Episode Transcript
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(00:00):
Hey, welcome to Bob Bart andSoul. Thanks for hanging out with us
today. And in the studio we'vegot Brad Smith with Cross Country Mortgage and
Ward Neely with Gumption Financial. What'sup, gentlemen, how are we all?
What's up? How's it going?Good? Good? And we've got
you know, Tucker hanging out withus in here too, assistant assistant producer.
(00:24):
I will like that. I likethat. Is that okay with you?
Tucker? All right? And henods his head so good. Uh,
glad for you to be in here, Tucker as well and hanging out.
You know, maybe you know youhave a future in radio. Who
knows. We'll see for it,like his dad. Goodness. Well,
all right, big changes really sincethe last or the last time I've been
(00:48):
on the show. I had abirthday, Yeah you did, so that's
that was why we we ran arerun last week because I wasn't here.
I took a beach vacation one tocelebrate Father's Day and the birthday away from
town, and it was it wasa well needed break. I lived vicariously
three you on social media? Didyou? Yeah? I had a great
time too. You know, theone thing we should have. We should
(01:10):
have went fishing, and usually we'dgo fishing, but for some reason,
I don't know, if my fatherin law just didn't want to go out,
or what was going on, ormaybe all of the news about the
sharks and the gulf maybe that scaredthem. I don't know, but he
didn't want to go fishing, soI was okay with it. So we
just kind of chilled and hung out. That's the best. Sometimes we went
to Saint George Island. Have y'allever been Oh yeah, I very chill,
(01:37):
very laid back. You know.We've we spent I don't know twelve
of the last fifteen years going tothirty A and different you know, from
Seagrove to Blue Mountain to Seaside andall of them Rosemary and so we just
kind of went all through thirty A. But man, it's gotten like super
busy. YEP, it's gotten superexpensive, and and we just were like,
(02:00):
you know what, let's let's dosomething different. So last year we
actually went to Cosamel and had anawesome trip. Actually was funny. Is
probably saved money going to Cosammel thengoing and renting a house in thirty eight.
I can believe that and then wewent somebody suggested to Saint George Isllen.
I don't know if it was myfather in law or who it was,
(02:20):
and I've never been, so itwas it's like right by Apple Achcola,
you know, further down than CapeSan Blast, Mexico Beach Port Saint
Joe area, and I mean Iwas thoroughly impressed, like very laid back,
very chill, Like everybody has kindof golf carts that roam around,
Like I think there's more golf cartsroaming around Saint George Island than there are
(02:45):
actual cars. It was cool.It was like I really enjoyed it.
That's awesome the beach. It isthe beach, but the thing about it,
like I kind of joked around,I feel like thirty A is like
Malibu of the South, and it'slike, I mean, you gotta go.
You gotta dress up to your nineswhen you go out. It's it's
(03:05):
a whole different level, not mystyle. We're usually down on Fort Morgan
Road on the Bama side, headedtowards Mobile Bay, so we could go,
so we're usually it's a little moreit's chill too, but it's they're
not not a whole lot going down. So we've been doing glass. Okay,
so I was like ten years old, is that right? Yeah,
So my in laws have a placedown Orange Beach. We go there,
(03:29):
but mom and dad that's Cape Samblaethere we go cast rolls and uh,
families. I like it. Ilike it so interesting enough. We're we're
actually going to go back later inlate July. We're gonna actually go to
Cape Sandblass. So we got askedto go and we're like, okay,
(03:49):
yes, beach trip, why not. So we're gonna We're gonna go back
to Cape Sandblasts and hang out there. So I'm excited about it. We
might be there, Okay into July. You're gonna be down there. It's
it's something somewhere. Yeah, I'lldo a week at a time. I
know. That's real. Well,very good. Well, hey, so
we've got we've got all sorts ofyou know, real estate and lending hanging
(04:10):
out with us in the studio.So Ward's got a background in commercial real
estate. We're going to be talkingabout gumption in the next segment. But
what do you seen in the commercialworld. Give us a little bit of
a commercial market update. Uh,probably most importantly, nothing consistent. It's
like all over the board. Youknow, it seems like one week it's
(04:33):
this, the next week it's that. Everybody seems to be lending again,
which is good, that's huge.Yeah, but it's pretty much where's everybody
at capacity? Wise? If somebodygets in a big loan that they weren't
expecting, then all of a sudden, they're aggressive. But it's hard to
keep up with you know, who'saggressive who's not. But I would say
(04:54):
most of the community banks are stillreally active. This whole like community banks
are failing is uh, you knowmaybe in New York, but not in
Alabama. Let's still really healthy.And uh they're easy to do business with.
Oh that's nice. We like whenit's easy to do business with people.
That's right, less stress, nodoubt. Brad. What do you
(05:17):
see in the mortgage world over thepast week? Applications slowed down a little
bit. And when I say alittle bit, I mean like you know,
nationally in like three percent, souh so, you know, nothing
nothing earth shattering there. You know, we're still kind of waiting on some
of the rate stuff to kind ofsettle down. And you know, one
of the things we've that I've kepttalking about is kind of some of the
(05:39):
reports were getting in, some ofthe kind of the tone of the FED
chairs and everything else, and sothat the tone seems to you know,
just Brad Smith riding between the lines, it seems like we are going to
get a rate cut probably by theend of summer. I would think,
I think we've heard I think threeFED chairs now have kind of come out
or FED members have come out andkind of had that sentiment and kind of
(06:00):
talking about like, uh, oneof the ladies that was talking about it,
reading through her recap, she youknow, she's kind of on that
thing of like this it's coming,it's we gotta move it down, and
if we don't want it to bea hard crash down, we've got to
go ahead and do it. Becausea lot, like we've talked about,
a lot of the a lot ofthe information and stuff we're getting in is
a year old data that we're thatwe're piecing back together to see where we
(06:24):
are now and then what we're gonnabe in the future, and we're trailing.
So if we wait till it's actuallyshowing, then it's going to be
too late. So I think that'sbeen kind of the tone I've joked that,
you know, people are kind ofreading, you know, watching their
manuurysms and stuff, trying to geta beat on some of this. So
it's completely just trying to read betweenthe lines and figure it out. But
I think the numbers are that we'regonna start getting a little bit of rate
(06:46):
relief, not a ton, butI think they're not I think they're gonna
quit being as restrictive in that world. But we're having around seven percent right
around seven now. And to meagain, I mean, if you'll,
if y'all been listening to the show, I really kind of base everything off
of seven percent at this point rightnow, Like if a market goes below
seven percent, usually our market,our showings are offers pick up a little
(07:09):
bit. When it goes above sevenpercent, they slow down. Yeah,
And I think the national average thisweek was is right at like six point
nine to eight, So I meanthe average is two hundreds of a point
below, So I mean, soit's there. And like I said,
I think, you know, we'vehad a few closings that have been under
seven and that things you know,someone are still seven a quarter some and
(07:30):
a half. There's so many differentlittle things that go into each individual's profile
and everything that goes into that.But I still feel safe just saying,
hey, somewhere in that seven rangeis a good good place to start if
you're plugging it in a calculator andkind of seeing what you what you're thinking
are or you can always just reachout yeah. Yeah. And on the
real estate side of things, well, we've we've only put a couple homes
on our contract in the last week, which we should be doing more than
(07:55):
that, obviously, But the summertimeis always they're literally weeks that it is
super hot and there's weeks that it'ssuper not. And I think a lot
of it has to do with peopleare going in and out of town for
vacations. Like I mean, Iwas out of town. What was you
know, I could have had myagent FaceTime if I was, if I
(08:18):
was in the market and interested.But you know, I mean I tried
to unplug as much as I could, and I think most people when they
go on vacation, they try todo that depending on what their job is.
So I was looking at you know, numbers like where were we at,
like year to date, and youknow, sales wise, inventory wise,
(08:41):
inventory almost all like ninety eight percentacross the board is up right,
which is a great thing if you'rea buyer looking for selection, and so
you know some of the areas whereour listeners are at. So downtown Birmingham
Southside inventory is up seventeen percent.Avondale, Crestwood Highland Park, Forest Park
(09:03):
inventory is up twenty three percent overCrestline Gardens, Crestline Park, Irondale inventory
is up seven percent. Homewood it'sonly up two percent. Yeah, Liberty
Park in Westavia five percent, BluffPark, Hoover River Chase up fourteen percent,
(09:24):
Highway to eighty. I consider Highwayto eighty Hoover maybe in then Oak
Mountain area, Uh, that isup thirty one percent. And then let's
see, I was gonna pull upMountain Brook on this list. Mountain Brook's
up seven percent. So in kindof our over the Mountain list of folks,
(09:46):
I mean, we're really seeing abouta ten percent increase on an average
if you look at our whole market, our market as a whole, of
this twelve percent when I factor inall the suburbs, so we've seen,
you know, twelve percent. Imean that's almost three thousand houses is what
that kind of equates to. That'sa year every year, year, every
(10:07):
year. Yeah, Yeah, that'ssurprising to me. You think it'd be
more or less? I would havethought less. Yeah, you know,
I think I think we're getting we'reyou know, we've we've been talking about
it now for a little while.I think we're getting to where people are
finally it's it's push come to shove. That needed to be doing something,
But we're hanging on to that ratethey've got on the current house and just
(10:28):
not wanting to bite that bullet oflike hey we we are now busting at
the seams, or hey we donot need this much house anymore, or
hey I've got to move for thisjob or get closer into this or whatever.
So the life things are still happening, and they've put it off as
long as possible because they were holdingon to that that rate they got.
Now they're just finally saying, hey, we got to list our house and
because we got to do something different. And I think I think it's finally
(10:48):
kind of coming coming to a headon that. Another thing that's interesting is
basically, and these numbers are reallyJanuary through May, right, because I
mean our you know, most closingsare going to happen. Really the last
two weeks of a month is whatwe typically see. So that's why I've
(11:09):
really looked January to May, andit's almost like total sales is almost like
dead even. It's literally it's anincrease of four home sold this year,
which I think is really interesting.So it's pretty much dead even. Average
price three p thirty three as comparedto last year was three twenty one.
(11:33):
I can tell you our average thisyear as a team is two eighty five,
which is actually a little bit upfrom last year because we sold a
pretty good amount of investment properties,so a lot of stuff that was under
one hundred thousand brought it down.It brought that average down. Median value
two sixty nine as compared to twothirty nine. That's a twelve percent increase.
(11:56):
But if you go back and lookat like certain places, we'll we'll
say we'll get to Homewood. Bradand I are both Homewood guys. Values
almost dead even five thirty one ascompared to five thirty last year. There
you go median value four fifty nineas compared to four to thirty five.
(12:18):
So an increase of six percent.Look at Liberty Park, Vestavia average price
five ninety seven as compared to fivethirty five, which is a twelve percent
increase. But I will throw inthe asterisk of there's a new construction neighborhood
called the Bray at Liberty Park thatthey started closing earlier this year, and
(12:39):
so I think that has helped bringthat average up. Looking at Hoover River
Chase, I mean basically a twoand three percent increase, so but pretty
much. I mean, I thinkthat's just all kind of interesting stuff.
The inventory is going up, butI mean basically the the for the year
(13:03):
it's like it was last year.Yeah. Well, and you know,
you see a little bit of inventorycreep up and maybe the appreciation is not
as fast because you've got there's moreoptions, but it's still holding strong on
those values. So I mean,it's it's all it's still all positive there,
yea. That the inventory's up andthat the values are holding and even
increasing a little bit. So that'scool, that's right. All right,
Well, you know, stay tuned. We are going to be talking about
(13:24):
gumption, uh for our local businessspotlight next right here on Barred and Sold
all right, Welcome back to theshow, and we've got hanging out with
us in the studio Ward Neely fromGumption Financial and he's our local business spotlight
today too, by the way,So Ward tell us a little bit about
(13:46):
Gumption. Yeah. So we're we'rebasically tender for commercial real estate. We
we we're like a dating app.So we bring on lenders, mostly community
banks, credit unions, life companies, private lenders, and then we bring
in developers and we match them upbased on their need. So lenders come
(14:09):
in tell us their legal lending limit, geographical parameters, stuff like that,
instead of you know, long walkson the beach and red wine it's boring
stuff. And then developers will comein and say, hey, I'm you
know, I'm buying this single tenantwarehouse building and here's the NI here's the
loan I'm looking for, and ouralgorithm is going to match them up based
(14:31):
on how they answer the questions withthe lender, based on how the lender
answers questions. So you know,theoretically you're getting matched up with more more
options than you would have normally.You know, sometimes it's hard to know
what lenders are active, you know, or specifically which ones have product types
that you're you know, looking formoney on. So instead of the old
(14:54):
nineteen forties show up at the Chamberof Commerce, it's get it at the
tip of your fingers. Now youswipe right or left or yeah, I
don't you know how it works?So long one of the lenders go to
loan committee first and say, yeah, do we want to do we want
to match for them or not matchfor them. So yeah, it's no
pictures, okay, yeah, it'sit's it all goes out anonymous at first,
(15:18):
so it's like you wouldn't see thespecifics of the deal. It's more
like, here's the loan size,here's the you know o I you know,
here's the average networth credit annual income, stuff like that. It's it's
a picture enough for the lender tosay, hey, I'm interested, and
then at that point it's worth aconversation. That's right. Yeah, you
know it's if you signed up,every lender is going to say I want
(15:39):
to work with Gussie. Cool ifsomeone say yes. So what we do
is, it's kind of our taglineis we eliminate you know, we get
fast nose so that you can geta quicker. Yes, well, I
like that. I like that.I mean to me, it just seems
like it just makes like when I'mlooking at you know, if I had
a development, like I might notknow somebody at insert name bank may be
(16:04):
super interested in an office deal ora warehouse deal, and you know,
they might be in you know,we'll say Shelby County and I may be
you know, focused in Jefferson County, but I might not have that relationship
with that bank, but they couldbe the perfect fit. Sure. And
so you've got all the data fromthe banks, then you're bringing in all
the data from the developers. Sohow are you So how are you finding
(16:29):
the banks? First off, youknow, it's it's not that difficult.
We actually have a really savvy CTOand he's tied into the back end of
the fds C website. Okay,so like we have we have deals at
match with the lenders on our platform, and then we have a tool that
tells us other banks that aren't onour platform who we should be talking to
(16:51):
nice and then it's just the oldfashioned Hey man, got a really weird
thing I'm about to tell you about. But yeah, this is what we
do for them. It's free touse. For the bar or it's free
to use. It's everybody gets afree. Look, we only get paid
if the deal closes. But forthe lenders here, it's it's you know,
high quality targeted leads that come straightto their inbox. So it's we've
(17:14):
I think we've got one hundred andtwenty lenders on the network. We've been
told two people told us no onewas in Miami. They have one branch,
and it was like, it's nothow we operate. I said,
that's good to know you aren't gonnabe a fit here. The other was
was a small lender and he's like, man, we're a relationship bank.
I'm like, I'm about to giveyou a lot of them if you'll just
just join. But anybody that's askingquestions or pushing back where it's like,
(17:37):
hey man, it's ben a fitfor you. This is a new way
of doing business that I think kindof opened up with recession. Banking was
always relational and you know, superpersonal. But I think a lot of
real estate developers got left time anddrying the recession, and now they're like,
hey man, I'll pay for thenext round of golf, but I'm
gonna go with these guys because they'regonna save me, you know, thirty
(18:00):
thousand dollars over the first year ofthe loan. Yeah. Yeah, I
mean I like golf. Yeah,I love golf too, don't play much.
Yeah, Round the Highlands is notnot gonna get me to lose a
bunch of money. That's right,That's right. So throw out a hypothetical
deal. So I'm a developer andI've got this deal. What would you
(18:22):
have to do? Like you goon the gumption platform, you fill out
Yeah, I mean it's like probablyfifteen to twenty questions. Okay. I
told our team, I was like, look, I'm going to sound like
an anomaly, but and this willfrustrate a lot of the real estate commercial
real estate guys, but we're alljust dumb rednecks that figure out how to
put puzzle pieces together. So makeit really really simple, yes, like
(18:45):
simple and easy. And that's probablythe biggest feedback we've gotten is everybody's like,
I'm shocked at how easy that wasto you. Okay, So but
they don't do they have to goahead and load their docks or how does
that work? No, they don'tload the docks until they've committed. That's
it's also one of the benefits.Like you're going to send stuff, you
know, to four or five lenders, You've got to email and that's twenty
(19:07):
emails week's worth of work. Youknow. We we kind of streamline that
process. You actually upload your stuffto the platform, you build a financial
profile on our platform. But nowevery lender that you do business with in
the future is going to have accessto so and we tell everybody we're not
really reinventing the wheel here, We'rejust making it roll a little bit smoother.
Yeah, time is money in ourbusiness. So yeah, you know,
(19:30):
I mean I just think about,all right, if I had a
deal, you know, it's it'slike I've I have one business, I've
got multiple partners in well, tryingto get a bunch of financial documents is
not as easy as it sounds.Yeah, and you know everybody needs updated
you know, personal financial statement.Well, I mean that could change in
(19:52):
a week, so you know,most part it doesn't, but I mean
it does when you're run in smallbusinesses. I mean those change based on
the cash flows and so just tryingto be able to get that information and
be able to submit it. Itis super difficult. Yea. And yeah,
so like in one of our companies, we're asking for for either a
(20:14):
line of credit or to go andbuild some houses. So that's what we're
looking at. And it's hard.You know, it's like you put together
all the documents, it's like I'vegot them in a drop box. But
most of the companies don't want todrop box and it's just like, oh
my gosh, it's it can bedifficult. So I love that you've broken
it down as simple as basically you'regetting pre qualified for a mortgage on the
(20:37):
residential side. It's just on thecommercial side. Yeah, well, I
mean it's you know, you're dealingwith a lot of like really proud people.
Commercial real estate space and commercial lendingto this point has been slightly humiliating.
I mean they will undress you andmake you feel like, man,
how do you not have this?How do you not have that? And
(20:57):
it's just it's constant least something more. And what we've learned is it doesn't
have to be if we organize thingsand bundle it up, you know,
and hand it off to a lenderand they say, man, I need
a couple more things, and like, well, the other four banks didn't,
so why are you any different.I know you want it, but
you know I want a Ferrari.My wife won't let me have one,
(21:17):
so well maybe one day, probablynot, maybe one day. It's now
the developers, how are you findingthem? Bard of Mouth, same like,
Yeah, we've been live for likesix months now. We've got about
one hundred and twenty million in thepipeline, so we've got a good flow
going. Great, but a lotof it is, you know, we
go out and execute and then theycome back, and then the next deal
(21:41):
is easier because all their stuff livesthere. You know, in the commercial
world, we're having to do annualreporting, so the bank needs updated tax
returns, updated financials. You know, once you've done a deal with us,
we're going to track all that foryou. So next year when you
update your newest stuff, it's goingto automatically go to the lenders. You
have active deals, so you know, it doesn't seem crazy. But when
(22:03):
the older guys said, man,it's about like lifting the toilet seed at
two in the morning, Like it'snot a tough task, but man,
I hate doing it. It's agreat analogy. It's it is I've got
so many I thought this go ahead. I've got so many different things.
Maybe some smith's gonna be all fairso like, because now I'm going down
to my you know old world ofof of commercial and we've got about two
(22:25):
minutes left to give you an idea. Well, I guess what I'm so,
do you have certain like banks ofcertain sizes say we are willing to
participate with each other, like likewe we both want this. We had
a three million dollar deal, Likecan they can they say, hey,
we're we're we're opening, We're openingto partner together. If a deal comes
in it's too big for us,but we might want to participate with it.
Yeah, we're talking about it,not yet, but yeah, I
(22:47):
mean we like to me, Iam nowhere without Central State Bank. Those
guys took a chance on me tenyears ago when nobody else did. So
we view this as a way toempower local community banks. That's what I
was thinking. Yeah, I mean, you know, they don't have the
opportunity to grow with customers, butwe can add that to the platform.
That's a good way for them todo it. Oh cool, all right,
(23:07):
Brad, we might have to savesome of your other questions for a
little bit later on the main one. It was like podc out, but
we can also just talk all fairbecause I'm just curious. No, it's
cool. It's great. I mean, as soon as Ward told me about
it a while back, I waslike, man, I love I love
this just from a business streamline.It's so good and it could be great
opportunities for the developers. All right, website, where do the people go?
(23:29):
Yeah, gumption dot dev dot devdv ev. Don't ask me about
the name gump shun dot devre fromForrest Gump. I like it. Co
founders don't like me saying that it'sreally not Okay, Well, all right,
y'all stay tuned. We got it. We're up against the top of
the hour. We'll be right back, Bob bar all right, welcome back
to the show. We've got hangingout in the studio. Brad Smith,
(23:52):
Cross Country Mortgage, Ward Neely withGumption Financial, and we're gonna have will
uh Litt guess the mortgage payment gameme and Ward. We'll see how we
do on numbers. Mister financial,not the financial guy, a hamster on
the wheels, the Gump guy,not the financial ping. Yeah, yeah,
(24:15):
sou Do you want to Brad,do you want to tell the rules
toward Yeah, because I feel likeyou can correct me. Yeah, No,
you're good. I'm still a littlebit of a newbie, but but
working through this. So Gust he'sgonna talk about some properties they've got coming
up or already listed, kind ofgive out the purchase price of those.
(24:37):
Then what we're gonna do is andwe're gonna I'm gonna tell you a scenario,
and you've got to guess the paymentbased off of the down payment I
tell you on that loan, andwhat you think the rail on that loan
is gonna be. And it's justthe principal interest. You don't have to
figure out their taxes and homeowners insuranceand then maybe if they've got P and
I and every P and I hO as, it's just principal and interest
what you think would be today principalinterest. He's gonna give you the purchase
(25:00):
I'll tell you what the down paymentis the percentage of it, so you've
got to figure out the long amountin your head. Then it's all thirty
year am all thirty year am allbased all three hundred and sixty months.
Man when i'd give to get athirty year You gotta like those thirty year
notes. Without a five year balloon, we can only see him at four
percent again, that'd be nice.All right, Well, I will talk
(25:25):
about our first listing of the day. It's actually going to be open this
afternoon from two to four. It'sin South Lake two thousand and one Forest
Cove Drive and Hoover, built innineteen eighty nine on three quarters of an
acre lot. It's six bedrooms,four and a half baths, forty two
hundred and seventy eight square feet onthe main two levels, another finished thirteen
(25:47):
hundred and twenty square feet in thebasement. Golly, six bedrooms, four
and a half baths. What yougoing to do with all them bedrooms?
Let's put you Oh you've got abunch of kids, say I can fill
there you go, There you go. We're asking eight hundred and fifty thousand
for this home. Spain Park HighSchool is where it is zoned at.
And Carlo Diloberto, congratulations on yourlisting. So there you go, eight
(26:12):
hundred and fifty thousand Brown. Whatis the scenario? Okay, here we
go. So when this person madean offer for full price of eight hundred
and fifty thousand. They plan onputting ten percent down on that purchase price.
Okay, what is the thirty yearpayment princip one interest only, And
I'll go first. Gusty will gofirst. And while he's thinking it over
(26:36):
real quick, so you don't youdon't have to do like if you go
over, you don't lose. There'sno prices right over thing. Try not
to go just around a dollar aroundGusty. But okay, but but Gusty's
pretty good at this, so wouldn'tI wouldn't straight too, I wouldn't stray
too far, is my is myhint for the guest of this week forty
(26:59):
eight seventy nine, My gosh,four thousand again. I like random numbers,
by the way. I mean Iwas, I was just thinking five
grand in my head. But nowI feel like I'm playing home run derby
against Aaron Judge. No. No, I would say, sometimes it's smart
to stick stick close to where youwere thinking. Yeah, typically I would
(27:19):
agree with that because that I wouldconsider that to be close to Gusty.
That's all I'm gonna say. Sosometimes when some when Gusty, you'll say
three thousand, somebody says two thousand. We're usually gonna, yeah, be
pretty far off, but you're inthe right range. Yeah yeah, I'll
stick with it. I'll get betterat it. I feel like he's about
to win this one. Yeah,there's a reason that was kind of I
(27:40):
knew it, so five and twentyfive dollars. For the record, I
don't calculate anything. I have amortgage calculator in my phone and I use
it all over. There you go, yeah, there you go. That's
awesome. That's all like I need. I need the son of a gun.
You were set me up for losing. I'm just glad I didn't completely
(28:02):
embarrass myself. Now you're good mangood. I have lost before. I
will say that. And actually,John here one time guessed the payment right
on the dot. Oh wow,it was pretty amazing nine to sixty right,
because it's the frequency of the amstick. So very lucky here all
(28:22):
right. Our next new listing isin mccallaugh sixty three oh one Williams Springs
Way. This was built in twentytwenty two on almost a half acre lot.
Twenty one hundred square feet, fourbedrooms, three and a half baths,
two car garage. Four hundred andfifty thousand dollars. Man, this
one is close to the new hospitalthat they're building over there off the McCalla
(28:44):
exit. And uh yeah, fourhundred and fifty thousand dollars. This listening
is courtesy of John Michael Brandon.John Michael, congratulations on your new listing.
Here we go. What we got? Four hundred and fifty thousand dollars.
This person's first time home buyer andonly putting three percent? Three percent
down? What is that payment?Principal and interest only? Man? Try
(29:08):
to get off the increments of fives? May it make you have to drill
it down a little more. Peopleare listening to me. That's not hard
and just yeah you start. Yeah, that's right, it's not hard at
all. I used the calculator toget them alone here. You know it's
not it's on you board. Oh, you get to go first this time.
(29:33):
I will say twenty nine fifty two. Oh. I was thinking in
the twenty nines and I'm thinking twentynine to eleven. Oh. It's a
tight group here. Yeah. John'sgot me motivated. I mean, this
(29:56):
is gonna be We may have tocome up with some different stuff for thism
because this is well, so itwas twenty nine to seventy seven. Oh
it may look out if I beatyou, the first call I make when
I leave here is gonna be sizemore. Okay, yeah, yeah,
please do tell him. I said, hey too, Oh well I hadn't
talked to that guy in a longtime. He's doing well, he's doing
(30:18):
great. Hey, three kids namedhis last one Ward? Is that right?
How cool is that? I don'tthink it was after me? Okay,
well, well there you go.Well would I would just maintain that
it well oh yeah yeah, soyeah, I've tried to get people to
say, you know, like nametheir kid after me, Like I mean,
how many There's like literally only twoGusties in Birmingham, so there should
(30:38):
be a third. Who's the otherone? Gusty year out and that's actually
who I was named after. Ohokay, so there you go. Yep,
now we have William Guscula is thethird trip right right right? But
you know there should be another Gustyout there. You know, maybe maybe
I can influence that somewhere. Sorry, name your kid Gusty, Yeah you
can do it next. We've gota coming soon. Also in McCall in
(31:02):
the Rock Mountain Lakes community. OhWow. Sits on two point three acres,
built nineteen eighty six, three bedrooms, two baths, seventeen hundred and
thirty two square feet. It issixty one twenty one Rock Mountain Lake two
car garage priced at two ninety ninenine. What a great price to nine
nine and mcaullaugh listing his courtesy ofWalker Gant Walker, congratulations on your new
(31:30):
listing. I guess it's on me, now it's on you now just this,
but I think Ward has just alreadywon since he got He's already got
two of the three. That sothis is, you know, like,
why not we're going let's press?Yeah, yeah, you can press.
That's why one's already be over.What do you gotta? We got to
(31:51):
see if we can go. Youcan go for the sweep here, how
about that? Yeah? For thesleep That all right? So three hundred
thousand dollars is the sales price?Yeah, five percent down, five percent
down? Okay, So just keepingit simple, I'm gonna go with nineteen
(32:13):
ninety six because that was a goodyear, great year for sports. I
must say, twenty fifty one,twenty fifty one, so Gusty gets it,
outside gets it. What I was, what I was really gonna get
(32:34):
excited about, was to say thatGusty got three of the four numbers right
and didn't win. But he didwin. So it was eighteen ninety six.
Really, so eighteen ninety six,which I don't know if that was
good. I don't remember that year. I don't know how great it was
or not. John, is thereanything in history that you could share about
eighteen ninety six? It was agreat year, but no one remembers you
were all drunk. Okay, fairenough, see that happens too, all
(32:59):
right, Well COVID. Yeah,Hey, we got a couple of buyer
needs. We've got somebody looking inthe Hoover area up to two hundred and
fifty thousand. They're looking for athree bedroom, one bath or a three
bedroom two bath. They are okaywith it being a fixer upper, but
they need it to be livable whilethey fix it up. So up to
two fifty in Hoover. We've gotsomebody looking in Hoover, Pelham, or
(33:22):
Vestavia. They are interested in atwo or three bedroom town home or condo.
And then I still have a coupleof folks looking in Edgewood School District
in Homewood. They are willing togo up to one point seventy five million
dollars. So if you are consideringselling a home in the Edgewood School District,
please let me know. You cango to gustygoulisgroup dot com. You
(33:46):
can also go to and call twooh five five four two nineteen ninety six.
Ward. Guess what time it is? Huh testimonials. Yeah, Oh,
give him a chance. Oh helooked confused. I was so ready
to have it right in his time. I think I say reviews or surveys
(34:06):
or whatever half the time. Well, this is what Max says. Riley
is the type of person you wanton your side during what can be an
overwhelming process of selling a home.Riley is professional, He is knowledgeable,
and most importantly, he genuinely caresabout making the cell of your home as
straightforward as he can. He hasalways been available when I have had questions.
(34:27):
He has been communicative about the nextsteps and what should be expected.
He has no hesitation to go aboveand beyond to make sure his clients are
taken care of. I could notbe more pleased with my selling experience with
Riley. He made it clear fromday one that the cell of my home
was a top priority, and therewas not a single moment when I questioned
his dedication or competence. Man,look at that. I cannot recommend Riley
(34:52):
enough. So Max, thank youso much for allowing us the opportunity to
sell your home in Avondale. Riley, congratulations on another five star review.
That's it for today. Yeah,I like that one. That one's so
good. Rolly's cool as a fantoo, so I like Riley is a
good dude. Rolly's gonna get somebusiness out of that. Riley is gonna
definitely get some business out of thatone. So well cool. Well,
(35:15):
all right, we're gonna go tobreak y'all stay tuned. I have a
feeling we've got a couple more questionsabout what is going on with Gumption.
We might talk about what's going onin Birmingham right here, Bob, barn
and Solt stay tuned. All right, Welcome back to Bob Bard and Sold.
Thank you again for joining us.Appreciate it hanging out with us.
(35:38):
Brad Smith cross cross country mortgage.I know I was going on crass craunching
cross country mortgage and we got wardneely with Gumption Financial and I know we
hate we Earlier we were talking about, you know a little bit about Gumption.
I know, Brad you you hada couple more questions. Well,
you know, I'm I just kindof nerded out for a second listening to
(36:00):
it, just because it has hasa little tie into what I what I
do, and then also what I'vedone in the past and then I But
so some of it it's just kindof that, you know, because a
lot of lenders, you know,kind of what he was talking about earlier
when I was asking about the participations. You know, some lenders may not
be able to have a borrower havea loan with them over two and a
half million dollars, right, Andso somebody else maybe have a have a
(36:20):
three million dollar cap and they goonline they'say that profile and somebody is looking
for a five million dollar deal,right. And so if there's a couple
of community banks in a similar areaand have something else, so that's where
I was talking about, could twobanks say, hey, we're willing to
partner up on some of these ifthey get over what we can do,
allowed to do and can kind ofbuild relationships within that site with other lenders
that may be open to participating.So that was why I was kind of
(36:42):
went that way out, but alsorealized that's a may not be interesting to
everybody, but it is a coolit's it's it just made me think about
the tender thing and like, howcan we have you know, you know,
sinking others up inside of that communitythat they're already building, which is
I think it's really cool and Iknow it's a it's alved the need in
that space for sure. It's alot like the nil stuff. We've used
that as a comparison. It's likeyou have a small community bank that takes
(37:06):
a chance on somebody, just likea small college take takes a chance on
somebody, and then they perform well, you know, their ability to go
borrow more money increases dramatically. Naturally, Uh, they're going to probably go
do that and so they'll outgrow theirbank. So yeah, it's it's something
we've talked about. There's there isa lot of room for innovation in the
lining space and commercial real estate.I mean, really, you know,
(37:29):
the way about which you get alonenow hasn't changed since the forties. Then
you know, carbon copy bax machineemail. But it's other than that.
It's you know, same process,same decision making, same same chain,
chain up the levels of what you'vegot to go through during their different you
know, requirements for whoever they're regulatedbuy with THEIRS, ft I C or
(37:52):
YEAH or anything else. It's changingfast. Yea. The AI stuff is
wild, fay. Well, it'swe've got it now where we have a
we have a tool where you cantake an OEM. If you're looking at
buying something, you can literally dropyour OM in the tool and a I
will parse all the data, runit through our system automatically. Within thirty
(38:12):
seconds. It'll give you a rangeof of where you're going to be,
you know, term sheet wise.No, it's it's nuts, it is.
It's crazy how deep it's getting intoall of it. Oh yeah,
it's all right here. So Ifind a piece of land we want to
develop it into. We'll say asmall community. Do you have banks like
(38:37):
go through your system? Do youhave banks that would be interested in lot
development that will be a residential community? Yeah? Absolutely, I mean,
we we've got lenders that will doall kinds of stuff. We're doing an
RV part South Alabama, right,now. So it's you know, what
we tell everybody is if you wouldtake your deal to Community Bank to fund
(38:58):
it, you should be running throughour platform instead of going to one.
You're essentially going to a huge networkand getting matched up at the right time.
So I like it. We stillencourage everybody. We're like, hey,
man, once you match up,like go to lunch with them,
meet them, build a relationship.It's I mean, it's still a human
we're tech enabled. We're not atech company, We're a tech enabled company.
(39:22):
I like that makes sense to me. I think it's awesome. I
think it's I think it's big.All right. You put together the Battery,
Yeah, downtown Birmingham, Well,well on the south side. Yeah,
we called downtown downtown Yeah yeah,north side housee. What you know
what's been going on over at theBattery? Uh man, Just a lot
(39:43):
of fun we've got. We've gota couple of restaurants. We got the
Birmingham District Brewing. If you andtry those guys, I have not oh
man, you know they're winning likegold medal after gold medal. I did
not know that. And they're oneof the highest rated breweries in Birmingham.
Get out yeah, they are.Jimmy is the is the brew master over
(40:04):
there's a wizard. It's an L. S U guy. So, like,
you know, a couple of knocksdown there, but but yeah,
he's like great beer. I'll havepeople. I'll have to check that out.
Does it surprise you that an L. S U guy has great the
best beer? I mean, itdoes not surprise me that they would have
good beer right the next it wouldn'tsurprise me that they would have the best
(40:25):
beer. But yeah, you know, I just kind of feel like I
forget about it. Yeah, sothat's a great reminder. Remind everybody.
The address of the battery. Yeah, it's twenty two oh one Second Avenue
South. So it's with Sobby Wand'sis there, right, you know,
original Birmingham masterpiece. Uh, thoseguys are awesome. Bobby Wand's is uh
(40:50):
Sushi Burritos. But they started inAvondale, moved over when we built the
battery. They moved over. Trueforty Uh is a is a fusion witness.
Uh. They do a combination ofyoga and t r X Magic City
Nutrition. You got smoothies teas,so I mean you can show up in
the morning and work out and thengo get you know, eat your smoothie
(41:14):
or shake or whatever, hang outon the patio and then eat some Masabi
Wanes for lunch or gusses, dependingon very nice, have to like gusses.
Oh, it's best fried chicken inAmerica. And then you can finish
the night with a beer and gojump on the pedal tours and get your
haircut, same spot. So theygot you got a hair place there too.
Yeah, Fade fade parlor. Yeah, the ecosystem of commercial real estate.
(41:39):
Do it all, Brad, We'regonna have to ride over to the
battery at some point and spend thejust the day. That sounds like we've
got somebody got it all mapped out, and so we've got it. You
got it from morning to down.I'd like, I'd like to see you
in yoga pants, you know,I'd feel bad for those yoga pants.
Yeah, anybody else in class?Yeah, No, I've only done yoga
(42:04):
one time. It was hot yoga. It was at the y m c
A. I was one of twoguys. The other guy expelled air and
it was loud, and and thenpeople looked at me and I was like,
that wasn't me So I had avery had a very never bad experience
at yoga because of random guy atthe Birmingham y See mine is the the
(42:28):
instructors Latti, They're like three morereps three, one, five, and
I'm like, whoa, I committedto three but this was over. Yeah.
Yeah, they'll ruin you a specialyoga class by ward Neely. Just
don't come in with the extra five. Oh yeah, yeah, that wouldn't
be good. So Gus's Chicken isliterally the most the best in the country.
(42:52):
I think they think they've won thataward multiple times. Yeah. How
did you find some of these placesas you were kind of putting together this
package? Just a lot of digging. I can't remember. I got I
got connected with their broker. They'rebased out of Memphis, roundabout way.
(43:12):
Got connected with the owner and shewas a mutual friend of a close friend
of mine and he connected this andshe's like, yeah, we've got a
franchise e looking in the area andlook out. So yeah, we were
we had them. We have thebrewery. I mean the breweries kind of
the way I view urban redevelopment.You know, breweries are like the grocery
store. Yeah, yeah, they'reyour anchor. Uh, they kind of
(43:37):
draw people in and uh it workedout well. So it's been a fun
one. Yeah. What that's youknow, what do you expect from you
know, that whole area. Doyou see continued growth? I mean they
just like a few blocks away therewas another huge multi family complex that was
(44:00):
built up, and there's some morerestaurants that have come in, and I
assume that whole kind of whole areais just going to continue to grow.
Yeah, I mean I don't Ihaven't looked at it lately, but I
think there's probably not many property ownersdown there that aren't new owners or you
know, people that are viewing itfrom an investment perspective. You know,
(44:22):
as far as like the big projectsare concerned. As you get further out,
there's not like whole blocks under thesame ownership, so you know,
putting an assemblage together can be alittle bit more difficult. But yeah,
I mean the more people that arethere, the better the restaurants the retail
are going to do. The moreretail, the more people want to be
down there. It's just kind ofa flywheel effect. Yeah. Absolutely,
(44:44):
well, and I think you're theBirmingham School law is pretty close by,
that's right around the block, soyou probably have a good many of those
folks that are coming in and comingto the battery as well. Yeah,
I mean, and you know it'sa night school, so I imagine some
of my flunks into it is agreat place to go. Definitely, definitely.
I don't know, I could onlyimagine like studying for my l SAP
(45:08):
doing all that. I mean,probably both do bat on the test,
you go drinking. What you dogood on the test, you go celebrate
drinking away, So you know,you just go to you go to the
brewery. Anyways, I wish Icould say that was by design, but
they were there. They were there. Yeah. Do you have like a
favorite restaurant in town that you justabsolutely love? Man? You know,
(45:28):
it just depends. Uh. Youknow, our new office is over by
Crane Works, which like industrial area. There's a place called the Pit.
Okay, it's it's a drive throughonly barbecue, but their breakfast is out
of this world. But you betternot wear orange and blue over there.
They're big. Okay, Yeah,I don't even joke. Yeah, I
(45:49):
like that, but yeah it is. It's it's an incredible breakfast. Pit.
Are not going to the pit almostlike at the soup knots. No
breakfast for you if you wear alburnstuff. So what kind of breakfast they
got? It's like, I mean, it's like everything you would expect,
Okay. I mean when I'm drivingback and forth to Chattanooga every once in
a while, I'll swing by theoffice at like four thirty or five,
and I think I think they openedmaybe at five, and there is a
(46:09):
lot people waiting. Wow, likeprobably before they go to the hospitals and
stuff. Hey, I don't knowwhere they come from. But by the
way, did you hear about thethe UAB Saint Vincent's yeah announcement. Yeah,
that I think is incredible. Yeah, completely blown away. I didn't
go like fully deep into the mergeracquisition whatever it is, but you know,
(46:37):
I'm interested to see how that's goingto be. Yeah, I mean
that's very Those are two massive playersin downtown. I mean that's yeah,
pretty impactful on the downtown real estatescene too. I mean, actually,
we we bought our building from SaintVincent's or ascension a couple of years ago
in Lateview. So we're at we'reat the corner of twenty seventh and seventh
(47:00):
month and so they had a buildingover there and when it popped up on
the market, I was like,Oh, I like this one. This
makes sense for us, and soyou know, I'm very interested to see
how that's going to play out.For sure, So hopefully it'll be still
great news for Birmingham. Absolutely wewill wish that. So wishing good things.
We wish Gumption great success. Excitedto see that continued growth. Thanks
(47:24):
for having me and once again Gumptiondot dev, Gumption dot dev. So
if you are a developer or you'rea bank, y'all need to go there,
get get lined up. It's thetender of commercial real estate or thanks
for being on, Brad, Thanksfor being on, Thanks for listening,
y'all. We'll check you out nexttime. Bob barn and sold. We're out.
Hey, welcome to Bob Bart andSoul. Thanks for hanging out with us
today. And in the studio we'vegot Brad Smith with Cross Country Mortgage and
Ward Neely with Gumption Financial. What'sup, gentlemen, how are we all?
What's up? How's it going?Good? Good? And we've got
you know, Tucker hanging out withus in here too, assistant assistant producer.
(00:24):
I will like that. I likethat. Is that okay with you?
Tucker? All right? And henods his head so good. Uh,
glad for you to be in here, Tucker as well and hanging out.
You know, maybe you know youhave a future in radio. Who
knows. We'll see for it,like his dad. Goodness. Well,
all right, big changes really sincethe last or the last time I've been
(00:48):
on the show. I had abirthday, Yeah you did, so that's
that was why we we ran arerun last week because I wasn't here.
I took a beach vacation one tocelebrate Father's Day and the birthday away from
town, and it was it wasa well needed break. I lived vicariously
three you on social media? Didyou? Yeah? I had a great
time too. You know, theone thing we should have. We should
(01:10):
have went fishing, and usually we'dgo fishing, but for some reason,
I don't know, if my fatherin law just didn't want to go out,
or what was going on, ormaybe all of the news about the
sharks and the gulf maybe that scaredthem. I don't know, but he
didn't want to go fishing, soI was okay with it. So we
just kind of chilled and hung out. That's the best. Sometimes we went
to Saint George Island. Have y'allever been Oh yeah, I very chill,
(01:37):
very laid back. You know.We've we spent I don't know twelve
of the last fifteen years going tothirty A and different you know, from
Seagrove to Blue Mountain to Seaside andall of them Rosemary and so we just
kind of went all through thirty A. But man, it's gotten like super
busy. YEP, it's gotten superexpensive, and and we just were like,
(02:00):
you know what, let's let's dosomething different. So last year we
actually went to Cosamel and had anawesome trip. Actually was funny. Is
probably saved money going to Cosammel thengoing and renting a house in thirty eight.
I can believe that and then wewent somebody suggested to Saint George Isllen.
I don't know if it was myfather in law or who it was,
(02:20):
and I've never been, so itwas it's like right by Apple Achcola,
you know, further down than CapeSan Blast, Mexico Beach Port Saint
Joe area, and I mean Iwas thoroughly impressed, like very laid back,
very chill, Like everybody has kindof golf carts that roam around,
Like I think there's more golf cartsroaming around Saint George Island than there are
(02:45):
actual cars. It was cool.It was like I really enjoyed it.
That's awesome the beach. It isthe beach, but the thing about it,
like I kind of joked around,I feel like thirty A is like
Malibu of the South, and it'slike, I mean, you gotta go.
You gotta dress up to your nineswhen you go out. It's it's
(03:05):
a whole different level, not mystyle. We're usually down on Fort Morgan
Road on the Bama side, headedtowards Mobile Bay, so we could go,
so we're usually it's a little moreit's chill too, but it's they're
not not a whole lot going down. So we've been doing glass. Okay,
so I was like ten years old, is that right? Yeah,
So my in laws have a placedown Orange Beach. We go there,
(03:29):
but mom and dad that's Cape Samblaethere we go cast rolls and uh,
families. I like it. Ilike it so interesting enough. We're we're
actually going to go back later inlate July. We're gonna actually go to
Cape Sandblass. So we got askedto go and we're like, okay,
(03:49):
yes, beach trip, why not. So we're gonna We're gonna go back
to Cape Sandblasts and hang out there. So I'm excited about it. We
might be there, Okay into July. You're gonna be down there. It's
it's something somewhere. Yeah, I'lldo a week at a time. I
know. That's real. Well,very good. Well, hey, so
we've got we've got all sorts ofyou know, real estate and lending hanging
(04:10):
out with us in the studio.So Ward's got a background in commercial real
estate. We're going to be talkingabout gumption in the next segment. But
what do you seen in the commercialworld. Give us a little bit of
a commercial market update. Uh,probably most importantly, nothing consistent. It's
like all over the board. Youknow, it seems like one week it's
(04:33):
this, the next week it's that. Everybody seems to be lending again,
which is good, that's huge.Yeah, but it's pretty much where's everybody
at capacity? Wise? If somebodygets in a big loan that they weren't
expecting, then all of a sudden, they're aggressive. But it's hard to
keep up with you know, who'saggressive who's not. But I would say
(04:54):
most of the community banks are stillreally active. This whole like community banks
are failing is uh, you knowmaybe in New York, but not in
Alabama. Let's still really healthy.And uh they're easy to do business with.
Oh that's nice. We like whenit's easy to do business with people.
That's right, less stress, nodoubt. Brad. What do you
(05:17):
see in the mortgage world over thepast week? Applications slowed down a little
bit. And when I say alittle bit, I mean like you know,
nationally in like three percent, souh so, you know, nothing
nothing earth shattering there. You know, we're still kind of waiting on some
of the rate stuff to kind ofsettle down. And you know, one
of the things we've that I've kepttalking about is kind of some of the
(05:39):
reports were getting in, some ofthe kind of the tone of the FED
chairs and everything else, and sothat the tone seems to you know,
just Brad Smith riding between the lines, it seems like we are going to
get a rate cut probably by theend of summer. I would think,
I think we've heard I think threeFED chairs now have kind of come out
or FED members have come out andkind of had that sentiment and kind of
(06:00):
talking about like, uh, oneof the ladies that was talking about it,
reading through her recap, she youknow, she's kind of on that
thing of like this it's coming,it's we gotta move it down, and
if we don't want it to bea hard crash down, we've got to
go ahead and do it. Becausea lot, like we've talked about,
a lot of the a lot ofthe information and stuff we're getting in is
a year old data that we're thatwe're piecing back together to see where we
(06:24):
are now and then what we're gonnabe in the future, and we're trailing.
So if we wait till it's actuallyshowing, then it's going to be
too late. So I think that'sbeen kind of the tone I've joked that,
you know, people are kind ofreading, you know, watching their
manuurysms and stuff, trying to geta beat on some of this. So
it's completely just trying to read betweenthe lines and figure it out. But
I think the numbers are that we'regonna start getting a little bit of rate
(06:46):
relief, not a ton, butI think they're not I think they're gonna
quit being as restrictive in that world. But we're having around seven percent right
around seven now. And to meagain, I mean, if you'll,
if y'all been listening to the show, I really kind of base everything off
of seven percent at this point rightnow, Like if a market goes below
seven percent, usually our market,our showings are offers pick up a little
(07:09):
bit. When it goes above sevenpercent, they slow down. Yeah,
And I think the national average thisweek was is right at like six point
nine to eight, So I meanthe average is two hundreds of a point
below, So I mean, soit's there. And like I said,
I think, you know, we'vehad a few closings that have been under
seven and that things you know,someone are still seven a quarter some and
(07:30):
a half. There's so many differentlittle things that go into each individual's profile
and everything that goes into that.But I still feel safe just saying,
hey, somewhere in that seven rangeis a good good place to start if
you're plugging it in a calculator andkind of seeing what you what you're thinking
are or you can always just reachout yeah. Yeah. And on the
real estate side of things, well, we've we've only put a couple homes
on our contract in the last week, which we should be doing more than
(07:55):
that, obviously, But the summertimeis always they're literally weeks that it is
super hot and there's weeks that it'ssuper not. And I think a lot
of it has to do with peopleare going in and out of town for
vacations. Like I mean, Iwas out of town. What was you
know, I could have had myagent FaceTime if I was, if I
(08:18):
was in the market and interested.But you know, I mean I tried
to unplug as much as I could, and I think most people when they
go on vacation, they try todo that depending on what their job is.
So I was looking at you know, numbers like where were we at,
like year to date, and youknow, sales wise, inventory wise,
(08:41):
inventory almost all like ninety eight percentacross the board is up right,
which is a great thing if you'rea buyer looking for selection, and so
you know some of the areas whereour listeners are at. So downtown Birmingham
Southside inventory is up seventeen percent.Avondale, Crestwood Highland Park, Forest Park
(09:03):
inventory is up twenty three percent overCrestline Gardens, Crestline Park, Irondale inventory
is up seven percent. Homewood it'sonly up two percent. Yeah, Liberty
Park in Westavia five percent, BluffPark, Hoover River Chase up fourteen percent,
(09:24):
Highway to eighty. I consider Highwayto eighty Hoover maybe in then Oak
Mountain area, Uh, that isup thirty one percent. And then let's
see, I was gonna pull upMountain Brook on this list. Mountain Brook's
up seven percent. So in kindof our over the Mountain list of folks,
(09:46):
I mean, we're really seeing abouta ten percent increase on an average
if you look at our whole market, our market as a whole, of
this twelve percent when I factor inall the suburbs, so we've seen,
you know, twelve percent. Imean that's almost three thousand houses is what
that kind of equates to. That'sa year every year, year, every
(10:07):
year. Yeah, Yeah, that'ssurprising to me. You think it'd be
more or less? I would havethought less. Yeah, you know,
I think I think we're getting we'reyou know, we've we've been talking about
it now for a little while.I think we're getting to where people are
finally it's it's push come to shove. That needed to be doing something,
But we're hanging on to that ratethey've got on the current house and just
(10:28):
not wanting to bite that bullet oflike hey we we are now busting at
the seams, or hey we donot need this much house anymore, or
hey I've got to move for thisjob or get closer into this or whatever.
So the life things are still happening, and they've put it off as
long as possible because they were holdingon to that that rate they got.
Now they're just finally saying, hey, we got to list our house and
because we got to do something different. And I think I think it's finally
(10:48):
kind of coming coming to a headon that. Another thing that's interesting is
basically, and these numbers are reallyJanuary through May, right, because I
mean our you know, most closingsare going to happen. Really the last
two weeks of a month is whatwe typically see. So that's why I've
(11:09):
really looked January to May, andit's almost like total sales is almost like
dead even. It's literally it's anincrease of four home sold this year,
which I think is really interesting.So it's pretty much dead even. Average
price three p thirty three as comparedto last year was three twenty one.
(11:33):
I can tell you our average thisyear as a team is two eighty five,
which is actually a little bit upfrom last year because we sold a
pretty good amount of investment properties,so a lot of stuff that was under
one hundred thousand brought it down.It brought that average down. Median value
two sixty nine as compared to twothirty nine. That's a twelve percent increase.
(11:56):
But if you go back and lookat like certain places, we'll we'll
say we'll get to Homewood. Bradand I are both Homewood guys. Values
almost dead even five thirty one ascompared to five thirty last year. There
you go median value four fifty nineas compared to four to thirty five.
(12:18):
So an increase of six percent.Look at Liberty Park, Vestavia average price
five ninety seven as compared to fivethirty five, which is a twelve percent
increase. But I will throw inthe asterisk of there's a new construction neighborhood
called the Bray at Liberty Park thatthey started closing earlier this year, and
(12:39):
so I think that has helped bringthat average up. Looking at Hoover River
Chase, I mean basically a twoand three percent increase, so but pretty
much. I mean, I thinkthat's just all kind of interesting stuff.
The inventory is going up, butI mean basically the the for the year
(13:03):
it's like it was last year.Yeah. Well, and you know,
you see a little bit of inventorycreep up and maybe the appreciation is not
as fast because you've got there's moreoptions, but it's still holding strong on
those values. So I mean,it's it's all it's still all positive there,
yea. That the inventory's up andthat the values are holding and even
increasing a little bit. So that'scool, that's right. All right,
Well, you know, stay tuned. We are going to be talking about
(13:24):
gumption, uh for our local businessspotlight next right here on Barred and Sold
all right, Welcome back to theshow, and we've got hanging out with
us in the studio Ward Neely fromGumption Financial and he's our local business spotlight
today too, by the way,So Ward tell us a little bit about
(13:46):
Gumption. Yeah. So we're we'rebasically tender for commercial real estate. We
we we're like a dating app.So we bring on lenders, mostly community
banks, credit unions, life companies, private lenders, and then we bring
in developers and we match them upbased on their need. So lenders come
(14:09):
in tell us their legal lending limit, geographical parameters, stuff like that,
instead of you know, long walkson the beach and red wine it's boring
stuff. And then developers will comein and say, hey, I'm you
know, I'm buying this single tenantwarehouse building and here's the NI here's the
loan I'm looking for, and ouralgorithm is going to match them up based
(14:31):
on how they answer the questions withthe lender, based on how the lender
answers questions. So you know,theoretically you're getting matched up with more more
options than you would have normally.You know, sometimes it's hard to know
what lenders are active, you know, or specifically which ones have product types
that you're you know, looking formoney on. So instead of the old
(14:54):
nineteen forties show up at the Chamberof Commerce, it's get it at the
tip of your fingers. Now youswipe right or left or yeah, I
don't you know how it works?So long one of the lenders go to
loan committee first and say, yeah, do we want to do we want
to match for them or not matchfor them. So yeah, it's no
pictures, okay, yeah, it'sit's it all goes out anonymous at first,
(15:18):
so it's like you wouldn't see thespecifics of the deal. It's more
like, here's the loan size,here's the you know o I you know,
here's the average networth credit annual income, stuff like that. It's it's
a picture enough for the lender tosay, hey, I'm interested, and
then at that point it's worth aconversation. That's right. Yeah, you
know it's if you signed up,every lender is going to say I want
(15:39):
to work with Gussie. Cool ifsomeone say yes. So what we do
is, it's kind of our taglineis we eliminate you know, we get
fast nose so that you can geta quicker. Yes, well, I
like that. I like that.I mean to me, it just seems
like it just makes like when I'mlooking at you know, if I had
a development, like I might notknow somebody at insert name bank may be
(16:04):
super interested in an office deal ora warehouse deal, and you know,
they might be in you know,we'll say Shelby County and I may be
you know, focused in Jefferson County, but I might not have that relationship
with that bank, but they couldbe the perfect fit. Sure. And
so you've got all the data fromthe banks, then you're bringing in all
the data from the developers. Sohow are you So how are you finding
(16:29):
the banks? First off, youknow, it's it's not that difficult.
We actually have a really savvy CTOand he's tied into the back end of
the fds C website. Okay,so like we have we have deals at
match with the lenders on our platform, and then we have a tool that
tells us other banks that aren't onour platform who we should be talking to
(16:51):
nice and then it's just the oldfashioned Hey man, got a really weird
thing I'm about to tell you about. But yeah, this is what we
do for them. It's free touse. For the bar or it's free
to use. It's everybody gets afree. Look, we only get paid
if the deal closes. But forthe lenders here, it's it's you know,
high quality targeted leads that come straightto their inbox. So it's we've
(17:14):
I think we've got one hundred andtwenty lenders on the network. We've been
told two people told us no onewas in Miami. They have one branch,
and it was like, it's nothow we operate. I said,
that's good to know you aren't gonnabe a fit here. The other was
was a small lender and he's like, man, we're a relationship bank.
I'm like, I'm about to giveyou a lot of them if you'll just
just join. But anybody that's askingquestions or pushing back where it's like,
(17:37):
hey man, it's ben a fitfor you. This is a new way
of doing business that I think kindof opened up with recession. Banking was
always relational and you know, superpersonal. But I think a lot of
real estate developers got left time anddrying the recession, and now they're like,
hey man, I'll pay for thenext round of golf, but I'm
gonna go with these guys because they'regonna save me, you know, thirty
(18:00):
thousand dollars over the first year ofthe loan. Yeah. Yeah, I
mean I like golf. Yeah,I love golf too, don't play much.
Yeah, Round the Highlands is notnot gonna get me to lose a
bunch of money. That's right,That's right. So throw out a hypothetical
deal. So I'm a developer andI've got this deal. What would you
(18:22):
have to do? Like you goon the gumption platform, you fill out
Yeah, I mean it's like probablyfifteen to twenty questions. Okay. I
told our team, I was like, look, I'm going to sound like
an anomaly, but and this willfrustrate a lot of the real estate commercial
real estate guys, but we're alljust dumb rednecks that figure out how to
put puzzle pieces together. So makeit really really simple, yes, like
(18:45):
simple and easy. And that's probablythe biggest feedback we've gotten is everybody's like,
I'm shocked at how easy that wasto you. Okay, So but
they don't do they have to goahead and load their docks or how does
that work? No, they don'tload the docks until they've committed. That's
it's also one of the benefits.Like you're going to send stuff, you
know, to four or five lenders, You've got to email and that's twenty
(19:07):
emails week's worth of work. Youknow. We we kind of streamline that
process. You actually upload your stuffto the platform, you build a financial
profile on our platform. But nowevery lender that you do business with in
the future is going to have accessto so and we tell everybody we're not
really reinventing the wheel here, We'rejust making it roll a little bit smoother.
Yeah, time is money in ourbusiness. So yeah, you know,
(19:30):
I mean I just think about,all right, if I had a
deal, you know, it's it'slike I've I have one business, I've
got multiple partners in well, tryingto get a bunch of financial documents is
not as easy as it sounds.Yeah, and you know everybody needs updated
you know, personal financial statement.Well, I mean that could change in
(19:52):
a week, so you know,most part it doesn't, but I mean
it does when you're run in smallbusinesses. I mean those change based on
the cash flows and so just tryingto be able to get that information and
be able to submit it. Itis super difficult. Yea. And yeah,
so like in one of our companies, we're asking for for either a
(20:14):
line of credit or to go andbuild some houses. So that's what we're
looking at. And it's hard.You know, it's like you put together
all the documents, it's like I'vegot them in a drop box. But
most of the companies don't want todrop box and it's just like, oh
my gosh, it's it can bedifficult. So I love that you've broken
it down as simple as basically you'regetting pre qualified for a mortgage on the
(20:37):
residential side. It's just on thecommercial side. Yeah, well, I
mean it's you know, you're dealingwith a lot of like really proud people.
Commercial real estate space and commercial lendingto this point has been slightly humiliating.
I mean they will undress you andmake you feel like, man,
how do you not have this?How do you not have that? And
(20:57):
it's just it's constant least something more. And what we've learned is it doesn't
have to be if we organize thingsand bundle it up, you know,
and hand it off to a lenderand they say, man, I need
a couple more things, and like, well, the other four banks didn't,
so why are you any different.I know you want it, but
you know I want a Ferrari.My wife won't let me have one,
(21:17):
so well maybe one day, probablynot, maybe one day. It's now
the developers, how are you findingthem? Bard of Mouth, same like,
Yeah, we've been live for likesix months now. We've got about
one hundred and twenty million in thepipeline, so we've got a good flow
going. Great, but a lotof it is, you know, we
go out and execute and then theycome back, and then the next deal
(21:41):
is easier because all their stuff livesthere. You know, in the commercial
world, we're having to do annualreporting, so the bank needs updated tax
returns, updated financials. You know, once you've done a deal with us,
we're going to track all that foryou. So next year when you
update your newest stuff, it's goingto automatically go to the lenders. You
have active deals, so you know, it doesn't seem crazy. But when
(22:03):
the older guys said, man,it's about like lifting the toilet seed at
two in the morning, Like it'snot a tough task, but man,
I hate doing it. It's agreat analogy. It's it is I've got
so many I thought this go ahead. I've got so many different things.
Maybe some smith's gonna be all fairso like, because now I'm going down
to my you know old world ofof of commercial and we've got about two
(22:25):
minutes left to give you an idea. Well, I guess what I'm so,
do you have certain like banks ofcertain sizes say we are willing to
participate with each other, like likewe we both want this. We had
a three million dollar deal, Likecan they can they say, hey,
we're we're we're opening, We're openingto partner together. If a deal comes
in it's too big for us,but we might want to participate with it.
Yeah, we're talking about it,not yet, but yeah, I
(22:47):
mean we like to me, Iam nowhere without Central State Bank. Those
guys took a chance on me tenyears ago when nobody else did. So
we view this as a way toempower local community banks. That's what I
was thinking. Yeah, I mean, you know, they don't have the
opportunity to grow with customers, butwe can add that to the platform.
That's a good way for them todo it. Oh cool, all right,
(23:07):
Brad, we might have to savesome of your other questions for a
little bit later on the main one. It was like podc out, but
we can also just talk all fairbecause I'm just curious. No, it's
cool. It's great. I mean, as soon as Ward told me about
it a while back, I waslike, man, I love I love
this just from a business streamline.It's so good and it could be great
opportunities for the developers. All right, website, where do the people go?
(23:29):
Yeah, gumption dot dev dot devdv ev. Don't ask me about
the name gump shun dot devre fromForrest Gump. I like it. Co
founders don't like me saying that it'sreally not Okay, Well, all right,
y'all stay tuned. We got it. We're up against the top of
the hour. We'll be right back, Bob bar all right, welcome back
to the show. We've got hangingout in the studio. Brad Smith,
(23:52):
Cross Country Mortgage, Ward Neely withGumption Financial, and we're gonna have will
uh Litt guess the mortgage payment gameme and Ward. We'll see how we
do on numbers. Mister financial,not the financial guy, a hamster on
the wheels, the Gump guy,not the financial ping. Yeah, yeah,
(24:15):
sou Do you want to Brad,do you want to tell the rules
toward Yeah, because I feel likeyou can correct me. Yeah, No,
you're good. I'm still a littlebit of a newbie, but but
working through this. So Gust he'sgonna talk about some properties they've got coming
up or already listed, kind ofgive out the purchase price of those.
(24:37):
Then what we're gonna do is andwe're gonna I'm gonna tell you a scenario,
and you've got to guess the paymentbased off of the down payment I
tell you on that loan, andwhat you think the rail on that loan
is gonna be. And it's justthe principal interest. You don't have to
figure out their taxes and homeowners insuranceand then maybe if they've got P and
I and every P and I hO as, it's just principal and interest
what you think would be today principalinterest. He's gonna give you the purchase
(25:00):
I'll tell you what the down paymentis the percentage of it, so you've
got to figure out the long amountin your head. Then it's all thirty
year am all thirty year am allbased all three hundred and sixty months.
Man when i'd give to get athirty year You gotta like those thirty year
notes. Without a five year balloon, we can only see him at four
percent again, that'd be nice.All right, Well, I will talk
(25:25):
about our first listing of the day. It's actually going to be open this
afternoon from two to four. It'sin South Lake two thousand and one Forest
Cove Drive and Hoover, built innineteen eighty nine on three quarters of an
acre lot. It's six bedrooms,four and a half baths, forty two
hundred and seventy eight square feet onthe main two levels, another finished thirteen
(25:47):
hundred and twenty square feet in thebasement. Golly, six bedrooms, four
and a half baths. What yougoing to do with all them bedrooms?
Let's put you Oh you've got abunch of kids, say I can fill
there you go, There you go. We're asking eight hundred and fifty thousand
for this home. Spain Park HighSchool is where it is zoned at.
And Carlo Diloberto, congratulations on yourlisting. So there you go, eight
(26:12):
hundred and fifty thousand Brown. Whatis the scenario? Okay, here we
go. So when this person madean offer for full price of eight hundred
and fifty thousand. They plan onputting ten percent down on that purchase price.
Okay, what is the thirty yearpayment princip one interest only, And
I'll go first. Gusty will gofirst. And while he's thinking it over
(26:36):
real quick, so you don't youdon't have to do like if you go
over, you don't lose. There'sno prices right over thing. Try not
to go just around a dollar aroundGusty. But okay, but but Gusty's
pretty good at this, so wouldn'tI wouldn't straight too, I wouldn't stray
too far, is my is myhint for the guest of this week forty
(26:59):
eight seventy nine, My gosh,four thousand again. I like random numbers,
by the way. I mean Iwas, I was just thinking five
grand in my head. But nowI feel like I'm playing home run derby
against Aaron Judge. No. No, I would say, sometimes it's smart
to stick stick close to where youwere thinking. Yeah, typically I would
(27:19):
agree with that because that I wouldconsider that to be close to Gusty.
That's all I'm gonna say. Sosometimes when some when Gusty, you'll say
three thousand, somebody says two thousand. We're usually gonna, yeah, be
pretty far off, but you're inthe right range. Yeah yeah, I'll
stick with it. I'll get betterat it. I feel like he's about
to win this one. Yeah,there's a reason that was kind of I
(27:40):
knew it, so five and twentyfive dollars. For the record, I
don't calculate anything. I have amortgage calculator in my phone and I use
it all over. There you go, yeah, there you go. That's
awesome. That's all like I need. I need the son of a gun.
You were set me up for losing. I'm just glad I didn't completely
(28:02):
embarrass myself. Now you're good mangood. I have lost before. I
will say that. And actually,John here one time guessed the payment right
on the dot. Oh wow,it was pretty amazing nine to sixty right,
because it's the frequency of the amstick. So very lucky here all
(28:22):
right. Our next new listing isin mccallaugh sixty three oh one Williams Springs
Way. This was built in twentytwenty two on almost a half acre lot.
Twenty one hundred square feet, fourbedrooms, three and a half baths,
two car garage. Four hundred andfifty thousand dollars. Man, this
one is close to the new hospitalthat they're building over there off the McCalla
(28:44):
exit. And uh yeah, fourhundred and fifty thousand dollars. This listening
is courtesy of John Michael Brandon.John Michael, congratulations on your new listing.
Here we go. What we got? Four hundred and fifty thousand dollars.
This person's first time home buyer andonly putting three percent? Three percent
down? What is that payment?Principal and interest only? Man? Try
(29:08):
to get off the increments of fives? May it make you have to drill
it down a little more. Peopleare listening to me. That's not hard
and just yeah you start. Yeah, that's right, it's not hard at
all. I used the calculator toget them alone here. You know it's
not it's on you board. Oh, you get to go first this time.
(29:33):
I will say twenty nine fifty two. Oh. I was thinking in
the twenty nines and I'm thinking twentynine to eleven. Oh. It's a
tight group here. Yeah. John'sgot me motivated. I mean, this
(29:56):
is gonna be We may have tocome up with some different stuff for thism
because this is well, so itwas twenty nine to seventy seven. Oh
it may look out if I beatyou, the first call I make when
I leave here is gonna be sizemore. Okay, yeah, yeah,
please do tell him. I said, hey too, Oh well I hadn't
talked to that guy in a longtime. He's doing well, he's doing
(30:18):
great. Hey, three kids namedhis last one Ward? Is that right?
How cool is that? I don'tthink it was after me? Okay,
well, well there you go.Well would I would just maintain that
it well oh yeah yeah, soyeah, I've tried to get people to
say, you know, like nametheir kid after me, Like I mean,
how many There's like literally only twoGusties in Birmingham, so there should
(30:38):
be a third. Who's the otherone? Gusty year out and that's actually
who I was named after. Ohokay, so there you go. Yep,
now we have William Guscula is thethird trip right right right? But
you know there should be another Gustyout there. You know, maybe maybe
I can influence that somewhere. Sorry, name your kid Gusty, Yeah you
can do it next. We've gota coming soon. Also in McCall in
(31:02):
the Rock Mountain Lakes community. OhWow. Sits on two point three acres,
built nineteen eighty six, three bedrooms, two baths, seventeen hundred and
thirty two square feet. It issixty one twenty one Rock Mountain Lake two
car garage priced at two ninety ninenine. What a great price to nine
nine and mcaullaugh listing his courtesy ofWalker Gant Walker, congratulations on your new
(31:30):
listing. I guess it's on me, now it's on you now just this,
but I think Ward has just alreadywon since he got He's already got
two of the three. That sothis is, you know, like,
why not we're going let's press?Yeah, yeah, you can press.
That's why one's already be over.What do you gotta? We got to
(31:51):
see if we can go. Youcan go for the sweep here, how
about that? Yeah? For thesleep That all right? So three hundred
thousand dollars is the sales price?Yeah, five percent down, five percent
down? Okay, So just keepingit simple, I'm gonna go with nineteen
(32:13):
ninety six because that was a goodyear, great year for sports. I
must say, twenty fifty one,twenty fifty one, so Gusty gets it,
outside gets it. What I was, what I was really gonna get
(32:34):
excited about, was to say thatGusty got three of the four numbers right
and didn't win. But he didwin. So it was eighteen ninety six.
Really, so eighteen ninety six,which I don't know if that was
good. I don't remember that year. I don't know how great it was
or not. John, is thereanything in history that you could share about
eighteen ninety six? It was agreat year, but no one remembers you
were all drunk. Okay, fairenough, see that happens too, all
(32:59):
right, Well COVID. Yeah,Hey, we got a couple of buyer
needs. We've got somebody looking inthe Hoover area up to two hundred and
fifty thousand. They're looking for athree bedroom, one bath or a three
bedroom two bath. They are okaywith it being a fixer upper, but
they need it to be livable whilethey fix it up. So up to
two fifty in Hoover. We've gotsomebody looking in Hoover, Pelham, or
(33:22):
Vestavia. They are interested in atwo or three bedroom town home or condo.
And then I still have a coupleof folks looking in Edgewood School District
in Homewood. They are willing togo up to one point seventy five million
dollars. So if you are consideringselling a home in the Edgewood School District,
please let me know. You cango to gustygoulisgroup dot com. You
(33:46):
can also go to and call twooh five five four two nineteen ninety six.
Ward. Guess what time it is? Huh testimonials. Yeah, Oh,
give him a chance. Oh helooked confused. I was so ready
to have it right in his time. I think I say reviews or surveys
(34:06):
or whatever half the time. Well, this is what Max says. Riley
is the type of person you wanton your side during what can be an
overwhelming process of selling a home.Riley is professional, He is knowledgeable,
and most importantly, he genuinely caresabout making the cell of your home as
straightforward as he can. He hasalways been available when I have had questions.
(34:27):
He has been communicative about the nextsteps and what should be expected.
He has no hesitation to go aboveand beyond to make sure his clients are
taken care of. I could notbe more pleased with my selling experience with
Riley. He made it clear fromday one that the cell of my home
was a top priority, and therewas not a single moment when I questioned
his dedication or competence. Man,look at that. I cannot recommend Riley
(34:52):
enough. So Max, thank youso much for allowing us the opportunity to
sell your home in Avondale. Riley, congratulations on another five star review.
That's it for today. Yeah,I like that one. That one's so
good. Rolly's cool as a fantoo, so I like Riley is a
good dude. Rolly's gonna get somebusiness out of that. Riley is gonna
definitely get some business out of thatone. So well cool. Well,
(35:15):
all right, we're gonna go tobreak y'all stay tuned. I have a
feeling we've got a couple more questionsabout what is going on with Gumption.
We might talk about what's going onin Birmingham right here, Bob, barn
and Solt stay tuned. All right, Welcome back to Bob Bard and Sold.
Thank you again for joining us.Appreciate it hanging out with us.
(35:38):
Brad Smith cross cross country mortgage.I know I was going on crass craunching
cross country mortgage and we got wardneely with Gumption Financial and I know we
hate we Earlier we were talking about, you know a little bit about Gumption.
I know, Brad you you hada couple more questions. Well,
you know, I'm I just kindof nerded out for a second listening to
(36:00):
it, just because it has hasa little tie into what I what I
do, and then also what I'vedone in the past and then I But
so some of it it's just kindof that, you know, because a
lot of lenders, you know,kind of what he was talking about earlier
when I was asking about the participations. You know, some lenders may not
be able to have a borrower havea loan with them over two and a
half million dollars, right, Andso somebody else maybe have a have a
(36:20):
three million dollar cap and they goonline they'say that profile and somebody is looking
for a five million dollar deal,right. And so if there's a couple
of community banks in a similar areaand have something else, so that's where
I was talking about, could twobanks say, hey, we're willing to
partner up on some of these ifthey get over what we can do,
allowed to do and can kind ofbuild relationships within that site with other lenders
that may be open to participating.So that was why I was kind of
(36:42):
went that way out, but alsorealized that's a may not be interesting to
everybody, but it is a coolit's it's it just made me think about
the tender thing and like, howcan we have you know, you know,
sinking others up inside of that communitythat they're already building, which is
I think it's really cool and Iknow it's a it's alved the need in
that space for sure. It's alot like the nil stuff. We've used
that as a comparison. It's likeyou have a small community bank that takes
(37:06):
a chance on somebody, just likea small college take takes a chance on
somebody, and then they perform well, you know, their ability to go
borrow more money increases dramatically. Naturally, Uh, they're going to probably go
do that and so they'll outgrow theirbank. So yeah, it's it's something
we've talked about. There's there isa lot of room for innovation in the
lining space and commercial real estate.I mean, really, you know,
(37:29):
the way about which you get alonenow hasn't changed since the forties. Then
you know, carbon copy bax machineemail. But it's other than that.
It's you know, same process,same decision making, same same chain,
chain up the levels of what you'vegot to go through during their different you
know, requirements for whoever they're regulatedbuy with THEIRS, ft I C or
(37:52):
YEAH or anything else. It's changingfast. Yea. The AI stuff is
wild, fay. Well, it'swe've got it now where we have a
we have a tool where you cantake an OEM. If you're looking at
buying something, you can literally dropyour OM in the tool and a I
will parse all the data, runit through our system automatically. Within thirty
(38:12):
seconds. It'll give you a rangeof of where you're going to be,
you know, term sheet wise.No, it's it's nuts, it is.
It's crazy how deep it's getting intoall of it. Oh yeah,
it's all right here. So Ifind a piece of land we want to
develop it into. We'll say asmall community. Do you have banks like
(38:37):
go through your system? Do youhave banks that would be interested in lot
development that will be a residential community? Yeah? Absolutely, I mean,
we we've got lenders that will doall kinds of stuff. We're doing an
RV part South Alabama, right,now. So it's you know, what
we tell everybody is if you wouldtake your deal to Community Bank to fund
(38:58):
it, you should be running throughour platform instead of going to one.
You're essentially going to a huge networkand getting matched up at the right time.
So I like it. We stillencourage everybody. We're like, hey,
man, once you match up,like go to lunch with them,
meet them, build a relationship.It's I mean, it's still a human
we're tech enabled. We're not atech company, We're a tech enabled company.
(39:22):
I like that makes sense to me. I think it's awesome. I
think it's I think it's big.All right. You put together the Battery,
Yeah, downtown Birmingham, Well,well on the south side. Yeah,
we called downtown downtown Yeah yeah,north side housee. What you know
what's been going on over at theBattery? Uh man, Just a lot
(39:43):
of fun we've got. We've gota couple of restaurants. We got the
Birmingham District Brewing. If you andtry those guys, I have not oh
man, you know they're winning likegold medal after gold medal. I did
not know that. And they're oneof the highest rated breweries in Birmingham.
Get out yeah, they are.Jimmy is the is the brew master over
(40:04):
there's a wizard. It's an L. S U guy. So, like,
you know, a couple of knocksdown there, but but yeah,
he's like great beer. I'll havepeople. I'll have to check that out.
Does it surprise you that an L. S U guy has great the
best beer? I mean, itdoes not surprise me that they would have
good beer right the next it wouldn'tsurprise me that they would have the best
(40:25):
beer. But yeah, you know, I just kind of feel like I
forget about it. Yeah, sothat's a great reminder. Remind everybody.
The address of the battery. Yeah, it's twenty two oh one Second Avenue
South. So it's with Sobby Wand'sis there, right, you know,
original Birmingham masterpiece. Uh, thoseguys are awesome. Bobby Wand's is uh
(40:50):
Sushi Burritos. But they started inAvondale, moved over when we built the
battery. They moved over. Trueforty Uh is a is a fusion witness.
Uh. They do a combination ofyoga and t r X Magic City
Nutrition. You got smoothies teas,so I mean you can show up in
the morning and work out and thengo get you know, eat your smoothie
(41:14):
or shake or whatever, hang outon the patio and then eat some Masabi
Wanes for lunch or gusses, dependingon very nice, have to like gusses.
Oh, it's best fried chicken inAmerica. And then you can finish
the night with a beer and gojump on the pedal tours and get your
haircut, same spot. So theygot you got a hair place there too.
Yeah, Fade fade parlor. Yeah, the ecosystem of commercial real estate.
(41:39):
Do it all, Brad, We'regonna have to ride over to the
battery at some point and spend thejust the day. That sounds like we've
got somebody got it all mapped out, and so we've got it. You
got it from morning to down.I'd like, I'd like to see you
in yoga pants, you know,I'd feel bad for those yoga pants.
Yeah, anybody else in class?Yeah, No, I've only done yoga
(42:04):
one time. It was hot yoga. It was at the y m c
A. I was one of twoguys. The other guy expelled air and
it was loud, and and thenpeople looked at me and I was like,
that wasn't me So I had avery had a very never bad experience
at yoga because of random guy atthe Birmingham y See mine is the the
(42:28):
instructors Latti, They're like three morereps three, one, five, and
I'm like, whoa, I committedto three but this was over. Yeah.
Yeah, they'll ruin you a specialyoga class by ward Neely. Just
don't come in with the extra five. Oh yeah, yeah, that wouldn't
be good. So Gus's Chicken isliterally the most the best in the country.
(42:52):
I think they think they've won thataward multiple times. Yeah. How
did you find some of these placesas you were kind of putting together this
package? Just a lot of digging. I can't remember. I got I
got connected with their broker. They'rebased out of Memphis, roundabout way.
(43:12):
Got connected with the owner and shewas a mutual friend of a close friend
of mine and he connected this andshe's like, yeah, we've got a
franchise e looking in the area andlook out. So yeah, we were
we had them. We have thebrewery. I mean the breweries kind of
the way I view urban redevelopment.You know, breweries are like the grocery
store. Yeah, yeah, they'reyour anchor. Uh, they kind of
(43:37):
draw people in and uh it workedout well. So it's been a fun
one. Yeah. What that's youknow, what do you expect from you
know, that whole area. Doyou see continued growth? I mean they
just like a few blocks away therewas another huge multi family complex that was
(44:00):
built up, and there's some morerestaurants that have come in, and I
assume that whole kind of whole areais just going to continue to grow.
Yeah, I mean I don't Ihaven't looked at it lately, but I
think there's probably not many property ownersdown there that aren't new owners or you
know, people that are viewing itfrom an investment perspective. You know,
(44:22):
as far as like the big projectsare concerned. As you get further out,
there's not like whole blocks under thesame ownership, so you know,
putting an assemblage together can be alittle bit more difficult. But yeah,
I mean the more people that arethere, the better the restaurants the retail
are going to do. The moreretail, the more people want to be
down there. It's just kind ofa flywheel effect. Yeah. Absolutely,
(44:44):
well, and I think you're theBirmingham School law is pretty close by,
that's right around the block, soyou probably have a good many of those
folks that are coming in and comingto the battery as well. Yeah,
I mean, and you know it'sa night school, so I imagine some
of my flunks into it is agreat place to go. Definitely, definitely.
I don't know, I could onlyimagine like studying for my l SAP
(45:08):
doing all that. I mean,probably both do bat on the test,
you go drinking. What you dogood on the test, you go celebrate
drinking away, So you know,you just go to you go to the
brewery. Anyways, I wish Icould say that was by design, but
they were there. They were there. Yeah. Do you have like a
favorite restaurant in town that you justabsolutely love? Man? You know,
(45:28):
it just depends. Uh. Youknow, our new office is over by
Crane Works, which like industrial area. There's a place called the Pit.
Okay, it's it's a drive throughonly barbecue, but their breakfast is out
of this world. But you betternot wear orange and blue over there.
They're big. Okay, Yeah,I don't even joke. Yeah, I
(45:49):
like that, but yeah it is. It's it's an incredible breakfast. Pit.
Are not going to the pit almostlike at the soup knots. No
breakfast for you if you wear alburnstuff. So what kind of breakfast they
got? It's like, I mean, it's like everything you would expect,
Okay. I mean when I'm drivingback and forth to Chattanooga every once in
a while, I'll swing by theoffice at like four thirty or five,
and I think I think they openedmaybe at five, and there is a
(46:09):
lot people waiting. Wow, likeprobably before they go to the hospitals and
stuff. Hey, I don't knowwhere they come from. But by the
way, did you hear about thethe UAB Saint Vincent's yeah announcement. Yeah,
that I think is incredible. Yeah, completely blown away. I didn't
go like fully deep into the mergeracquisition whatever it is, but you know,
(46:37):
I'm interested to see how that's goingto be. Yeah, I mean
that's very Those are two massive playersin downtown. I mean that's yeah,
pretty impactful on the downtown real estatescene too. I mean, actually,
we we bought our building from SaintVincent's or ascension a couple of years ago
in Lateview. So we're at we'reat the corner of twenty seventh and seventh
(47:00):
month and so they had a buildingover there and when it popped up on
the market, I was like,Oh, I like this one. This
makes sense for us, and soyou know, I'm very interested to see
how that's going to play out.For sure, So hopefully it'll be still
great news for Birmingham. Absolutely wewill wish that. So wishing good things.
We wish Gumption great success. Excitedto see that continued growth. Thanks
(47:24):
for having me and once again Gumptiondot dev, Gumption dot dev. So
if you are a developer or you'rea bank, y'all need to go there,
get get lined up. It's thetender of commercial real estate or thanks
for being on, Brad, Thanksfor being on, Thanks for listening,
y'all. We'll check you out nexttime. Bob barn and sold. We're out.
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