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 my whole family on a date with me.
Speaker 2: That's a good note. It's goddamn weird. See.
Speaker 1: Stumpo Development is the only second generation female construction company
Speaker 1: in the country.
Speaker 3: You're crazy, You're a wacko, You're insane. I mean, it
Speaker 3: 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 3: Unpredictable. Every time I think I know what you want,
Speaker 3: you switch it out. But that's what makes sure.
Speaker 1: Houses all your day discuss anything that happens between the
Speaker 1: roof and the foundation.
Speaker 3: Nothing is off limits. You truly do care about everybody.
Speaker 1: She can yell at, you can scream, but when you
Speaker 1: get her alone, she's the best person on the planet.
Speaker 1: Cindy Stumpo is tough as nails.
Speaker 2: And welcome back to Tops Nails on Wbzina's radio, and
Speaker 2: I'm here tonight with Who I.
Speaker 3: Am Sean Pinotian at Rate I'm a mortgage one officer.
Speaker 2: I think we had last week. I think you did
Speaker 2: a two part of it. We're too part of right, Yeah, okay,
Speaker 2: so I'm you audn't know that that this was a
Speaker 2: two part of And if you missed last week's go
Speaker 2: onto the podcast at iHeartMedia and you can play that.
Speaker 4: Okay, And I'm nick Leagris also back and thank you
Speaker 4: for having us back here, Cindy.
Speaker 2: Okay, So we had questions from last week that we
Speaker 2: didn't finish, especially one with mister Jonathan being over on
Speaker 2: chatter Chatter Social Audio. If you don't know what that is,
Speaker 2: go to your app store and download Chatter Social Audio
Speaker 2: and then call me from an invitation to get you
Speaker 2: right in. Okay, boys, the rest of your people you
Speaker 2: have to figure it out on your own. Okay. So, bing,
Speaker 2: what were you asking? Can I have that back?
Speaker 5: You know, put.
Speaker 2: Them the mic, give me on the mic the other day.
Speaker 6: Yeah, we had a lively discussion the other day on chatter.
Speaker 6: You were involved in grand card on and others were involved, and.
Speaker 2: So you're cutting out and it's a trap.
Speaker 5: Banks invented single family homes to lend money.
Speaker 2: So what you're saying was it that it was a
Speaker 2: trap to be trapped to a mortgage on your house? Okay,
Speaker 2: I think we got the points. Yeah, answer that question
Speaker 2: on that please.
Speaker 3: I couldn't disagree more. You know, I think, like you know,
Speaker 3: like I was talking about last episode. You know, most
Speaker 3: of the wealth in our country is in your real
Speaker 3: estate holdings. Like if you look at your average net
Speaker 3: worth of any individual United States, like seventy percent of
Speaker 3: their wealth is from their real estate holdings. Like the
Speaker 3: average house is appreciated over the course of the last
Speaker 3: thirty years like three hundred and eighteen percent or something crazy, right, So,
Speaker 3: like it's not a trap, it's like the easiest way
Speaker 3: to build wealth. Obviously you need somewhere to live. But
Speaker 3: like you know, you're paying yourself back principle every month,
Speaker 3: which is like for savings. You're getting tax benefits like
Speaker 3: interest right offs and property taxes. There's some with.
Speaker 2: That, Okay, depending on what state you're in, totally because
Speaker 2: we not okay, no, we get ten thousand dollars off.
Speaker 2: That's it.
Speaker 3: Black tax are sell your primary residence and you avoid
Speaker 3: capital gains to.
Speaker 4: Station. Okay, yeah, all right, but just I want to
Speaker 4: back up for thirty seconds. I do understand to a degree,
Speaker 4: specifically about the product of a single family home because
Speaker 4: I come from Europe, and where I come from, housing
Speaker 4: is more dense because in Athens, land is scarce, so
Speaker 4: everything is three to six story small apartment buildings, and
Speaker 4: it's normal for a family to be raised in an
Speaker 4: apartment and not in a single family home. So if
Speaker 4: the question was the discussion that I wasn't a part of,
Speaker 4: was year towards the fact that a single family home
Speaker 4: is a luxury, and an American luxury. To a degree,
Speaker 4: I might agree with that a single family home is luxury.
Speaker 4: And then to bring your full circle to what we
Speaker 4: were talking about in the market. You know, yes, when
Speaker 4: free money was around, we had what I called luxury buyers.
Speaker 4: I don't mean buying a Sydney Stumple luxury home.
Speaker 2: I mean somebody in a luxury luxury let's get the
Speaker 2: thing there.
Speaker 4: But but what I mean is somebody that was in
Speaker 4: a three bedroom home that normally would not have to
Speaker 4: sell their housing product buying the next product just because
Speaker 4: money was cheap. Yeah, So to a degree, yes, home
Speaker 4: ownership a million percent, that's the that's the path to wealth.
Speaker 4: But single family home ownership is luxury to a degree.
Speaker 2: I disagree, okay, and I'm gonna hear I'm gonna say
Speaker 2: this to you guys. Okay, Jonathan, we hear you too,
Speaker 2: but hear me out it Only if you went back
Speaker 2: seven eight years ago and you told me stop buying
Speaker 2: single families and ranting them ub we're going to make money.
Speaker 2: The old timers would have laughed at you guys and said, yeah,
Speaker 2: you go buy the single families. We're going to buy
Speaker 2: the units. Okay, we're gonna put up one hundred units,
Speaker 2: fifty units to twenty units. You're never getting rich off
Speaker 2: of owning single family. But there's a there's a movement. Yeah, okay,
Speaker 2: but the movement became because corporate America public companies are
Speaker 2: in there buying up our single families. So that's even
Speaker 2: more reason that people need to get out there and
Speaker 2: purchase single family because you are going to be in
Speaker 2: You're going to end up wrighting, because if things keep
Speaker 2: going the way they go, you're not gonna you're not
Speaker 2: gonna have the choice, like you can go out and
Speaker 2: buy red new construction. Okay, I mean, but I'm going
Speaker 2: to get backed straight here right now. Whether you're a
Speaker 2: Republican and Democrat, and we're not getting into that on
Speaker 2: the show. There will not be three million homes built
Speaker 2: in the next four years, and that's a simple reason
Speaker 2: because we do not have enough skilled labor to do it.
Speaker 2: I don't care if the government gives everybody free money.
Speaker 2: You don't have the skilled labor to go build three
Speaker 2: million homes in four years. It's never going to happen. Okay,
Speaker 2: I'm out there every day. I see the labor pool
Speaker 2: that's out there only getting worse.
Speaker 3: Oh yeah, I mean, I agree with you one hundred percent.
Speaker 3: Like there, the construction of homes, there's a million reason.
Speaker 3: That's one of the reasons. The other reasons it's massively
Speaker 3: expensive to find and buy houses and land.
Speaker 2: You hit the trifector. Yeah, it's called we're paying too
Speaker 2: much for the land or the tear down here right,
Speaker 2: because we don't have and we're not like I said,
Speaker 2: we're not on in Arizona, when not on Texas. We're
Speaker 2: in mass here, but we're in thirty three states. So
Speaker 2: we talked to everybody. So you're paying too much to purchase,
Speaker 2: you're paying too much for product, you're paying too much
Speaker 2: for skilled labor because you need the skilled labor, right,
Speaker 2: and now you're paying too much for interest rates that's
Speaker 2: more than the trifector you can be. Builders of starting
Speaker 2: to go out left and right because of this. Okay,
Speaker 2: I'm sorry, did you want to say something? Okay, they're
Speaker 2: doing here, emotions behind it.
Speaker 3: When people started building these projects two to three years ago,
Speaker 3: their rates were three and four percent, correct, Now the
Speaker 3: carrying costs on those constructions percent. And now that they've
Speaker 3: taken out all the draws and they've maxed those things out.
Speaker 2: Okay, let's talk about that. Now they've taken out all
Speaker 2: the draws. Now, here's where the problems come in. They
Speaker 2: go look for another deal, so that deal carries the
Speaker 2: interest on this deal. And here's where these builders get
Speaker 2: into trouble. And then they go the third one. Oh
Speaker 2: my god, if I've seen this movie so many times,
Speaker 2: it's scary.
Speaker 3: How many unfinished products you see for sale right now?
Speaker 2: People for many and what's going to happen? There comes
Speaker 2: your bad times coming ahead of you. But once you
Speaker 2: start buying another product using that construction loan money to
Speaker 2: pay the juice on the last one, and then you
Speaker 2: go into the third one and now you're using the
Speaker 2: third construction law money to pay the first one, the
Speaker 2: second one till the bank goes hold on till you
Speaker 2: move another product or two. We're not gonna lend you
Speaker 2: any more money.
Speaker 3: What saved everybody's butt, though, is that inventory has been short, right,
Speaker 3: so like there's been more demand than supply.
Speaker 2: And that's a lot for sales signs now sitting totally.
Speaker 3: Well, that's what's changing now, is that stuff starting to
Speaker 3: stuff starting to inventory is creeping up, and all of
Speaker 3: a sudden, the bank is starting to get a little
Speaker 3: tighter too, starting to get nervous.
Speaker 2: Let me tell you something, You've better be very strong
Speaker 2: with a bank right now. Now. Jonathan Ban does what
Speaker 2: you do, so he's in the mortgage industry too. Bang,
Speaker 2: you're still there.
Speaker 5: Absolutely, Cindy. Definitely, banks will definitely tightening up.
Speaker 2: Okay, hold on, I'm gonna I'm gonna pass this over
Speaker 2: to you so you guys can hear each other on speaker.
Speaker 5: Go ahead, man, they'll definitely tightening up now.
Speaker 6: And there have been a lot more strenching with the money,
Speaker 6: so that that holds the problem. But there is some
Speaker 6: more inventory, but there's still there's.
Speaker 5: Still a demand out there.
Speaker 6: I mean, we are still six and a half seven
Speaker 6: million homes short, and so yeah, there's definitely a problem.
Speaker 6: But once again, I just want to pivot back because
Speaker 6: it's my fault with my WiFi. But I you know,
Speaker 6: I just think that the American dream home ownership, you
Speaker 6: cannot start. You cannot begin generational wealth without home ownership.
Speaker 2: You know, and agreed, agreed o.
Speaker 5: People to abandon.
Speaker 6: You tell people to abandon that dream, especially people that
Speaker 6: are financially literate, you know, because most Americans don't have
Speaker 6: the literacy, the financial literacy that that we should have.
Speaker 6: But you have someone prominence telling people that it's a
Speaker 6: trap and that they shouldn't do it. I think that
Speaker 6: that's pretty much almost malpracticed and that and that's what
Speaker 6: I was speaking to because home ownership, Yeah, you know,
Speaker 6: you when you're rinking, you still have the same most
Speaker 6: of fame calls that you're gonna have u as home ownership.
Speaker 6: You're gonna have your cable bill, you're electric order, and
Speaker 6: things of that nature.
Speaker 2: You know, if you're missing the point, you're missing the
Speaker 2: point again. And I'm gonna say it again, no you're not.
Speaker 2: If this breaks and that breaks it's not your responsibility
Speaker 2: when you're rankeding. But hold that thought. We're going to break.
Speaker 2: I'm sitting stumbling. You listen to Toughest Nails on w
Speaker 2: BZ News radioly right.
Speaker 7: Back, sponsored by floor In Decor, National Lumber and Village Bank.
Speaker 2: Running down the Road the WAD. I got seven women
Speaker 2: on my the Water to the Wall and welcome back
Speaker 2: to Toughest Nails on WZ News Radio. And I'm Sitny
Speaker 2: Stumpo Toughest Nails. So we've got that one, didn't we Yeah,
Speaker 2: Toughest Nails. That's the name of my show. Yeah, Okay,
Speaker 2: go ahead, guys.
Speaker 3: I'm shot from Rate and nick Leagris Milligris.
Speaker 2: Okay, and we got bang online with us. Go ahead, Jonathan, Cindy,
Speaker 2: I understand.
Speaker 6: You're right, but there's home warranty. You need a warranty
Speaker 6: from your utility company that.
Speaker 5: Will allow you.
Speaker 2: Now the GAFF program, Now, the GAFF program waste of money.
Speaker 2: Don't do it. Let me tell you something. If it
Speaker 2: was worth doing, I'd have the company. I'd own it, Okay,
Speaker 2: maintaining my own platinum, gold and silver.
Speaker 3: Yeah, I mean what Cindy's saying is right, Like you know,
Speaker 3: there's massive responsibility when you home. And by the way,
Speaker 3: I'm one of those people that believe that I'm advising
Speaker 3: my clients, coaching my clients up into getting in the
Speaker 3: housing market and figuring it out right, Like it's not easy,
Speaker 3: but there's a lot of different avenues and things you
Speaker 3: got to do. But she's one hundred percent right, like
Speaker 3: this now becomes yours. Those problems become real problems. You know,
Speaker 3: if something breaks, it's expensive, more expensive than ever to
Speaker 3: fix anything.
Speaker 2: You find and you're an endewser, go find the plumber
Speaker 2: right now.
Speaker 3: Yeah, it's crazy. Okay, it's not hundreds of dollars. It's
Speaker 3: generally thousands of dollars and sometimes ten thousands of dollars.
Speaker 3: So you know you have to when you enter this league.
Speaker 3: Now you have to be able to plan for all
Speaker 3: those things, and you have to have the resources to
Speaker 3: be able to handle it. I also don't think that
Speaker 3: you scare you off because like you're always going to
Speaker 3: come up with the reasons as to why you shouldn't
Speaker 3: do something. I just think it takes a little bit
Speaker 3: more preparing, a little bit more knowledge, a little bit more.
Speaker 3: You need a tight circle around you. People that can
Speaker 3: advise you and coach you into this stuff.
Speaker 2: And stop waving home inspections crazy. Stop doing that. At
Speaker 2: least you know what you're walking into when you're purchasing something.
Speaker 2: Sammy did not waive one home inspection. She wouldn't do
Speaker 2: it to a client's do all the craziness. She wudn't do it,
Speaker 2: because you don't know what you're buying.
Speaker 3: Yeah, I mean we saw a lot of crazy stuff, especially,
Speaker 3: I mean even today. I mean, you know, obviously I
Speaker 3: do business all around the country, right, Generally the markets
Speaker 3: that I work in are up and down the coasts,
Speaker 3: and so they're all hot markets, right, But people are
Speaker 3: you know, I mean, they had to do what they
Speaker 3: had to do to get their offers accepted. And I'm
Speaker 3: talking to a lot of clients afterwards that find out
Speaker 3: things that, you know, when they take ownership of these
Speaker 3: houses that they weren't planning for because you know, most
Speaker 3: of the deals didn't have inspections.
Speaker 4: And that's also a little unique to Mass two sets,
Speaker 4: because we are a buyer beware state or a seller.
Speaker 2: Doesn't look at all the lawsuits other.
Speaker 4: Parts of the country. A seller has to disclose, a
Speaker 4: seller has to do a mandatory seller disclosure, and there
Speaker 4: is something else at least that somebody can rely upon
Speaker 4: talking to the so to bring this kind of full
Speaker 4: circle to the other parts of the country like Massachusetts.
Speaker 4: As liberal as we are in many regards, one of
Speaker 4: the things that's a little crazy is that a seller
Speaker 4: has no affirmative duty to raise their hands and tell
Speaker 4: a buyer anything other than whether or not they know
Speaker 4: about the presence of lead based paint in the home
Speaker 4: that's prior to nineteen seventy eight. They can't lie, but
Speaker 4: they have no duty whatsoever.
Speaker 2: But they do, they do. And yet how you find out, oh,
Speaker 2: you got a water leak, No we didn't, then we
Speaker 2: research it. Well, how come you pay from your insurance company?
Speaker 4: And just to stick on that right now, Another barrier
Speaker 4: for a lot of these buyers is how difficult it
Speaker 4: is to get homeowner's insurance.
Speaker 3: Well, if they get it, how expensive these insurance companies
Speaker 3: are now colluding with each other, and they're labeling properties
Speaker 3: as high risk and consumers.
Speaker 4: If you have bad credit, you're gonna have a harder
Speaker 4: time getting good homeowners insurance, even if you can get
Speaker 4: a mortgage.
Speaker 3: And to that same point, if that home had a
Speaker 3: prior claim.
Speaker 2: By the way, guys, this is across the country. This
Speaker 2: is not just the state.
Speaker 4: Okay, just here, And if if that home had a
Speaker 4: claim on it previously.
Speaker 2: It's gonna be like cafects.
Speaker 4: You got it. And one of the things that people
Speaker 4: don't realize what insurance claims are. Insurance is a contract,
Speaker 4: which means you put in a claim because you had
Speaker 4: a leak from a toilet and they give you money
Speaker 4: to replace all the floors. That doesn't mean you have
Speaker 4: to replace all the floors.
Speaker 2: And most won't and most won't and they'll just use
Speaker 2: they'll they won't even change the blue board of whatever
Speaker 2: they're using dirt. We use blueboard and plaster, but some
Speaker 2: say they use tape and seam right, and they won't,
Speaker 2: and they'll they'll just kill it with some kills.
Speaker 4: You got it, Okay, take their money, you.
Speaker 2: Paint it, take the money, keep it and you got
Speaker 2: mold grown back.
Speaker 4: Put that house in the market for sale and make
Speaker 4: it someone else's problem.
Speaker 2: And it'll be your problem and they don't have to
Speaker 2: say it at all. So I hope you're understanding what
Speaker 2: we're talking about right now. Do you have any other
Speaker 2: questions on Chatter, Jonathan, do you have any other questions
Speaker 2: on Shadow?
Speaker 5: I don't see anyone with the hands Rob, but Sindy Yaga.
Speaker 5: If I may, guys chatter social app.
Speaker 2: Let me let me, let me go plug yourself in.
Speaker 2: Go ahead, see I.
Speaker 5: Said, I said.
Speaker 6: Chatter Social is app where you can actually communicate and
Speaker 6: just have these kind of discussions with the people all
Speaker 6: over the world. It's a great app. As chattlesocial dot
Speaker 6: io downloaded. We speak to people like Cindy Stumpo grand
Speaker 6: Cardon and many others on a nightly basis. So if
Speaker 6: you can get it, if you can get over here,
Speaker 6: please get over here.
Speaker 2: So well, I'll bring all my boys up and we
Speaker 2: all come in. We're gonna come right in today. We're
Speaker 2: going to ride up on all you guys. Okay, we're
Speaker 2: gonna put you guys to sleep over there. But okay,
Speaker 2: let's go. Let's go to a couple of other questions
Speaker 2: that we have here. Okay, not you guys have no questions.
Speaker 2: So we're going to go back into a schedule the
Speaker 2: program of what I want to ask you? Where do
Speaker 2: you think the market's going in the next six months
Speaker 2: to year?
Speaker 3: So I mean I think the next six months of
Speaker 3: the year is going to get fueled by lower interest rates.
Speaker 3: You know, the Fed came out, uh jerme. Powell came
Speaker 3: out a couple of weeks ago and said the time
Speaker 3: is now, directions clear, we're going to start cutting rates.
Speaker 3: So I think we're going to see three rate cuts
Speaker 3: this year, starting next week.
Speaker 2: I think next week point to five.
Speaker 3: I think point to five. I'm hoping for a half.
Speaker 3: I think we need a half you know, I think
Speaker 3: I think.
Speaker 2: We always caping. If you're going to join in the conversation,
Speaker 2: do me a favor. Hold him on the mic, hold
Speaker 2: that phone on the mic. Good, just you know, no, no
Speaker 2: where he talks, what's that You don't have to even
Speaker 2: bring him up, Just so no, you hold him on
Speaker 2: that Mike's going so he can he can give right,
Speaker 2: he'll be able to hear, go ahead, they can converisate,
Speaker 2: go ahead, bing what'd you just say.
Speaker 5: I think it's definitely gonna be a half point, I
Speaker 5: mean point.
Speaker 3: You know, look, man, they wait too long, they.
Speaker 5: Wait too long to do this.
Speaker 3: They cut they not to a half point, you know,
Speaker 3: I might I hope it's a half point. I think
Speaker 3: it's going to be a quarter percent because the Fed's
Speaker 3: been pretty transparent. They've been pretty you know, Jerme Powell
Speaker 3: and his crew have been you know, hanging back, and
Speaker 3: they so they're lead. They're signaling a quarter percent rate cut.
Speaker 3: If they did a half percent rate cut, that means
Speaker 3: they're gonna be way they're they're way more afraid of
Speaker 3: the labor market weakness than we've seen recently. They seem
Speaker 3: to have inflation under control. Labor markets will be weak.
Speaker 2: We are, okay, let's talk about that, guys. They have
Speaker 2: inflation under control. Besides the lumber Yeah, we're in my industry.
Speaker 2: Has numbers dropped? Concrete just went up again two weeks ago.
Speaker 3: So yeah, I mean, look, I don't think things are
Speaker 3: going to get cheaper, right They're everything in this room
Speaker 3: right now, everything.
Speaker 2: Look at all the look at the keyboards, look at
Speaker 2: everything that's going on in the studio. Let's say going
Speaker 2: to come in here and redo the soundproofing. Let's say
Speaker 2: going to come in here and redo anything. It's thirty
Speaker 2: five to forty percent more than twenty nineteen. Couldn't numbers
Speaker 2: are still running there?
Speaker 3: Yeah, so what you know, the growth rate of inflation
Speaker 3: is what they're measuring. So it was up to like
Speaker 3: ten percent a year before. Now it's down to like,
Speaker 3: you know, just under three percent. They're trying to get
Speaker 3: us down to two. So anyways, if you believe them,
Speaker 3: if you believe them right, it's you.
Speaker 2: Know, I'm not a conspiracy press.
Speaker 3: Look, the thing I've learned over the course of the
Speaker 3: last year is like, I'm blown away by how wrong
Speaker 3: they've been with the numbers and how misleading it's been,
Speaker 3: especially in the labor markets. But let's just say they
Speaker 3: cut three times this year. They're signaling four to six
Speaker 3: rate cuts next year, so you could see every time
Speaker 3: it doesn't matter. And Cindy, you've been doing this longer
Speaker 3: than I have. You've said that a couple of times
Speaker 3: over the last couple of weeks. However, every time.
Speaker 2: Rates come down, because getting old is not fun, and
Speaker 2: unless it's like sticking up everybody's butt of more knowledge, every.
Speaker 3: Time rates come down with it, you get a huge inflection,
Speaker 3: like huge infusion of buyers because people get excited rates
Speaker 3: come down. It means more buying power, more affordability, bigger budgets,
Speaker 3: bigger reach, and that demand is only going to get increased.
Speaker 3: Like every time rates come down by one percent, about
Speaker 3: five million more people get into the housing market, right,
Speaker 3: so demand just goes through the roof. You're going to
Speaker 3: see you've got about six million people that can refinance
Speaker 3: the mortgages they took out over the course last few years.
Speaker 3: So I think the housing market it's going to be
Speaker 3: really strong over the course of the next two years,
Speaker 3: personally just because you've got you've got lower rates, more money.
Speaker 2: Okay, so let's talk about that for a minute. Yeah,
Speaker 2: you see a slow down in Florida already in certain
Speaker 2: areas of Florida. Let's talk about that, right, people understand Florida.
Speaker 2: Maybe most people don't understand Massachusetts. Whe people go to Florida,
Speaker 2: they vacation blah blah blah. Yeah, there's many areas of Florida, correct,
Speaker 2: and products not selling.
Speaker 3: Mostly condos though that's a combination of a couple of
Speaker 3: things in my opinion.
Speaker 2: Go ahead.
Speaker 4: We're also seeing it in California as well. Right in
Speaker 4: certain parts of California.
Speaker 2: We want to go to California.
Speaker 4: Right now, people are fleeing San Francisco, correct, I mean
Speaker 4: the tech world is fleeing from San Francisco from Miami
Speaker 4: as crazy as that is the problem with Florida is
Speaker 4: Florida does not really have its own core industry and
Speaker 4: core base besides tourism hospitality. They have hospitality in tourism.
Speaker 4: So what happens the Cindy's of the world. They're successful
Speaker 4: thirty year careers from up here and from Philadelphia and
Speaker 4: from Illinois and other places. Florida's a playground. Well, that
Speaker 4: playground gets impacted because that's a luxury item, and luxury
Speaker 4: items get impacted.
Speaker 2: Florida is the playground for the rich. Now you do
Speaker 2: know that, right?
Speaker 4: Oh yeah, that's it.
Speaker 2: All the locals in that sunny Owl's Hollywood Hallendale, North
Speaker 2: Miami Beach area have been pushed out del Rey Boca.
Speaker 2: They're all going, They're all they can't afford the locals
Speaker 2: can't afford to be there. So that that that bothers me.
Speaker 4: But the government is trying to do some things. They're
Speaker 4: trying to bring tech, they're trying to bring industry because
Speaker 4: Florida does have so many other things like no state
Speaker 4: income tax, good weather.
Speaker 2: Death taxes, all that thought. I'm getting the clock in
Speaker 2: my face. This is city stumble. You listen to the
Speaker 2: toughest nails on Busy Its Radio ten thirty will be.
Speaker 7: Right back, sponsored by Pillow Windows of Boston, Next Day
Speaker 7: Molding and Kennedy Carpet.
Speaker 5: Spots, Flo.
Speaker 2: And welcome back to Tomb of Nails on WBC News
Speaker 2: Radio ten thirty. We're here with.
Speaker 3: Sean Bnocci in that rate, I'm a residential mortgagean officer, and.
Speaker 4: I'm gonna throw around the new acronym attorney nickolgris not
Speaker 4: just Nick Legris here, so the staff and the listeners
Speaker 4: know that that your attorney.
Speaker 2: Why does they give you more credit?
Speaker 8: No?
Speaker 4: Just are you charge more money when they call me?
Speaker 2: Oh okay, I like that. And then we have my
Speaker 2: beautiful future Donald in the studio Angelina, that's Angelly, let's
Speaker 2: Chad's go from Okay, that's from playing with all the
Speaker 2: audio in John, Where do you stand what we're talking
Speaker 2: about right now? Bing bing bong, you're up there.
Speaker 6: I'm definitely here, Cindy, Like I said, I told you
Speaker 6: a halfpoint. You know, I understand what's going on down
Speaker 6: to Florida. That's happening any and everywhere because as we
Speaker 6: get more technology and we're able to develop it, I
Speaker 6: mean development technology has grown and they're even build a
Speaker 6: lot more. I mean, yeah, pushing people out. I mean
Speaker 6: that the land's valuable down there, closer you are to
Speaker 6: the coast and that climate definitely. I mean Florida used
Speaker 6: to be the cheaper alternative to California.
Speaker 5: Now Florida's again.
Speaker 2: In Florida was where we all went to right before
Speaker 2: we go to the nursing home and then before we die. Okay,
Speaker 2: let's call who it is.
Speaker 1: Right.
Speaker 2: Look at Massachusetts, John, listen to this. Massachusetts has lost
Speaker 2: over five one hundred and fifty million dollars because of
Speaker 2: people now leaving for Massachusetts because just that four percent
Speaker 2: millionare tax hike going down to Florida. Imagine how stupid
Speaker 2: that was. Right, you lost five hundred and something million
Speaker 2: dollars in tax right.
Speaker 3: Believe in California and New York Massachusetts. Yep, yeah, they're
Speaker 3: going to Florida. They're going to.
Speaker 2: Touch the demand is down in Florida. Yeah, and US Northeast.
Speaker 2: Northeast people, we don't want to be at West. We
Speaker 2: want to be between Miami North, Miami, Hollywood all the
Speaker 2: way down in Naples. You know, we want to be
Speaker 2: on the coast. We don't want to be West. We
Speaker 2: don't want to be in and we don't want to
Speaker 2: be in Tampa. That's not the game we like to
Speaker 2: play in Boston. We want to be right with the
Speaker 2: actionists totally, no matter what age.
Speaker 3: Yeah.
Speaker 2: So, John, would you advise to your clients right now,
Speaker 2: if they were to buy anywhere, just tell them buying
Speaker 2: their own hometowns and say, I have a thing that
Speaker 2: you buy where you know, stop buying where you don't
Speaker 2: know your first investment. Buy in your own backyard so
Speaker 2: you know what you're doing and knowing how to play
Speaker 2: the game. John, your opinion, and I agree with that one.
Speaker 6: The problem with that is if you're in California, the
Speaker 6: average single family right now is bout eight hundred thousand dollars,
Speaker 6: you know, so you know it's going to be tough
Speaker 6: to buy there. If you're in one of those markets
Speaker 6: in the Northeast. When you look at New York, Jersey, Connecticut, Massachusetts,
Speaker 6: you look at those areas, I mean, it's it's pretty
Speaker 6: tough to find a deal. I mean, fortunately, we're close
Speaker 6: to Pennsylvania. They have the Poconos and things that need
Speaker 6: where you can still get a relatively cheap deal in
Speaker 6: those areas, yea.
Speaker 2: And what do you do when you get there? What
Speaker 2: do you do to make a living in the Poconos?
Speaker 2: Tell me what are you doing? Yeah?
Speaker 5: You know does what technology kicks in?
Speaker 3: All right?
Speaker 6: You can work from anywhere, now, Cindy, And that's the
Speaker 6: beauty of you know what COVID did.
Speaker 2: Okay, let me hold Let me hold you there. I
Speaker 2: can't work from anywhere. We got a lawyer that's going
Speaker 2: to show up to court right and see a judge.
Speaker 2: You don't get to zoom at all anywhere? Okay, but
Speaker 2: you did, and you do how old you know for
Speaker 2: three fourty three you're not going in front of judge
Speaker 2: at all?
Speaker 4: You know the trans actual lawyer I pushed paper.
Speaker 2: From Okay, Well you can do that from anywhere.
Speaker 4: Good point.
Speaker 2: And you can run your mortgages from anywhere.
Speaker 3: I can work from anywhere. But you know who doesn't
Speaker 3: want there people working from anywhere anymore? All these companies
Speaker 3: that have built out these huge corporate headquarters and they're
Speaker 3: pulling everybody back in little by.
Speaker 2: Little as they should. Yeah, as they should.
Speaker 3: You know, I don't believe anything.
Speaker 2: You're not going to the office. I think you performed
Speaker 2: better in the office. I think you need to be
Speaker 2: in the environment. But America got lazy after COVID.
Speaker 3: Yeah, and you know that was you know, I had
Speaker 3: a lot of clients move all over the country thinking
Speaker 3: they could make Massachusetts or New York money and live
Speaker 3: somewhere else. And all of a sudden, now it's like
Speaker 3: slowly like their employers like, sorry, you got to come back.
Speaker 2: You know how about the guys that are making here's
Speaker 2: the best one. You're making all your money a Mass,
Speaker 2: but you're claiming Florida residency. Sorry, buddy, you got to
Speaker 2: play pay Mass taxes. You don't get to avoid that
Speaker 2: unless you got some type of management company you set
Speaker 2: yourself up. That's another one. If your mind's coming out
Speaker 2: of mass you're taken six months in a day in Florida,
Speaker 2: but you're making a living a Mass. You're going to
Speaker 2: pay mass taxes here.
Speaker 3: You know what? You know what the big I agree
Speaker 3: with you. You know what the big problem down in
Speaker 3: Florida right now is those those thirty and forty year
Speaker 3: old condo buildings. You know, they're getting crushed right now
Speaker 3: with special assessments. They're passing all these laws down there
Speaker 3: where they're.
Speaker 2: Well, yeah, thee yeah, need to.
Speaker 3: You know, that building collapsed in twenty surfside collapse. And
Speaker 3: now they've changed all the laws down there in terms
Speaker 3: of structural integrity of these buildings. Now, all of a sudden,
Speaker 3: you got somebody buying a three hundred thousand dollars four
Speaker 3: hundred thousand dollar condo and they get hit with one
Speaker 3: hundred and eighty thousand dollars special assessment. What's that place worth?
Speaker 3: Who wants to take on that assessment?
Speaker 2: Nobody?
Speaker 3: And then then it drops And that's what's happening. You know,
Speaker 3: you're seeing the newer construction condo market down there actually
Speaker 3: perform well.
Speaker 2: Good, go look at the Equilina, Go look at the
Speaker 2: Amorni building, Look at the Porsche building. They're flying out.
Speaker 3: Yeah, but the stuff that's thirty forty years old sitting though.
Speaker 3: There's there's inventory piling up in these places because they're
Speaker 3: all worried about the special assessments they either have already
Speaker 3: found out about or that are coming and they're going
Speaker 3: to devastate their prices over there. So it's it's a
Speaker 3: tale of you know, Florida is interesting because it's like
Speaker 3: two different markets, Like the stuff on the water, the
Speaker 3: ultra eluxury killing it. But then the stuff that's like inland,
Speaker 3: the stuff that's like the older buildings, like they're not
Speaker 3: doing so well.
Speaker 2: Correct. Yeah, You'll see a sixty million dollar home fly
Speaker 2: off the market totally, and an eighteen million dollars sit there,
Speaker 2: and a fifteen million dollars fifteen million, and then something
Speaker 2: comes on the market for fortyen flies So there is
Speaker 2: a price point down there. I noticed last winter that
Speaker 2: was a slowdown. It was between that ten and fifteen
Speaker 2: like speculation.
Speaker 3: Those are such huge numbers too, is I mean no, because.
Speaker 2: That's about no down well, first of all up here, Yeah,
Speaker 2: there's no one else playing in my sand box. Correct
Speaker 2: about it on speculation. But now I take the same
Speaker 2: product I do and go into the forty million down there. Yeah,
Speaker 2: so you see the difference. Yeah, And I'm going to
Speaker 2: make the same money with them here there. But me personally,
Speaker 2: if I had the opportunity to go make my life
Speaker 2: down there, but I don't want to start all over again.
Speaker 2: I'm going to end my career in Massachusetts and that's
Speaker 2: how it's going to be, and I'm going to go
Speaker 2: in joy or whatever life I got left. John any O,
Speaker 2: the questions on shadow.
Speaker 3: Are you actually are you? Are you ever going to
Speaker 3: stop working?
Speaker 2: No?
Speaker 3: Okay, when I die, I thought I just wanted to
Speaker 3: do the class.
Speaker 2: When I die, Okay, got it. When I die, when
Speaker 2: I don't have two arms, two legs, I can't breathe anymore.
Speaker 8: Someone asked, how do functuations and home loan interest rates
Speaker 8: impact monthly mortgage payments for buyers?
Speaker 3: Yeah, great questions. So like, all right, somebody, uh, last year,
Speaker 3: at this time, like I said, rates are about eight percent.
Speaker 3: Today they are about six percent. That means our clients have,
Speaker 3: like you know, anywhere from depending on the price points,
Speaker 3: anywhere from like seventy to one hundred and fifty thousand
Speaker 3: dollars more in buying power. Right, So, like when rates
Speaker 3: come down, people's budgets increase, they get more buying power,
Speaker 3: there's excitement, or they can just save more money. But
Speaker 3: like we're not seeing we're not seeing a lot or
Speaker 3: that truly what's happening is the home prices go up.
Speaker 3: It just allows them to kind of stay in the
Speaker 3: game and keep up with the market.
Speaker 2: Let's go back to these rates, these rate cuts, right, Yeah,
Speaker 2: so Jonathan is thinking point five zero, I'm thinking point
Speaker 2: twenty five, Jonathan, I've told you that before. Now they
Speaker 2: take a long time to knock them down. We get
Speaker 2: a problem if they knock these rates down to what
Speaker 2: we give it the number again.
Speaker 3: So I think the Fed's going to cut rates in
Speaker 3: almost every single meeting the rest of this year and
Speaker 3: into next year.
Speaker 2: That'll be four meetings, three meetings.
Speaker 3: Left this year because they don't have one in October.
Speaker 3: They go September, November, December, and then they'll have I
Speaker 3: think it's eight meetings next year.
Speaker 2: So you think every meeting from now till next year
Speaker 2: they'll cut them down.
Speaker 3: I think they're going to cut I think they raised.
Speaker 2: So we had how many hikes that we want to We.
Speaker 3: Had eleven hikes, right, So the FED funds rate sits
Speaker 3: somewhere between like five and a quarter to five and
Speaker 3: a half today. I think they're going to take it
Speaker 3: down to three and that still kind of keeps the
Speaker 3: economy moving, but it's it's still a little bit restrictive.
Speaker 3: So I think the thirty year fixed rate lands in
Speaker 3: like the like the and that's what that's what your
Speaker 3: average home potential home buyer consumer talks about. Where's the
Speaker 3: average thirty or fixed rate. I think it lands somewhere
Speaker 3: in the low fives, like five and a quarter, five
Speaker 3: and a half. Next year. If we go into a recession,
Speaker 3: which a lot of people think is coming, we could
Speaker 3: see the force, you know, and that that creates.
Speaker 5: You know.
Speaker 3: So I don't think I think there is going to
Speaker 3: be a recession. I don't think the housing market's going
Speaker 3: to participate. And I think the housing market will stay
Speaker 3: strong through it like it.
Speaker 2: Hits works what the stock market.
Speaker 3: The stock market will pull back for sure. That's where
Speaker 3: you're gonna see it. You're going to see consumers.
Speaker 2: Guess what with seeing the real estate market pulled back
Speaker 2: before the stock market this time, that's unheard of. We've
Speaker 2: always had a market crash, in a real estate market
Speaker 2: crash coming year afterwards, we've seen the market staying strong
Speaker 2: with the Nasdaq, it's crazy every and by the way,
Speaker 2: they beat out real estate guys every year, right, they
Speaker 2: performed better than real estate guys all day long. But
Speaker 2: when you look at this way, I think it's going
Speaker 2: to be the real estate market. I think the real
Speaker 2: estate market is slowing down. Sales just lo listen, I
Speaker 2: don't want to I don't want to slow down. This
Speaker 2: is my business, right. I don't want to slow down.
Speaker 2: My kids are in the lower end stuff than I am.
Speaker 2: I don't want to see any slow down. But I
Speaker 2: gotta be realistic here, right, And when you're a spect builder,
Speaker 2: you're putting here. I hate to say it, but we
Speaker 2: cut the balls on the table. We got the money
Speaker 2: in the streets, so we're taken all the risks, all
Speaker 2: the shots out here, and the stresses are building them.
Speaker 2: Think about it. We're not custom builders, right. We'll take
Speaker 2: on a couple of year because they are either clients,
Speaker 2: the client's kids, or whatever. But we are known to
Speaker 2: high ultra high end speculation. So all the stresses on
Speaker 2: my back for thirty eight years. Jesus Christ, how am
Speaker 2: I still standing?
Speaker 3: Stress?
Speaker 4: Your stress?
Speaker 1: Okay?
Speaker 2: How I've done? That's crazy, right? Think about a young
Speaker 2: girl twenty three years old going impressive. Yeah, I don't
Speaker 2: know what's super impressive. I just think I was young
Speaker 2: and dumb. I were going off to break and would
Speaker 2: be right back. I'm Sidney Stump toff his nails on
Speaker 2: WBZ News Radio ten thirty, will be right.
Speaker 7: Back, sponsored by new Brook Realty Group, Boston. Would smaller
Speaker 7: Insurance World Auto Body and Tasca Drive Auto Body.
Speaker 9: One of these, one of these crazy.
Speaker 2: And welcome back to Toughest Nails on WBZ News Radio
Speaker 2: ten thirty. Now I'm Sydney Stumpo, and we're here with
Speaker 2: what's your name again?
Speaker 8: Lena Grillo?
Speaker 2: You sure, yes, you know you're really pretty.
Speaker 8: Future Lena Stumpo.
Speaker 2: Okay, wow, wow, Okay, there we go.
Speaker 3: I am shocked, but I.
Speaker 2: Want you to stop checking out my future Donald. Okay,
Speaker 2: she is really pretty. You gotta give it that he
Speaker 2: likes men. Yeah, okay, we're better than that.
Speaker 3: Okay, good every three. I got a beautiful wife and
Speaker 3: three three beautiful little girl.
Speaker 4: There we go, makings down here, not a future Stumpo.
Speaker 3: Okay, and I am shot pinocean at rate.
Speaker 2: Wait, we forgot about your nigh right, Nick? You married?
Speaker 4: I am?
Speaker 2: How many kids too? How old?
Speaker 4: Seventeen and thirteen?
Speaker 2: Okay, good luck to the thirteen and you your kids are?
Speaker 3: I got it. I got three daughters, twelve, nine and six.
Speaker 2: You guys started really late.
Speaker 4: I started young.
Speaker 2: How young?
Speaker 4: I was twenty five when I had my first born?
Speaker 2: Yeah I was twenty three.
Speaker 3: I was thirty two.
Speaker 2: But you're Greek yeah, you Greeks to it young thirty two.
Speaker 2: You're thirty two. Yeah, you old fought.
Speaker 3: I feel like I feel like I'm young.
Speaker 4: I can hang, you can hang.
Speaker 3: I'm not afraid.
Speaker 2: Okay, I always wanted to be a young one. Stupid
Speaker 2: me for sh Take you your kids, and you take
Speaker 2: care of your parents, and you're taking care of your
Speaker 2: grand shouldern that are coming down the road. When is
Speaker 2: the time for me? It's time for me right now?
Speaker 2: Go ahead, Bing, you had a question, you want to
Speaker 2: stand subject? Hold that up there, and yeah, I was.
Speaker 6: Listening to you and you guys are saying you're expecting
Speaker 6: a quarter. You know, I'm definitely thinking it's gonna be
Speaker 6: more than a half because they waited way too long,
Speaker 6: and you know, and you I thought about pulling back
Speaker 6: when I saw our inflation reports come out lately and
Speaker 6: seeing that, you know, it's the lowest.
Speaker 5: Since twenty twenty one. But you know, I think they
Speaker 5: waited too long. And it's an election year.
Speaker 6: It's an election year, and they're not gonna have a
Speaker 6: FED meeting in October. Okay, I think they're gonna go ahead.
Speaker 6: They're gonna pull the trigger and they're gonna do it.
Speaker 5: Half a point. That's where the end of.
Speaker 2: This month makes sense, at the end of this.
Speaker 3: Morning, September. Yeah, yeah, yeah, so so John. You know, look,
Speaker 3: the last three times the FED has started to cut cycle,
Speaker 3: they've actually started with a half point. I hope they
Speaker 3: do a half point. I just think this FED has
Speaker 3: been so conservative.
Speaker 8: Uh.
Speaker 3: And I think that because it's an election coming up.
Speaker 3: I think because they don't want to appear political. I
Speaker 3: think they're gonna start with a quarter and they've been
Speaker 3: signaling a quarter. So I hope it's a half. I
Speaker 3: hope you're and I do agree that they waited too
Speaker 3: long to start cutting, and they have historically started with
Speaker 3: a half point. So I hope you're right that it
Speaker 3: is going to be half, but I think it's gonna
Speaker 3: be a quarter. And you know, for everybody listening out there,
Speaker 3: you know, the market's already priced in. Like if you're
Speaker 3: going out and getting a mortgage, uh, the market is
Speaker 3: priced in three rate cuts already. So the rates you're
Speaker 3: getting today, if you're getting your standard thirty year fixed
Speaker 3: rate mortgage is already pricing in three rate cuts now.
Speaker 3: If you're a builder, if you if you're getting adjusted
Speaker 3: rate mortgage, once they start. If you've got a home
Speaker 3: aqui line of credit, if you get you know, those
Speaker 3: will start actually coming down immediately.
Speaker 2: Let's make something clear right now, construction loan money, unless
Speaker 2: you're very very strong with a lot of money in
Speaker 2: the bank, these guys are still paying nine percent.
Speaker 3: Yeah, because those are all adjustable. Those will start coming
Speaker 3: down once the Fed starts.
Speaker 2: Uh correct in the race. Yeah, correct, But they're not
Speaker 2: going to adjust enough right.
Speaker 4: No.
Speaker 2: No, a lot of guys got hurt when they went
Speaker 2: from three to nine and four to nine.
Speaker 3: I think they'll be the.
Speaker 2: Hard money guys that will be in the in the
Speaker 2: in the studio later. They just get anything they want,
Speaker 2: right because you need them and they're paying points and whatever.
Speaker 2: So where do you think, so, John, if thirty years
Speaker 2: start to come down to that number, people are going
Speaker 2: to stop pulling ms again. Will the arms be you know, I.
Speaker 3: Think the adjusted rate mortgages are going to come down
Speaker 3: into like the high force. So like right now, the
Speaker 3: adjustable rate mortgage hold on.
Speaker 2: If we get the arms back into the force. Now,
Speaker 2: I'm asking you and being your opinion. You might have
Speaker 2: a different opinion and you want to I would go
Speaker 2: for the four and I bet that the rate's still
Speaker 2: going to come down more.
Speaker 3: They're not there yet. I think that the adjusted rate
Speaker 3: mortgage will start to cut down on the adjust rate
Speaker 3: right now still in like the high fives. Okay, yeah,
Speaker 3: so there's not a big difference between the fixed rates
Speaker 3: and adjustables right now, so's never been smaller. So we're
Speaker 3: seeing a lot more demand on the fixed rate mortgages. However,
Speaker 3: I think not, however not. I think when the FED
Speaker 3: starts to cut you're going to see the adjust rate
Speaker 3: mortgage market open up and be more like it like
Speaker 3: back in the day when we used to get a mortgage.
Speaker 3: You know, if if you've got to fixed rate it,
Speaker 3: say six percent, you'd be able to get adjust rate
Speaker 3: a like five percent. Now it's like a quarter percent different.
Speaker 3: So that's not worth it, you know, it's not worth
Speaker 3: taking all the rest. So but I do think that
Speaker 3: market's going to come back, and I think you're going
Speaker 3: to see people jump into it because you know, you know,
Speaker 3: I think the rate mark it's going to be pretty
Speaker 3: good for a couple of years, assuming inflation doesn't get
Speaker 3: out of control again. You know, there's a lot of
Speaker 3: speculation that like, hey, if inflation starts to tick back
Speaker 3: up and things start to get more expensive. As money
Speaker 3: gets cheaper and people start spending again, that could see
Speaker 3: that could be the one thing that slows down rates
Speaker 3: coming out fast.
Speaker 6: In your opinion, First of all, you're going to take
Speaker 6: that fix. I mean, because the difference is spread is
Speaker 6: not too big. A lot of people got hurt playing
Speaker 6: that game. A lot of people that had funds, they
Speaker 6: took the just well it's taking a fix because.
Speaker 5: They wanted to make more money, and in the end
Speaker 5: it hurt them hard. I mean when when when the rates.
Speaker 6: Started going up, a lot of people funds are like
Speaker 6: in trouble as a result of that. So you know,
Speaker 6: I definitely think you should take the fix right now.
Speaker 6: And he's right, I mean, you're not seeing too big
Speaker 6: of a spread.
Speaker 5: Uh.
Speaker 6: Those those arms used to be they you see at
Speaker 6: least a point three quarters of a point to a point.
Speaker 5: You're not seeing that now.
Speaker 2: And but I think what But my question was when
Speaker 2: you do see them again? When you do not right
Speaker 2: the moment, when you do, what's the average consumer you
Speaker 2: think going to go back to the arm or stay
Speaker 2: with the thirty year?
Speaker 5: They'll go with the fixed rate they'll if you're smart, thing,
Speaker 5: you're gonna tell you why.
Speaker 6: And the mortgage industry, bad news is good news, and
Speaker 6: we certainly don't want bad news. The only way to
Speaker 6: race going to go around way anywhere, uh, is that
Speaker 6: we have a whole bunch of bad news. We had COVID,
Speaker 6: we had nine to eleven, We had Iraq, we had Afghanistan.
Speaker 6: We had so much bad news just hitting.
Speaker 5: Us over and over and over again.
Speaker 6: And so that's how we got to those historical lows
Speaker 6: because we had a whole bunch of litmea bad news.
Speaker 6: And so if you if you think, if someone's hoping
Speaker 6: that we're gonna get back in the threes, you're betting
Speaker 6: against the US economy, you're betting against us. You're betting
Speaker 6: for some bad news. That's what's going on here. So
Speaker 6: remember that, folks, bad news is good news when you're
Speaker 6: getting mortgages.
Speaker 5: So you don't want your mortgage race to be too low.
Speaker 2: I told you that's why I want a Democrat in office,
Speaker 2: even though I'm not. People don't believe this, but we
Speaker 2: make more money with a Democrat. People don't believe me
Speaker 2: when I say that, but we do.
Speaker 3: But OK, we're one of the only countries in the
Speaker 3: world where you can get a thirty year fixed rate mortgage.
Speaker 2: Let's look at Canada.
Speaker 3: Yea, everywhere else is just right mortgages.
Speaker 2: You know, Canadians they can't, they can't anything that's so
Speaker 2: on fear to them.
Speaker 3: Yeah, it's just the way it is, you know. But
Speaker 3: you know they're not I don't know if they're complaining
Speaker 3: because I don't think they realize it.
Speaker 2: However, Yeah, I jump into a lot of Twitter Canadian rooms.
Speaker 2: Yeah we are not Toronto, not Montreal. I tend to
Speaker 2: jump into those Canadian building rooms that they're builders, developers. Oh,
Speaker 2: crying like a bunch of babies up there.
Speaker 3: So the market has changed.
Speaker 2: But then I speak to people in Toronto Montreal and
Speaker 2: they're booming. So I don't know. There's always cry babies
Speaker 2: on markets, right, I mean, I'll take on market. I'll
Speaker 2: take on market all day long.
Speaker 4: Yeah, even though we're a tiny little segment of the market.
Speaker 2: Imagine, imagine we're.
Speaker 4: Smaller than Metro Houston. Ok, just Metro Houston. It's bigger
Speaker 4: than the entire masters.
Speaker 3: Yeah.
Speaker 2: People always say to me, if I was gonna best
Speaker 2: my money, where do I go Sindy, Massachusetts. Totally come
Speaker 2: to Massachusetts. Okay, as as the gibs say, please come
Speaker 2: to mess we should play that song. But whatever, Okay,
Speaker 2: go ahead. Any other questions.
Speaker 8: What about the ones that are just starting.
Speaker 2: Out like you?
Speaker 8: Yeah, that's like if I want to invest in property,
Speaker 8: pull the mic up and you get what I What
Speaker 8: would you suggest as in starting.
Speaker 2: Okay, so let me put your your sister and brother small,
Speaker 2: your child's brother. What would you tell.
Speaker 8: Rental properties, tourist properties out in Florida? Would you start
Speaker 8: out that way or would you suggest not starting out
Speaker 8: that way?
Speaker 3: I would start up like I would start off with
Speaker 3: buying a place that you're going to live in, right,
Speaker 3: like the place that you can like move into, do
Speaker 3: some sweat equity, you know, obviously then you don't also
Speaker 3: have two payments, like you're making a mortgage payment instead
Speaker 3: of a rent payment, and you can just kind of
Speaker 3: attack it little by little. Why there so stop one
Speaker 3: is like figuring out what you can get financed for,
Speaker 3: right like you know, because like everybody's different, So it's
Speaker 3: you got to understand how much you can afford, what
Speaker 3: your max budget is, what your comfort zone is, what
Speaker 3: your monthly payments are going to be what's your minimum
Speaker 3: down payment? What are your closing costs?
Speaker 4: Like all these things?
Speaker 3: You know, Uh so unless you have h unless you
Speaker 3: have a backing of bank stumpo.
Speaker 2: Yeah, okay, well let's pretend we don't have a backing
Speaker 2: of bank stuff. Family.
Speaker 3: Yeah. So yeah, but we have we have lots of
Speaker 3: we have lots of options, like so it's really important
Speaker 3: to come back. It's poor confident.
Speaker 2: Life is very easy when.
Speaker 3: You understand what your parents.
Speaker 2: Poor parents get easy. You know that, because then the
Speaker 2: kids say, oh, okay, go to your mother. No, you
Speaker 2: go to your mother houses it it comes to me. Yeah,
Speaker 2: kind of the way life is.
Speaker 3: So you know, that's that's where shut up over there.
Speaker 4: You're talking about mortgage.
Speaker 2: Yeah, what's your best advice? She's twenty six years old,
Speaker 2: he's thirty. Her question was simple, what was your question?
Speaker 3: Your question?
Speaker 8: Properties like we have interest in rental properties or they
Speaker 8: want your homes out and you know, say Vermont or
Speaker 8: Maine just so you have income coming in, or even
Speaker 8: like tourist homes for the parks down in Florida or
Speaker 8: California or where else.
Speaker 3: So I actually I really agree with Cindy staid, you
Speaker 3: got to stay local at first with your first place
Speaker 3: you got, it's got to be easy to get to,
Speaker 3: and you got to know the market. You got to
Speaker 3: know your people that to help you keep that place
Speaker 3: up and running.
Speaker 2: Okay, oh boy, Mommy stumpo has always is always wrong,
Speaker 2: never ever. Okay, Well we're going off to break. This
Speaker 2: is Cydy Stump and you listen Toughest Nails on WBZ
Speaker 2: News Radio ten thirty and be right back. Un come
Speaker 2: back to Toughest Nails on WBZ News Radio ten thirty.
Speaker 3: Everybody, I'm shotping Ocean at rate. You can reach me
Speaker 3: at shot at rate dot com or on my Instagram
Speaker 3: at Shantvenocean.
Speaker 4: That's s h a n t at rate dot com
Speaker 4: or my ethnic frames doesn't spell it out. And I'm
Speaker 4: nick Leagris at Ligris dot com, l I g r
Speaker 4: s dot com.
Speaker 8: Lena Grillo.
Speaker 2: Yeah, what do you do?
Speaker 5: Lina?
Speaker 9: I'm a closet designer for who Closets by Design, So
Speaker 9: how they reach you Closesbydesign dot com or you can
Speaker 9: do clauses by Angelina at gmail dot com.
Speaker 2: Okay, is that the lous? You can speak up? Yes
Speaker 2: for sure, because you can We'll get louder.
Speaker 8: That's right.
Speaker 2: Okay, you're in sales. Now get louder. Okay, get loud.
Speaker 2: Jennifer Lopez say that. Okay, everybody, have a great, safe weekend.
Speaker 2: We'll see you next weekend. This is Cindy Stumpo Toughest
Speaker 2: Nails on WBZ News Radio ten thirty