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In this tutorial, Jamel Gibbs from the REI Education Academy discusses the importance of extending contracts with motivated sellers in real estate investing. He presents a one-page agreement that can be used for contract extensions, which is particularly useful in market transitions or when you have overpaid for a property. Gibbs emphasizes the need for an addendum to facilitate this process, especially if additional time is required to sell a property or if a buyer is already present. This agreement is designed to aid investors in closing deals consistently by managing contracts effectively.