits. This includes what they cost, how they work and how you can use them to save mone...

Which Properties Sell Fastest? The Top 5 Factors Ranked ⎜ Ep. 1628

25 Feb 2024

Contributed by Lukas

In this episode, we dig into the data to find out which properties sell the fastest. We look at 5 factors, including the number of bedrooms a propert...

Case Study Sunday – Andrew Coaches Podcast Listener Live – with Jesse ⎜ Ep. 1627

24 Feb 2024

Contributed by Lukas

In this episode, we are joined by Jesse for a live coaching session. Here, Andrew reviews Jesse's portfolio and financial situation and then recom...

How Do I Find Good Boarders – & How Much Can I Charge Them? ⎜ Ep. 1626

23 Feb 2024

Contributed by Lukas

In this episode, we discuss how you can find good boarders for your property. This includes where to find boarders and flatmates, how to tell if they...

Steve Goodey – Full Time Property Investor & The Lessons it Took 25 Years to Learn ⎜ Ep. 1625

22 Feb 2024

Contributed by Lukas

In this episode, we are joined by Steve Goodey, a professional, full-time property investor. Steve shares his biggest learnings, including the lesson...

OCR Increase to 6%? ANZ's Predictions Under the Microscope ⎜ Ep. 1624

21 Feb 2024

Contributed by Lukas

In this episode, we discuss out latest interest rate predictions, including whether the OCR could go up to 6%. ANZ, our country's largest bank pr...

How Much Did You Make in Property? 10 Year Review of an Average House ⎜ Ep. 1623

20 Feb 2024

Contributed by Lukas

In this episode, we discuss how much you could have made by buying an average property in New Plymouth over the last 10 years. This includes a look a...

How Many Properties Can I Buy in 10 Years? New Data Reveals How Fast You Can Grow Your Portfolio ⎜ Ep. 1622

19 Feb 2024

Contributed by Lukas

In this episode, we discuss how many properties you can buy over the next 10 years. This includes new data from the Reserve Bank that reveals how many...

Best Places to invest under $500k (Tier List) ⎜ Ep. 1621

18 Feb 2024

Contributed by Lukas

In this episode, we go through the top places to invest where house prices are under $500k. We look at whether each area is under or overvalued, how h...

Case Study Sunday: 4 Properties at 33 – Tessa and Adam's Story | Ep. 1620

17 Feb 2024

Contributed by Lukas

In this episode, we are joined by Tessa for another Case Study Sunday. Here, Tessa shares how she and her husband Adam bought 4 properties over the l...

The Servicing 7 – How To Keep Investing When DTIs Come In ⎜ Ep. 1619

16 Feb 2024

Contributed by Lukas

In this episode, we discuss the Servicing 7. These are the 7 tactics you can use to keep investing even when DTIs come in. This includes actions like...

NZ Getting a Capital Gains Tax (CGT)? Did Stuff.co.nz Lie? ⎜ Ep. 1618

15 Feb 2024

Contributed by Lukas

In this episode, we discuss a recent Stuff.co.nz article. This article suggested that Treasury thinks NZ needs a Capital Gains Tax. We talk about the ...

Ranked: Best Places To Invest in NZ – Tier List ⎜ Ep. 1617

14 Feb 2024

Contributed by Lukas

In this episode, we discuss where the best places to invest in New Zealand are. This includes a discussion of how over or undervalued each area is, t...

Bonus: How to keep buying property when DTI’s come in [2024] - Webinar audio

13 Feb 2024

Contributed by Lukas

In this special bonus episode, you'll hear the audio from the recent Property Live webinar where we looked at 'How to keep buying property whe...

Contaminated Land – Should I Buy a Property on Contaminated Land? ⎜ Ep. 1616

13 Feb 2024

Contributed by Lukas

In this episode, we discuss what property investors and homeowners need to know about buying property that is on contaminated land. We talk about how...

Co-ownership Schemes – Scam or Sound Investment? ⎜ Ep. 1615

12 Feb 2024

Contributed by Lukas

In this episode, we discuss co-ownership schemes and whether they are a scam ... or a sound way to get into property. We review different shared equi...

How Much Discount Can I Negotiate Off My Interest Rate? ⎜ Ep. 1614

11 Feb 2024

Contributed by Lukas

In this episode, we discuss how much discount you can negotiate off your interest rate when you get a mortgage. We look at the latest rates our team ...

Case Study Sunday – Getting Killed By High Interest Rates. Should I Sell My First Home? ⎜ Ep. 1613

10 Feb 2024

Contributed by Lukas

In this episode, we discuss a case study of a first home buyer who is getting killed by high interest rates. He asks whether he should sell his home ...

Interest Rate Predictions 2024 – When Will Rates Come Down? ⎜ Ep. 1612

09 Feb 2024

Contributed by Lukas

In this episode, we discuss our latest interest rate predictions for 2024. This includes how fast interest rates could come down, and the data behind ...

Pilfered or Protected – Trusts vs Companies vs Own Name – Best Way to Own a Property ⎜ Ep. 1611

08 Feb 2024

Contributed by Lukas

In this episode, we discuss the best way to own an investment property – trusts vs companies vs own name. We go through a couple of case studies t...

130,000 New Kiwis From Net Migration. Where Do They All Go? ⎜ Ep. 1610

07 Feb 2024

Contributed by Lukas

In this episode, we discuss how high net migration impacts the New Zealand property market. This includes where the new migrants choose to live, and ...

5 Facts Property Developers Need to Hear ⎜ Ep. 1609

06 Feb 2024

Contributed by Lukas

In this episode, we go through 5 facts that property investors need to hear in today's market. This includes how to price your properties, what t...

Your DTI Questions Answered – Debt to Income Ratios⎜ Ep. 1608

05 Feb 2024

Contributed by Lukas

In this episode, we answer some of the main questions investors and first home buyers have about debt to income ratios (DTIs). This includes what DTI...