WEBVTT 1 00:00:00.120 --> 00:00:02.759 I'm not Sydney Tempo. And this is Tough Zails on 2 00:00:02.960 --> 00:00:04.679 WBZ News Radio ten thirty. 3 00:00:05.040 --> 00:00:07.400 Try that one again. You have been doing a radio 4 00:00:07.440 --> 00:00:09.320 show for nine years. You should be able to open 5 00:00:09.400 --> 00:00:10.320 up our shows by now? 6 00:00:10.439 --> 00:00:11.679 Why you always do the open? 7 00:00:11.880 --> 00:00:14.320 Why don't you ask mikey V that's the DJ here 8 00:00:14.359 --> 00:00:17.399 you can open explain her why after nine years she 9 00:00:17.440 --> 00:00:19.160 should be able to open up your own show. 10 00:00:19.280 --> 00:00:21.559 Hopefully muscle memory or seeing it. But who knows that 11 00:00:21.600 --> 00:00:23.600 you guys are doing different ways? I don't know. 12 00:00:23.719 --> 00:00:25.839 Okay, I can do it for you, can you? Yeah, 13 00:00:25.960 --> 00:00:31.800 go for it? There we go. Yeah, you're going. We're waiting. No, 14 00:00:31.879 --> 00:00:33.960 we've opened up. Ready, we're here. Here we go. 15 00:00:34.039 --> 00:00:36.840 This is Tough as Nails with Cidney Stumpo and Samantha 16 00:00:36.880 --> 00:00:38.200 Tempo right here in WBZ. 17 00:00:38.719 --> 00:00:40.359 There you go, And how do I open up? 18 00:00:40.759 --> 00:00:41.799 You tell us how you open up? 19 00:00:41.840 --> 00:00:43.719 I don't remember. My brain is so dead right now. 20 00:00:44.039 --> 00:00:45.560 Next question is and who we're with? 21 00:00:45.799 --> 00:00:49.799 All right? And next question? So we typically open welcome. 22 00:00:49.840 --> 00:00:52.840 This is City Stumpo Toughest Nails on WBZ and we 23 00:00:52.880 --> 00:00:56.320 are here tonight with Sammy and. 24 00:00:55.880 --> 00:01:00.640 Lukens and Mike e V from H and kis fun. 25 00:01:00.759 --> 00:01:03.119 Wait, okay, so what. 26 00:01:03.079 --> 00:01:05.079 Does H one H two stand for? Because it's like. 27 00:01:05.079 --> 00:01:08.319 That's com've originally started. 28 00:01:08.519 --> 00:01:10.519 You know, if two people talk at the same time, 29 00:01:10.760 --> 00:01:13.159 it's a very horrible listening experience. I just want you 30 00:01:13.159 --> 00:01:14.680 to know when you're listening to Radio ahead. 31 00:01:14.879 --> 00:01:17.760 H one two we stand for housewan house too, to 32 00:01:18.000 --> 00:01:20.680 help developers get into more projects, get in the housewan 33 00:01:20.760 --> 00:01:21.159 house too. 34 00:01:21.159 --> 00:01:22.640 And so we didn't talk about that the first time. 35 00:01:23.239 --> 00:01:26.120 Well we should, okay, but for us, let's just touch 36 00:01:26.200 --> 00:01:28.879 upon what is going on in the economy right now. 37 00:01:29.359 --> 00:01:31.799 Terris come and go and they're coming, they landed, this, 38 00:01:31.920 --> 00:01:34.799 staying and there. We don't know right So a lot 39 00:01:34.840 --> 00:01:36.920 of our listeners have been asking, how come Sinny's not 40 00:01:37.000 --> 00:01:41.840 touching upon real estate, the economy? Terrorists We were going, 41 00:01:42.000 --> 00:01:44.439 we were interest rates going blah blah blah, right, like 42 00:01:44.519 --> 00:01:46.760 everybody has an opinion, and then I got to listen 43 00:01:46.760 --> 00:01:49.840 to everybody's opinions. You know what everybody's opinions mean. I'm 44 00:01:49.840 --> 00:01:51.799 going to say this one time and one time only. 45 00:01:52.200 --> 00:01:56.000 What I know is I don't know how's that. I'm 46 00:01:56.040 --> 00:01:58.959 not predicting any calls right now. I'm not predicting I've 47 00:01:58.959 --> 00:02:01.159 made a lot of calls in the real estate market 48 00:02:01.680 --> 00:02:05.760 on Bloomberg Radio, on Yahoo Finance, and on the Globe 49 00:02:05.799 --> 00:02:08.719 and the Herald over my thirty seven year career. I'm 50 00:02:08.759 --> 00:02:11.560 not making calls right now. What I say, you say 51 00:02:11.560 --> 00:02:13.800 thirty eight years again, I'm going to throw my penny you. 52 00:02:14.240 --> 00:02:15.759 She likes to make me older and older. I don't 53 00:02:15.800 --> 00:02:18.280 know why that makes her older and older. But what 54 00:02:19.560 --> 00:02:24.560 I do know is this, when stock markets crashed, historically, 55 00:02:25.199 --> 00:02:29.039 we as real estate people go behind it. The difference 56 00:02:29.159 --> 00:02:32.360 is the stock market's been high up until all this, right, 57 00:02:32.439 --> 00:02:36.080 the last couple of weeks of craziness, and then once 58 00:02:36.120 --> 00:02:38.879 the market drops, we drop behind it. This is the 59 00:02:38.879 --> 00:02:41.879 first time that real estate slowed down and the market 60 00:02:41.919 --> 00:02:45.560 was still at all time highs. Right. But if you 61 00:02:45.680 --> 00:02:48.680 watch the market right now, it's just so volatile that 62 00:02:49.639 --> 00:02:53.400 if you take the public stock like Toll Brothers and 63 00:02:53.560 --> 00:02:57.360 bringing all the public companies right, they were down, down, down, 64 00:02:57.360 --> 00:03:00.400 down down, and then they got a little but they 65 00:03:00.400 --> 00:03:02.199 went up. I don't know where they stand right now, 66 00:03:02.240 --> 00:03:03.439 so I might want to look that up. Can you 67 00:03:03.479 --> 00:03:06.039 look up right now for me? Right now? We're told 68 00:03:06.120 --> 00:03:12.159 Brothers closed on Friday or on the overnight, So that 69 00:03:12.199 --> 00:03:14.680 gave you good indication for a bit that they rose 70 00:03:14.719 --> 00:03:17.960 again because if they're thinking interest rate is going to 71 00:03:18.000 --> 00:03:20.599 come down, right I don't know if any of this 72 00:03:20.639 --> 00:03:22.680 is all making sense to my listeners right now. Maybe 73 00:03:22.719 --> 00:03:24.639 it is, maybe it isn't. We will do a show 74 00:03:24.719 --> 00:03:27.159 on it completely, but right now we're going to stay 75 00:03:27.159 --> 00:03:30.120 focused with Mikey and Luke and talking about their business. 76 00:03:30.800 --> 00:03:33.319 And again, what I know is what I don't know 77 00:03:33.400 --> 00:03:35.719 right now. I'm sitting in the same cheer as everybody 78 00:03:35.800 --> 00:03:38.360 else waiting to see where this market ends up going. 79 00:03:38.599 --> 00:03:38.800 Yep. 80 00:03:39.159 --> 00:03:42.479 But I do know this, guys. We have two years 81 00:03:42.520 --> 00:03:46.479 before midterms hit, and there's no way any presence ego, 82 00:03:46.479 --> 00:03:48.680 I don't care who the president is wants to go 83 00:03:48.759 --> 00:03:52.879 down as a flop. That's just not especially this president 84 00:03:52.960 --> 00:03:55.800 right so I would think he's going to pick up momentum, 85 00:03:55.840 --> 00:03:58.680 figure this all out, and we're going to be smooth 86 00:03:58.680 --> 00:04:02.879 sailing set in twenty twenty three. Samu Ary twenty four 87 00:04:02.960 --> 00:04:05.439 was gonna get bad, in twenty five, was gonna be 88 00:04:05.439 --> 00:04:08.240 a really tough year going into twenty six. I'm standing 89 00:04:08.280 --> 00:04:10.639 behind that and that one. I'm not coming off of 90 00:04:10.759 --> 00:04:12.599 that one. Was a prediction I made twenty two or 91 00:04:12.599 --> 00:04:13.479 twenty three. I forget. 92 00:04:13.560 --> 00:04:15.680 You actually thought internace would go up this year? 93 00:04:15.879 --> 00:04:16.560 What's that You. 94 00:04:16.519 --> 00:04:18.560 Thought interstrates would go up in twenty twenty five? 95 00:04:18.720 --> 00:04:20.680 No? No, I said interstrates were going up in twenty three. 96 00:04:21.560 --> 00:04:23.720 Also in twenty five, they were gonna go up this 97 00:04:23.800 --> 00:04:25.800 year before you thought two or three more times before 98 00:04:25.839 --> 00:04:26.360 they went down. 99 00:04:26.920 --> 00:04:31.160 Yeah, that was actually twenty four. I said twenty five 100 00:04:31.439 --> 00:04:34.959 they'd have to level. They'd have to level now. 101 00:04:34.839 --> 00:04:35.759 I'd have twenty five. 102 00:04:36.279 --> 00:04:38.759 No, absolutely not. You might want to go back and listen. 103 00:04:39.319 --> 00:04:42.680 That is not true. So will interest rates go up? 104 00:04:42.680 --> 00:04:45.480 Will they stay the same? I don't know. Again, Powells's 105 00:04:45.480 --> 00:04:47.439 own entity. I have no idea what he's going to do. 106 00:04:48.040 --> 00:04:51.199 Presidents can't control where interest rates go and where they are. 107 00:04:51.639 --> 00:04:54.439 Can they keep rising? Sure? Can the Federate drop the 108 00:04:54.519 --> 00:04:57.959 rate tomorrow? Sure? We don't know. So everybody just I 109 00:04:58.040 --> 00:05:02.120 say this, don't panic, don't sell out your stocks, and 110 00:05:02.240 --> 00:05:04.360 just go to sleep at night. Because if you're old enough, 111 00:05:04.399 --> 00:05:07.519 you've been to these economies before. If you're young, then 112 00:05:07.519 --> 00:05:10.639 you're young enough to weather it out. So if people 113 00:05:10.680 --> 00:05:14.839 just don't panic, stop panicing. The stock market for if 114 00:05:14.920 --> 00:05:16.959 you all stop panicking, you all going to sell mode 115 00:05:17.079 --> 00:05:19.839 when you have more sellers than your selling down there, 116 00:05:19.839 --> 00:05:22.480 you go just going to keep deflating the market. So anyways, 117 00:05:22.839 --> 00:05:24.519 let's get off of that. I hope I answered my 118 00:05:24.639 --> 00:05:27.920 listeners this question that they text me, email me, and 119 00:05:27.959 --> 00:05:30.079 send me all these things talk to me. We left 120 00:05:30.120 --> 00:05:32.160 off weird. Does anybody remember where we left off with you? 121 00:05:32.199 --> 00:05:32.519 To U? 122 00:05:32.839 --> 00:05:34.720 I think we're walking through an actual deal and what 123 00:05:34.759 --> 00:05:37.079 we would lend on a fix and flip type product 124 00:05:37.120 --> 00:05:39.959 in our product that we have for new developers, that 125 00:05:40.120 --> 00:05:43.079 is really advantageous for somebody who's getting into the game. 126 00:05:43.920 --> 00:05:46.120 Okay, we can go there, but I do have a 127 00:05:46.199 --> 00:05:48.959 question for Looke where you see all of these banks 128 00:05:49.040 --> 00:05:52.920 right now getting nervous? Are you guys getting nervous in lending? 129 00:05:54.000 --> 00:05:58.000 Things have changed since we met and had a conversation 130 00:05:58.040 --> 00:06:00.160 a week ago. You realize that, right, Oh yeah, we're 131 00:06:00.199 --> 00:06:02.439 going back to back two weekends in a row now 132 00:06:02.959 --> 00:06:06.720 and we it's a whole different conversation though. Now things 133 00:06:06.800 --> 00:06:07.439 changed in one. 134 00:06:07.279 --> 00:06:10.120 Week, Things were changing by the hour the day. Now 135 00:06:10.160 --> 00:06:14.160 then it's really there. So yeah, there's there's certainly reason 136 00:06:14.199 --> 00:06:16.399 to be nervous about what's going on. But where we 137 00:06:16.439 --> 00:06:19.920 hang our hat is that and probably are vesting in 138 00:06:19.920 --> 00:06:21.839 this industry in general is people always need a place 139 00:06:21.839 --> 00:06:24.439 to live. So we're lucky in our industry to be 140 00:06:24.680 --> 00:06:28.199 diversified across three million dollar houses to three hundred thousand 141 00:06:28.199 --> 00:06:31.279 dollar houses, and Americans will always need a roof over 142 00:06:31.319 --> 00:06:33.560 their head. So we look at it, and you know, 143 00:06:33.600 --> 00:06:36.360 times like this being super super particular about not being 144 00:06:36.560 --> 00:06:40.519 over leveraged in any particular subcategory of of our real 145 00:06:40.600 --> 00:06:41.160 estate lending. 146 00:06:42.399 --> 00:06:44.720 So you guys have sat down as a team and 147 00:06:44.839 --> 00:06:45.560 have discussed this. 148 00:06:46.079 --> 00:06:47.920 Yeah, we know where our exposures are. So we've looked 149 00:06:47.920 --> 00:06:49.959 at things and said, Okay, you know, are we over 150 00:06:50.079 --> 00:06:53.839 leveraged in a certain you know subcategory like a high 151 00:06:53.920 --> 00:06:56.600 end luxury or do we have too many you know, 152 00:06:56.720 --> 00:07:00.639 rental grade, you know, workforce level housing products? Where do 153 00:07:00.639 --> 00:07:02.079 we have too much? And where do we think is 154 00:07:02.079 --> 00:07:04.079 going to get impacted first? So where do we want 155 00:07:04.120 --> 00:07:06.480 to kind of hit the brakes or have a little 156 00:07:06.480 --> 00:07:09.319 bit of pause as we put more money out your 157 00:07:09.399 --> 00:07:10.920 how old look thirty four? 158 00:07:11.160 --> 00:07:15.199 Okay? And Sammy you're thirty eight thirty seven? Okay? 159 00:07:16.399 --> 00:07:16.839 How old are you? 160 00:07:16.920 --> 00:07:21.439 Mom, so I've been The sad part of that question 161 00:07:21.600 --> 00:07:24.279 is that I've been developing and building longer than all 162 00:07:24.319 --> 00:07:26.680 three of you have been alive. And that's really scary, right, 163 00:07:26.759 --> 00:07:27.439 really scary. 164 00:07:28.040 --> 00:07:28.959 Well, are you scared? 165 00:07:29.600 --> 00:07:31.360 No, okay, I'm not scared at all. 166 00:07:31.720 --> 00:07:33.600 People scared and nervous are two different. 167 00:07:33.560 --> 00:07:35.560 No, No, not scared. I'm not nervous, And I'll tell 168 00:07:35.560 --> 00:07:38.680 you why. Once you've been through these twice in your life. 169 00:07:39.279 --> 00:07:41.319 There's a difference between my age and your age. Right, 170 00:07:42.079 --> 00:07:44.800 you already know what's coming. We're going to go through 171 00:07:44.839 --> 00:07:47.000 some bad times and then when to come back up 172 00:07:47.040 --> 00:07:49.959 like we always do. It's just amount of time. The 173 00:07:50.040 --> 00:07:53.680 question is do I have the time at this time 174 00:07:53.720 --> 00:07:56.839 in my life to weather out four bad years? Right? 175 00:07:56.839 --> 00:07:59.240 Because usually it's four bad years and then we go 176 00:07:59.319 --> 00:08:01.199 seven eight years good years, and then it's back to 177 00:08:01.240 --> 00:08:04.399 the three four bad years. You learn the cycles. This 178 00:08:04.439 --> 00:08:07.959 is all cycles. And I knew that we had a 179 00:08:07.959 --> 00:08:11.560 bullsh market since twenty twelve. We've been in high gear, 180 00:08:12.000 --> 00:08:15.199 high gear since twenty twelve. All right, every hold, I 181 00:08:15.199 --> 00:08:16.879 thought we're going to break. I'm Sidney Stumble and you're 182 00:08:16.879 --> 00:08:19.560 listening to one crazy toughest Nails tonight on WBC and 183 00:08:19.600 --> 00:08:22.199 welcome back to Toughest Nails on WBZ. And I'm Sidney 184 00:08:22.199 --> 00:08:24.000 Stumble And you're here with Sammy, you're here with Luke, 185 00:08:24.040 --> 00:08:26.639 and you're here with Mikey. Let's not waste time on 186 00:08:26.759 --> 00:08:29.199 openings and closings because we got so much to talk about. 187 00:08:29.639 --> 00:08:32.159 With that being said, No, I'm not nervous and I'm 188 00:08:32.200 --> 00:08:37.279 not scared. What I am is weathered. Okay, I'm weathered. 189 00:08:37.320 --> 00:08:40.240 I'm used to this. Do I like it at this 190 00:08:40.320 --> 00:08:42.519 stage of the game. No, Because if I had to wait, 191 00:08:42.519 --> 00:08:45.000 like I said, another four years to come out of this, 192 00:08:45.480 --> 00:08:46.919 that's going to be an issue for me because you 193 00:08:46.960 --> 00:08:50.879 got to take people's ages into consideration. Right. So I'm 194 00:08:50.919 --> 00:08:53.759 on the back let's say three of my career. Okay, 195 00:08:54.399 --> 00:08:56.360 So if I'm on the back three of my career, 196 00:08:56.840 --> 00:08:59.960 then the next three four years are kind of important, right, 197 00:09:00.080 --> 00:09:04.320 So you can't make at some point sayre going to stop, 198 00:09:04.399 --> 00:09:06.919 like doesn't go You're not going to stop, Okay. 199 00:09:06.960 --> 00:09:09.480 You're more afraid that you're going to forget everything and 200 00:09:09.480 --> 00:09:11.000 if you don't use it, you lose it. You're not 201 00:09:11.039 --> 00:09:11.679 going anywhere. 202 00:09:11.879 --> 00:09:12.480 I can't retire. 203 00:09:12.519 --> 00:09:14.120 I think you've been saying in the back nine since 204 00:09:14.120 --> 00:09:14.639 I've been ten. 205 00:09:15.840 --> 00:09:18.120 I've been on the back nine since since you've been. 206 00:09:18.039 --> 00:09:19.639 Like, for someone that doesn't solf, you really know how 207 00:09:19.639 --> 00:09:20.399 to keep saying. 208 00:09:21.559 --> 00:09:24.679 Right some of the factory. But for me right now 209 00:09:24.840 --> 00:09:29.000 I have to worry about. You're in your prime of 210 00:09:29.039 --> 00:09:31.799 making money. Your best years are ahead of you. Do 211 00:09:31.840 --> 00:09:35.240 you understand, Yeah, your best years are coming forward, but 212 00:09:35.320 --> 00:09:39.559 my best years are behind me. Maybe it's say it's 213 00:09:39.600 --> 00:09:43.720 it's Sammy. You can keep saying that, but that is 214 00:09:43.759 --> 00:09:46.120 the truth. Okay, But why do you want to battle 215 00:09:46.200 --> 00:09:48.320 me on some not battling battle? Because I think it's 216 00:09:48.320 --> 00:09:49.120 some part of it. 217 00:09:49.440 --> 00:09:54.960 This excites you, this economy, Yeah, because you're like, yeah, enough, 218 00:09:55.879 --> 00:09:58.080 I'm going to do No. I know your brain's going 219 00:09:58.120 --> 00:10:01.240 places where, like you're setting you yourself up for when 220 00:10:01.279 --> 00:10:04.080 we get back to the high again. Like, I know 221 00:10:04.120 --> 00:10:05.159 that's where your brain's going. 222 00:10:05.279 --> 00:10:07.320 So you think she's looking for the opportunity. 223 00:10:07.879 --> 00:10:12.200 Thousand percent on what you call the bottom scrapper. Of course, 224 00:10:12.279 --> 00:10:14.600 I'm not going to get scared to buy. This is 225 00:10:14.639 --> 00:10:17.360 when you buy. Everybody buys when everything's high and then 226 00:10:17.360 --> 00:10:19.120 all of a sudden things drop. Everybody goes, oh, it 227 00:10:19.159 --> 00:10:20.519 looks like a bunch of deal with headlights. 228 00:10:20.600 --> 00:10:22.080 Yeah, we saw that at the end of like the 229 00:10:22.120 --> 00:10:25.000 COVID real estate boom where people were still paying crazy 230 00:10:25.039 --> 00:10:28.440 prices and then hold on a second real estate isn't selling, 231 00:10:28.720 --> 00:10:32.320 you know, without any inspections or any contingencies. 232 00:10:31.720 --> 00:10:33.840 Like, yeah, that was all crazy. Sammy saw me go 233 00:10:33.919 --> 00:10:38.000 in in twenty eleven. It was bad and literally walk 234 00:10:38.039 --> 00:10:41.279 into this person's house and say, Okay, I'm going to 235 00:10:41.360 --> 00:10:43.440 pay you two million dollars right now. I'm going to 236 00:10:43.559 --> 00:10:46.279 hand you a check for two million right now. You 237 00:10:46.320 --> 00:10:48.919 can cash it when we go to perch and sale, 238 00:10:49.960 --> 00:10:53.600 but that's when I'm paying you. We put the steal 239 00:10:53.679 --> 00:10:57.759 together in one hour in that house in Brookline. Nobody 240 00:10:57.799 --> 00:11:00.000 was stroking checks for two million dollars in two thousand. 241 00:11:00.360 --> 00:11:02.879 It was a ten or eleven, Sammi, since your memory 242 00:11:02.919 --> 00:11:04.039 is so good on my age, I. 243 00:11:04.000 --> 00:11:05.679 Know the house you're talking about. I want to say eleven. 244 00:11:06.279 --> 00:11:10.919 Okay, deal's done. When I paid that much money, people 245 00:11:11.080 --> 00:11:14.559 was like, people like, wait, what is she crazy? Is 246 00:11:14.600 --> 00:11:17.639 she crazy? When that hit the listing right because. 247 00:11:17.399 --> 00:11:19.200 They thought that was too much money at the time. 248 00:11:19.360 --> 00:11:22.879 Six months later, across the street went for two point five. 249 00:11:24.519 --> 00:11:28.559 Then six months after that, I paid three points something 250 00:11:28.799 --> 00:11:29.399 you sow fast. 251 00:11:29.480 --> 00:11:33.000 It moved first too eight? What was it to Cabot? 252 00:11:33.039 --> 00:11:33.480 Was too eight? 253 00:11:34.080 --> 00:11:35.039 Not talking about that one. 254 00:11:35.240 --> 00:11:36.799 That was the next one after that, No, the one 255 00:11:36.840 --> 00:11:40.000 closest to where you live now, that Cabot, not this Cabot. 256 00:11:40.559 --> 00:11:43.480 The next one was right yeah, And then people said, 257 00:11:43.519 --> 00:11:46.480 are you crazy again? I'm always a crazy one. It 258 00:11:46.480 --> 00:11:49.080 always seems to work out right. But that's not the point. 259 00:11:49.120 --> 00:11:51.639 The point was, no one was stroking checks like that. 260 00:11:52.559 --> 00:11:56.639 Everybody was on breaks on. No, I wasn't breaking on. 261 00:11:57.720 --> 00:12:00.919 Then that started that whole erie of me redeveloping and 262 00:12:01.039 --> 00:12:05.480 pulling insane numbers that had never been pulled before. That's 263 00:12:05.559 --> 00:12:08.879 the fun, that's right. You're taking a risk every day. 264 00:12:08.919 --> 00:12:11.399 We're gimbling every day out there, no doubt. When you're 265 00:12:11.440 --> 00:12:13.240 putting your money on the streets, you're gambling. 266 00:12:13.320 --> 00:12:15.720 So you put it under in twenty twelve, we closed 267 00:12:16.799 --> 00:12:19.799 January ninth, twenty thirteen, okay, million, But. 268 00:12:19.759 --> 00:12:23.200 I put an under agreement when and we closed. 269 00:12:22.919 --> 00:12:25.440 When January ninth, twenty thirteen, okay. 270 00:12:25.440 --> 00:12:28.759 So we went to Historical for four months, probably right, 271 00:12:29.279 --> 00:12:30.120 But they had the money. 272 00:12:30.919 --> 00:12:32.840 I think some of that is a difference, though, between 273 00:12:33.120 --> 00:12:35.440 nervous and scared. There is definitely a line, like scared 274 00:12:35.480 --> 00:12:36.919 is oh no, and taking my money off the streets 275 00:12:36.919 --> 00:12:38.679 and I don't want to do anything. Nervous is you're 276 00:12:38.679 --> 00:12:40.799 paying attention and you're you know, you care, and you're 277 00:12:40.799 --> 00:12:43.480 feeling something. Hey there's something going on and I'm not 278 00:12:43.679 --> 00:12:46.559 just being oblivious to it. That's when when is that? 279 00:12:46.600 --> 00:12:46.759 Really? 280 00:12:46.799 --> 00:12:49.240 What nervous is? Nervous is when you can't sleep at night. 281 00:12:49.600 --> 00:12:52.759 Nervous is when your stomach's tossing and turning, And nervous 282 00:12:52.799 --> 00:12:56.080 is when you're sweating, going oh scratchy, had going oh god, 283 00:12:56.159 --> 00:12:58.840 should have I underwrote that deal? Oh boy? When you're 284 00:12:58.919 --> 00:13:03.639 questioning everything you're doing, that's nervous. I just closed checking account. 285 00:13:04.480 --> 00:13:06.360 Scared means I'm closing the checking account. 286 00:13:06.440 --> 00:13:10.159 Yeah, I'm with you. There, I'm with you. Unscared, which 287 00:13:10.320 --> 00:13:12.559 I don't think people should be here. Certainly we're not 288 00:13:12.679 --> 00:13:16.120 scared in this environment. Nervous for me is more of just, 289 00:13:16.320 --> 00:13:18.279 you know, trying to be extra careful and thinking about 290 00:13:18.360 --> 00:13:21.120 more scenarios, not to the level of anxiety where I'm 291 00:13:21.159 --> 00:13:23.440 not sleeping or paying attention but like I think of 292 00:13:23.519 --> 00:13:25.039 it all the way back to like a big test 293 00:13:25.080 --> 00:13:27.559 in school or before a big sports game or a 294 00:13:27.639 --> 00:13:29.399 date or something like that. Like you get nervous, and 295 00:13:29.440 --> 00:13:31.960 that's like there's a good thing about being nervous too, 296 00:13:32.240 --> 00:13:34.480 So that opportunity that you're seeing maybe some of that 297 00:13:34.519 --> 00:13:37.360 nervousness can be you know, weaponized as a good thing 298 00:13:37.399 --> 00:13:39.600 where you're thinking, oh, hey, yeah, you weren't nervous writing 299 00:13:39.600 --> 00:13:41.200 a check for two million dollars for that house. You 300 00:13:41.279 --> 00:13:44.840 felt one percent confident when when you did that, I did, Well, 301 00:13:44.879 --> 00:13:47.600 you're that's incredible. But that's like, that's not the average 302 00:13:48.399 --> 00:13:49.240 investor in real. 303 00:13:49.200 --> 00:13:51.399 Estate because remember we're in a lot of we're in 304 00:13:51.399 --> 00:13:53.600 thirty eight states right now we're talking. We can't talk 305 00:13:53.600 --> 00:13:56.159 about what's going on every state that's a safe state. 306 00:13:56.919 --> 00:14:00.759 We're especially the areas that I belie, Right, it's a 307 00:14:00.759 --> 00:14:04.279 pretty recession proof that I've proven that to be the truth. 308 00:14:04.879 --> 00:14:07.440 Where builders have gone down Need and Wellesley Weston. 309 00:14:07.720 --> 00:14:10.480 You're a pretty recession proof your brand, not everybody. 310 00:14:10.120 --> 00:14:11.639 Else's, Okay, explain that. 311 00:14:12.240 --> 00:14:14.039 There are people that will wait for a house that 312 00:14:14.120 --> 00:14:16.399 you would that you would build in a certain area 313 00:14:16.519 --> 00:14:18.720 over just going to buy somebody else's house just because 314 00:14:18.720 --> 00:14:19.360 they need a house. 315 00:14:20.919 --> 00:14:21.799 Your brand holds weight. 316 00:14:22.120 --> 00:14:23.759 Like we have a client right now that lives in 317 00:14:23.799 --> 00:14:26.240 new and he bought like the house that they bought 318 00:14:26.279 --> 00:14:29.039 was kind of like an okay, spack house. They've been 319 00:14:29.039 --> 00:14:31.600 waiting three years before their house is officially done on 320 00:14:31.600 --> 00:14:35.720 Woodland Road conservation planning, just because they wanted that house. 321 00:14:35.919 --> 00:14:38.120 Yeah, and so we put this house on an agreement 322 00:14:38.200 --> 00:14:40.519 three years ago and would just get into the closing 323 00:14:40.519 --> 00:14:43.559 table in two weeks. Yeah, but I just got we 324 00:14:43.600 --> 00:14:45.399 had it's just because there was so much going on. 325 00:14:45.480 --> 00:14:47.799 I had so much to build that I just couldn't 326 00:14:47.840 --> 00:14:50.960 get to it right away. So I had five going 327 00:14:51.000 --> 00:14:53.480 on this street. I mean, I've built the last two 328 00:14:53.519 --> 00:14:55.759 streets in Brookline. 329 00:14:55.279 --> 00:14:57.080 But I don't know any other builder that would a 330 00:14:57.120 --> 00:14:58.960 client would wait that long Coorehouse. 331 00:14:59.320 --> 00:14:59.960 That's your point. 332 00:15:00.919 --> 00:15:02.679 And I think part of that's like write it in 333 00:15:02.720 --> 00:15:05.519 the book someday, like Cindy Stumpo doesn't get nervous when 334 00:15:05.519 --> 00:15:09.080 there's opportunities there. That's where you're making your living. That's 335 00:15:09.159 --> 00:15:11.039 that's a great I think a great accolade to have. 336 00:15:11.399 --> 00:15:14.639 No, it's it's teaching you guys. What I've already been 337 00:15:14.679 --> 00:15:17.000 through the pain, so you don't have to go through 338 00:15:17.039 --> 00:15:21.360 the pain. If I could just take my brain. And 339 00:15:21.399 --> 00:15:23.879 I know your generation uses the word mindset, it's not 340 00:15:23.919 --> 00:15:26.559 a word I use. I don't use the word mindset. 341 00:15:26.720 --> 00:15:30.039 It's just not a word I use. That's generational. Never 342 00:15:30.080 --> 00:15:32.120 heard that when I was growing up, and I still 343 00:15:32.240 --> 00:15:34.960 didn't hear It's I got into social audio and then 344 00:15:35.480 --> 00:15:37.960 social media, like, okay, mindset, I said, And what's the 345 00:15:38.000 --> 00:15:38.639 other word. I don't like? 346 00:15:38.759 --> 00:15:39.240 Manifest? 347 00:15:39.320 --> 00:15:41.039 Yeah, I don't manifest because if we can manifest, I 348 00:15:41.080 --> 00:15:43.960 want to be twenty five again, and I'm going to 349 00:15:44.000 --> 00:15:46.120 be five ten and I'm going to have I don't know, 350 00:15:46.440 --> 00:15:49.080 I'll look like whatever and I'll be the super duper 351 00:15:49.080 --> 00:15:52.480 model and I won't build. How's that? And then I'll 352 00:15:52.519 --> 00:15:54.600 beat you holders. 353 00:15:54.600 --> 00:15:56.720 Do you know that are sitting on product and you're not. 354 00:15:57.360 --> 00:15:58.639 Yeah, we're not sitting at any product. 355 00:15:58.679 --> 00:16:01.039 Everything is so how many builders do you know that 356 00:16:01.080 --> 00:16:06.320 pre cell houses? Not many? Not ten plus million known ones. 357 00:16:06.480 --> 00:16:10.159 No, that's a great point, though. Does your appetite change 358 00:16:10.200 --> 00:16:13.279 to be a little bit more like flexible with a 359 00:16:13.320 --> 00:16:16.000 pre sale buyer in a market like this where maybe there's. 360 00:16:15.879 --> 00:16:18.320 A little you know what, here's the difference for me 361 00:16:18.399 --> 00:16:22.000 and any other builder. I'm never greedy. I'm not saving 362 00:16:22.039 --> 00:16:24.840 your life. I can't remove a bleoblastome out of your brain. 363 00:16:25.240 --> 00:16:28.320 I can't cure your children of the worst cancers. I'm 364 00:16:28.360 --> 00:16:31.840 just a builder, developer. I don't think I'm missed a 365 00:16:31.879 --> 00:16:34.679 magic man. Okay, I don't think I'm God out there. 366 00:16:35.200 --> 00:16:38.559 So you always put deals together. Some deals make you 367 00:16:38.679 --> 00:16:42.759 short amounts, some are better profits, some are larger. But 368 00:16:42.960 --> 00:16:44.759 I don't look at one deal. You gotta look at 369 00:16:44.759 --> 00:16:47.759 your bottom line at the end of the year, right. So, yes, 370 00:16:47.799 --> 00:16:50.559 they are builders that are greedy and they think like 371 00:16:50.720 --> 00:16:53.399 they're God, and you know, then they go and they 372 00:16:53.440 --> 00:16:55.960 buy the Ferrari and the Lambo and Amelie and the 373 00:16:56.000 --> 00:17:00.960 ap And for three years prior to building, I was 374 00:17:01.000 --> 00:17:05.319 in the high end automobile industry with my ex husband, 375 00:17:06.279 --> 00:17:08.279 and I would see these buildings come in and say, hey, Joe, 376 00:17:08.359 --> 00:17:11.359 I want that Lambeau. Here's ten thousand. I got a 377 00:17:11.440 --> 00:17:14.920 closing in thirty days. This was before I became I 378 00:17:14.960 --> 00:17:17.759 was twenty. I'm like, they're already spending the money before 379 00:17:17.759 --> 00:17:20.480 they even go to the closing table. What idiots. Yeah, 380 00:17:20.599 --> 00:17:23.400 but that's the mindset. And I'll use the word and 381 00:17:23.440 --> 00:17:27.519 I hate it because I'm make everybody happy. But of 382 00:17:27.559 --> 00:17:31.720 the ego male builder the ego of a female builder, 383 00:17:31.720 --> 00:17:33.000 we don't really know because we don't have a lot 384 00:17:33.039 --> 00:17:36.000 to compare out there. My ego is no ego. I'm 385 00:17:36.039 --> 00:17:39.079 going to work to have helped my ex husband support 386 00:17:39.119 --> 00:17:42.240 our family. It was a big difference, not because I 387 00:17:42.279 --> 00:17:44.519 hadn't want to palm my chest. It was going to 388 00:17:44.519 --> 00:17:47.119 take two of us to give my kids life the 389 00:17:47.240 --> 00:17:49.759 lifestyle that I want them to have. 390 00:17:50.119 --> 00:17:52.960 We see exactly what you're talking about happen all the 391 00:17:53.000 --> 00:17:55.599 time from Hey, we've got like the flashy, hot new 392 00:17:55.599 --> 00:17:57.920 developer who's spending the money before they get it and 393 00:17:57.960 --> 00:18:00.799 then oh man, something doesn't work out and they don't 394 00:18:00.799 --> 00:18:02.160 get the number that they thought they were going to 395 00:18:02.240 --> 00:18:04.640 get buy or fell through and they're just committed to 396 00:18:04.720 --> 00:18:06.799 staying at that big number we have. We have to 397 00:18:06.839 --> 00:18:08.599 sell it at three million and then. 398 00:18:08.599 --> 00:18:09.400 Then get qush. 399 00:18:09.519 --> 00:18:10.920 They spend the money or they know it's there and 400 00:18:10.960 --> 00:18:11.599 then they don't get it. 401 00:18:11.720 --> 00:18:14.519