Tim Herriage

So earlier this year, I left my full time role there and started up Ternus and just trying to be the people's lender. You know, that's a little wrestling thing for you. I know. I know. I know you get it right.

So earlier this year, I left my full time role there and started up Ternus and just trying to be the people's lender. You know, that's a little wrestling thing for you. I know. I know. I know you get it right.

Well, I mean, the right time is always yesterday. The next best time is today. And if you can't do it that you need to do it tomorrow. Uh, That's not true on when to sell a property, but it's definitely true on when to buy a property.

Well, I mean, the right time is always yesterday. The next best time is today. And if you can't do it that you need to do it tomorrow. Uh, That's not true on when to sell a property, but it's definitely true on when to buy a property.

That's right.

That's right.

2003, actually, my first partner in the business was a hard money lender in Dallas. And we started a little wholesale operation back then. And we came up with a way to offer the wholesale inventory on terms. And back then, hard money was 18 and 2, right? It wasn't cheap like it is now.

2003, actually, my first partner in the business was a hard money lender in Dallas. And we started a little wholesale operation back then. And we came up with a way to offer the wholesale inventory on terms. And back then, hard money was 18 and 2, right? It wasn't cheap like it is now.

And so we would buy a house and say sell it for $100,000, but instead of selling it for $100,000, we'd sell it for $10,000 down, 18% interest, and 2% origination. And I've always loved math. I'm not a college-educated guy, but... the math quickly showed you that you would double your profit just by offering the financing as well. And my partner, Scott, it was also a big owner finance guy.

And so we would buy a house and say sell it for $100,000, but instead of selling it for $100,000, we'd sell it for $10,000 down, 18% interest, and 2% origination. And I've always loved math. I'm not a college-educated guy, but... the math quickly showed you that you would double your profit just by offering the financing as well. And my partner, Scott, it was also a big owner finance guy.

He had about 500 owner finance notes and he started just showing me the power of debt and owning debt and originating debt and And I've always loved it. And it's always been a part of my business. By the time I was 30, we owned over 100 owner finance mortgages in Dallas.

He had about 500 owner finance notes and he started just showing me the power of debt and owning debt and originating debt and And I've always loved it. And it's always been a part of my business. By the time I was 30, we owned over 100 owner finance mortgages in Dallas.

And I don't talk about that a lot, but getting creative and understanding how to make money with money versus make money with your time was just something that was always really appealing to me.

And I don't talk about that a lot, but getting creative and understanding how to make money with money versus make money with your time was just something that was always really appealing to me.

Yeah. So like to use a big fancy wall street world word, it's really arbitrage. So what you do is say you buy the house for $200,000 and you get a loan from your bank for 160, and then you go sell that house for 300,000. Well, instead of just taking the cash, what we, what Scott showed me how to do was put the 200,000 on a 15 year amortization and

Yeah. So like to use a big fancy wall street world word, it's really arbitrage. So what you do is say you buy the house for $200,000 and you get a loan from your bank for 160, and then you go sell that house for 300,000. Well, instead of just taking the cash, what we, what Scott showed me how to do was put the 200,000 on a 15 year amortization and

And if we charge 12% on a 30-year amortization, it covered that payment. And you own your asset free and clear in 10 years, and they still owed you 20 years worth of a mortgage because you're not only using the interest rate as a tool, but the amortization.

And if we charge 12% on a 30-year amortization, it covered that payment. And you own your asset free and clear in 10 years, and they still owed you 20 years worth of a mortgage because you're not only using the interest rate as a tool, but the amortization.

You know, I'm the mortgage company, in essence, for a little over 150 people right now on the owner-occupied side, where I own the mortgage on their house, where they're paying me 10% to 12%, and I have bank loans against it for 6%. So I'm making not only the difference in the interest, but the difference in the principal and the way the amortizations work.

You know, I'm the mortgage company, in essence, for a little over 150 people right now on the owner-occupied side, where I own the mortgage on their house, where they're paying me 10% to 12%, and I have bank loans against it for 6%. So I'm making not only the difference in the interest, but the difference in the principal and the way the amortizations work.