Speaker 1: For thirty five years, Cindy Stumpo has been a female
Speaker 1: home builder with a passion for design, a mastery of detail,
Speaker 1: and a commitment to her crack. With daughter Samantha Stumpo
Speaker 1: by her side.
Speaker 2: I don't need the whole family on a date with me.
Speaker 2: That's a good note. It's godymn weird.
Speaker 3: See.
Speaker 1: Stumpo Development is the only second generation female construction company
Speaker 1: in the country.
Speaker 4: You're crazy, You're a wacko.
Speaker 5: You're insane.
Speaker 3: I mean, it just doesn't end together.
Speaker 1: Cindy and Samantha welcome guests to explore the world of construction,
Speaker 1: real estate, development, design and more.
Speaker 6: Unpredictable.
Speaker 3: Every time I think I know what you want, you
Speaker 3: just switch it out.
Speaker 6: But that's what makes your houses.
Speaker 1: All your day. Discuss anything that happens between the roof
Speaker 1: and the foundation. Nothing is off limits. You truly do
Speaker 1: care about everybody. She can yell at chicken screen, but
Speaker 1: when you get her alone, she's the best person on
Speaker 1: the planet. Cindy Stumpo is tough as nails.
Speaker 2: And welcome to Cidy Stumpo Toughest Nails on w Z
Speaker 2: News Radio ten thirty. Our guests tonight are.
Speaker 7: Lena Grillo, Sean, Kelly Rand, Tyler Angelina, what do you do?
Speaker 8: I'm a closet designer for a clause is by Design
Speaker 8: in Boston.
Speaker 5: I'm Tyler Wender.
Speaker 4: I'm a developer and on a real estate brokerage out
Speaker 4: here in Boston.
Speaker 2: Okay, and missus my pians.
Speaker 7: Come on, John Kelly Wren, the already advisors, so private
Speaker 7: lender in Boston.
Speaker 2: Okay. So just a little short history. Just everybody give
Speaker 2: what they do. We understand what lean it does, we
Speaker 2: understand what I do. What makes you so good at
Speaker 2: hard money lending? Just give me a little bit?
Speaker 5: Call it private lending, private credit?
Speaker 2: What if you want to call it? Wait, what's the
Speaker 2: proper you call it? Anything you want to call it.
Speaker 7: Let's talk about you know why we do it? How
Speaker 7: do we get into it? And you know we've been
Speaker 7: doing it now?
Speaker 2: First of all, I want to know your proper name,
Speaker 2: John Kelly w Rean. No, I don't. What do I
Speaker 2: get that? Are you guys still considered hard money lending?
Speaker 2: Guys London guys? Oh what lending lending? I don't lending.
Speaker 5: I don't think of myself as a hard money lender.
Speaker 2: I think of us you know, Oh, you're just trying
Speaker 2: to put a more professional name over your heads.
Speaker 7: No, but I think it's something different. Right, I'm running
Speaker 7: a private credit fund. I think of hard money lending
Speaker 7: is a very old school.
Speaker 2: No way I'm doing it hard money lending. Guys, we're
Speaker 2: definitely gangsters back in the days.
Speaker 5: Not a gangster.
Speaker 2: Okay, So let's go where it started. It was street money.
Speaker 5: But and this isn't street.
Speaker 2: Street money to hard money lending. And now you're.
Speaker 7: Call it private credit, private credit, well, private credit on
Speaker 7: the side, from the investors side, from the borrower side,
Speaker 7: it's private lending.
Speaker 5: What do you call it? What would tyler? What do
Speaker 5: you call it?
Speaker 2: You guys are still hard money.
Speaker 5: It was a client private lending.
Speaker 4: If I'm going to go do a cosmetic fix and flip,
Speaker 4: I'm gonna go get hard money for a five six
Speaker 4: month loan. Yeah, the industry is private lending. It's it's
Speaker 4: non bank lender.
Speaker 2: I mean, it's that like stock broke, as they went
Speaker 2: from stockbrokers to financial advisors to wealth advisors.
Speaker 5: What is Blackstone?
Speaker 7: Blackstone runs, you know, a private credit fund that lends
Speaker 7: to other private credit funds, and they're you wouldn't hard money.
Speaker 5: You don't call them a hard money lender, right?
Speaker 2: Right?
Speaker 7: Why why don't you call them a hard money lender.
Speaker 7: It's a senior loan on a piece of property and
Speaker 7: it's non bank.
Speaker 5: What's the difference?
Speaker 7: Good point taken right, And that's what we are. We're
Speaker 7: seeing your loan on a property non bank.
Speaker 2: Are you ever going to get to that level?
Speaker 5: Yeah? You will, yeah, maybe in a blackstone, but I
Speaker 5: think we're gonna we'll hit a billion.
Speaker 2: You'll hit a billion, ye, So goals to hit a
Speaker 2: billion buy.
Speaker 5: It's probably about ten years, ten years.
Speaker 2: Oh yeah, yeah, y'll be dead. Ten years sounds like
Speaker 2: a long time away. No for me, it sounds like
Speaker 2: a very short time a way. For you guys, that's
Speaker 2: when you should be coming to your project.
Speaker 5: And I think we're that's not actually true.
Speaker 2: You howled in forty five, Oh yeah, fifty five, Yeah,
Speaker 2: forty five to fifty five, great years. Thirty five to
Speaker 2: fifty five, those are the years. Those are your twenty
Speaker 2: best years of making money. I keep telling people that
Speaker 2: unless you just came up with something that's really great
Speaker 2: and it's it's sold.
Speaker 7: And so I think when people talk about you know,
Speaker 7: it's talk about old school hard money lending, which is
Speaker 7: kind of like an individual or several individuals lending to
Speaker 7: where we are now and a lot of the lenders
Speaker 7: in the industry, it's almost up the morning train.
Speaker 2: You a kick camp onod not that I'm trying to.
Speaker 2: You want one? I know you do, Okay, I'll throw
Speaker 2: you on. Here you go. We're throwing kick camp buzz
Speaker 2: in the studio. What is this one? White chocolate? I
Speaker 2: only like milk chocolate.
Speaker 5: Anybody could kick cut barcels.
Speaker 2: Now do you want white chocolate? All right, listen, bankers
Speaker 2: can't be choosing. I meant white chocolate. Go ahead, I'm sorry.
Speaker 2: So it's not really go ahead.
Speaker 5: But it's institutionalized.
Speaker 7: So now you know, if you look at private lending
Speaker 7: and what people are surprised to find is some of
Speaker 7: you know, what youth used to think of hard money lenders,
Speaker 7: You may find that KKR or Blackstone or JP Morgan
Speaker 7: is behind.
Speaker 2: Those White chocolate really sucks, It sucks horrible. No, it
Speaker 2: really doesn't like milk chocolate. Okay, go ahead, I'm just
Speaker 2: I'm just taking off.
Speaker 6: Yeah.
Speaker 7: No, But so it's gotten a lot more I would
Speaker 7: say institutional in terms of who your investors are, and
Speaker 7: then the firms that are doing it, they're actually going
Speaker 7: a lot of these loans if you're talking about your
Speaker 7: your standard fix and flip loans, not necessarily the bridge
Speaker 7: loans and the true ground up construction loans, non bank loans,
Speaker 7: but they're they're in funds, they're they're being securitized the
Speaker 7: same way you securitize residential mortgage. It's much more sophisticated
Speaker 7: industry than it was twenty years ago. And that's why
Speaker 7: Wall Street saw an opportunity. There's a lot of money
Speaker 7: in it, very high yield, how do they get into it?
Speaker 7: So and that's where the industry is going.
Speaker 2: So how long did people look at hard money? Guys, though,
Speaker 2: since you've been in it still look at it like
Speaker 2: a street thing. When you first got in, it was
Speaker 2: a street over on that one.
Speaker 7: Yeah, I mean we started in twenty seventeen. You know,
Speaker 7: our partners, we have a business partner on it in
Speaker 7: my firm. They've been doing it for a bit longer.
Speaker 7: And I think when they started early on how it
Speaker 7: was having that several years before that, So I think they.
Speaker 2: Were oneenty seventeen Street was off that.
Speaker 7: It's still in but it's not you know, I think
Speaker 7: it was fading away. So you still have and you
Speaker 7: still have a lot of guys out there. You know,
Speaker 7: there's probably one hundred lenders in Massachusetts, right, and then
Speaker 7: you've got very few kind of that. You know, you
Speaker 7: have a top ten that are probably a little bit
Speaker 7: more institutional, and you kind of have everybody else. And
Speaker 7: you see some of the old school guys, kind of
Speaker 7: people shying away from them, right, they're not lending to
Speaker 7: so you hard.
Speaker 2: I'm sorry, I don't want to disrespect you.
Speaker 5: Ye, no, call what you want to call it.
Speaker 2: So you private lenders pay every month, okay, don't network
Speaker 2: with other private lenders outside the state. That's just so
Speaker 2: well to me. So just to hear where the markets are,
Speaker 2: where the economy is going throughout the country.
Speaker 7: I mean, I know, you know, I know quite a
Speaker 7: few that are out of the state. We speak to
Speaker 7: other lenders in New York, other lenders. I speak to
Speaker 7: other letters in the North area, in the Northeast. I
Speaker 7: speak to groups in Miami. I speak to groups in
Speaker 7: the West Coast. You know, we have the chat. I
Speaker 7: also speak quite a bit with so what a lot
Speaker 7: of lenders actually don't hold the loan. So a lot
Speaker 7: of lenders out there, you'll be surprised to find that
Speaker 7: you do a loan. And just like somebody does a
Speaker 7: home mortgage and they get a home mortgage from whatever
Speaker 7: local bank, and all of a sudden, US Bank is
Speaker 7: sending them a mortgage statement. They're going, wait a second,
Speaker 7: I thought I got it from Village Bank, and all
Speaker 7: of a sudden, I'm getting a statement because their loan
Speaker 7: was sold. And so the same way, a lot of
Speaker 7: private lenders that are lending, they don't actually have the
Speaker 7: capital make the loan, and they sell the loan. And
Speaker 7: so then there's these large firms that are buying one
Speaker 7: hundred million plus of loans around the country per year
Speaker 7: at or per month, and so they're multi billion dollar firms.
Speaker 5: And so those guys that get on the phone with.
Speaker 7: The mortgage for call you guys mortgage less residential guys.
Speaker 7: We don't deal with anything that's owner occupant. And so
Speaker 7: there's a very fine line if you're dealing with owner occupants,
Speaker 7: that's completely different industry.
Speaker 2: Well, I think you can't even touch it.
Speaker 5: You can't touch it. No, I wouldn't touch it because that.
Speaker 2: Guy called me that need to borrow money and said, sendey,
Speaker 2: I'll put my house up. I said, dude, I can't.
Speaker 2: I can't lean your private property that's long gone.
Speaker 7: And you don't want to do that, right and I
Speaker 7: don't want to do that. And it's just almost like
Speaker 7: a you know, it's not stuff we want to be
Speaker 7: involved with.
Speaker 2: The hey bing you there is being still there. So
Speaker 2: do you send out to hard money guys? Do you
Speaker 2: prefer hard money guys business? And you're up in your
Speaker 2: area in New Jersey, absolutely.
Speaker 6: Cindy Harmony guys.
Speaker 9: They've become an essential part of Lindy lending all the
Speaker 9: way around.
Speaker 6: I mean, if you're in a real state.
Speaker 9: Industry, if you're truly in every facet of the roal
Speaker 9: estate industry, you can't get by without having hard money
Speaker 9: people and your rolodex.
Speaker 2: So he is and he's a mortgage broker, so he
Speaker 2: is using guys like you, and it's just yeah, and.
Speaker 7: And some guys do calls. We're not dealing with homeowners,
Speaker 7: We're dealing with developers. And so if I get a call,
Speaker 7: it's more there's some mortgage brokers that deal with both
Speaker 7: with homeowners and were there typically what I'm dealing with
Speaker 7: because our projects are a little bit larger, are dealing
Speaker 7: with professionals. They're more like commercial mortgage brokers as opposed
Speaker 7: to resident and you too, Jonathan.
Speaker 9: Yeah, absolutely, Sindy commercial mortgage brokers.
Speaker 6: We do commercial mortgage lending.
Speaker 9: As well, so you know, but you know, these hard
Speaker 9: money guys, once again, you got to look at they
Speaker 9: have more of a risk appetite, appetite for risk. Then
Speaker 9: let's say, are traditional of a bank, you know banks,
Speaker 9: they have, they lend to everything, they do credit cards,
Speaker 9: they do auto loans, they do everything. So their risk
Speaker 9: advertise is just very, very small for any particular products.
Speaker 9: Whereas if you do a deal with a hard money
Speaker 9: guy that specializes in a certain thing, whether it's churches
Speaker 9: or gas stations or a multifamily or whatever, their risk
Speaker 9: advertising can be much larger than See how.
Speaker 2: That thought, don't go, don't go, just all that thought.
Speaker 2: This is Sidney Stumbo Toughest Nails on WBZ News Radio
Speaker 2: ten thirty.
Speaker 3: Would be right back, sponsored by Floor and Decorp, National
Speaker 3: Lumber and Village Back.
Speaker 2: Good and welcome back to Sidney Stumpo Toughest Nails on
Speaker 2: WBZ News Radio ten thirty. And we are here with.
Speaker 5: Lena Grello, Sean Kelly, Rand, Tyler Winder.
Speaker 2: Okay, now now that we all know who's here being
Speaker 2: you still there, absolutely, Cindy and Bing. We're bringing you
Speaker 2: in from where.
Speaker 6: I'm I'm an injury.
Speaker 2: No no, no, okay, but we're bringing you in from where.
Speaker 9: Oh I sorry. Chatter supposed to uh chattersppostal the io.
Speaker 9: It is a great application and we get to speak
Speaker 9: to real people in real time, like Cindy stumble Brand
Speaker 9: called on the many others uh chatters. Social the io
Speaker 9: allows you to just interact with people and have great conversations.
Speaker 2: Absolutely so his screen savings. See so these people are
Speaker 2: listening right now to you people right Well, we couldn't
Speaker 2: do that before. Was just radio, got it? Okay, So
Speaker 2: everybody downloads social audio? Was it again? Chat of social audio,
Speaker 2: and I'll send you invitations to get right in. Okay.
Speaker 2: And this way when you're we can have our own
Speaker 2: rooms doing things of this nature and teach other people
Speaker 2: instead of just coming into the studio radio. It's pretty
Speaker 2: pretty amazing. But on Twitter you never used that any
Speaker 2: of that. See Boston doesn't know about this, guys, they
Speaker 2: don't know Clubhouse. They don't know, Twitter, we don't have
Speaker 2: this plane flying around Massachusetts going joint clubhouse. Join Twitter audio.
Speaker 2: They don't know what. Everything's just the nightclub here, oh,
Speaker 2: new restaurant. No, no, no, they don't know what. It's crazy.
Speaker 2: It's such a on tap market up here. It's scary. Okay,
Speaker 2: where were we, Jonathan? You were talking, weren't you?
Speaker 6: Yeah?
Speaker 9: I was just saying that that these hard money lenders,
Speaker 9: private money lenders, they've become essential to the industry, you know.
Speaker 9: And and as the major players are the banks, the
Speaker 9: traditional banks are seeing this.
Speaker 6: They want a piece of it. They definitely want to
Speaker 6: end on it.
Speaker 9: But once again, without if it wasn't for them, and
Speaker 9: they're I guess their appetite for our risk.
Speaker 6: A lot of the projects that you guys are seeing
Speaker 6: happening won't.
Speaker 9: It wouldn't happen without private money lenders.
Speaker 2: It's crazy because I've never used one. Is that crazy?
Speaker 5: And thirty eight is well, I think the other side
Speaker 5: of it is because.
Speaker 2: Again my brain went to gangster that if you didn't
Speaker 2: hey it, your legs and i'ms are gonnat not my
Speaker 2: legs and i'ms are gonna get broken because that would
Speaker 2: never happen. But that's what I thought back in the day, right,
Speaker 2: like why are you going to those guys?
Speaker 4: No, to Seoun's point is it's just so much more
Speaker 4: sophisticated than it was. But it's it's not just you
Speaker 4: can't necessarily look at the.
Speaker 2: Hard Moe, not every guy, Nie and Marios.
Speaker 4: Oh exactly, thumb nurth end, We're all still there. But
Speaker 4: you can't necessarily just look at the hard money of
Speaker 4: the private lending just as a twelve percent interest in
Speaker 4: two points. It's the creativity with everything. It's the how
Speaker 4: quick can you close? And I would look at everything
Speaker 4: as a developer, as a as a strictly cash on
Speaker 4: cash ROI standpoint, if I'm bringing the say five or
Speaker 4: ten percent less to go buy a project, that's money
Speaker 4: I'm keeping in my pocket. My profit's going to go
Speaker 4: down at the end because I am paying an extra
Speaker 4: three points of interest in one point up front. But
Speaker 4: that extra four percent is not it's it's worth it
Speaker 4: every day of the week because I'm bringing ten percent
Speaker 4: less on cash. So look at the hard money the
Speaker 4: private lending is the creativity that you can get in
Speaker 4: a job to maximize what you're trying to do with
Speaker 4: your business.
Speaker 7: But I also say, I mean just talk about you know,
Speaker 7: guy League Tyler on it that is not out there
Speaker 7: going through MLS to buy a property. Right, he's finding something,
Speaker 7: he's calling around, He's calling me and going, hey, I
Speaker 7: got something that's out there.
Speaker 2: So most of your deals you're finding off market is
Speaker 2: that we're.
Speaker 4: Doing probably seventy percent, right, So you're.
Speaker 2: Still counting on procus to bring your deal.
Speaker 4: So sure, there's always going to be the broker relationships
Speaker 4: you are, you always going to have to have it.
Speaker 7: But he's not calling me up and saying, hey, I've
Speaker 7: got this thing. Look up this listing on MLS. It's
Speaker 7: listed for a million dollars. On buying it for a
Speaker 7: million dollars, he's coming to me going, hey, look at
Speaker 7: this one typically be sold for a million dollars.
Speaker 5: I've got it.
Speaker 7: I got to close in ten days though, because I
Speaker 7: got it under for seven fifty and so, but I
Speaker 7: can't get it for seven to fifty unless.
Speaker 5: I can close in ten days. And so what we're finding.
Speaker 2: You find that people give up two fifty to close
Speaker 2: a deal right away. Huh.
Speaker 4: Now it's there's a different settiment out that.
Speaker 5: Was definitely prior.
Speaker 4: And there's so much equity out there in these properties,
Speaker 4: so you're not really seeing that, are you seeing?
Speaker 2: Just because I think the end user's got a lot
Speaker 2: of a lot brighter in the last five six years.
Speaker 4: They have, And it's easy to get brighter when you're
Speaker 4: sitting on you know, a twelve percent increase of your
Speaker 4: your home's value over the last two years, like, oh,
Speaker 4: I have this much more cash in my pocket. I'm
Speaker 4: a little bit more sophisticated. Look at what my house
Speaker 4: value just did since I've been here. I mean, I mean,
Speaker 4: look away, someone, how.
Speaker 2: Of that is brokeers going in and blowing smoke up
Speaker 2: there behinds two. I'll pull you a million. I'll pull
Speaker 2: you a million. Two, I'll pull you a million. Three.
Speaker 2: Then they put the thought in the head and then
Speaker 2: the reality number start coming at nine, nine to twenty five,
Speaker 2: and then they have to swallow that.
Speaker 7: Not everybody, I mean a lot of it is. You know,
Speaker 7: somebody's buying something at auction. You've got thirty days to close, right,
Speaker 7: and a bank doesn't always meet that timeline. And so
Speaker 7: if you want to buy something at auction or sight unseen,
Speaker 7: you've got to get a private lender, right, Or if
Speaker 7: you're buying something and then you just look at it.
Speaker 7: Let's say you're buying a project of a developer that's
Speaker 7: halfway through. No bank wants to touch it. Halfway through.
Speaker 7: I might look at it and if I it's halfway through,
Speaker 7: and I know the problem.
Speaker 2: We know the story, right. I had to take over
Speaker 2: a job for a hard money guy in Rhode Island
Speaker 2: in Newton. He called me up. He said, then I
Speaker 2: need you, like, who are you? I mean you need me?
Speaker 2: Who are you? Told me? The problem, I said, buddy,
Speaker 2: touching touching that job is everything's coming down the studs.
Speaker 2: If I don't bring down to the studs, I'm not
Speaker 2: touching that job. Well, partyage, I don't care I partyage.
Speaker 2: You see, plumbing, electrical is done. I'm not touching that job.
Speaker 2: My name goes on it. So if you want me
Speaker 2: to bail you out, I'll bail you out. Here's what
Speaker 2: I didn't understand. Now Samantha ends up making him money.
Speaker 2: He made money off it. What I didn't understand, Maybe
Speaker 2: you can explain to me. I said to him, just
Speaker 2: bring it up to auction and sold as is, and
Speaker 2: there'll be some follow that comes along that's a handing
Speaker 2: man type guy and will buy it for you know,
Speaker 2: help his kids fix it and get in to the
Speaker 2: finish line. He said, we can't take the hit on
Speaker 2: the books right now. What do you mean by that?
Speaker 2: I can't take the hit all my books right now.
Speaker 2: Was he because had money, guy out of Rhode Island
Speaker 2: and a good sized company by the way.
Speaker 5: Yeah, they're probably.
Speaker 7: I mean the issue is is if they auction it off,
Speaker 7: they may have been upside down right.
Speaker 2: I think that was the set for a batim. I
Speaker 2: can't take a hit on my books right now. I said, dude,
Speaker 2: I don't think you're going to take a hit on
Speaker 2: your books. I think you'll get out clean and you'll
Speaker 2: make yourself a few hundred thousand covering all your expenses.
Speaker 2: The guy hadn't paid interest in the year, blah blah blah,
Speaker 2: even though I do. It had to go pour a
Speaker 2: new foundation, take out the old slab. The guy had
Speaker 2: no stone on the slab. The thing was thinking it
Speaker 2: was a nightmare. But we made it all perfect for
Speaker 2: him and he's still made money. But the remark was,
Speaker 2: I can't take a hit on my books right now.
Speaker 2: What did that mean? I didn't ask him. I didn't.
Speaker 5: I mean, I think of what he's saying is he's
Speaker 5: just going to take a loss.
Speaker 2: Okay, I get that, But why I couldn't You couldn't
Speaker 2: take it. I've got a board to answer to. I'm
Speaker 2: assuming he's.
Speaker 7: Probably got a lot of and I don't know, he's
Speaker 7: got investors, he's got to do his reporting. He doesn't
Speaker 7: want to go out and report. Maybe he has a
Speaker 7: bunch of projects going wrong at the same time.
Speaker 5: Maybe it's Q three.
Speaker 4: You have to wait to offload it in Q one
Speaker 4: of next year to get it off of this cycle,
Speaker 4: like yeah.
Speaker 5: A million.
Speaker 7: So it could be, you know, could be it might
Speaker 7: not be his money, right, I mean, and I think
Speaker 7: that's the idea. If you're if you're lending on it correct, right,
Speaker 7: and you're doing it, you're diversifying across seventy to one
Speaker 7: hundred projects, you're in on there somewhere under seventy sixty
Speaker 7: five seventy percent of you know ARV so after renovated value,
Speaker 7: and so you're hoping you've got enough margin in there
Speaker 7: that when things.
Speaker 5: Go wrong, hey, the developer you know, might be coming out.
Speaker 2: Well, when I saw the spreadsheet, he over gave on
Speaker 2: every line at them, but no one came out to do.
Speaker 2: Let's put our eyes on that foundation. Let's put our
Speaker 2: eyes on the hole. Let's put our eyes on the drainage.
Speaker 2: There's no drainage a site where I mean it was.
Speaker 5: It just permitted.
Speaker 2: It passed again. You can put the drainage in. I
Speaker 2: can ask you for the number my line atom number
Speaker 2: two for drainage if you don't come and inspect to
Speaker 2: see if I dropped the drainagen. He thought all this
Speaker 2: was done, only to find out none of it was done.
Speaker 2: So it came out to do the site business was
Speaker 2: falling asleep behind the wheel. Follow me, yep, okay, So yeah,
Speaker 2: the city passed the foundation because the stone goes in afterwards.
Speaker 2: I put my stone in first. Right when the footings
Speaker 2: go in, we pile it in with stone. Foundation goes up.
Speaker 2: He didn't do that again. It wasn't a good builder.
Speaker 2: But the point was, My point was when he said
Speaker 2: to me, I can't take the hit right now. That
Speaker 2: means he's answering to a group of guys. Maybe he
Speaker 2: approved the law. Whatever he seemed to be.
Speaker 7: The seal probably has I mean, I no idea where
Speaker 7: they are. I mean, whether it's a big group that
Speaker 7: has a fund or you know, maybe it's one individual
Speaker 7: investor that was in that particular long.
Speaker 2: Well, like I just said, maybe he didn't want to
Speaker 2: take a hit on that. Whatever, it turned out well
Speaker 2: for him. But when I got the call, I was like, Sin,
Speaker 2: I need you, and I'm like, and you are like,
Speaker 2: I want to introduce yourself, buddy, Like who are you?
Speaker 4: Well, you talked about a couple of things. Is over leverage,
Speaker 4: and there's over leverage on the banking side as well.
Speaker 4: So they're over leveraged by lion item ten because they
Speaker 4: went eight percent higher on each line item giving the
Speaker 4: draw to the developer. Now all of a sudden, they're
Speaker 4: so far behind and they're they're digging themselves out of
Speaker 4: a grave.
Speaker 2: Okay, we're gonna go after break, but I want the
Speaker 2: next I went to be about we have this economy
Speaker 2: you think is going Okay, guys, okay, perfect, Okay. This
Speaker 2: is Sidney Stumbley. Listened Toughness Nails and we'll be right back.
Speaker 3: Sponsored by Pillow Windows of Boston, Next Day Molding and
Speaker 3: Kennedy Carpet.
Speaker 2: Hey, welcome back to Toughest it's on WBZ News Radio tenth.
Speaker 2: Right now, I'm Sydney Stumpo and we're here with again.
Speaker 7: Lena Grillo and Sean Kelly Wren okay, and Tyler Winder.
Speaker 2: Right, guys, let's get to hot questions. Where's this market going? Well,
Speaker 2: do you think it's going? Yeah, let's let's talk about
Speaker 2: the housing market, the economy, let's go, we'll cover it all,
Speaker 2: but right now, the housing market.
Speaker 5: Let's talk about So what impacts the housing market?
Speaker 6: Right?
Speaker 7: So, what's going to impact prices? Well, let's look at
Speaker 7: two things. One, if people have the jobs and the
Speaker 7: income to pay and buy the house, and so look
Speaker 7: at the job market. And then you want to look
Speaker 7: at the supply right so right now, and so prices
Speaker 7: are determined by supply and demand quite obviously, right So
Speaker 7: supply right now is very low.
Speaker 5: Right, it's impossible to build.
Speaker 7: You'll it's very difficult to build new supply in Massachusetts.
Speaker 7: It's you can talk to any builder out there, and Cindy,
Speaker 7: I'm sure that you let him know on a constant
Speaker 7: basis how much red tape and how hard is to build,
Speaker 7: and Tyler can talk about that. So supply is very restricted.
Speaker 7: So that's good for holding house prices high. Now let's
Speaker 7: talk about demand. So demand, I think what worse seeing
Speaker 7: and we're a little bit worried about, is what we
Speaker 7: talked about before, is Hey, the end consumer isn't doing
Speaker 7: as well as they were doing a couple of years ago,
Speaker 7: and it's starting to show up.
Speaker 6: Right.
Speaker 7: Jobs numbers were revised downwards. It was a big hit.
Speaker 7: I think the Fed is looking at those things and saying, hey,
Speaker 7: this job market isn't so great. Delinquency is arising on autos,
Speaker 7: consumer and a student loans and so now and then
Speaker 7: on the edges on the mortgage market, and so that
Speaker 7: doesn't look good for the economy. How bad is it
Speaker 7: going to get? I don't know, but I don't think.
Speaker 7: I think it's going to get worse before it gets better.
Speaker 2: Bang you theah, Okay, did you hear what he just said?
Speaker 6: I know it is little.
Speaker 2: We're talking about the economy that we think we're going
Speaker 2: to hit. What a recession in real estate market?
Speaker 7: I think it's going I think it's getting worse. I
Speaker 7: don't think it's going horrible immediately, but I don't think
Speaker 7: it's going to be as healthy as it was.
Speaker 2: If we all had to make a call for the
Speaker 2: next six months. John, make the call for the next
Speaker 2: six months months from today.
Speaker 6: I think we're gonna be fine.
Speaker 9: I'm sorry, I just you know, I think the stock
Speaker 9: market is gonna take a little hit, but I think
Speaker 9: we're gonna be fine. On the real estate, I think,
Speaker 9: you know, right now, guys, we just don't have enough
Speaker 9: inventory out there.
Speaker 5: Yeah, we don't.
Speaker 6: We don't. There's not enough inventory.
Speaker 2: Remember he's in the northeast too. There's a whole country
Speaker 2: out there, guys, whole country are going.
Speaker 6: Well, you're right in my area. People are still bid.
Speaker 6: It's like forty fifty people are still being in the house.
Speaker 6: And that one house has went for two hundred forty
Speaker 6: thousand dollars.
Speaker 9: Over asking price. Uh and that's a six hundred thousand
Speaker 9: dollars house, you know. Uh, And it's an expensive house.
Speaker 6: You know.
Speaker 9: It's people are still fighting, people coming from New York still.
Speaker 6: Trying to get these properties.
Speaker 9: But once again, there's still is a housing shortage. Now
Speaker 9: some areas of the country, you know, there may be
Speaker 9: some kind of slow down, but right now we don't
Speaker 9: have the inventory.
Speaker 6: And with the race going down, people are.
Speaker 9: Gonna get with another one hundred and fifty thousand dollars
Speaker 9: in buying power.
Speaker 2: You know, dang thing. You know you're talking about a price,
Speaker 2: but hold on, back it down for it, forgive me,
Speaker 2: give me a chance here. You talk about a price
Speaker 2: range that anywhere in the Northeast and in popular areas
Speaker 2: like we all live. Okay, that's a that's a nothing number,
Speaker 2: meaning there will be twenty offers on there. Now. Start
Speaker 2: to talk to me about the million five to three
Speaker 2: and a half million price range of brand new construction.
Speaker 2: Have you seen a slow down in Jersey?
Speaker 9: Yeah, well, Cindy, no, because we have the New York
Speaker 9: we're sandwich in between New York and Philadelphia. Okay, then
Speaker 9: we have the Delaware markets, so we're unique in that regard.
Speaker 9: We have we're sandwiched in between two major, major metropolitan
Speaker 9: areas where people are where New York is getting so
Speaker 9: expensive to live over there, they're coming over to the Jersey.
Speaker 9: They're driving the prices up. That's why you know the
Speaker 9: house was out right right outside of New York City.
Speaker 9: You know, it was six hundred and seventy thousand dollars.
Speaker 9: They wound up be in the quarter million dollars above
Speaker 9: two hundred and forty thousand miles above asking price and
Speaker 9: paid for cash. So you know, once again, I probably
Speaker 9: won't be the right person to ask in terms of that.
Speaker 6: For Cindy, what I will say is this that.
Speaker 2: He's right, Northeast doesn't take a beatdown. I said, you're right,
Speaker 2: the Northeast never takes the beatdown, but we slow down
Speaker 2: in a way. But we didn't take a beat down.
Speaker 7: And I don't clarify that, right, So I don't think
Speaker 7: so if you look today inventory, so if you look
Speaker 7: at cross market, right, So we talked about supply and demand, right,
Speaker 7: Supply very hard in the Northeast.
Speaker 5: I completely agree with that. Very hard to build.
Speaker 7: And if homeowners consumers are out there and they want
Speaker 7: prices to come down, well, it's all about building more product, right.
Speaker 7: So it's if you can't build, and you can't build
Speaker 7: at scale, it's very hard to bring those prices down, right.
Speaker 7: So that's the impact, right. We have very restrictive zoning laws,
Speaker 7: we have very restrictive permitting. It's hard to build, so
Speaker 7: therefore supply is fairly restricted. Go down to the southeast
Speaker 7: and southwest and you go look at a market like Austin,
Speaker 7: which we tend to follow. And you say, oh, wait
Speaker 7: a second, their home prices are down four percent. What's
Speaker 7: that's driven by a year of year four percent?
Speaker 5: Why?
Speaker 7: Well, supply is building up. And then if you go
Speaker 7: and look at the inventory, you see a spike. Go
Speaker 7: down to Florida. You're seeing a spike in inventory in Florida.
Speaker 7: So that's up massively across Florida and that's all major markets.
Speaker 7: There's an inventory spike.
Speaker 5: What is that?
Speaker 7: Then when you have inventory and lots of inventory out
Speaker 7: there and consumers have lots of choice, prices start to
Speaker 7: come down. So I think you're going to see in
Speaker 7: those markets where you have inventory spike prices to come down.
Speaker 7: I think in the Northeast what you'll have to see
Speaker 7: in order for prices to come down, right, And I'm
Speaker 7: not talking about massive right. I don't think that we're
Speaker 7: going to get something like the last financial crishis. But
Speaker 7: if you want a moderation of prices, that's not going
Speaker 7: to come from the supply side because it's so hard
Speaker 7: to build. Where you're going to see that come from
Speaker 7: is the demand side. So what is that talking about?
Speaker 6: Jobs?
Speaker 5: Right?
Speaker 7: So if tech companies start laying off if biotech companies
Speaker 7: start laying off, then you're going to start to see, well, okay,
Speaker 7: is it your Lexington Newton home that was on the
Speaker 7: mid range of somebody who was in middle management at
Speaker 7: one of those firms, and you've got less bidders out there. Now,
Speaker 7: you still have plenty of other industries in the Boston market, right,
Speaker 7: You have lots of a kind of variety of jobs
Speaker 7: in the economy. But I think you're going to start
Speaker 7: to see some of the pressure come off. And how
Speaker 7: are you going to see that?
Speaker 6: Right?
Speaker 7: So you're talking about big averages, and we talked about it.
Speaker 7: You know, prices are up four percent year every year
Speaker 7: in Boston, they're down four percent year every year in Austin, Texas. Well,
Speaker 7: that's hiding behind it that some prices might be stagnant,
Speaker 7: some prices might be up ten to twenty percent, right,
Speaker 7: because we're talking about averages, and I think what we're
Speaker 7: going to we're starting to see already is that we're
Speaker 7: starting to see a lot of the prices for things that.
Speaker 5: Are on the margins.
Speaker 6: Right.
Speaker 7: So if you build a good product, it still flies
Speaker 7: off the shelf, right, and you price it appropriately. But
Speaker 7: I think if you're building a product out there that's subpar,
Speaker 7: and two years ago somebody would have bought it just
Speaker 7: because they wanted to get in the market and would
Speaker 7: fly off the shelf. That's not selling anymore. That's sitting,
Speaker 7: and that price is coming down if it's still I.
Speaker 6: Hear you saying, I agree.
Speaker 2: So let me give you a for instance. Right everybody says,
Speaker 2: oh coach, you stumpo. They don't get hurt off there.
Speaker 2: They're in their only little niche market. Right now, I
Speaker 2: just put a house on an agreement for not a
Speaker 2: bit lot thirty thousand square. For the lot ten million. Now,
Speaker 2: I could have pulled twelve five. I know I could
Speaker 2: pull twelve five for that house, maybe thirteen if I
Speaker 2: take it to the end. Burn the hand right now.
Speaker 2: To me, I know the profit margin I'm we make
Speaker 2: off it. You don't get greedy in my business because
Speaker 2: little pigs get what grow and big pigs get Thank you, Ross.
Speaker 2: There's my producer with his little stupid camera coming at me,
Speaker 2: his little clock machine. But so I'm opted to take
Speaker 2: I'm doing the deal of that number, even though I'm
Speaker 2: gonna leave. I know I'm leaving two million dollar the
Speaker 2: table because my gut tells me move that now, move
Speaker 2: that one. Now. We got enough, We've got enough land
Speaker 2: that we have others to build that one. I'm just
Speaker 2: gonna let it slide out.
Speaker 6: Well.
Speaker 5: The other thing is there's just so much on something.
Speaker 2: I'm going on my gut feeling, and my gut feeling
Speaker 2: has never taken me down the wrong path.
Speaker 4: Yeah, yeah, And there's just uncertainty right now.
Speaker 5: Like that I was.
Speaker 4: I just had a two family new construction locked up
Speaker 4: in Cambridge, got it to perman and got everything ready.
Speaker 4: You look at the numbers, maybe it's a seven figure
Speaker 4: deal if you bring it from start to finish in
Speaker 4: eighteen months. Eighteen months is a much different market that
Speaker 4: it is right now. I had another developer come through.
Speaker 4: He offered me about a two hundred and fifty thousand
Speaker 4: assignment fee. So you look at it and say, all right,
Speaker 4: do you take a seven figure profit in eighteen months
Speaker 4: with all the different variables of all the red tape,
Speaker 4: you have to go through the elections coming up with
Speaker 4: interest rates, where's everything going? Or do you take this
Speaker 4: now at what percent of a projected outcome at the end?
Speaker 2: Correct?
Speaker 4: At what percent are you going to take the cash now,
Speaker 4: walk away, clap their hand whenever they get there, and
Speaker 4: just ignore the headaches onto the next one.
Speaker 2: As as end users that want to sell their homes
Speaker 2: and they can make three four one thousand and two
Speaker 2: hundred two point fifty one eighty maybe even more than that, right,
Speaker 2: they're like, what do I do, Cindy, Well, are you
Speaker 2: going to go? Well, that's the problem. So you're going
Speaker 2: to sell high and you're going to buy high. So
Speaker 2: that doesn't work. That was a dumb move. Sell high,
Speaker 2: go rent something. But even rentserr up everywhere, right, So
Speaker 2: it's kind of like everybody's kind of stuck right now. Well,
Speaker 2: and we also want to sell it and make the money,
Speaker 2: but they don't want to go rent or they So
Speaker 2: everybody's kind of like a in a struggle where I
Speaker 2: see this that people call me saying, can you give
Speaker 2: me your advice? Cindy? I can't. What's good for you
Speaker 2: and your family? Right now? You're in a home you
Speaker 2: can afford. The mortgage is so low. Yeah, I know
Speaker 2: you can make four thousand, and you should have taken
Speaker 2: a line on that maybe two years ago, borrowed against it,
Speaker 2: and then you'd be paying two three percent right, But again,
Speaker 2: who was thinking? Who was thinking to do that? I
Speaker 2: didn't even do that. I should have taken a line
Speaker 2: on my own hose.
Speaker 4: Well that's the other thing making the money, But I
Speaker 4: should have That's the other thing we're saying on the
Speaker 4: inventory crisis is it's not only the fact that we
Speaker 4: can't build enough product to compete with buyer demand. It's
Speaker 4: the fact that interest rates went to nothing and now
Speaker 4: all of these these homeowners are sitting with a massive
Speaker 4: pot of all.
Speaker 2: That I thought I got to go to break. He's
Speaker 2: waving and I'm Sidney stumpoed he lives in too of
Speaker 2: his nails on WBZ News Radio Temp They will.
Speaker 3: Be right back, sponsored by new Brook Realty Group, Boston,
Speaker 3: would Smaller Insurance, World Auto Body and Tosca Drive Autobody
Speaker 3: Nobody Wait.
Speaker 2: And welcome back to Toups Nails on WBZ News Radio
Speaker 2: tent Thor And I'm City Stumpo and we are here
Speaker 2: with Lena.
Speaker 5: Grillo, Sean Kelly, Rand, Tyler Winder.
Speaker 2: And Jonathan Where are you from? Not just New Jersey?
Speaker 2: Where are you coming from from?
Speaker 9: Chatter social io is a social audio visual app that
Speaker 9: allows people to interact in real time and actually speaking
Speaker 9: each other in real time.
Speaker 2: And we are doing that right now. And we're doing
Speaker 2: that right now from my iHeartMedia studio, and we're zooming
Speaker 2: in from all over the place. People on here are
Speaker 2: from all over the country and outside of the country.
Speaker 2: And I can scroll up screensave and look at their
Speaker 2: faces and see who's online. It's pretty awesome. It's the visual,
Speaker 2: it's the video blows away Twitter and any of the others. Okay,
Speaker 2: go back where were we? Does anybody remember I'm having
Speaker 2: a metapuse moment.
Speaker 5: And then got cut off because he was talking about
Speaker 5: supply pick it up.
Speaker 4: You just started seeing my ears pop up like the
Speaker 4: rabbit in the in the hunting shows. But no, you
Speaker 4: start talking looking at inventory crisis. That's what's ultimately going
Speaker 4: to dictate everything, and we can't build enough product to
Speaker 4: keep up with the buying demand. But the other thing
Speaker 4: is we dropped interest rates down.
Speaker 2: The president built three million homes in four years? Was
Speaker 2: that and a president? Any president three million homes in
Speaker 2: four years? No, there'say, And we're talking to builders right.
Speaker 5: Yeah, Okay, it's not happening.
Speaker 4: But the other thing out there, that's that's extremely weighed
Speaker 4: down on the inventory. Is when the interest rates went
Speaker 4: down to nothing. These homeowners were sitting on so much
Speaker 4: equity in their homes with nowhere to go. But not
Speaker 4: only that is we might be sitting there in a
Speaker 4: high twos mid twos interest rate, and they're going to
Speaker 4: see if I'm going to get the exact same home
Speaker 4: taking four hundred thousand of equity upgrading, going to be
Speaker 4: paying significantly more for the same cost borrowed, and it
Speaker 4: just it handcuffs these homeowners. So it just makes it
Speaker 4: extremely difficult for the mistakes, the mistakes that the you know,
Speaker 4: economists did when everything got dropped.
Speaker 2: Go back to those words, Jonathan, did you hear the
Speaker 2: words he used?
Speaker 6: Handcuffed?
Speaker 2: Where'd we hear that from?
Speaker 6: You said that? We've always sad, I.
Speaker 2: Mean we no, we only heard one person say that
Speaker 2: word handcuff last night. That was two nights ago. Who
Speaker 2: was that gz okay, I yeah, I've never I've never
Speaker 2: heard those words. I don't use those words handcuffed. I've
Speaker 2: never us those words. Pretty fun that use those words.
Speaker 2: Go ahead, finish, I want Jonathan to listen.
Speaker 4: Yeah, So I mean it's I mean, that's that's pretty
Speaker 4: much the end of the conversation with that. So, I mean,
Speaker 4: inventory crisis is going to remain unless some serious serious
Speaker 4: changes happen in terms of building, zoning code and obviously
Speaker 4: you know interest rates where it's not going to handcuff
Speaker 4: these home sellers where they can go move put their
Speaker 4: head back on the market and bring up the inventory.
Speaker 7: And I think nothing in the Northeast is going to
Speaker 7: change in terms of bringing significant inventory anytime soon.
Speaker 2: Right, So that's impossible.
Speaker 7: So you know, even if you made major changes to
Speaker 7: are permitting and zoning, it takes so long to permit
Speaker 7: a project that but.
Speaker 2: It's not happening as much as stuff is getting built
Speaker 2: in Florida. So it still takes two years, three years,
Speaker 2: sure in certain areas of Florida two to keep permitting everything.
Speaker 2: But I think you're gonna have a lot to pick
Speaker 2: from down there. Yeah, and that's there.
Speaker 7: Comes and watch the prices, watch the price down, Watch
Speaker 7: the prices in Florida, watch the prices in Texas, watch
Speaker 7: the prices in you know all kind of the arizonas
Speaker 7: those Southwest markets where it's easy to build and easy
Speaker 7: to bring supply to market. Watch the prices, right, I
Speaker 7: think they're gonna come down. I think you're gonna see
Speaker 7: the as soon as you see those inventory numbers start
Speaker 7: to spike, kind of wait a few months and you'll
Speaker 7: start to see the prices come down again.
Speaker 4: And when you're saying the inventory low in the markets
Speaker 4: like we are in the Boston market, it's it's it's
Speaker 4: recession resistant. Nothing's a recession proof in this world, but
Speaker 4: recession resistant where regardless what's going on, we're still having
Speaker 4: you know, these buyers come through and buying property because
Speaker 4: the inventory is remaining so low. At the end of
Speaker 4: the day.
Speaker 2: Now, you know what the greatest part of today was
Speaker 2: having Lena in the studio the whole day because she's
Speaker 2: learned so much, because her and Chat have been coming
Speaker 2: to me going what if we go build teenie homes
Speaker 2: up here and be Airbnb's here in this there because
Speaker 2: they did not fall on the economics. Now this will
Speaker 2: trigger her brain to maybe fallow the economics better. See.
Speaker 2: Part of this is teaching this next generation financial literacy
Speaker 2: why deals do make sense certain areas and why they
Speaker 2: don't make sense in other areas. We're not just one big,
Speaker 2: happy country. It's just not We're not like that. It's
Speaker 2: just not what it is. We pull stronger numbers up here,
Speaker 2: then over here they're pulling weaker numbers. And then you
Speaker 2: talk about the West Coast and you talk about Texas
Speaker 2: and you talk about Arizona, Aspen. We can go to Utah.
Speaker 2: Look the numbers in Utah right now for ski and
Speaker 2: ski out. Look at Aspen's numbers. Crazy, go to Hamptons, Nantucket,
Speaker 2: the Vineyard. We could start naming all different areas, but again,
Speaker 2: pocket areas. There's still a big country out there.
Speaker 8: I think we're also just scared to kind of make
Speaker 8: that big of a move out here. I feel like
Speaker 8: starting small and starting the tiny home and the rentals
Speaker 8: would get us there faster, and yeah, get our feet
Speaker 8: under I mean.
Speaker 2: You gave you advice if you first buy a house
Speaker 2: to yourself, a two.
Speaker 8: Family or a three family, Well, yes, but that is
Speaker 8: such a big investment, especially out here.
Speaker 2: Correct, But guess what investment Here's what your generation doesn't understand.
Speaker 2: It's a big investment here, and it's a bigger return here.
Speaker 2: It's a less investment here with a much lesser return here.
Speaker 2: Plus your asset is more secure here than if I
Speaker 2: stick in some state over here. Yeah, here's the difference.
Speaker 2: I just gave you three things. Yeah, anymore might have
Speaker 2: put down, But the chance of your assets staying stronger
Speaker 2: here is much stronger than if I stick you in
Speaker 2: Texas and your return is going to be greater here.
Speaker 2: What the late of your money.
Speaker 8: In a tourist state where it's.
Speaker 2: People go back to hotels? Does they want to talk
Speaker 2: about the airbnbs, how they're doing so well right now?
Speaker 2: They're not?
Speaker 5: I mean, we're not.
Speaker 7: I mean, see, we already know. You know some hotels aren't.
Speaker 7: You know, there are some hotels that are doing great,
Speaker 7: there's some hotels that aren't. I think airbnbs, I'm mean,
Speaker 7: I think people are relying on air being and there's
Speaker 7: still some airbnbs that do extraordinarily well. And I know
Speaker 7: people that run airbn pockets areas in pocket areas, and
Speaker 7: I think that what we talk about is getting the
Speaker 7: segment right right. And so I think if you're talking
Speaker 7: about oversaturated markets with airbnbs, when the economy slows down
Speaker 7: and there's less jobs, the first thing that gets cut
Speaker 7: from people's budgets vacations, and so that.
Speaker 5: Starts to hurt.
Speaker 7: And so something that was looking really good one year
Speaker 7: is not looking so good the next year.
Speaker 2: And this, and here in lies the problem. Nobody's teaching
Speaker 2: twenty something year old and even in their early thirties.
Speaker 2: We've all had a self teach ourselves. I had no
Speaker 2: one teaching me this. I've been doing this for thirty
Speaker 2: eight years. I had to self learn all of this.
Speaker 2: Who taught you this? You learn all this at your
Speaker 2: fancy school that you went to.
Speaker 5: No, it was a self taught.
Speaker 7: My mother was a real estate broker sold for closures
Speaker 7: in the nineties. I was calling an amazing college.
Speaker 5: Yeah, I went to university and then grad school.
Speaker 2: So okay, grade schools, But would you learn it on
Speaker 2: job experience?
Speaker 5: Job?
Speaker 4: Would you learn it getting into it? I didn't know
Speaker 4: what a colonial was eight years ago.
Speaker 2: Okay against the traditional the modern.
Speaker 4: Yeah, a little bit different like beforehand those out here.
Speaker 4: But yeah, you have to learn through osmosis, throw your
Speaker 4: feet and get.
Speaker 2: In the game so right, or have somebody that can
Speaker 2: teach you the right way. And there lies the problem
Speaker 2: we're all. I tried my hardest to get on social
Speaker 2: audio and try to explain to people the pig headed,
Speaker 2: they're stubborn, they don't want to listen. They think they
Speaker 2: know more, They don't know more. You can't do this
Speaker 2: for thirty eight years and challenge somebody that's been doing
Speaker 2: something for so many decades and still standing. But unless
Speaker 2: sometimes it's easier. That's my point of being on social
Speaker 2: audio for other kids. I always say take my kids.
Speaker 2: I'll give you my kids. You know what I'm saying,
Speaker 2: except I'm kind of a young mom that no one
Speaker 2: else has kids my kids age. People my age have
Speaker 2: kids that are still younger, right, So I can't like
Speaker 2: trade them off and say, Okay, I'll take your kids,
Speaker 2: you take my kids. Because sometimes kids will learn from
Speaker 2: another person to listen to you more than they'll listen
Speaker 2: to me. I might have more knowledge than you in
Speaker 2: the field, you might have more more office knowledge than me,
Speaker 2: or numbers, doesn't matter. But I think the point is
Speaker 2: if we don't teach the next generation coming up, that's
Speaker 2: a major problem. So I thought when I go on
Speaker 2: to social audio by accident, there was a reason for
Speaker 2: me to go on there. And I can't get these
Speaker 2: people to listen because they rather listen to somebody that
Speaker 2: is just starts it off like this. Well, you know,
Speaker 2: I was abused when I was ten, but I'm gonna
Speaker 2: teach you how to make a million dollars a year?
Speaker 2: Like what is wrong with you? People like do you do?
Speaker 2: You have to lead in with that to like it's
Speaker 2: crazy if you haven't been traumatized and drama to a
Speaker 2: point of no return. And then they go in with
Speaker 2: a I'm gonna teach horw to make a million dollars
Speaker 2: a year. I'm on the free trying to explain to people. No, no,
Speaker 2: So I'm glad whatever people got in from. Chatta got
Speaker 2: to listen to this whole day because there's a lot
Speaker 2: to take in. But this is everything we talk about.
Speaker 2: Would I like to talk about on social audio teaching
Speaker 2: another young person how to get in the game and
Speaker 2: do it right?
Speaker 4: Well, the problem is that Lena just brings up, you know, airbnbs.
Speaker 4: If you go google airbnbs and click on five different
Speaker 4: things and then go onto Instagram, you're gonna get blasted
Speaker 4: by six different you know, you know Zuckerberg get hit
Speaker 4: the market, and you're gonna get all of these these
Speaker 4: Instagram gurus who were telling you, oh, you're gonna make
Speaker 4: all this money. I made seven figures in my first
Speaker 4: month because there's all these different quote unquote people that
Speaker 4: you don't want to follow, So you have to do
Speaker 4: your research on which which social media influencers do you
Speaker 4: I actually want to follow and make sure that I'm
Speaker 4: following the right steps all the way through.
Speaker 8: Boom.
Speaker 2: Hold that thought and we're going to break. It's the
Speaker 2: city stumboard to have his dales on w he is
Speaker 2: the news radio.
Speaker 5: We're gonna wake up in the love and the sunlight hurts.
Speaker 2: My carave good night has finally come to an end.
Speaker 2: Tyler Sean, thank you for coming into the studio. Angelina,
Speaker 2: thank you for co hosting with me tonight. I appreciate
Speaker 2: all the help. How do people reach you, guys, all
Speaker 2: of you, Lena, how do people reach you?
Speaker 8: Clauses by Angelina that's my email.
Speaker 2: Yeah, clause it by Angelina, Clauses by Design Boston, Okay, good.
Speaker 4: John, Kelly rand You can find me on LinkedIn and
Speaker 4: Tyler Wender most prominent on LinkedIn, last Mwnder on Instagram.
Speaker 4: You can follow the company at TB Winder or for
Speaker 4: a little bit more insight on the day to day
Speaker 4: of what it looks like what we're doing, mister underscore
Speaker 4: Winder and.
Speaker 2: If you want to keep this conversation going, say nights,
Speaker 2: I will be on Shadow Social Audio. You can download it,
Speaker 2: reach out to me and I'll send you an invite. Everybody,
Speaker 2: have a great, safe weekend and we'll see you next weekend. Bye.