Today I want to talk about how I evaluate properties. Some people use very sophisticated, data-intensive ways to figure out whether a property is a good deal or not, and I think there is a place for that. But sometimes, when you have a complicated formula for figuring out your maximum allowable offer, that can act as a deterrent and a hurdle. You don't want the process of coming up with an offer to be a hurdle. You need a formula that's reliable, quick, and makes sense.