WEBVTT 1 00:00:00.120 --> 00:00:02.839 For thirty five years, Cindy Stumpo has been a female 2 00:00:02.919 --> 00:00:06.480 home builder with a passion for design, a mastery of detail, 3 00:00:06.519 --> 00:00:09.400 and a commitment to her crack. With daughter Samantha Stumpo 4 00:00:09.519 --> 00:00:10.359 by her side. 5 00:00:10.160 --> 00:00:11.759 I don't need my whole family on a date with me. 6 00:00:11.919 --> 00:00:13.919 That's a good note. It's goddamn weird. See. 7 00:00:13.919 --> 00:00:17.719 Stumpo Development is the only second generation female construction company 8 00:00:17.719 --> 00:00:18.359 in the country. 9 00:00:18.480 --> 00:00:22.839 You're crazy, You're a wacko, You're insane. I mean, it 10 00:00:22.920 --> 00:00:23.960 just doesn't end together. 11 00:00:24.120 --> 00:00:27.760 Cindy and Samantha welcome guests to explore the world of construction, 12 00:00:28.039 --> 00:00:30.519 real estate, development, design and more. 13 00:00:30.800 --> 00:00:32.960 Unpredictable. Every time I think I know what you want, 14 00:00:33.000 --> 00:00:34.719 you switch it out. But that's what makes sure. 15 00:00:34.600 --> 00:00:37.479 Houses all your day discuss anything that happens between the 16 00:00:37.560 --> 00:00:38.479 roof and the foundation. 17 00:00:38.679 --> 00:00:41.600 Nothing is off limits. You truly do care about everybody. 18 00:00:41.719 --> 00:00:43.240 She can yell at, you can scream, but when you 19 00:00:43.280 --> 00:00:45.799 get her alone, she's the best person on the planet. 20 00:00:45.880 --> 00:00:52.960 Cindy Stumpo is tough as nails. 21 00:00:50.719 --> 00:00:54.560 And welcome back to Tops Nails on Wbzina's radio, and 22 00:00:54.640 --> 00:00:56.320 I'm here tonight with Who I. 23 00:00:56.280 --> 00:00:59.119 Am Sean Pinotian at Rate I'm a mortgage one officer. 24 00:00:59.200 --> 00:01:01.119 I think we had last week. I think you did 25 00:01:01.159 --> 00:01:03.439 a two part of it. We're too part of right, Yeah, okay, 26 00:01:03.479 --> 00:01:05.640 so I'm you audn't know that that this was a 27 00:01:05.680 --> 00:01:08.159 two part of And if you missed last week's go 28 00:01:08.280 --> 00:01:10.560 onto the podcast at iHeartMedia and you can play that. 29 00:01:11.319 --> 00:01:14.599 Okay, And I'm nick Leagris also back and thank you 30 00:01:14.599 --> 00:01:16.280 for having us back here, Cindy. 31 00:01:16.560 --> 00:01:19.879 Okay, So we had questions from last week that we 32 00:01:19.920 --> 00:01:24.159 didn't finish, especially one with mister Jonathan being over on 33 00:01:24.280 --> 00:01:27.120 chatter Chatter Social Audio. If you don't know what that is, 34 00:01:27.439 --> 00:01:31.239 go to your app store and download Chatter Social Audio 35 00:01:31.640 --> 00:01:33.560 and then call me from an invitation to get you 36 00:01:33.599 --> 00:01:36.120 right in. Okay, boys, the rest of your people you 37 00:01:36.319 --> 00:01:39.359 have to figure it out on your own. Okay. So, bing, 38 00:01:39.439 --> 00:01:41.000 what were you asking? Can I have that back? 39 00:01:42.920 --> 00:01:44.560 You know, put. 40 00:01:44.359 --> 00:01:46.159 Them the mic, give me on the mic the other day. 41 00:01:46.599 --> 00:01:49.519 Yeah, we had a lively discussion the other day on chatter. 42 00:01:49.760 --> 00:01:53.239 You were involved in grand card on and others were involved, and. 43 00:01:55.120 --> 00:02:00.879 So you're cutting out and it's a trap. 44 00:02:01.280 --> 00:02:04.560 Banks invented single family homes to lend money. 45 00:02:05.280 --> 00:02:06.959 So what you're saying was it that it was a 46 00:02:07.000 --> 00:02:10.800 trap to be trapped to a mortgage on your house? Okay, 47 00:02:10.800 --> 00:02:13.120 I think we got the points. Yeah, answer that question 48 00:02:13.199 --> 00:02:13.719 on that please. 49 00:02:13.840 --> 00:02:16.879 I couldn't disagree more. You know, I think, like you know, 50 00:02:17.960 --> 00:02:20.800 like I was talking about last episode. You know, most 51 00:02:20.840 --> 00:02:22.520 of the wealth in our country is in your real 52 00:02:22.599 --> 00:02:24.560 estate holdings. Like if you look at your average net 53 00:02:24.639 --> 00:02:27.280 worth of any individual United States, like seventy percent of 54 00:02:27.319 --> 00:02:30.120 their wealth is from their real estate holdings. Like the 55 00:02:30.159 --> 00:02:32.520 average house is appreciated over the course of the last 56 00:02:32.520 --> 00:02:36.360 thirty years like three hundred and eighteen percent or something crazy, right, So, 57 00:02:36.479 --> 00:02:38.840 like it's not a trap, it's like the easiest way 58 00:02:39.159 --> 00:02:41.280 to build wealth. Obviously you need somewhere to live. But 59 00:02:41.360 --> 00:02:43.759 like you know, you're paying yourself back principle every month, 60 00:02:43.759 --> 00:02:46.000 which is like for savings. You're getting tax benefits like 61 00:02:46.080 --> 00:02:49.400 interest right offs and property taxes. There's some with. 62 00:02:49.439 --> 00:02:52.479 That, Okay, depending on what state you're in, totally because 63 00:02:52.520 --> 00:02:55.560 we not okay, no, we get ten thousand dollars off. 64 00:02:55.599 --> 00:02:55.960 That's it. 65 00:02:56.439 --> 00:02:59.319 Black tax are sell your primary residence and you avoid 66 00:02:59.319 --> 00:02:59.919 capital gains to. 67 00:03:02.479 --> 00:03:05.479 Station. Okay, yeah, all right, but just I want to 68 00:03:05.719 --> 00:03:09.560 back up for thirty seconds. I do understand to a degree, 69 00:03:10.360 --> 00:03:13.000 specifically about the product of a single family home because 70 00:03:13.039 --> 00:03:16.039 I come from Europe, and where I come from, housing 71 00:03:16.120 --> 00:03:19.759 is more dense because in Athens, land is scarce, so 72 00:03:19.840 --> 00:03:24.879 everything is three to six story small apartment buildings, and 73 00:03:24.919 --> 00:03:27.599 it's normal for a family to be raised in an 74 00:03:27.639 --> 00:03:30.639 apartment and not in a single family home. So if 75 00:03:30.680 --> 00:03:33.599 the question was the discussion that I wasn't a part of, 76 00:03:34.120 --> 00:03:36.159 was year towards the fact that a single family home 77 00:03:36.319 --> 00:03:40.879 is a luxury, and an American luxury. To a degree, 78 00:03:40.960 --> 00:03:44.520 I might agree with that a single family home is luxury. 79 00:03:44.599 --> 00:03:46.080 And then to bring your full circle to what we 80 00:03:46.080 --> 00:03:48.479 were talking about in the market. You know, yes, when 81 00:03:48.520 --> 00:03:52.319 free money was around, we had what I called luxury buyers. 82 00:03:52.680 --> 00:03:55.120 I don't mean buying a Sydney Stumple luxury home. 83 00:03:55.240 --> 00:03:59.840 I mean somebody in a luxury luxury let's get the 84 00:03:59.840 --> 00:04:00.520 thing there. 85 00:04:00.560 --> 00:04:02.759 But but what I mean is somebody that was in 86 00:04:02.759 --> 00:04:05.439 a three bedroom home that normally would not have to 87 00:04:05.520 --> 00:04:10.039 sell their housing product buying the next product just because 88 00:04:10.080 --> 00:04:14.520 money was cheap. Yeah, So to a degree, yes, home 89 00:04:14.599 --> 00:04:17.720 ownership a million percent, that's the that's the path to wealth. 90 00:04:18.279 --> 00:04:21.439 But single family home ownership is luxury to a degree. 91 00:04:21.560 --> 00:04:24.040 I disagree, okay, and I'm gonna hear I'm gonna say 92 00:04:24.040 --> 00:04:26.480 this to you guys. Okay, Jonathan, we hear you too, 93 00:04:27.120 --> 00:04:29.639 but hear me out it Only if you went back 94 00:04:29.759 --> 00:04:32.959 seven eight years ago and you told me stop buying 95 00:04:33.000 --> 00:04:35.279 single families and ranting them ub we're going to make money. 96 00:04:35.639 --> 00:04:37.959 The old timers would have laughed at you guys and said, yeah, 97 00:04:38.000 --> 00:04:40.279 you go buy the single families. We're going to buy 98 00:04:40.279 --> 00:04:42.240 the units. Okay, we're gonna put up one hundred units, 99 00:04:42.279 --> 00:04:44.959 fifty units to twenty units. You're never getting rich off 100 00:04:45.000 --> 00:04:48.959 of owning single family. But there's a there's a movement. Yeah, okay, 101 00:04:49.000 --> 00:04:52.759 but the movement became because corporate America public companies are 102 00:04:52.800 --> 00:04:55.439 in there buying up our single families. So that's even 103 00:04:55.480 --> 00:04:58.040 more reason that people need to get out there and 104 00:04:58.120 --> 00:05:01.000 purchase single family because you are going to be in 105 00:05:01.079 --> 00:05:03.639 You're going to end up wrighting, because if things keep 106 00:05:03.680 --> 00:05:05.759 going the way they go, you're not gonna you're not 107 00:05:05.800 --> 00:05:08.040 gonna have the choice, like you can go out and 108 00:05:08.040 --> 00:05:11.240 buy red new construction. Okay, I mean, but I'm going 109 00:05:11.319 --> 00:05:13.959 to get backed straight here right now. Whether you're a 110 00:05:13.959 --> 00:05:15.959 Republican and Democrat, and we're not getting into that on 111 00:05:16.000 --> 00:05:18.839 the show. There will not be three million homes built 112 00:05:18.920 --> 00:05:21.600 in the next four years, and that's a simple reason 113 00:05:22.279 --> 00:05:24.920 because we do not have enough skilled labor to do it. 114 00:05:25.279 --> 00:05:28.639 I don't care if the government gives everybody free money. 115 00:05:28.800 --> 00:05:32.120 You don't have the skilled labor to go build three 116 00:05:32.399 --> 00:05:36.279 million homes in four years. It's never going to happen. Okay, 117 00:05:36.319 --> 00:05:38.920 I'm out there every day. I see the labor pool 118 00:05:38.959 --> 00:05:40.879 that's out there only getting worse. 119 00:05:41.439 --> 00:05:43.480 Oh yeah, I mean, I agree with you one hundred percent. 120 00:05:43.560 --> 00:05:47.560 Like there, the construction of homes, there's a million reason. 121 00:05:47.639 --> 00:05:50.399 That's one of the reasons. The other reasons it's massively 122 00:05:50.639 --> 00:05:53.000 expensive to find and buy houses and land. 123 00:05:54.240 --> 00:05:57.000 You hit the trifector. Yeah, it's called we're paying too 124 00:05:57.040 --> 00:05:59.279 much for the land or the tear down here right, 125 00:05:59.319 --> 00:06:00.920 because we don't have and we're not like I said, 126 00:06:01.120 --> 00:06:02.680 we're not on in Arizona, when not on Texas. We're 127 00:06:02.680 --> 00:06:04.519 in mass here, but we're in thirty three states. So 128 00:06:04.519 --> 00:06:07.480 we talked to everybody. So you're paying too much to purchase, 129 00:06:07.920 --> 00:06:10.519 you're paying too much for product, you're paying too much 130 00:06:10.560 --> 00:06:13.079 for skilled labor because you need the skilled labor, right, 131 00:06:13.480 --> 00:06:15.759 and now you're paying too much for interest rates that's 132 00:06:15.800 --> 00:06:18.680 more than the trifector you can be. Builders of starting 133 00:06:18.720 --> 00:06:21.199 to go out left and right because of this. Okay, 134 00:06:21.360 --> 00:06:24.639 I'm sorry, did you want to say something? Okay, they're 135 00:06:24.680 --> 00:06:25.720 doing here, emotions behind it. 136 00:06:25.759 --> 00:06:27.920 When people started building these projects two to three years ago, 137 00:06:28.000 --> 00:06:29.879 their rates were three and four percent, correct, Now the 138 00:06:29.959 --> 00:06:33.000 carrying costs on those constructions percent. And now that they've 139 00:06:33.000 --> 00:06:35.160 taken out all the draws and they've maxed those things out. 140 00:06:35.199 --> 00:06:37.680 Okay, let's talk about that. Now they've taken out all 141 00:06:37.720 --> 00:06:40.319 the draws. Now, here's where the problems come in. They 142 00:06:40.319 --> 00:06:43.639 go look for another deal, so that deal carries the 143 00:06:43.680 --> 00:06:46.879 interest on this deal. And here's where these builders get 144 00:06:46.920 --> 00:06:50.439 into trouble. And then they go the third one. Oh 145 00:06:50.480 --> 00:06:52.319 my god, if I've seen this movie so many times, 146 00:06:52.360 --> 00:06:52.800 it's scary. 147 00:06:52.800 --> 00:06:54.759 How many unfinished products you see for sale right now? 148 00:06:55.000 --> 00:06:58.399 People for many and what's going to happen? There comes 149 00:06:58.399 --> 00:07:00.839 your bad times coming ahead of you. But once you 150 00:07:00.959 --> 00:07:05.759 start buying another product using that construction loan money to 151 00:07:05.879 --> 00:07:08.240 pay the juice on the last one, and then you 152 00:07:08.319 --> 00:07:10.560 go into the third one and now you're using the 153 00:07:10.600 --> 00:07:12.560 third construction law money to pay the first one, the 154 00:07:12.600 --> 00:07:15.199 second one till the bank goes hold on till you 155 00:07:15.199 --> 00:07:17.879 move another product or two. We're not gonna lend you 156 00:07:17.879 --> 00:07:18.439 any more money. 157 00:07:18.439 --> 00:07:21.800 What saved everybody's butt, though, is that inventory has been short, right, 158 00:07:21.839 --> 00:07:24.600 so like there's been more demand than supply. 159 00:07:24.639 --> 00:07:26.920 And that's a lot for sales signs now sitting totally. 160 00:07:26.959 --> 00:07:29.000 Well, that's what's changing now, is that stuff starting to 161 00:07:29.079 --> 00:07:31.000 stuff starting to inventory is creeping up, and all of 162 00:07:31.000 --> 00:07:32.279 a sudden, the bank is starting to get a little 163 00:07:32.279 --> 00:07:34.160 tighter too, starting to get nervous. 164 00:07:34.240 --> 00:07:35.800 Let me tell you something, You've better be very strong 165 00:07:35.839 --> 00:07:39.480 with a bank right now. Now. Jonathan Ban does what 166 00:07:39.560 --> 00:07:43.319 you do, so he's in the mortgage industry too. Bang, 167 00:07:43.360 --> 00:07:44.360 you're still there. 168 00:07:45.120 --> 00:07:48.120 Absolutely, Cindy. Definitely, banks will definitely tightening up. 169 00:07:48.279 --> 00:07:50.560 Okay, hold on, I'm gonna I'm gonna pass this over 170 00:07:50.639 --> 00:07:52.720 to you so you guys can hear each other on speaker. 171 00:07:53.879 --> 00:07:58.680 Go ahead, man, they'll definitely tightening up now. 172 00:07:59.240 --> 00:08:02.399 And there have been a lot more strenching with the money, 173 00:08:02.480 --> 00:08:04.720 so that that holds the problem. But there is some 174 00:08:04.759 --> 00:08:07.480 more inventory, but there's still there's. 175 00:08:07.279 --> 00:08:08.360 Still a demand out there. 176 00:08:08.399 --> 00:08:11.279 I mean, we are still six and a half seven 177 00:08:11.319 --> 00:08:16.519 million homes short, and so yeah, there's definitely a problem. 178 00:08:16.519 --> 00:08:18.560 But once again, I just want to pivot back because 179 00:08:19.079 --> 00:08:22.079 it's my fault with my WiFi. But I you know, 180 00:08:22.160 --> 00:08:25.560 I just think that the American dream home ownership, you 181 00:08:25.600 --> 00:08:31.879 cannot start. You cannot begin generational wealth without home ownership. 182 00:08:31.720 --> 00:08:34.039 You know, and agreed, agreed o. 183 00:08:34.120 --> 00:08:35.279 People to abandon. 184 00:08:36.559 --> 00:08:40.440 You tell people to abandon that dream, especially people that 185 00:08:40.519 --> 00:08:43.480 are financially literate, you know, because most Americans don't have 186 00:08:43.600 --> 00:08:46.559 the literacy, the financial literacy that that we should have. 187 00:08:47.279 --> 00:08:50.320 But you have someone prominence telling people that it's a 188 00:08:50.440 --> 00:08:53.080 trap and that they shouldn't do it. I think that 189 00:08:53.080 --> 00:08:55.759 that's pretty much almost malpracticed and that and that's what 190 00:08:55.799 --> 00:08:59.480 I was speaking to because home ownership, Yeah, you know, 191 00:08:59.840 --> 00:09:02.600 you when you're rinking, you still have the same most 192 00:09:02.639 --> 00:09:05.720 of fame calls that you're gonna have u as home ownership. 193 00:09:05.720 --> 00:09:07.919 You're gonna have your cable bill, you're electric order, and 194 00:09:07.960 --> 00:09:09.080 things of that nature. 195 00:09:09.120 --> 00:09:11.240 You know, if you're missing the point, you're missing the 196 00:09:11.240 --> 00:09:13.840 point again. And I'm gonna say it again, no you're not. 197 00:09:14.399 --> 00:09:17.200 If this breaks and that breaks it's not your responsibility 198 00:09:17.240 --> 00:09:19.159 when you're rankeding. But hold that thought. We're going to break. 199 00:09:19.399 --> 00:09:21.440 I'm sitting stumbling. You listen to Toughest Nails on w 200 00:09:21.600 --> 00:09:23.799 BZ News radioly right. 201 00:09:23.639 --> 00:09:27.440 Back, sponsored by floor In Decor, National Lumber and Village Bank. 202 00:09:31.279 --> 00:09:35.320 Running down the Road the WAD. I got seven women 203 00:09:35.519 --> 00:09:41.440 on my the Water to the Wall and welcome back 204 00:09:41.480 --> 00:09:44.240 to Toughest Nails on WZ News Radio. And I'm Sitny 205 00:09:44.240 --> 00:09:47.159 Stumpo Toughest Nails. So we've got that one, didn't we Yeah, 206 00:09:47.240 --> 00:09:50.000 Toughest Nails. That's the name of my show. Yeah, Okay, 207 00:09:50.039 --> 00:09:50.600 go ahead, guys. 208 00:09:50.720 --> 00:09:54.639 I'm shot from Rate and nick Leagris Milligris. 209 00:09:54.759 --> 00:09:59.080 Okay, and we got bang online with us. Go ahead, Jonathan, Cindy, 210 00:09:59.360 --> 00:10:00.320 I understand. 211 00:10:00.080 --> 00:10:02.440 You're right, but there's home warranty. You need a warranty 212 00:10:02.480 --> 00:10:04.120 from your utility company that. 213 00:10:04.039 --> 00:10:04.639 Will allow you. 214 00:10:04.960 --> 00:10:08.639 Now the GAFF program, Now, the GAFF program waste of money. 215 00:10:08.639 --> 00:10:12.080 Don't do it. Let me tell you something. If it 216 00:10:12.120 --> 00:10:15.600 was worth doing, I'd have the company. I'd own it, Okay, 217 00:10:16.120 --> 00:10:18.559 maintaining my own platinum, gold and silver. 218 00:10:19.000 --> 00:10:21.120 Yeah, I mean what Cindy's saying is right, Like you know, 219 00:10:21.159 --> 00:10:23.840 there's massive responsibility when you home. And by the way, 220 00:10:23.919 --> 00:10:27.159 I'm one of those people that believe that I'm advising 221 00:10:27.159 --> 00:10:29.279 my clients, coaching my clients up into getting in the 222 00:10:29.320 --> 00:10:31.879 housing market and figuring it out right, Like it's not easy, 223 00:10:31.919 --> 00:10:33.759 but there's a lot of different avenues and things you 224 00:10:33.759 --> 00:10:36.320 got to do. But she's one hundred percent right, like 225 00:10:36.399 --> 00:10:39.679 this now becomes yours. Those problems become real problems. You know, 226 00:10:39.720 --> 00:10:42.679 if something breaks, it's expensive, more expensive than ever to 227 00:10:42.720 --> 00:10:43.639 fix anything. 228 00:10:43.320 --> 00:10:45.639 You find and you're an endewser, go find the plumber 229 00:10:45.679 --> 00:10:45.960 right now. 230 00:10:46.080 --> 00:10:49.879 Yeah, it's crazy. Okay, it's not hundreds of dollars. It's 231 00:10:49.919 --> 00:10:52.600 generally thousands of dollars and sometimes ten thousands of dollars. 232 00:10:52.919 --> 00:10:55.200 So you know you have to when you enter this league. 233 00:10:55.240 --> 00:10:56.679 Now you have to be able to plan for all 234 00:10:56.720 --> 00:10:58.320 those things, and you have to have the resources to 235 00:10:58.320 --> 00:10:59.840 be able to handle it. I also don't think that 236 00:10:59.840 --> 00:11:02.279 you scare you off because like you're always going to 237 00:11:02.320 --> 00:11:03.679 come up with the reasons as to why you shouldn't 238 00:11:03.679 --> 00:11:05.159 do something. I just think it takes a little bit 239 00:11:05.200 --> 00:11:07.879 more preparing, a little bit more knowledge, a little bit more. 240 00:11:08.000 --> 00:11:10.080 You need a tight circle around you. People that can 241 00:11:10.120 --> 00:11:11.879 advise you and coach you into this stuff. 242 00:11:12.279 --> 00:11:17.559 And stop waving home inspections crazy. Stop doing that. At 243 00:11:17.639 --> 00:11:20.720 least you know what you're walking into when you're purchasing something. 244 00:11:21.840 --> 00:11:24.399 Sammy did not waive one home inspection. She wouldn't do 245 00:11:24.399 --> 00:11:27.080 it to a client's do all the craziness. She wudn't do it, 246 00:11:27.799 --> 00:11:29.679 because you don't know what you're buying. 247 00:11:30.159 --> 00:11:32.159 Yeah, I mean we saw a lot of crazy stuff, especially, 248 00:11:32.240 --> 00:11:34.159 I mean even today. I mean, you know, obviously I 249 00:11:34.240 --> 00:11:36.840 do business all around the country, right, Generally the markets 250 00:11:36.840 --> 00:11:38.440 that I work in are up and down the coasts, 251 00:11:38.840 --> 00:11:41.200 and so they're all hot markets, right, But people are 252 00:11:41.279 --> 00:11:42.480 you know, I mean, they had to do what they 253 00:11:42.480 --> 00:11:44.440 had to do to get their offers accepted. And I'm 254 00:11:44.440 --> 00:11:46.440 talking to a lot of clients afterwards that find out 255 00:11:46.679 --> 00:11:48.480 things that, you know, when they take ownership of these 256 00:11:48.480 --> 00:11:50.720 houses that they weren't planning for because you know, most 257 00:11:50.720 --> 00:11:52.240 of the deals didn't have inspections. 258 00:11:52.279 --> 00:11:54.879 And that's also a little unique to Mass two sets, 259 00:11:54.879 --> 00:11:57.720 because we are a buyer beware state or a seller. 260 00:11:57.480 --> 00:12:00.679 Doesn't look at all the lawsuits other. 261 00:12:00.519 --> 00:12:03.159 Parts of the country. A seller has to disclose, a 262 00:12:03.200 --> 00:12:06.200 seller has to do a mandatory seller disclosure, and there 263 00:12:06.240 --> 00:12:08.320 is something else at least that somebody can rely upon 264 00:12:08.399 --> 00:12:10.720 talking to the so to bring this kind of full 265 00:12:10.759 --> 00:12:13.679 circle to the other parts of the country like Massachusetts. 266 00:12:14.200 --> 00:12:16.919 As liberal as we are in many regards, one of 267 00:12:17.000 --> 00:12:19.639 the things that's a little crazy is that a seller 268 00:12:19.679 --> 00:12:22.679 has no affirmative duty to raise their hands and tell 269 00:12:22.879 --> 00:12:25.519 a buyer anything other than whether or not they know 270 00:12:25.519 --> 00:12:27.399 about the presence of lead based paint in the home 271 00:12:27.559 --> 00:12:31.360 that's prior to nineteen seventy eight. They can't lie, but 272 00:12:31.399 --> 00:12:33.120 they have no duty whatsoever. 273 00:12:33.320 --> 00:12:36.159 But they do, they do. And yet how you find out, oh, 274 00:12:36.240 --> 00:12:37.960 you got a water leak, No we didn't, then we 275 00:12:38.039 --> 00:12:40.879 research it. Well, how come you pay from your insurance company? 276 00:12:41.039 --> 00:12:44.799 And just to stick on that right now, Another barrier 277 00:12:44.919 --> 00:12:47.799 for a lot of these buyers is how difficult it 278 00:12:47.919 --> 00:12:49.879 is to get homeowner's insurance. 279 00:12:49.919 --> 00:12:52.480 Well, if they get it, how expensive these insurance companies 280 00:12:52.600 --> 00:12:56.320 are now colluding with each other, and they're labeling properties 281 00:12:56.360 --> 00:12:58.519 as high risk and consumers. 282 00:12:58.960 --> 00:13:01.159 If you have bad credit, you're gonna have a harder 283 00:13:01.200 --> 00:13:04.679 time getting good homeowners insurance, even if you can get 284 00:13:04.679 --> 00:13:05.399 a mortgage. 285 00:13:05.559 --> 00:13:08.000 And to that same point, if that home had a 286 00:13:08.000 --> 00:13:08.720 prior claim. 287 00:13:09.000 --> 00:13:11.320 By the way, guys, this is across the country. This 288 00:13:11.399 --> 00:13:12.840 is not just the state. 289 00:13:12.960 --> 00:13:16.639 Okay, just here, And if if that home had a 290 00:13:16.679 --> 00:13:18.639 claim on it previously. 291 00:13:18.159 --> 00:13:19.159 It's gonna be like cafects. 292 00:13:19.559 --> 00:13:21.159 You got it. And one of the things that people 293 00:13:21.159 --> 00:13:24.559 don't realize what insurance claims are. Insurance is a contract, 294 00:13:24.960 --> 00:13:27.519 which means you put in a claim because you had 295 00:13:27.519 --> 00:13:29.240 a leak from a toilet and they give you money 296 00:13:29.279 --> 00:13:32.120 to replace all the floors. That doesn't mean you have 297 00:13:32.200 --> 00:13:33.679 to replace all the floors. 298 00:13:33.360 --> 00:13:36.000 And most won't and most won't and they'll just use 299 00:13:36.240 --> 00:13:39.440 they'll they won't even change the blue board of whatever 300 00:13:39.440 --> 00:13:42.600 they're using dirt. We use blueboard and plaster, but some 301 00:13:42.679 --> 00:13:45.399 say they use tape and seam right, and they won't, 302 00:13:45.440 --> 00:13:47.879 and they'll they'll just kill it with some kills. 303 00:13:48.039 --> 00:13:49.639 You got it, Okay, take their money, you. 304 00:13:49.600 --> 00:13:51.879 Paint it, take the money, keep it and you got 305 00:13:51.960 --> 00:13:52.600 mold grown back. 306 00:13:52.679 --> 00:13:54.799 Put that house in the market for sale and make 307 00:13:54.840 --> 00:13:56.799 it someone else's problem. 308 00:13:56.279 --> 00:13:58.960 And it'll be your problem and they don't have to 309 00:13:58.960 --> 00:14:01.559 say it at all. So I hope you're understanding what 310 00:14:01.559 --> 00:14:03.480 we're talking about right now. Do you have any other 311 00:14:03.559 --> 00:14:06.919 questions on Chatter, Jonathan, do you have any other questions 312 00:14:06.919 --> 00:14:07.399 on Shadow? 313 00:14:09.080 --> 00:14:12.159 I don't see anyone with the hands Rob, but Sindy Yaga. 314 00:14:12.440 --> 00:14:15.559 If I may, guys chatter social app. 315 00:14:15.720 --> 00:14:17.960 Let me let me, let me go plug yourself in. 316 00:14:18.039 --> 00:14:20.279 Go ahead, see I. 317 00:14:20.240 --> 00:14:22.039 Said, I said. 318 00:14:22.080 --> 00:14:24.399 Chatter Social is app where you can actually communicate and 319 00:14:24.480 --> 00:14:26.600 just have these kind of discussions with the people all 320 00:14:26.639 --> 00:14:30.399 over the world. It's a great app. As chattlesocial dot 321 00:14:30.440 --> 00:14:35.080 io downloaded. We speak to people like Cindy Stumpo grand 322 00:14:35.080 --> 00:14:39.200 Cardon and many others on a nightly basis. So if 323 00:14:39.200 --> 00:14:40.399 you can get it, if you can get over here, 324 00:14:40.399 --> 00:14:41.039 please get over here. 325 00:14:42.159 --> 00:14:43.679 So well, I'll bring all my boys up and we 326 00:14:43.720 --> 00:14:46.679 all come in. We're gonna come right in today. We're 327 00:14:46.679 --> 00:14:48.600 going to ride up on all you guys. Okay, we're 328 00:14:48.600 --> 00:14:51.240 gonna put you guys to sleep over there. But okay, 329 00:14:51.320 --> 00:14:53.320 let's go. Let's go to a couple of other questions 330 00:14:53.320 --> 00:14:55.960 that we have here. Okay, not you guys have no questions. 331 00:14:56.000 --> 00:14:58.759 So we're going to go back into a schedule the 332 00:14:58.840 --> 00:15:02.559 program of what I want to ask you? Where do 333 00:15:02.600 --> 00:15:04.679 you think the market's going in the next six months 334 00:15:04.679 --> 00:15:05.000 to year? 335 00:15:05.240 --> 00:15:07.600 So I mean I think the next six months of 336 00:15:07.600 --> 00:15:09.639 the year is going to get fueled by lower interest rates. 337 00:15:09.679 --> 00:15:12.399 You know, the Fed came out, uh jerme. Powell came 338 00:15:12.399 --> 00:15:13.840 out a couple of weeks ago and said the time 339 00:15:13.919 --> 00:15:16.600 is now, directions clear, we're going to start cutting rates. 340 00:15:16.759 --> 00:15:18.559 So I think we're going to see three rate cuts 341 00:15:18.559 --> 00:15:19.720 this year, starting next week. 342 00:15:20.559 --> 00:15:21.879 I think next week point to five. 343 00:15:22.360 --> 00:15:24.159 I think point to five. I'm hoping for a half. 344 00:15:24.200 --> 00:15:26.120 I think we need a half you know, I think 345 00:15:26.159 --> 00:15:26.559 I think. 346 00:15:26.399 --> 00:15:29.120 We always caping. If you're going to join in the conversation, 347 00:15:29.159 --> 00:15:31.679 do me a favor. Hold him on the mic, hold 348 00:15:31.720 --> 00:15:35.039 that phone on the mic. Good, just you know, no, no 349 00:15:34.879 --> 00:15:37.600 where he talks, what's that You don't have to even 350 00:15:37.600 --> 00:15:40.240 bring him up, Just so no, you hold him on 351 00:15:40.279 --> 00:15:42.840 that Mike's going so he can he can give right, 352 00:15:43.000 --> 00:15:45.840 he'll be able to hear, go ahead, they can converisate, 353 00:15:45.840 --> 00:15:46.919 go ahead, bing what'd you just say. 354 00:15:48.679 --> 00:15:50.519 I think it's definitely gonna be a half point, I 355 00:15:50.559 --> 00:15:51.360 mean point. 356 00:15:51.399 --> 00:15:52.960 You know, look, man, they wait too long, they. 357 00:15:52.960 --> 00:15:54.200 Wait too long to do this. 358 00:15:54.519 --> 00:15:57.279 They cut they not to a half point, you know, 359 00:15:57.639 --> 00:15:59.480 I might I hope it's a half point. I think 360 00:15:59.519 --> 00:16:01.960 it's going to be a quarter percent because the Fed's 361 00:16:01.960 --> 00:16:04.600 been pretty transparent. They've been pretty you know, Jerme Powell 362 00:16:04.600 --> 00:16:07.039 and his crew have been you know, hanging back, and 363 00:16:07.039 --> 00:16:10.159 they so they're lead. They're signaling a quarter percent rate cut. 364 00:16:10.679 --> 00:16:12.440 If they did a half percent rate cut, that means 365 00:16:12.440 --> 00:16:14.320 they're gonna be way they're they're way more afraid of 366 00:16:14.320 --> 00:16:16.799 the labor market weakness than we've seen recently. They seem 367 00:16:16.840 --> 00:16:19.840 to have inflation under control. Labor markets will be weak. 368 00:16:19.919 --> 00:16:22.039 We are, okay, let's talk about that, guys. They have 369 00:16:22.039 --> 00:16:26.759 inflation under control. Besides the lumber Yeah, we're in my industry. 370 00:16:27.080 --> 00:16:29.919 Has numbers dropped? Concrete just went up again two weeks ago. 371 00:16:30.039 --> 00:16:31.639 So yeah, I mean, look, I don't think things are 372 00:16:31.639 --> 00:16:34.279 going to get cheaper, right They're everything in this room 373 00:16:34.360 --> 00:16:35.000 right now, everything. 374 00:16:35.039 --> 00:16:37.159 Look at all the look at the keyboards, look at 375 00:16:37.159 --> 00:16:39.480 everything that's going on in the studio. Let's say going 376 00:16:39.559 --> 00:16:41.639 to come in here and redo the soundproofing. Let's say 377 00:16:41.639 --> 00:16:44.799 going to come in here and redo anything. It's thirty 378 00:16:44.840 --> 00:16:48.080 five to forty percent more than twenty nineteen. Couldn't numbers 379 00:16:48.120 --> 00:16:48.919 are still running there? 380 00:16:48.960 --> 00:16:51.600 Yeah, so what you know, the growth rate of inflation 381 00:16:51.679 --> 00:16:53.840 is what they're measuring. So it was up to like 382 00:16:53.879 --> 00:16:56.120 ten percent a year before. Now it's down to like, 383 00:16:56.399 --> 00:16:58.279 you know, just under three percent. They're trying to get 384 00:16:58.320 --> 00:17:00.840 us down to two. So anyways, if you believe them, 385 00:17:00.879 --> 00:17:02.120 if you believe them right, it's you. 386 00:17:02.080 --> 00:17:03.399 Know, I'm not a conspiracy press. 387 00:17:03.559 --> 00:17:05.759 Look, the thing I've learned over the course of the 388 00:17:05.839 --> 00:17:08.160 last year is like, I'm blown away by how wrong 389 00:17:08.200 --> 00:17:10.240 they've been with the numbers and how misleading it's been, 390 00:17:10.559 --> 00:17:13.680 especially in the labor markets. But let's just say they 391 00:17:13.720 --> 00:17:16.960 cut three times this year. They're signaling four to six 392 00:17:17.039 --> 00:17:20.440 rate cuts next year, so you could see every time 393 00:17:20.519 --> 00:17:22.119 it doesn't matter. And Cindy, you've been doing this longer 394 00:17:22.160 --> 00:17:23.680 than I have. You've said that a couple of times 395 00:17:23.720 --> 00:17:26.720 over the last couple of weeks. However, every time. 396 00:17:26.599 --> 00:17:29.319 Rates come down, because getting old is not fun, and 397 00:17:29.440 --> 00:17:33.000 unless it's like sticking up everybody's butt of more knowledge, every. 398 00:17:32.799 --> 00:17:36.119 Time rates come down with it, you get a huge inflection, 399 00:17:36.319 --> 00:17:39.839 like huge infusion of buyers because people get excited rates 400 00:17:39.839 --> 00:17:43.000 come down. It means more buying power, more affordability, bigger budgets, 401 00:17:43.240 --> 00:17:47.039