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How to Buy UK Property from AUCTION | Samuel Leeds - YouTube
Channel: Samuel Leeds
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hey Samuel lives here and in this video
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I wanted to give you the pros and the
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cons of buying properties from auction
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so if you're interested or considering
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buying properties from auction then stay
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tuned so overall I would probably not
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advise buying from auction especially if
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you're just starting out and if you are
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gonna buy from auction then definitely
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watch the whole of this video because
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I'm gonna give you some tips at the end
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about how to buy from auction if you do
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so the pros the first pro to buy for
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auction is usually if someone's selling
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their house on an auction then normally
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pretty motivated and we know that the
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best deals are from motivated sellers so
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just put your house on an auction you're
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probably quite motivated so it is
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possible to pick up bargain properties
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from auctions because you're doing with
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motivated sellers second pros there's no
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messing around you're not gonna get into
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a bidding war the drags on later you're
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gonna go down to the auction you're
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going to put your best offer forward if
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it's not accepted fine if it's accepted
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then you've got a certain short time
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period complete to complete you're not
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gonna get gazhams no messing around
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straight to the point which you know
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it's quite an attractive aspect of
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buying from auction and then thirdly is
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it's quite fun you know going down to an
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auction there's a lot of excitement it's
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quite satisfying when you win in auction
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that there's are three pros the cons are
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in auction it's usually flooded with
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properties not always but properties
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that have got something wrong with them
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now that's okay if you're experienced
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and you can figure out what's wrong with
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the property and you can then add value
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but if you're just starting out and
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you're not that wise to property you can
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get burned by buying your property you
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can't just pull out you can't go
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actually the property's got something
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wrong with it I want to pull out if you
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do you're gonna get fined badly so
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problem properties is definitely a con
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if you don't know what you're doing
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second con is even if you win at the
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auction you're still the loser in fact
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the winner of an auction is usually the
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biggest loser of them all because
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imagine who here is the loser who's
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prepared to pay the most money for this
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pillow you know there could be if
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there's 200 people in the room and
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you're the person that's prepared to pay
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the most then you're the loser so the
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winners of the loser
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the losers of the winners in away from
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auction so that that's another corner
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you're the person for vet to pay the
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most
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so again unless you're really wise and
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you know that you're gonna pay that
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amount because you're going about to add
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serious value that's another con third
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con and possibly the biggest con and the
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reason why I advise against auctions the
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most people that are starting out the
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whole purpose of an auction and the way
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it's wired is it's all about emotions
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and what they'll do is they'll tap into
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your emotions
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they'll play you off against other
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people to try and manipulate you into
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paying the absolute maximum price you
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will for that property
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I really believe that when emotions are
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high and you're excited and emotions are
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high intelligence is low and that's
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exactly what they want to happen I mean
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yeah you've probably heard in my videos
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before I say by with formulas not
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feelings auctions often all about
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feelings they trap because what happens
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is because on the day if you buy it
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you've got to go ahead then what happens
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is before you go you're gonna do your
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research you're gonna do a survey on the
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property you're gonna probably invest
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time and money researching the property
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which means that you're now invested so
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when you go to the auction you're now
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invested your energy and your money's
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invested and you really want that house
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your end up paying over the odds for it
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because you're already emotionally
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attached what happens in auction is a
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lot of people break the rules of not
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being emotionally attached using
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formulas not feelings so that the key is
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be very very careful if you're buying
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from auction often people think you know
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oh yeah you Bible hogging properties do
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you buy from auction then which is a bit
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of a myth a bit of a misconception
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I've actually got friends and what they
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do is they buy properties that I'll run
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down and need a lot of work doing and
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they buy them straight up from high
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street agents or from Rightmove they do
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nothing to them at all they've run down
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houses apart from board up the windows
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and money them up a bit and make that
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even worse they then put them on an
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auction and they sell them for more on
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an auction than they paid for them from
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the high street so getting the bargains
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from auctions is actually a little bit
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can be a little bit of a myth so I'm
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gonna give you a few tips if you are
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buying from auction in how to doing what
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to do firstly the castle that we owned
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we bought from an auction if you're
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going to go to an auction have the
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maximum price that you're - you're
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prepared to pay for that
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prophecy in mind before you go and do
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not go a pound above that price that
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you've said do not go a pound of it
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decide in the cold light of day what
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you're gonna pay and then do not go up
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and above it and that way you've got to
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be super disciplined that's the first
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tip or piece of advice second which is
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really important is buy pre or post
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auction not actually in the room and why
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would you do that well if there's a
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property that's going to auction work
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out what you've been prepared to offer
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it and then just put that forward to the
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veer to the agent just say I'm happy to
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buy this before it goes to auction this
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is what I'm prepared to pay for it
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that's a very good way to pick up
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properties host auction is even better
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because if you imagine how someone would
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feel if they put that property on
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auction and they're just desperate to
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just get rid of it in one fell swoop
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there was 200 people in the room let's
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say and it didn't sell it didn't even
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hit the reserve price that seller is
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gonna have gone from motivated to almost
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desperate very very motivated which is a
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good time to then come in following
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properties that have not sold at the
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auction and then come in post auction
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that's so another really good way to buy
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properties and then a final little tip
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around auctions that I've got is if
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you're not looking to buy properties but
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you're looking to package and sell
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properties because maybe you've got no
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money no tip that came from my friend
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Kenneth Hahn he said that if you're
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looking for people to sell properties to
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the best place to find them is from an
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auction because if you go to an auction
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everyone went to an auction because
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they've got money because they are
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wanting to invest in orbit to buy a
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property there's only one winner per
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property obviously but there's others
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that most people at the end of the
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auction have not bought anything and
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they're probably feeling very
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disappointed but they didn't buy
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anything that they missed out so give
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her in a room filled with people who
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want to buy property who are really keen
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have the money people are now really
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disappointed because they weren't able
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to because they got kazaaam by someone
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else what a perfect opportunity to go up
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to them and say hey sorry you missed out
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I've actually got a deal if you're
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interested I can drop you an email if
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you've got a card like what an
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opportunity to find investors to sell
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them your deal so there's a little
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golden as well for you guys anyway I
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hope that's been helpful please do share
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this video if you've enjoyed it don't
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trick again comment your thoughts below
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peace out see you next time thank you so
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much for watching this video it's
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mentoring on a Monday every single week
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at 7 p.m. on a Monday between 8 p.m. I'm
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you next week at 7 p.m. also if you
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you next week monday at 7 p.m.
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