Tim Herriage
speaker
155 appearances
2 recordings
2 series
first heard Dec 2024
last heard Apr 2025
Tim Herriage’s voice in public audio — every appearance, attributed to the second.
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Appearances
I get goosebumps as I say this every time because I tell the team, we make millionaires. You know, when I got out of the Marine Corps, I wanted to be a cop. I was going to be a cop, then a state trooper, then a Texas Ranger. I feel like you would have killed that also. I would have, but I would not.
be flying around the way i fly around that's right that's no doubt but i mean that's what i wanted to do in in in i found real estate i got in as a project manager then i was an acquisitions guy for a home investors franchise then i partnered up with my partners then i met my wife and then we went out on it together and we have you know the ed mylet book the one and we have changed the course of our family with this business yeah and the fact that we get to help others do it
It makes me so happy. And that's why we will loan to a first-time investor just like they're an experienced investor.
Dude, just glad to be here.
Yeah, I'm trying to undo the problem I created.
I mean, yeah, I get it. You know, it's part of my lesson in life has been everyone gets their money from somewhere. And during the Great Recession, I was an active flipper and money dried up for investors. So 10 years ago, 11 years ago, I partnered with Blackstone to start a company called B2R Finance. I know them well. Which became Finance of America, which we took public in 2021.
And in that 11-year period, now investors don't realize. So in 08, 09, there was no Wall Street money for flippers. Now, almost 95% of the money flippers use comes from Wall Street.
Dude, it's brutal to use. They deem your credit every other week. They, you know, appraisals take two months. And all of a sudden, you know, now an appraisal is like $900. I don't even know how that works. That's right. But no, I mean, we just, it started off with the concept of if I can, because I buy houses, you know, I've bought a couple thousand. If I can buy a house with pictures and comps.
Why can't I make a loan on a house with pitchers and cops? That's right. And that was kind of the entire beginning of the company. And here we are 13 months later and it's working.
Well, I'm like so many of the people listening to this. I mean, my wife and I still actively buy, flip, keep rentals. She still loves short-term rentals, midterm rentals. And we just really know what it's like to be on the other side of the closing table. And I say it to my team all the time. I'm like, never forget the people behind the paper. Mm-hmm.
Because it's easy, you get up in your office and you're looking at the paper and you start making these decisions and you forget about the realtor, the title agent, the investor, the contractors, their acquisitions people, their dispo people, all the people counting on us. In 100 loans, we were kind of just guessing everything.
We probably impact two or three thousand families between all the contractors and the supply people and the realtors and the title agents and the insurance people. And I mean, there's just a lot of people that real estate influences. So kind of that's one of our mantras is don't forget the people behind the paper.
So it's kind of a funny origin story. I don't even know if I'd come up with it yet when you and I were flying back from Austin, the name. I was reading Simon Sinek's book, Start With Why, for the second time. And it talked about kind of everything's in threes, everything's in threes.
And I thought, okay, if I want this product to sell itself from the inside out, the product has to align with the customer's kind of core reasons. And I kind of worked on it. And I would imagine the 100,000 people that listen to this, the three things they'll all have in common is number one, they want to make money.
Number two, they want to make passive income or cash flow, say it different, whatever. And then number three, they want to build a legacy or long-term wealth for their family. And that's really like the three most common denominators of everyone that ever gets in this business. And I, anyway, that bounced around my head, bounced around my head. And I started looking for like threefold.com.
Like really just trying to align with the three core pillars that, and I wasn't available. Some other dude had it. And then I was playing with it. So I got on chat GPT and I'm like, what's Latin for threefold. Give me a bunch of different variations. And Ternus is actually Latin for threefold. So I go to GoDaddy. I'm going to buy Ternus.com. Yeah, it wasn't available.
Hire the domain broker because now I'm sold on it. And I'm like you. Once I decide I'm going to do something, I'm like, yeah, I'm done. I offer them $3,000. They say no. I offer like $6,000. They say no. I offer like $8,000. They say no. I'm like, man, maybe I need to find a different name because I don't even have a company yet, right? Yeah.
But about a week later, the guy calls, the domain broker says, give me 15K and you can have it this week. So the broker calls me. I grab the Amex. I pay for it. My wife gets a text from Amex. Your husband just spent $15,000 at GoDaddy. He calls me like, what the fuck are you doing, man? I'm like, it's that new business idea. She goes, Tim. It's like, but I know. It's an idea.
So the answer is they can go to Ternus.com. I wanted a short URL that meant something. Yeah. And not about capital, not about finance, because that's not what we do. Yeah. So Ternus.com, they can get all the information. But yeah, so Ternus is Latin for threefold, because by our existence- The customer can do loans with us and make money on flips.
They can buy rental property with us and build passive income and cashflow. And then now they can actually have shared ownership in the company, which allows them to help me
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