WEBVTT 1 00:00:00.240 --> 00:00:02.640 Good evening. And who am I here with you? Blondie? 2 00:00:02.680 --> 00:00:03.080 What's up? 3 00:00:03.600 --> 00:00:04.360 You can't hear yourself? 4 00:00:04.759 --> 00:00:06.360 I couldn't hear myself up? 5 00:00:06.440 --> 00:00:08.359 Okay, you want to open up the show? You want 6 00:00:08.400 --> 00:00:10.560 me to open the show? You listened to Cindy Stump 7 00:00:10.599 --> 00:00:13.359 on top of his nails on WBZ. Who's radio ten thirty? 8 00:00:13.640 --> 00:00:16.480 And who's in the uh studio? What's your name? 9 00:00:16.760 --> 00:00:17.199 Mike E V? 10 00:00:17.399 --> 00:00:17.760 You sure? 11 00:00:18.039 --> 00:00:18.280 Yeah? 12 00:00:18.559 --> 00:00:20.120 People know you Mikey V. 13 00:00:20.160 --> 00:00:21.800 From Kiss one on waight but today from A tween 14 00:00:21.920 --> 00:00:23.960 h two. So we're kind of doing a little curveball. 15 00:00:23.640 --> 00:00:26.399 Okay, with one a curveball? So you are Mikey V 16 00:00:26.600 --> 00:00:27.440 from Kiss one? 17 00:00:27.519 --> 00:00:30.480 Wait, yes, I do Afternoon Drive on Kissing my brother 18 00:00:30.519 --> 00:00:31.320 as the v Bros. 19 00:00:31.519 --> 00:00:36.399 Okay, and Luke Canskimur, SVP of Lending at A twenty 20 00:00:36.479 --> 00:00:37.119 h two Capital. 21 00:00:37.479 --> 00:00:39.439 Can you tell that he's a DJ's putting the mic, 22 00:00:39.479 --> 00:00:44.600 he's marking here, you know, take your hand and swim 23 00:00:44.600 --> 00:00:47.560 it into the mic in about five minutes? Okay, all right, 24 00:00:47.640 --> 00:00:51.000 Mikey tell me what's going on when you're not are 25 00:00:51.039 --> 00:00:54.479 what we'll call you DJ celebrity on Kiss one? Await, right, 26 00:00:54.880 --> 00:00:55.880 you're doing what real estate? 27 00:00:56.119 --> 00:00:56.320 Yeah? 28 00:00:56.359 --> 00:00:58.479 A lot of real estate, a lot of lending. I've 29 00:00:58.479 --> 00:01:00.520 gotten lending a long time ago. It's always in my 30 00:01:00.600 --> 00:01:03.520 like passion alongside radio and entertaining for sure. 31 00:01:03.840 --> 00:01:06.680 So you love radio and you love real estate. 32 00:01:07.000 --> 00:01:09.560 Yeah, I definitely love my job at kissing when I 33 00:01:09.640 --> 00:01:11.599 love entertaining and making people smile. 34 00:01:11.640 --> 00:01:15.480 But what I've learned too well through that we're. 35 00:01:15.319 --> 00:01:19.959 Affiliated w so only four studios down in the real world. 36 00:01:20.040 --> 00:01:21.480 Okay and there hear my boss action. 37 00:01:22.760 --> 00:01:24.439 No, but what I also learned at one point was 38 00:01:24.439 --> 00:01:26.439 you can build a huge network, you know, through doing 39 00:01:26.480 --> 00:01:29.000 things like being a radio personality, doing clouds, me out 40 00:01:29.000 --> 00:01:34.120 and about and actually that world. Being a radio DJ 41 00:01:34.280 --> 00:01:35.920 is what led me into lending ten. 42 00:01:35.840 --> 00:01:36.640 Twelve years ago. 43 00:01:36.760 --> 00:01:37.840 So that opened the doors. 44 00:01:38.159 --> 00:01:39.719 Yeah, I was actually out. 45 00:01:39.840 --> 00:01:43.599 So now being a DJ is more about networking, not 46 00:01:43.680 --> 00:01:47.040 just being a DJ, like when in my days, DJ's 47 00:01:47.120 --> 00:01:49.560 just that's what they did. They were just DJs, And 48 00:01:49.719 --> 00:01:51.519 I know, you remember like Sunny Joe. 49 00:01:51.400 --> 00:01:53.599 White and all these guys. I mean, I don't know 50 00:01:53.640 --> 00:01:56.760 that personally, I know, but I know that. I mean 51 00:01:56.799 --> 00:01:58.959 they're legendary kiss on awake guys, they were. 52 00:01:59.480 --> 00:02:01.680 But yeah, how it's like they walk down Newbury street 53 00:02:01.719 --> 00:02:03.680 and they would just get stopped like they were a celebrity. 54 00:02:03.760 --> 00:02:05.079 It was like justin Bieber walking down. 55 00:02:06.519 --> 00:02:07.280 Yeah, that's how it was. 56 00:02:07.599 --> 00:02:08.280 And now I. 57 00:02:08.280 --> 00:02:10.120 Think it's more of like a three to sixty and 58 00:02:10.199 --> 00:02:12.120 even more of a hustle to build that brand because 59 00:02:12.120 --> 00:02:15.120 people's attentions is grabbed from so many different places. Right, So, 60 00:02:15.159 --> 00:02:17.680 back then when Sunday Joe White was on Kissing to Wait, 61 00:02:18.080 --> 00:02:19.879 you know, the only way to get the word out 62 00:02:19.919 --> 00:02:22.479 about anything or to become like semi famous was through 63 00:02:22.520 --> 00:02:25.919 radio or TV. Now we have these iPhones, we have TikToker, 64 00:02:26.080 --> 00:02:29.120 have Instagrams. Your attentions so different places. So it's a 65 00:02:29.400 --> 00:02:31.879 much harder job to build a brand like a guy 66 00:02:31.919 --> 00:02:32.879 like Sonny and Joe White. 67 00:02:32.680 --> 00:02:35.280 Did because that was yeah, that was the only outlets. 68 00:02:35.639 --> 00:02:38.199 But then again, everybody wants to be famous on these podcasts, 69 00:02:38.199 --> 00:02:39.120 and how many really make it? 70 00:02:39.199 --> 00:02:41.240 Yeah, well that's a funny thing, right. The barrier to 71 00:02:41.400 --> 00:02:44.479 entry for a podcast has become so low. It's very 72 00:02:44.560 --> 00:02:47.240 easy to go home and buy a USB cast phone, 73 00:02:47.280 --> 00:02:49.479 a roadcaster, you know the lingo already? 74 00:02:49.479 --> 00:02:49.879 Look at you? 75 00:02:49.960 --> 00:02:51.800 How do I not do? What do we really have 76 00:02:51.840 --> 00:02:59.599 here in the studio? Okay, Yeah, anybody can home is 77 00:02:59.719 --> 00:03:05.120 very make all the noise and the Yeah. I sit 78 00:03:05.159 --> 00:03:07.080 on the board of Chatter, which is a social audio. 79 00:03:07.800 --> 00:03:09.879 So they all have broadcasters. Yeah, and they're like, Cindy, 80 00:03:09.919 --> 00:03:12.080 we get a road caster and I'm like, nope, I'll 81 00:03:12.120 --> 00:03:14.919 just stay on my iPhone, thank you very much. So, okay, 82 00:03:15.080 --> 00:03:17.280 talk to me about what's going on in your sector 83 00:03:17.319 --> 00:03:18.280 of real estate right now? 84 00:03:18.759 --> 00:03:21.319 Both you guys, what's your direct question? 85 00:03:21.680 --> 00:03:24.360 Well, what is your company? What do you actually do? 86 00:03:24.520 --> 00:03:27.599 Explain to people? You're in the lending business, right, but 87 00:03:27.719 --> 00:03:29.719 some people don't even understand what that means. So you 88 00:03:30.280 --> 00:03:32.599 got to think about just a normal person listen to 89 00:03:32.639 --> 00:03:33.879 the show going, Okay, what does that mean? 90 00:03:34.000 --> 00:03:34.039 What? 91 00:03:34.759 --> 00:03:36.919 Yeah, I'll let look grab the lending side of it all. 92 00:03:37.120 --> 00:03:39.719 Yeah, I'd say the easiest answer to that is that 93 00:03:39.719 --> 00:03:43.280 we're just a non traditional lender for real estate investment. 94 00:03:44.280 --> 00:03:47.039 Okay, let's take it back. What does non traditional mean 95 00:03:47.080 --> 00:03:47.280 to you? 96 00:03:47.680 --> 00:03:50.800 Non traditional meaning like, we are not a stuffy bank. 97 00:03:50.840 --> 00:03:53.759 We're not you know, the bad word. 98 00:03:54.240 --> 00:03:55.680 What's the bad word? Hard money? 99 00:03:56.240 --> 00:03:57.599 I don't know think that's a bad word. 100 00:03:57.840 --> 00:03:59.439 That's the only word I've ever known. 101 00:03:59.479 --> 00:04:02.240 That's the I told you it's. 102 00:04:02.080 --> 00:04:03.719 Gonna he's gonna boof you in the back of the 103 00:04:03.759 --> 00:04:07.599 head if you don't move forward, because see the DJ, it's. 104 00:04:07.520 --> 00:04:09.360 Tough to tell a guy a microphone here. 105 00:04:09.919 --> 00:04:11.840 Yeah, what is this built for? Like the people that 106 00:04:11.919 --> 00:04:12.960 went to the tiny school. 107 00:04:13.280 --> 00:04:18.480 Yeah, so lower hold on, maybe if we lowers cheer 108 00:04:18.480 --> 00:04:21.000 because Mike's all now seriously like, this is this thing. 109 00:04:21.000 --> 00:04:22.079 He knows how to work this mic. 110 00:04:24.279 --> 00:04:24.639 We're good. 111 00:04:24.800 --> 00:04:26.480 Now, you're good. You're comfortable. 112 00:04:26.680 --> 00:04:27.639 I'm very comfortable. 113 00:04:28.000 --> 00:04:29.600 So now you can deliver because you know. 114 00:04:29.680 --> 00:04:30.720 Now let's get uncomfortable. 115 00:04:30.879 --> 00:04:33.879 Let's get uncomfortable. Yes, he's a hard money guy, right, 116 00:04:33.920 --> 00:04:35.839 And that's a Boston with an R that I just 117 00:04:35.879 --> 00:04:40.920 pronounced because typically I would say hot, got it? I said, 118 00:04:41.000 --> 00:04:42.720 got it? How's this one? I said to one of 119 00:04:42.759 --> 00:04:44.879 my guys, gotta got a guy? He goes, what, I go, 120 00:04:45.120 --> 00:04:48.040 there's three people to conference stable, gotta got a guy. 121 00:04:48.160 --> 00:04:50.600 Is like, Cindney, what are you asking me? 122 00:04:51.639 --> 00:04:51.800 Guy? 123 00:04:51.879 --> 00:04:55.800 Gotta got a guy, got got a guy? And Mike 124 00:04:55.920 --> 00:04:58.720 McKay's and he goes, I think she's saying, you gotta 125 00:04:58.759 --> 00:05:01.600 got a guy? And the guy going, what do you bolt? 126 00:05:01.680 --> 00:05:01.839 Say? 127 00:05:02.639 --> 00:05:05.319 Wow? I said that sounds terrible, but that's why I 128 00:05:05.360 --> 00:05:07.959 should have a gutter guy. But I said, you got 129 00:05:08.040 --> 00:05:09.639 to got a guy, you know, because it's just like 130 00:05:10.040 --> 00:05:12.279 real fast, I got a phone. They needed to gut 131 00:05:12.360 --> 00:05:14.399 a guy. Go, hey, I got a guy. You got 132 00:05:14.519 --> 00:05:16.800 to got a guy. He's a huh. I'm sorry, I 133 00:05:17.279 --> 00:05:18.759 say so. I said hard yeah. 134 00:05:18.839 --> 00:05:21.279 Yeah, well you're saying with a real r. So hard money. 135 00:05:21.399 --> 00:05:22.079 Yes, hard money. 136 00:05:22.680 --> 00:05:24.920 We don't shy away from that term. 137 00:05:25.240 --> 00:05:27.480 You kind of get like it's actually a better term, 138 00:05:27.560 --> 00:05:31.759 because the term really was a worse word than that 139 00:05:31.879 --> 00:05:32.759 back in my day. 140 00:05:32.800 --> 00:05:34.879 Right, street money or treat money ever. 141 00:05:34.959 --> 00:05:37.000 Right, and then when you didn't pay, you got your 142 00:05:37.040 --> 00:05:40.199 legs broken at least, No hard money guys aren't doing that, right, 143 00:05:40.240 --> 00:05:42.560 they're keeping the book straight, and you don't pay, we'll 144 00:05:42.639 --> 00:05:44.800 full close on you. Will do it the legal weight. 145 00:05:45.040 --> 00:05:47.199 Right, and and so will a bank by the way, too, 146 00:05:47.279 --> 00:05:49.959 like everybody closes when you don't pay the bills. Like 147 00:05:50.040 --> 00:05:52.959 the hard money stigma of oh wow, like those guys 148 00:05:53.000 --> 00:05:55.160 are going to break my legs if I don't pay, Like, yeah, okay, 149 00:05:55.480 --> 00:05:56.160 that travels. 150 00:05:56.199 --> 00:05:57.439 How long has that lasted? 151 00:05:58.040 --> 00:05:59.800 That hasn't been a thing. I mean since I've been 152 00:05:59.839 --> 00:06:03.639 in the industry, which you know, I'm not as seasoned 153 00:06:03.680 --> 00:06:06.160 as other people, but I've been here for at least 154 00:06:06.360 --> 00:06:08.680 ten years in the real estate space, and that's not 155 00:06:08.879 --> 00:06:11.160 then a thing in the last decade. So I don't 156 00:06:11.160 --> 00:06:12.399 know if I can't speak before that. 157 00:06:13.000 --> 00:06:15.680 Well that we know about my generation was you're a 158 00:06:15.720 --> 00:06:17.360 little tough in the streets out there. Oh yeah, you 159 00:06:17.480 --> 00:06:18.240 heard hard money. 160 00:06:18.839 --> 00:06:22.279 I ain't doing that well again, and Luke can talk 161 00:06:22.279 --> 00:06:24.519 about it too, But like the hard money and breaking 162 00:06:24.519 --> 00:06:26.120 your legs is one thing, but really what it means 163 00:06:26.160 --> 00:06:30.040 is we're evaluating the hard asset. So really the loan 164 00:06:30.199 --> 00:06:32.959 is based off of, hey, this asset doesn't have value 165 00:06:33.000 --> 00:06:34.920 and can we lend against it? Nothing to be with 166 00:06:35.040 --> 00:06:37.319 like hard knuckles or like a hard fight. The definition 167 00:06:37.439 --> 00:06:41.240 of hard money evaluating change asset lending and should be 168 00:06:41.240 --> 00:06:42.680 called over that's actually company. 169 00:06:45.240 --> 00:06:48.600 But we do call you guys like breakers. We just 170 00:06:48.680 --> 00:06:51.680 call you guys like hard money, guys like oh because 171 00:06:51.680 --> 00:06:52.120 the guy. 172 00:06:53.120 --> 00:06:55.759 Okay, I like, there's a reason for it. 173 00:06:55.879 --> 00:06:58.879 Okay, you could explain the rationale behind hard money. And 174 00:06:59.040 --> 00:07:02.120 I'm gonna because our listeners that are listening to right 175 00:07:02.160 --> 00:07:05.319 are all demographics in thirty eighth stays, so a lot 176 00:07:05.319 --> 00:07:08.120 of people think hard money guys, are you know, make 177 00:07:08.639 --> 00:07:11.240 this much money? The points, the spreads, blah blah blah 178 00:07:11.839 --> 00:07:16.639 against traditional lending, And of course you guys are making 179 00:07:16.720 --> 00:07:18.519 more money and not making more money. Your spreads are 180 00:07:18.600 --> 00:07:21.519 higher and I don't know, we'll talk about that and 181 00:07:21.639 --> 00:07:26.759 your points. But typically guys like me wed go in 182 00:07:26.959 --> 00:07:29.000 and borrow from guys like you for a short period 183 00:07:29.079 --> 00:07:32.319 time until they got their traditional banking in line and 184 00:07:32.439 --> 00:07:35.319 then take you guys out and put their traditional banking 185 00:07:35.360 --> 00:07:39.560 in place. Then there's some guys that will stay developers, builders, whatever, 186 00:07:39.800 --> 00:07:43.079 builders really will stay on for the whole one year 187 00:07:43.199 --> 00:07:44.800 or two years, however loan it's going to take them 188 00:07:44.839 --> 00:07:47.360 to build out, but they're going to pay more money. 189 00:07:47.879 --> 00:07:50.720 But sometimes it's deals that banks can't close as fast 190 00:07:50.720 --> 00:07:53.279 as you guys can, or maybe there's a hiccup on 191 00:07:53.360 --> 00:07:55.959 his credit report or her credit report. Right, they gotta 192 00:07:55.959 --> 00:07:59.759 be politically correct. Yeah, so there's many reasons why you 193 00:07:59.800 --> 00:08:02.800 guys as it needed out here for a lot of builders. 194 00:08:03.040 --> 00:08:06.199 Yeah, there's a use for it when it's the best fit, 195 00:08:06.360 --> 00:08:08.839 and there's plenty of examples of when you want to 196 00:08:08.879 --> 00:08:10.920 use it and when you shouldn't. We see it as 197 00:08:11.079 --> 00:08:13.360 kind of like a scale of somebody who's first getting 198 00:08:13.399 --> 00:08:15.600 into it might need somebody who's a little bit more 199 00:08:15.839 --> 00:08:18.240 flexible than a bank to start getting into real estate, 200 00:08:18.279 --> 00:08:20.040 so maybe a hard money is a good option there. 201 00:08:20.480 --> 00:08:23.360 That person often leaves us for the bank after they've 202 00:08:23.439 --> 00:08:25.839 done four or five projects, and then you know, the 203 00:08:25.879 --> 00:08:28.360 bank starts slowing them down again, and the bank says, hey, 204 00:08:28.480 --> 00:08:30.160 you know, you've got too many deals out, You've got 205 00:08:30.240 --> 00:08:32.639 so much money. You know, with us, we want to 206 00:08:32.679 --> 00:08:34.679 hold off on your next one until you sell another one. 207 00:08:34.720 --> 00:08:37.039 So then they come back, and that's like the beauty 208 00:08:37.159 --> 00:08:38.840 of the life cycle for us is when we come 209 00:08:38.919 --> 00:08:42.039 back around as a scaling tool, and that's a professional operator, 210 00:08:42.159 --> 00:08:45.279 somebody who's coming in and can really deliver on their products. 211 00:08:45.639 --> 00:08:47.159 So yeah, those I all that. 212 00:08:47.240 --> 00:08:48.919 Thought were going off for break and we'll be right back. 213 00:08:48.960 --> 00:08:51.519 This is City Stumbo Toughest Nails on WBZ News Radio 214 00:08:51.600 --> 00:08:53.799 ten thirty and welcome back to Toughest Nails. I'm City 215 00:08:53.840 --> 00:08:56.320 Stumpo and you are Sammy Okay and. 216 00:08:56.960 --> 00:08:58.759 Luke and mikey V. 217 00:09:00.279 --> 00:09:03.240 And I just noticed something. You're across what how many 218 00:09:03.320 --> 00:09:03.919 stations behind? 219 00:09:04.679 --> 00:09:07.080 So my show, my brother is on one hundred and 220 00:09:07.120 --> 00:09:08.759 twenty eight cities every single night in. 221 00:09:08.799 --> 00:09:11.679 The country, one hundred and twenty eight cities. 222 00:09:11.480 --> 00:09:13.759 Every single night. Yeah, So we do afternoon drive on 223 00:09:13.840 --> 00:09:15.879 Kiss one O eight, two to seven. Yeah, And then 224 00:09:15.960 --> 00:09:18.120 after that show is done, we have producers that then 225 00:09:18.240 --> 00:09:20.919 pulled that audio and then send into all all of 226 00:09:20.960 --> 00:09:23.919 our affiliates throughout the country. So then oh, Air, you 227 00:09:24.000 --> 00:09:29.360 know if you're in Roanoke, tull Sa Heart for Connecticut, Cleveland, Denver, Austin, 228 00:09:30.080 --> 00:09:30.799 anywhere you're. 229 00:09:30.639 --> 00:09:31.399 Going in the country. 230 00:09:31.799 --> 00:09:33.200 Got it. How did you two meet? 231 00:09:33.799 --> 00:09:36.399 We met in a kind of a funny way. I 232 00:09:36.919 --> 00:09:39.639 had just kind of started a twenty two and I 233 00:09:39.799 --> 00:09:41.240 was out in a boat throwing a party. We have 234 00:09:41.279 --> 00:09:43.639 a friend who like sells boats, so like once a 235 00:09:43.759 --> 00:09:45.759 year he'll tell the story to his boss, like, oh, 236 00:09:45.840 --> 00:09:47.840 Mikey IV might buy this like two million dollar boat, 237 00:09:47.879 --> 00:09:49.759 which we all know I'm not buying a freaking two. 238 00:09:49.679 --> 00:09:51.720 Million dollar boat. And then he'd be like, hey, Mikey, 239 00:09:52.000 --> 00:09:52.399 invite a. 240 00:09:52.399 --> 00:09:54.360 Bunch of friends and some girls. Let's have a part 241 00:09:54.440 --> 00:09:56.320 in this boat for your like show off of the boat. 242 00:09:56.679 --> 00:09:58.559 So I had filled this boat with a big party, 243 00:09:59.000 --> 00:10:00.879 and Luke had bought a boat from this guy as well. 244 00:10:01.399 --> 00:10:03.159 So Luke had like pulled up in his bubble, Oh 245 00:10:03.200 --> 00:10:05.440 what's going on over there? And then we invited him 246 00:10:05.480 --> 00:10:06.120 on a joint. 247 00:10:08.039 --> 00:10:09.320 Million dollars owned his boat. 248 00:10:09.399 --> 00:10:09.799 He didn't know. 249 00:10:11.639 --> 00:10:13.440 I had one of those boats that you drive up 250 00:10:13.480 --> 00:10:16.840 to a big boat, which is not the smartest coat 251 00:10:16.879 --> 00:10:18.519 to get you want you want to get into the 252 00:10:18.559 --> 00:10:19.039 other boat. 253 00:10:19.200 --> 00:10:21.200 But then the second he said he was working at 254 00:10:21.799 --> 00:10:24.240 a much bigger lender, like a three billion dollar fund 255 00:10:24.240 --> 00:10:26.919 out of Cleveland, and uh, he said he did lending. 256 00:10:27.200 --> 00:10:29.519 And the second he said that, my brain like turned 257 00:10:29.639 --> 00:10:33.720 party mode, Mikey completely off and we talked shop on 258 00:10:33.919 --> 00:10:38.320 this boat while the craziest things. We talked shop for 259 00:10:38.399 --> 00:10:41.360 like three hours on a boat. And then that kind 260 00:10:41.399 --> 00:10:44.879 of grew to we became there preferred mezzanine debt, did 261 00:10:44.879 --> 00:10:46.759 the bigger fund that he was working at, and then 262 00:10:46.960 --> 00:10:48.960 we did that for I don't know if that was 263 00:10:49.000 --> 00:10:50.720 six months or a year, but it got to the 264 00:10:50.720 --> 00:10:53.240 point where I was like, let's just team up, leave 265 00:10:53.320 --> 00:10:56.279 your big fund, and uh, let's start a thing from 266 00:10:56.320 --> 00:10:59.559 the ground up. And actually around that time is when 267 00:10:59.600 --> 00:11:02.039 you gave me advice to get out of a certain 268 00:11:02.080 --> 00:11:04.919 space and lending, and we had the perfect opportunity to 269 00:11:05.000 --> 00:11:06.919 kind of dive into the space that you recommended that 270 00:11:07.320 --> 00:11:07.799 we got into. 271 00:11:07.960 --> 00:11:09.559 How many years ago that you called me for advice? 272 00:11:09.799 --> 00:11:11.840 I was like, that was two years ago? But how 273 00:11:11.879 --> 00:11:12.200 long ago? 274 00:11:12.279 --> 00:11:12.399 Did? 275 00:11:12.840 --> 00:11:13.120 I mean? 276 00:11:13.399 --> 00:11:15.759 These years since COVID have like evaporated in my head, 277 00:11:15.759 --> 00:11:18.600 so I don't even know brain, Yes, like I don't even. 278 00:11:18.480 --> 00:11:19.200 Know how long ago. 279 00:11:19.399 --> 00:11:20.679 It's got to be around the same time. 280 00:11:20.799 --> 00:11:22.879 Yeah, I think I think it was very similar. I remember, 281 00:11:23.000 --> 00:11:24.200 like I was working close with Luke. 282 00:11:24.360 --> 00:11:27.440 You gave me that advice, and then remember in that 283 00:11:27.639 --> 00:11:29.799 same time frame, me and Luke are like, let's just 284 00:11:29.840 --> 00:11:32.399 start this and we have another partner, Josh, to start. 285 00:11:32.159 --> 00:11:34.919 A ground up, to start charging a one nine hundred number. 286 00:11:35.399 --> 00:11:36.440 Call Cindy for advice. 287 00:11:37.159 --> 00:11:40.000 That's it, we would call it. Goes. 288 00:11:40.080 --> 00:11:41.720 You don't sleep as it is, you want to sleep 289 00:11:41.759 --> 00:11:42.279 even less? 290 00:11:42.759 --> 00:11:47.799 Well, I'm up anyways, get everybody. It's like the craziest 291 00:11:47.840 --> 00:11:50.879 thing like those you know Instagram and Facebook, me whatever, right, 292 00:11:51.320 --> 00:11:53.879 and then her friends and Chad's friends and then my 293 00:11:54.039 --> 00:11:57.120 friend's kids like can you can you yep? Sure? Have 294 00:11:57.200 --> 00:11:58.720 you kid call me? Yep? Have you ky call me? 295 00:11:59.360 --> 00:12:01.320 Like I have all the answers. I kind of do 296 00:12:01.440 --> 00:12:02.039 have all the answers. 297 00:12:02.480 --> 00:12:04.200 You have a lot of answers, and I think your 298 00:12:04.240 --> 00:12:06.799 times avery valiable, valuable. So people wanted that with you, 299 00:12:06.840 --> 00:12:08.639 But I think for you, it's about like, how much 300 00:12:08.720 --> 00:12:10.840 time do you have to give that when. 301 00:12:10.759 --> 00:12:11.600 I retire again? 302 00:12:12.000 --> 00:12:12.159 Right? 303 00:12:12.440 --> 00:12:14.600 Because you don't want you should ask your daughter, is 304 00:12:14.600 --> 00:12:16.159 your mom ever going to retire? I feel like she 305 00:12:16.320 --> 00:12:18.759 just needs to be No, no, no, I'm never going 306 00:12:18.840 --> 00:12:21.120 to tie. You know, people were listening to radio. Can't 307 00:12:21.120 --> 00:12:23.919 see you hit she because you're saying you're retiring. It 308 00:12:23.960 --> 00:12:26.240 is a lie. It is I'm just gonna die with him. 309 00:12:27.559 --> 00:12:29.919 No, it started with back nine. Now we're back three. 310 00:12:30.279 --> 00:12:32.279 Then it's gonna be back on the two, back three. 311 00:12:32.519 --> 00:12:33.799 We're not allowed to say she's sixty. 312 00:12:34.240 --> 00:12:38.360 Then the competitors fifty nine forever, the competitors only age 313 00:12:38.440 --> 00:12:41.559 she does it. The competitors her friends like her age group, 314 00:12:41.559 --> 00:12:44.200 will say, is your mom ever going to retire? Because 315 00:12:44.200 --> 00:12:46.120 it can't go against your mom every time I'm speaking 316 00:12:46.159 --> 00:12:49.200 against your mom, right, And I remember being that age 317 00:12:49.799 --> 00:12:51.600 maybe younger, and going, oh my god, can this guy 318 00:12:51.639 --> 00:12:52.679 get out of the business already? 319 00:12:53.039 --> 00:12:53.200 Yes? 320 00:12:53.519 --> 00:12:55.639 So I felt that way too. Yeah, because he had 321 00:12:55.720 --> 00:12:57.840 a bigger name than I had. I was twenty three, 322 00:12:57.919 --> 00:12:59.720 twenty four to twenty five. He's in his forties. 323 00:13:00.399 --> 00:13:00.559 You know. 324 00:13:00.600 --> 00:13:03.080 I'm like, he's not going anywhere anything. I'm sure right. 325 00:13:03.279 --> 00:13:05.799 I don't want to go anywhere that you can't go anywhere. 326 00:13:06.120 --> 00:13:08.159 I don't want to go anywhere. Okay. So now you 327 00:13:08.240 --> 00:13:11.120 guys come together, You leave a bigger company, you take 328 00:13:11.159 --> 00:13:13.559 a risk to come here. I guess right, Yeah, I 329 00:13:13.639 --> 00:13:14.519 have a smaller company. 330 00:13:15.120 --> 00:13:18.240 Yeah, I mean especially with our product now, I mean 331 00:13:18.559 --> 00:13:20.960 we came on. The product that we run our business 332 00:13:21.000 --> 00:13:22.799 on today didn't exist, so it was brand new. 333 00:13:23.360 --> 00:13:27.480 Okay. So to people, you find the people people finding you, 334 00:13:27.639 --> 00:13:28.840 how is this all happening now? 335 00:13:29.240 --> 00:13:31.200 As far as our current base, most of them are 336 00:13:31.240 --> 00:13:33.600 folks that I've been working with for the last several years, 337 00:13:33.679 --> 00:13:35.240 and a lot of word of mouth, a lot of 338 00:13:35.320 --> 00:13:36.960 oh hey, who'd you get your money from? On this one? 339 00:13:37.039 --> 00:13:38.639 How they treat you, how to go? And you know 340 00:13:38.879 --> 00:13:41.720 that snowball effect has been our biggest So. 341 00:13:41.840 --> 00:13:43.960 For anybody that's listening right now and they need to borrow, 342 00:13:44.080 --> 00:13:47.320 they want to do a deal, like, cite them a deal, 343 00:13:47.480 --> 00:13:48.480 Cite how this goes down. 344 00:13:49.080 --> 00:13:52.720 Yeah, it's we focus on one before residential, so we 345 00:13:52.759 --> 00:13:54.399 don't do anything departments. 346 00:13:54.519 --> 00:13:57.320 I always tell people, dumb it right down right. The 347 00:13:57.399 --> 00:13:59.720 best thing you can do is take it right down. 348 00:14:00.759 --> 00:14:04.879 Somebody's mother's listening, father, whatever. We talk a lingo and 349 00:14:05.000 --> 00:14:07.600 we can get into our lingo and slowing those people. Right. 350 00:14:07.759 --> 00:14:11.639 So let's hypothically say I have a kid. I really 351 00:14:11.720 --> 00:14:13.360 know nothing about real estate, but they keep coming home 352 00:14:13.440 --> 00:14:15.960 at twenty one twenty two, Mom, dad, you gotta let 353 00:14:16.000 --> 00:14:17.559 me money. I can do this, I can do this, 354 00:14:17.639 --> 00:14:19.759 I can do this. And then parents are going, oh, 355 00:14:20.120 --> 00:14:21.799 I don't know body like you know. I know you're 356 00:14:21.799 --> 00:14:24.799 twenty seven to twenty eight. They're listening right now, and 357 00:14:24.919 --> 00:14:29.840 other people listening break it down very slowly. We come 358 00:14:29.919 --> 00:14:32.759 to you. Sammy comes to you. She wants to buy 359 00:14:33.120 --> 00:14:36.440 a three family. Right, let's not even call plexus because 360 00:14:36.480 --> 00:14:38.480 even that can throw people up. Sure they want she 361 00:14:38.519 --> 00:14:40.799 wants to buy a two family, three family. She wants 362 00:14:40.840 --> 00:14:43.120 to buy a ground up. Do you do ground up? 363 00:14:43.559 --> 00:14:46.759 Do you do renovation lending? Only you do it all? 364 00:14:47.039 --> 00:14:48.919 Yeah, So we have a ground up product, we have 365 00:14:49.000 --> 00:14:50.639 a fix and flip product, and we have just a 366 00:14:50.720 --> 00:14:54.279 traditional bridge product to get in quick and then replace. 367 00:14:54.080 --> 00:14:56.159 Us with okay, you a bigger perfect So let's go 368 00:14:56.320 --> 00:14:58.279 the simple one that people understand fix and flip because 369 00:14:58.279 --> 00:15:01.600 they've been watching HGTV the it's easy do it right, 370 00:15:01.679 --> 00:15:04.600 Oh yes, we're so easy. Just look at the final reveal. Right, 371 00:15:04.679 --> 00:15:06.360 then you leave and the hot water comes out of 372 00:15:06.360 --> 00:15:07.799 the cold water and the cold water comes out of 373 00:15:07.799 --> 00:15:09.720 the hot water. Yeah, I've seen it all out there. 374 00:15:10.159 --> 00:15:14.440 But so Sammy comes to you and let's keep numbers, 375 00:15:14.559 --> 00:15:18.440 like we Massachusetts numbers are really ridiculous, right, Like people 376 00:15:18.559 --> 00:15:21.000 hear mass numbers and they're like, well, you can buy 377 00:15:21.120 --> 00:15:23.200 Because I do a lot of social audio, yea, you 378 00:15:23.320 --> 00:15:25.320 can buy a house here Cindy and Mississippi for two 379 00:15:25.399 --> 00:15:26.320 undred fifty thousand dollars. 380 00:15:26.320 --> 00:15:29.080 I'm like, well that's great, but posted the day, like 381 00:15:29.159 --> 00:15:31.600 the average like house pressure something is like eight hundred 382 00:15:31.600 --> 00:15:32.320 and something thousand. 383 00:15:32.360 --> 00:15:35.200 I go, I wrote back, where, yeah, where there's a 384 00:15:35.399 --> 00:15:37.519 park Where there's a parking spot right now for sale 385 00:15:37.519 --> 00:15:40.559 in Boston for eight hundred thousand dollars literally a parking spot. 386 00:15:40.799 --> 00:15:44.039 All right, So let's just choose numbers I've got. Let's 387 00:15:44.120 --> 00:15:48.080 just keep numbers simple, Okay, somebody's buying a fix and 388 00:15:48.159 --> 00:15:52.440 flip a two family here in Boston for one million dollars. Yep, Okay, 389 00:15:52.840 --> 00:15:54.440 what do they have to put down with you guys? 390 00:15:55.080 --> 00:15:57.440 So their down payment will be anywhere from ten to 391 00:15:57.559 --> 00:16:00.600 twenty five percent. So base that off of how big 392 00:16:00.679 --> 00:16:03.240 the renovation is going to be and how their credit is. 393 00:16:03.399 --> 00:16:06.799 Okay, So the better the credit, okay, the less they 394 00:16:06.840 --> 00:16:08.360 have to put down, better. 395 00:16:08.240 --> 00:16:09.840 The credit, the less they have to put down, and 396 00:16:10.000 --> 00:16:12.559 the simpler the renovation, the less they would have to 397 00:16:12.600 --> 00:16:15.600 put down. Okay, good credit and easy renovation is going 398 00:16:15.679 --> 00:16:17.919 to get you that ten percent down number. And then hey, 399 00:16:18.440 --> 00:16:20.759 if you credit and wow, you know my renovation is 400 00:16:20.840 --> 00:16:22.960 let's say it's fifty percent of the purchase price. You're 401 00:16:23.000 --> 00:16:25.639