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.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
Yeah, so that's speed, transparency, and accountability. And the next is respect. And I talk a lot about this. It's an internal core value and an external core value. I mean, and it's not this woke bullshit. It's actually like something I super believe in. You know, you're going to get up every morning. You're going to respect yourself.
You're going to show up manic, you know, with you can be shaved and your shirt's tucked in. And that's just how we do it at Tarnas. Uh, you're going to, you know, answer the phone politely. You're going to treat your teammates with respect. You're not going to allow a shitty deal into the pipeline that our, then our ops team has to clean up.
Um, you're going to respect that when Justin Colby buys a house, there's a realtor title agent. And, you know, oftentimes in this business, a little old lady that ends up at the title company on Friday and all, everything she's ever owned is in a U-Haul. And if we don't close, uh, It's like the most disrespectful thing you can do in the world.
And we've all gotten those calls from the little old lady. It's a metaphor, but it actually happens. And then the last is service. And when I say service, I get goosebumps as I say this every time because I tell the team, we make millionaires. And, 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. And, and, and 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 Milet book, the one 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.
So two points on that. One, the REI Expo started out as just... I'd been a HomeVestors franchisee for a long time and I missed the annual convention because I just missed getting in the room with people. And this is like really pre-Facebook and message boards and Instagram. And there was just no real way to connect other than being in a room with someone back then.
And so I started the expo as it was supposed to be just a Dallas trade show. And a couple of people showed up. They're like, man, you need to take this national. I was like, no. And We had 200 the first year. We had 400 the second year. Then I agreed to take it national. We went to Baltimore, Chicago, and L.A.
And by the time we got through our fourth year, we had 1,800 people at the Gaylord in Dallas for our kind of January event. And, man, through that, I got invited to speak at the five-star conference. And the five-star conference, if you don't know, is a big default servicing mortgage REO conference in Dallas.
And the conference organizer happened to sit in the room, and he was like, hey, we would love you to come share the path of the individual investor with these corporate finance executives and all that. I've got the picture still. I almost didn't go. I was fish out of water. Felt like the audience was going to see right through me. I'm just a pretender. Yeah, yeah, yeah. I'm not a college graduate.
And how am I going to talk to these Fannie Mae, Freddie Mac executives? And I have the picture. I'm in my closet. I've got my suit and tie on. And I'll grab my Marine Corps challenge coin. And I'm just like, you made the commitment. I meant to bring that coin. I have mine. Don't worry. I was like, you made the commitment. You will go. I spoke afterwards, got a line of people to talk to me.
One of them is this billionaire from England. He was the founder of Invitation Homes, you know, the company that is the largest home owner in the world. And he's a British man and he actually has already bought shares in Ternus. Nice. I will buy this money for luck. Tim, good job. But he's in line and he's like, so we're working on a project and we need your help. And I'm like, okay, who is we?
And he pulls out his card, you know, chairman and founder of Invitation Homes. And you're like, Got it. Yeah. The next day, I'm in his Dallas office. The next week, they fly me to New York. I'm at the Blackstone headquarters. These 20-foot mahogany walls on the 50-something floor, looking at Central Park. Same building as the NFL.
Yeah, man. And you talk about... I didn't belong in that room. And I sit down at the head of the table. Nick is his name. He positions me and I'm like his puppet that day. And they bring in all these analysts, 20 something people sitting around the table. Okay, tell him this. Because he had memorized my speech and he knew exactly how I was going to help him sell the B2R idea to Blackstone.
And I'm like, okay, enough of that. Now tell him this. Okay, enough of that. Tell him this. 10 minutes into the meeting, the senior managing director guy that has like a $20 billion authority said, okay, good to meet you, man. Got to bounce. He gets up and leaves. I'm like, That's weird. I just got here. Yeah. You flew me up, you know?
And then, you know, 10 minutes later, the next senior guy, okay, man, good to meet you. I got a balance. I must be tanking this. 10 minutes later, Nick's like, okay, that'll do. Let's go, Tim. And he walks me to the elevator. I'm thinking like, maybe we'll grab lunch, talk. Elevator's closing. He's like, okay, be in touch. And he stays on the floor and I'm going down.
I get in the car, go back to the airport, call my wife. I'm like, I'm done. She's like, well, what did you do wrong? I don't know. Right. A couple months later, I'm the managing director of a multibillion-dollar company, and I learned all this institutional stuff. I mean, I've got an office in Manhattan, an apartment, and it's just these rooms, when you're really there for –
non-transactional purpose, if you're really just there to expand your universe and add value to people, you are one phone call, one handshake away from changing the entire trajectory of your life, of your family. I mean, even my partners, Tom and Bill at Ternus are We started hanging out two years ago at boardroom, and we just became friends. Yeah.
So much that one night in Tampa last year, we're dragging back in from the casino at 4.30 in the morning, and here goes Casey Quinn and all the hard charges out for their morning run. Yeah, yeah. It's just like you're passing in the lobby. You're like, oh, good luck, buddy. See you in a couple hours. But I never knew we'd be partners. Yeah. I just knew we were friends.
And then my original founding partners, Charlie and Taylor, internist, I wanted to take the company in this direction of the crowdfunding. They felt like it was too risky. We parted very amicably. They still buy most of our loans from us. They wanted to be more of a loan buyer. I wanted to be more of an originator and crowdfunder. So it worked out perfect. Yep. I made the offer to Charlie.
Showing 41–60 of 155 · page 3 of 8
← Previous
Next →