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
We're at lunch in October. I'm like, hey, what if I just gave you all your money back? He's like, we'd take it. I was like, oh. I thought my wife afterwards was like, yeah, we've got to come up with a couple million bucks. A couple of text messages. Tom and Bill are like, dude, we're in. We'll do the whole thing. Next thing you know, we buy them out. And it's just me, Tom and Bill.
But it's a friendship that turned into business because it was never intended to be business. It wasn't transactional. So you can get in these rooms and do it wrong if you're walking around only thinking about what can I get from you?
Right? Well, I got to interrupt because that is so much the idea behind Ternus. Yeah. I do not need the money I'm going to get from the crowdfunding. As a matter of fact, we have this thing called the Founders Club for this round of investors where they get 500 bucks off of any loan they do.
So if the minimum investment's $1,000 and you do two loans, you got shares for nothing.
The value in this offering is going to become twofold. One, obviously, now you have these ambassadors that are shareholders throughout the nation telling people about Ternus. But two, when we have the annual shareholder meetings, We want a community of people to tell us what we're doing wrong. I don't want a community of people to blow smoke up my ass or tell me that we need to focus on.
Southwest Airlines made the world's worst mistake this week. It isn't weak. Yeah. Bags no longer fly free. Oof. And now they are reorganizing their workforce in the airports. And a CEO, when explaining it on the news, he led with the word profit.
And the minute, if you've ever read Jim Collins' Good to Great. That's right. The minute you start talking about profit first versus how do I serve my customer? How do I get better? What am I doing wrong? it means you're going in the wrong direction. I would almost guarantee you Southwest Airlines out of business the next 10 years and merge with someone else. Wow.
Because now it's all about profit. And if it's all about profit and shareholder value at that point, It's commoditized, right?
But now they're more expensive than American.
You might as well get an Uber and just work from the back and get to skip a... You think I'm not considering it?
This is what happens with the engines. That's the fun part about this share offering. It is not about the $5 million that we're going to raise. It is not about the valuation that we attach to the offering. It's not about the perks. The reason I wanted people like Bill and Tom to be my partners and not Wall Street... is they get it.
Tom has built a very large, almost 1,000-unit portfolio in Yuma, Arizona by himself, scrappy, over the last 15 years. Bill and his family turned being dairy farmers into one of the most impressive business operations I've ever seen in my life. The amount that they sell bull semen for is just crazy. Can't even say what they call that business. The point is, They buy commercial properties.
They buy their scrappy. I want to be surrounded by people that get what it's like to be belly to belly at a closing table. Yeah. Not the Wall Street elite that. Only care about how can we make more profit off of each person that walks in the door.
Yeah, so on our fiction flip, it's 100% financing up to 70 LTV.
Of ARV, yeah, of your ARV. It doesn't matter if you've done 10 deals or zero deals. We charge 12% interest and we charge 2% origination and we have a $2,000 closing fee. If you're in the Founders Club, that fee is reduced to $1,500. If somebody calls and says, you're not competitive, I say, great, call someone else.
Oftentimes they call us back because that someone else wants an appraisal and a credit score and a proctology exam and all that. And for us, send us pictures. Send us your bank statements. Would you like to close tomorrow? Yeah. Staties. Now, if your pictures are just the exterior picture and the back picture and there's no inside pictures, we're going to have to ask for some more pictures, right?
I mean, and we'll send you a link and you can do all that. And probably the thing I'm most proud of, Justin, is we pay draws in 24 hours. It's fast. And having been the flipper that, you know, Friday payroll sneaks up on you and- It's hard. It's hard out there. And you need to pay your people quickly because we ask people to work kind of on the cheap and fast. And so you need to pay them.
And so I'm really happy with our draw process. It's... It's... You... drop some form online, and we text you a link, and you can even text that link. I think you guys do it. You text it to your general contractor down in San Antonio. They run over to the house. They take pictures.
It tells me that they were actually at the house on that date, and it gets emailed to my draw inspector in-house, which is actually my brother, which is another superpower we have right now that we're trying to – as we get to scale, we have to figure out. My brother, Jamin, is – he's probably bought – 800, 900 houses for me that I made every decision based off of what he told me.
So to have him kind of in that draw department and on the front end diligence side is helpful. We're looking at hiring some other people, maybe some people that were, if you're out there, Say you were an acquisitions manager somewhere and volume slowed down. We want to talk to them. If they worked at Open Door or Zillow, we want to talk to them.
Showing 61–80 of 155 · page 4 of 8
← Previous
Next →