usin A Self Directed IRA To Invest

Kandas & Larry discuss how to use a Slf Directed IRA to invest in real estate.
00:40:20

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

The following is a sponsored program on WBT. Welcome to brag radio which is all about being rich and generous. Every week your host Kansas and best selling author Larry going to show you how to be rich and generous by investing in real estate. Broadcasting around the world on the brag radio network. From the flagship station W BT and beautiful uptown Charlotte here are your host the rock stars of real estate. Can this and Larry hello Candice how are you Mubarak a. Harry I am doing excellent do an excellent a listen you're just joining us this is sporadic radio network. From the flagship station in what has uptown uptown uptown Charlotte, North Carolina. And Albright radio we talk all about being rich in generous and how we do that campus. Hourly rich and they're both they. That's right we teach you how to invest in real state. Right that's what we do we've been investing I've been investing for over thirty years and campuses have been investing for long long haven't helping you and it broke through. And help me about furlough world but at least probably fifteen fish. And the we teach we coach we've mentor people. And through this show were able to help a lot of people in the and we encourage you to go out and beat generous. With the blessings right campus and left elbow people who pulling where they can help another. That's exactly right and on today's show what we're gonna talk about. Is self directed retirement accounts right meaning like what can you do them. Well so you know first of all what is what is it. Do you explain that they think yeah so a self directed retirement account is a lot of people column ST IRAs. Right self directed individual retirement accounts. But. You know most people haven't and kale. That's they have Schwab or fidelity yourself like that but with the self directed retirement now. You can actually it's actually a custodian or custodians. That will allow you to usual IRA or retirement phones. For. Alternative investments right. In other words not traditional toward nontraditional type investments. Our life. Mutual funds stocks. Bonds. Maybe even options of things like that but. Nontraditional. Investments or what's called alternative investments there's a tremendous amount of things you can invest it right Candice. That's right we've had students come out playing or let us notes and just crazy. Things that they have used their IRAs to invest in we had somebody come up. And talk to us that a three day event about mom so I am a machine. Even by some in desiring a refurbished ism and then resells. That's exactly and it's certainly read now the cool thing that obvious. You know anybody who's involved in rural state or going to be involved in rural state has probably is probably the familiar with that or. You know you or you will be soon because. You know if if you're investing in mutual funds or stocks or bonds. In your in your learning rules state you wanna get better returns you know whether it's flipping houses were wholesale houses or or being land or whatever. Then you won't be able to control right. That's org racked that there that's where self directed comes in you can determine what you invest in my hand and and there's a lot of things you can't. But the first thing I want to mention is part of the things that you can not invested cause I think that's importantly you. To know what you can't do via. Sometimes is more important Nellie came. That is so true there's there's a lot of things that you can invest in but. But first a work over the things that you can carry now look the law. Does not it does not and when actually the whole ball got harassed because they are below wall when it comes to. IRAs right even if people interpreted differently apparently yes that's exactly right I mean even right on their website they will they will give a list of all of this. But. But the law does not. Permit and our way of personal when Ashley are what you think about this I'm not just talking about IRAs and talk about ironies with a traditional or Roth. I'm talking about for a one caddies. Or even HSA health savings account. Or an ESA education that's here there's simple IRAs and there's other things as well but any type of retirement or. Tax deferred tax free account right. Can be shelf direct mail the law does not. Permit. Irony phones to be invested in life insurance or collectibles you could not have your IRA. By a life insurance policy on their styles or anybody what's right. And the the IRS does not allow okay and then. The other thing is your irate and not invest in collectibles. Okay. Collectibles that's very very important now. Collectible flake stance rain bands are artwork or coins are struggling yeah absolutely of heart now now. But before I get into the list and we'll give you the list but before I get into the list it's very important to note that. If you invest in in something you may have to pay like an additional 10% tax. All early distributions. I wouldn't say it's what's called a prohibited transactions. But if you did invest and collectible and getting rated even the list if you did invest in collectible. And the IRS disallow that that you would have to take what's called early distribution. And that you would pay an additional 10% tax. Write to them and that is it good so here's some examples of collectibles okay. Art work. You can't buy a painting and hanging in your living room right. And it's through your diary right. You can't you just can't do that you can do in the kind of or where you can buy that you you couldn't buy any type of our work okay the next that you yeah I. In your eyes are way that you you can not why is it in kind of rugs like oriental rugs or or whatever that makes it. You could not buy antiques. In you retirement. You can't buy. Any medals right date with the exception of their certain kinds of bully on the two camera. And if you're if you're working with a custodian that they're trying to sell you that they know what to. What you can yet okay you can now buy in the gyms or or jewelry or anything like that no jams like you know Jim stole one. It has nothing pretty. Pretty shiny. Our glittery. That pretty much so pretty about slow. So. If you cut like like I could about my wife a ringing and so all of them nicely yeah that's a retirement brought it out car. You can't buy well let's see you can. Flip callers right you can't buy in the collectibles. Like it you could flip a card you can buy a car and resell it. You couldn't buy like a collectible car to keep. Four. For long term investment right. But I have even seen people buy horses like race horses that ball race horses. And and random and races or whatever you call. It would be which you call that our Rambo or that are pretty sure you so but they by race horses. And in this day you know that win money in the nation element of profit. But but you cannot also you mentioned this weekend as you cannot buy stamps. Right and and a stamp union couldn't the what is it called the inverted Jenny right and who's at the moment the airplane upside down. I am glad that. You know that's what they call that will stamp the inverted Jenny. But you can't buy coins now there are some exceptions to coins there are certain corns. That you absolutely can't buy. Right there's certain points that you can buy it. But for the most part you can not having corn collection in return. Guy that's very very important. You can't buy any alcoholic beverages you couldn't buy like a thousand dollar bottle of wine. You just can't do you can't do it. In China that we got it right right right. And you know and and the other thing that ERS they kind of this is kind of what they say is. Certain types of tangible personal property right. Basically the bottom line is. They don't want you buying anything in your retirement careful that you could put your house that you could put in the safe. The App Store Holm or that you can do anything like that right does that make sense. Yes yeah and pretty innocent yeah so you know. Nothing fun at all about it at well it is the engine apart and. It is the terrorists are right it is the terrorists. And so so you know all those are things that are tangible. All of those are things that are collectibles. You know art work rugs and Marines Jim stamps alcoholic beverages. You know world or whatever. Like that but now there are certain things that you can buy in fact there's a lot of different things that you care about. And some of the most exciting things that you combine and rules state. You can also get. The biggest return so does that make sense. Welcome back to brag radio lead the world to be rich and generous but Fulbright old campus so we do. That's exactly right so if you're just now joining us we're talking about self directed retirement accounts you know not many people know. That you can invest your retirement funds whether it's HSA and yes today or IRA or 4401 K or whatever. Not many people know that you can do that. And you were you know any self directed type account with a different kind of custodian. Okay but many people know that. But you do have to have what's called. A self directed custodian there's a lot of room out there in fact on our web site did a I did they reached the they webinar with a good friend a man that owns one level if you go too well. What is it literally go and start com forward slash IR day. Lire or N dot com forward slash IRA. Will be an interview with with Karl and myself he he owns a self correct custodian called Campbell plan. Great guy great company Alia phenomenal. And and they also have a lot of good information on their website about the age can do and can't do. And I also had him come to Iowa and also had him come to. A few of our three day events and will happen at some of tires this common are heard in 2018 as well. He won't be with us in Portland. Neck when it went in Portland. Not really sure. I'm not really sure but anyway he Columbia fell about visa V up this last month next month government act as sometime this art marrow where we're balance. But he will be as some environments they're out this year two and ATS when your answer for one of our upcoming three day events you can go to Larry going to live. They go yeah yeah Guzman who aren't happy yet and he spins he or whoever we have the custodian we have commenced an hour and a half. On usually on the second day talking about everything that you can't do not really so much this that he can't a lot of the stuff he can do. In deeper in a deeper dive. That's exactly right that's cause there's many things that you can investing and but there's also as we talked about in the first segment does many things you can not which are like insurance and collectibles like. You know art that are were rugs antiques two rooms. Precious metals stance clones. Alcoholic beverages. And other such tangible personal properties right. So. Now that we've covered everything that you can not invest it and we'll talk about some of the things that you actually. Cans and that's the fun stuff now the good stuff the good enough so we may be out. I seem brighter than the last the within the last listening to an hour. And right so there are certain. Gold and precious metals that you care right lacks certain Corning's. You know if it's a US minted coin you know. There are certain calling that you can't invest it or eight. But you want if you if you going to bark warnings in your way. You do not I repeat you do no want to have the queen's shipped to your house. Right you want to have it with a third party custodian. That is going to hold that investment for you in your ire on behalf of your IRA. And none of that art without history you don't want to have anything that you're going to have at home with cute right. You wanna make sure that it's the it is something that if if you are if it is an allowable height gold. Or bully on. That you are allowed to do that you won't use a custodian that's going to actually hold that for you for safekeeping as they call and right. The second tie. It is real state right. Both go it alone. Low. You know self directed account holders they can and rules state now. The cool thing about the justice. With rules stated your retirement account. There are so many things that you can do for example you know it's it's not just by a rental property and hold rental property. Right it's not just that. But. You can buy a house and fix it up and flipped it okay you can do that you can buy a house. And fix it up to keep it as a rental. You can do that as well. The next thing you could do it you can buy a house fix it up and so far it's. So far as where maybe they do view. 10101000. Whatever poverty and percent and that you carry the mortgage you be the bank or your higher ready. Basically retirement here. Is the little girl property right right let's say for example you know we we did a deal not too long ago. Where we picked it up for 30000. And we sold it for sixty than the profile and the profile thousand dollars now. So now we have a 649. Note right. And they're paying 9% for twenty years the payment is just under 600 dollars a month. So what to do in his. They're making payments. Through the IRA right the Macon payments to the irony so the are able to property for thirty. And it turned 30000 dollar investment. In to a 25000 dollar investment because the person put down. And now the gallery has about 600 dollars a month coming in for the next twenty years right. I mean that's a great return your money right about it if it's 25000 dollar investment analysts say is bring in its 600. Right that's 7200. Dollars a year. That 25000. Dollar investment spree. The Pratt at a lot of money. That's a lot of money that's almost 30% return on your money and not them Maha. That's great so. You can invest in real estate weather's the fix of where. Or whether it's the fix up. And rent or buy for acceptance or finance. You know now the one thing that you don't want to do okay. You don't want to be wholesale. In your retirement account okay because the IRS doesn't like you operating. They business. Inside your return America we're talking about business here in just a couple of minutes. But the one thing with the IRS doesn't like is used to create or operate a business inside to retire America so if you are doing. You know a lot of fixed and flips or if you're doing a lot and actually a lot it's probably more than you know five to ten. Right the IRS doesn't give you and number. But if they do you know if they do say OK you're operating a business insider retirement account then they're gonna they're gonna charge you with what's called you. Unrelated business income tax. Which basically all that means is that you going to have to our array is going to have to pay tax. On that on that income overseas. And the whole person doing an in marry at ten trying to do on active earned tax deferred or tax treaty is cancel Roth. That's exactly right that's exactly right so the so that that's the thing you wanna be careful about. And you know and that's one of the things are calm over in my getting started in rules that day trading book. All about doing deals and yourself directed retirement accounts what to do and what not to do right. Right and that book keeping a copy had a few text the word BR AG today hater 38976063. Or a calming on 877 Larry go and I can get a copy of the book which is also. I need to do a whole kit pretty much the investor's kit. And it's got a copy of the book is just talking about that goes into this topic ever recover and also a books in there and other training as well. And and then the next thing that you can do besides real state you know because we we talked about you can do you know certain types. Of gold and precious metals you can do rules state any comparable state I don't care if it's. Residential or commercial or triple that lease or whatever it is right. Before election of the next one. The other thing you wanna be aware of is you can also. You can also borrow money rules state solicit your IRA only has. A thousand dollars in it you could literally buy a house. And go borrow the money from private money investor now has to be what's called on non recourse loan right. But. You can do that. And you can borrow the money and still create an income with just a small amount of money in your retirement account the national we have seen a lot of people. Grow their retirement can discredit started. Exactly right that's exactly right. And in other income comes back into their retirement accounts and anecdotally you do can be a little bit bigger. That's exactly right that's exactly right we're talking about buying rule stating yourself director retirement accounts not a lot of people know that you can do that you can buy a real state. In your retirement accounts in the copper retirement account so if you wanna get a copy. Or if you wanna see the webinar. That that Carl and ideas from chemically and he's a self directed custodian. So go to leery going stock com forward slash IRA. That's leery gallons dot com forward slash IRA. And you'll see a web of their where it talks all about. What you can't do what you can't do in an hour. Welcome back to rag radio he's the world to beat me. And generous as what we do. Yes. Good job good. So or brag radio we're all about being rich and generous we are local or state investors in Charlotte. Metropolitan statistical area in this way it really quietly and we teach people how to invest as well in the few books about it. And we travel around the country and seminars and Hampson. Coach and mentor people and with a lot of successful students and the cool thing. The cool thing that get a big kick when people started investing in the arm which is what we're talking about Tuesday. Right we're talking about being able to use what's called self directed. In individual retirement ST hourly. You have to use what's called self directed custodian. You can't call optional or your fidelity account managers. Old in my house about irony that's not gonna work. What in your house you can't color fidelity and sailed about how some are Niagara the trounced they don't nominally that they know how we know have a clue and we talked about what you can not buy in to retirement account. And we started talking about what you can buy and you Kim by certain gold and other precious metals. And you can buy a real state. Now whether you able to do fix and flips and won't be Atlanta or personal finance or whatever. And and and as I mentioned in the last segment. You can even borrow money. About state. In an inning and if you well if you let's say you only had a thousand dollars in return America I know a lot of people starting out. They may not have built up the lord's next day in the return America so you could literally. Start with a thousand dollars right. And then you can identify property that you won't abide by it through your retirement account and literally borrow lets you were buying it for 30000 dollars. You can go borrowed 295. But I put 500 dollars of your own money in there or 29. And you could either flip that property you can rent it out. And collectible the cash flow and you have any lender that your make them monthly payment to. Elena instances here hiring Aiken now monthly payment on the does our money back you know that's a very very important thing simply how compartment. Yeah you you've got to. Keep you've got to keep the money except for. In other words if you were buying property in your IRA. You can go to Angelos gets some material before. With your personal debit card right. Or your personal credit card you've got to keep everything separate from being co mingled. Otherwise that's what's called edited transaction which is good or bad so. We talked about goal we've talked about rules state the third thing you can invest. In your retirement account is debt. I mentioned earlier I wouldn't mind that well think about this I just minutes. I just mentioned that you if you only have say a thousand dollars and retirement KO and you wanted to borrow the money to buy up property you can do that. You know borrow the money as private money so what do fuel the other and you would have to law will some money money from your retirement. A lot of people do that and you know and it's not a lot of people know this but. There's billions and billions of dollars in the in retirement accounts that aren't even invested the sitting in cash right. They haven't even been invested in anything right. Exactly are you have some money. That's that's sitting all I've got some money sing my wife hustle money sitting idle you know it's you know it and it's not from lack of no warning to its just you know it's hard to keep all that money worked well all right. So anyway there's a lot of money opposite of subtle. But you can't invest in debt in other words let's say you found a fix it flip that master and they they liked about properties fixable. And shelves today. Now maybe they don't have that so much money. And you got some money city in America you could rule them the money through yourself directed retirement Caro and and you can get paid one of several ways. You can get paid just interest. Right you could fail Campbell was charged 12% interest which is 1% from all the fuel 100000 dollars. Right you're gonna get a thousand dollars a month interest right. And and listen if you were investing your money if you had your money at the right if you hegemony of the night. It's earning 1% a year or 1% all right so and and and that's listen it's going to be like a hundred dollars right that's going to be a hundred dollars so instead of the files. So anyway. You can do that you could charge a flat interest rates you could charge on points as well. In other words let's say that you wanted to charge them 12% and Bob points if it's a 100000 dollar loan you could still charge them. Five points or 5000 dollars. Along the money to right thank you write in and they still about a year and absolutely it really does it really does. And and I talk a lot about this all of these different strategies. In my book getting started and posted a tree. Right well and the three day event so the bookkeeping did in fueling immune calling 877 link. Or you detects the word be carried GT eight and 38976. Years expiry. But getting back to I'm events lately do you all over the country Larry Dolan flat is where you can see the next two that are upcoming. And and register for one of that. Laying on. The not a Guinea dominant on about it in my view that the thing. That's fun that's so so yes you can. You know you could if if you loaning money through your IRA you can charge interest you could charge points. You could even get a percentage of the profits have done deals where. One person finds the deal. And I'll put up the money and we split the profits right. So you can make a bid to return now you also have a risk of not making any money if they lose money on the deal. You have a risk of that that's why it's very very important that you make sure. That you work with the experienced investor if you went to launder money to someone make sure you launder money to someone that you are not there first bar OK you are now their first or she's been lender and you're not their first deal. Right you were not their first deal that they've done that very very. Very important guy so there's many many different ways to do that. We've been seeing guys. Oh with that too now on the back of this thing because at Philly it's important. Even if you don't wanna be the one and that is in the you still need to have a really good grasp on what all that entails. Because it is your money after all and if something happens to this fire that you wind for you do you that house back. That's true and you need to know from the ins and outs of how to how the deal should be structured in what your fireworks should be doing. And we got a court for that team. That's why it's important that you yourself some education. You read them near the book on that too is not really a book like there aren't many I mean is that really bit click real estate ditch any minister Margaret court's. I'm many millions exactly hard and millions dot com. We've got webinars about that. Teach you how to be a lender. And have ended teaching you the bar side too which is not seeing as I wanted to bring in. Is you you do need to know what's going on to note what type of the polls the deal has before you get into it. That's exactly right that's exactly if you're just now joining us you listen to brag radio it's all about being rich in generous were talking about. How to buy and sell or buy and hold real state in a self directed retirement account problem people know that do. Now thinks and not the same ones who don't a buy and sell in the when you mantle that's true true you gotta keep them separate. You know you want things are rated in their song meant that someone the other spring paying health. That's. That's true so you'll make sure you don't do it prohibited transactions which you can buy a certain gold and precious metals. You can buy certain rules state you conveniently and dirty old money in your retirement account. And the other thing you can do is you can buy. A business. You don't want to operate a business side return America to Japan. Be passive investor in old business in retirement account that is very very important to know what you're doing. And how to do it there's certain ways that you can do it and there's certain ways that you can't beat calls. And a steal Payne what's called Yuba unrelated business income tax. If he'd do it the wrong way so want to make sure that teach you and show you exactly what to do and how to do. The correct ways you don't national in either have to pay the penalty. Or so you don't mess up in your retirement account doesn't blow. In the end up paying huge tax on and welcome back to brag radio leading the world to be rich and generous. It's the the show all about. Real estate investing we will be passive investor. Or active and right at the end we want you to go out and Bragg be rich and generous and help other people. As well right. And and that's what this show is all about we have tall people all around the country but around the world in the US Canada Australia. New Zealand Japan and China is ruled Philippines. Ireland chilly in Denmark and even. In. A lot slower at the and Ali here earnestly back. They sold today show were talking about self directed retirement accounts now. If you are familiar with the self director retirement account. It just means that you can buy a rule state and certain other what's called nontraditional. Investments. And you can do that in and retirement accounts such as an IRA it could be a traditional or Roth. It could be a 401K. It could be an ESA education savings account for your kids are Greinke is. It could even be an HSA health savings account. Or even the different kind of IRAs like simple savings incentive match plan for employees right. And at first we went over the things that you could not. By your retirement account like insurance policies. Or collectibles. Arts GM's stance that sort of thing and forward to those were going over what you can buy. In a self directed retirement account like you care about certain goals and precious metals you can about rules state. And there's many different types of rules that you can do commercial residential. Multifamily whatever you can even borrow money with what's called a non recourse lol and I don't have time to go into that but it's all the mumble. I had a question. Timmy multifamily is a business. Ray bit I mean in May be in the turns earned a view of the RS it's not a business. But if you say you can do multifamily. As a buy and hold. Inside your retirement account even though the multifamily complex in another itself is a business. Well multifamily house to house they've property manager right right slope but it doesn't have to be used its property manager Brad and I now would not want to be. One of the country's Clinton and now you don't want to. So so yes. You can bomb multifamily. And retirement account about single family. An apartment. Complex about duplex complex applaud union at a fifty year. To see you just wouldn't want to. Come buy and sell apartment complexes are quads are Catholics is wearing thing through the IRA you would want to buy and hold. In say bop Lexus no Catholics. The thousands in gaming and you know I didn't need that third and that there. So. So yeah you you could do that. You could buy and sell apartment buildings or multifamily projects. Like that you just don't want to operate them yourself in other words if you are old colonial appeal. In your IRA. You physically could not go out there and work. You couldn't play though you know you can do any of that stuff because that your retirement can have all the people to do that. Right and that's. I mean in my book cover all the details about what you can and can't do and that's very very important that you make sure you understand that but. See any begin now and can you call it's an incentive to Larry GAAP. Shameless plug or. You know takes the word be our age seed eight and 78. At 38 nonsense experience expiring. Ego ego I have a question Larry you have what it when socialists. Weird you contribution limits fall into place on the self directed. Version the diary verses that are the regular you know what. The contribution limits or no different for self directed and they are two four traditional. The Irish at the contribution limits. Well what's being self directed has to do with that is what you re able to fast. Right so what you have an account Schwab or fidelity or E*Trade. Four or one of the ones we recommend like equity trust and the plan requests are made who all three of those two self directed and there's a list level in the book. That it can just plug a minute ago so but but the contribution portion. It's no different virus that's the question to thank you like that so back to what you can buy okay. About certain gold and precious metals. It's rules state you can invest in debt now which can be under. Right. You can also invest in businesses with the UST IRA yourself directed irate either in. Their entirety or in part for example. If you want usually soft drink to retirement account by a convenience store play you can do that but. There's several rules. That will connect govern the ownership of businesses. In that self directed IRA so. It's definitely a good idea to reach out to like area. I'm an attorney or or somebody at the custodian. That knows what they're doing before you get started right like specifically. You can not usually are re too invested anything that's going to benefit you now. As opposed to when you retire. So he need to be very careful make sure. Any IRA owned business doesn't do that for example let's say you bought can be used right. You bought a convenience store or your IRA bought a convenience stores were side if your irony about the convenience store. You could not employ your child to work you couldn't work in the story yourself. You it has to be an investment. Not. You were business where you are running and operating them this let's say for example there's somebody up they're listed maybe you all are. You know an HTC contractor right. You're our raid and on and best endorsed small HVC business if you're out there installing units in and run and appointments and all right. Couldn't do that that would be what's called it a rate is prohibited transactions. Because your operating the business you're doing business with yourself care co mingled okay. That's very very very important so. But there are a lot of people the conference that's. Like. Let's a subway subways a franchise that a lot of people by the subways everywhere so you could you are made a retirement account could invest in the subway. But you wouldn't work there and neither would any of your family members. That and you would go and free food right. So the last thing that will talk about that your artery can invest and is digital currency. Crypto currency like bitcoin OK did you know your diary and missed that point. Yet they can't. It can they can invest in in that corner there's a lot of hope there would be. At our. Window for that just the clothes. I can't control. In the book. The not inflation that's not the word the down inconsistency of the valiant. That's true right Lester well that's for me that's a little bit scarier than a real estate deal where I can. You know actual. Physical work on. That's true and I mean the report along time ago or anything that I can control anymore anything that I can control and more will make sure. That item under control and wore them do and no real state. Of people rules. We have people now students about hours that now they generate all of their income. From tax free retirement now that they've built over the years and now they're making great money with rules status there investment. And ended their pain these acts if it's if it's all worth its objectives traditional. Only paying taxes they pull out the money. Still there what's called him the or required minimum distribution. Right. So kind of like a shipment to the September 2 bullet in her book. Getting started and rules state they training available wherever books are sold to go to Barnes & Noble borders Books-A-Million and Amazon wherever you can pick up a copy. Or if you like for campus to shoot your free copy of the book. Along with a few other bonuses as well we've got some other training some audio and video training technical poem and it. The talks a lot about what we're doing here with the self directed accounts as well as meaning in the other topics. In the book is called getting started in rules state they trading at Miami later gallons. And you can upward books sold it is a free copy just call campus right. Bray we've added an additional investors can't or you could come out opposite for close enough to mature and pick up the physical kid. Two my little bit more about that can mean call 877 Larry ago or you could text the word BE RAG to 803. 8976063. They keep Candace and thank you Larry. They treated unit every Saturday for ranked radio leading the world to be rich and generous. Larry in Kansas we'll show you how to invest in real estate and the many ways realistic treats the ideal investment. More information about what Larry Candice talked about on today's brag radio according get a free investors get. Call 877 Larry go 8775277946. You can also text the word bragged. 8038976063. It's Bragg grating.
READ MOREREAD LESS