F*ck Big Banks: How This Man is Flipping the Lending System | Tim Herriage

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Speaker 7 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.

Speaker 7 I was going to be a cop, then a state trooper, then a Texas Ranger.

Speaker 4 And I feel like you would have killed that also.

Speaker 7 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.

Speaker 7 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.

Speaker 7 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.

Speaker 7 And the fact that we get to help others do it,

Speaker 7 it makes me so happy. And that's why we will loan to a first-time investor just like they're an experienced investor.

Speaker 4 The science of flipping family, fuck the big banks, decentralized financing. These are mottos that my next guest lives by.

Speaker 4 This man is a very dear friend of mine, but over 10 years ago, he brought Wall Street to Main Street, and now he's reversing the whole system he helped build and bringing back that money into Main Street.

Speaker 4 Tim Herridge is here with Turnus. What's up, dude?

Speaker 7 Dude, just glad to be here. Yeah.

Speaker 4 This is going to be fun. So you are, your mottos, I call them like trigger words, but Fuck big banking, right? Decentral finance, decentralizing finance.

Speaker 4 This is now your your new mission, but you're the motherfucker that basically went out and started the whole thing.

Speaker 7 Yeah, I'm trying to undo the problem I created. Yeah.

Speaker 7 I mean, yeah, I get it. You know, it's part of my lesson in life has been everyone gets their money from somewhere.

Speaker 7 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.

Speaker 4 I know them well.

Speaker 7 Which became Finance of America, which we took public in 2021.

Speaker 7 And

Speaker 7 in that 11-year period, now investors don't realize.

Speaker 7 So in 08, 09, there was no Wall Street money for Flippers.

Speaker 7 Now almost 95% of the money Flippers use comes from Wall Street. Yeah.
You know, Kia Avi and some of the big guys, I mean, it's all securitization. It's all Wall Street money.

Speaker 7 And the problem is it's slow.

Speaker 7 It's hard to predict. Dude, it's brutal to use.
They ding your credit every other week. They, you know, appraisals take two months.
And all of a a sudden, you know, now an appraisal is like $900.

Speaker 7 I don't even know. 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.

Speaker 7 If I can buy a house with pictures and comps,

Speaker 7 why can't I make a loan on a house with pictures and comps? 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.

Speaker 4 It's been fun. And a little background on that, guys.

Speaker 4 About 13, maybe 15 months ago,

Speaker 4 him and I have a couple cocktails, jump on a private jet headed to Dallas, I believe. And he says, Colby, I need you to poke holes into this business model.

Speaker 7 Tell me why this doesn't work. That's right.

Speaker 4 Tell me why this doesn't work. And I couldn't.
I couldn't think of one. I mean, I literally was like, okay, the challenge would be is, you know, you have a rookie investor.

Speaker 4 But to your point, if you are the one running this and running the ship and you're willing to buy on pictures and comps, why can't you lend?

Speaker 4 And I'm like, bro, if you have that much confidence and there's no reason this doesn't work. And to your point, you know, I'm very still active after 18 years.
You're still active.

Speaker 4 You are still buying deals. I had called you the other day and you're like, dude, I might want to buy this damn thing, right?

Speaker 4 Like, you're not, you're not a lender in the way that we think of Kia Vi or we think of some of these bigger, again, institutional funds.

Speaker 4 You are on the streets in the trenches teaching and not just teaching, but like creating an opportunity for us, your client, to be a part of something really special at Turnus.

Speaker 7 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, mid-term rentals. And

Speaker 7 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.

Speaker 7 Because it's easy, you know, you get up in your office and you're looking at the paper and you start making these decisions decisions and you forget about the realtor the title agent the investor the contractors their acquisitions people their dispo people like all the people counting on us you know in in a hundred loans we were kind of just guessing we probably impact two or three thousand families

Speaker 7 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.

Speaker 7 So kind of, that's one of our mantras is don't forget the people behind the paper.

Speaker 4 Now, out of the gates, people are like, all right, what's the company? So let's hit it out of the head. Yeah.
Turnus. And where can people go find, fill out applications?

Speaker 4 I mean, obviously, Turnus is the name of the company, but what's the easiest way for them to start the process of getting in your world?

Speaker 7 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,

Speaker 7 the name.

Speaker 7 I was reading Simon Sinek's book, Start With My for the second time, and it talked about kind of everything's in in threes, everything's in threes. And I thought, okay,

Speaker 7 if I want this product to sell itself from the inside out,

Speaker 7 the product has to align with the customer's kind of core reasons.

Speaker 7 And I kind of worked on it. And I would imagine the 100,000 people that listen to this,

Speaker 7 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.

Speaker 7 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.

Speaker 7 And anyway, that bounced around my head, bounced around my head. And I started looking for like threefold.com.

Speaker 7 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.

Speaker 7 So I got on Chat GPT and I'm like, what's Latin for threefold? Give me a bunch of different variations. And Turnus is actually Latin for threefold.
So I go to, you know, GoDaddy.

Speaker 7 I'm going to buy turnus.com.

Speaker 7 Yeah, it wasn't available. Hire the domain broker because now I'm sold on it.
And I'm like you. Like, once I decide I'm going to do something like,

Speaker 4 yeah, I'm done.

Speaker 7 I offer them three grand. They say no.
I offer like six grand. They said no.
I offer like eight grand. They said no.
I'm like, man, maybe I need to find a different name.

Speaker 7 Like, because I don't even have a company yet, right? Like, um,

Speaker 7 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 grabbed the Amex. I pay for it.
My wife gets a text from MX.

Speaker 7 Your husband just spent $15,000 at GoDaddy. She calls me, like, what the fuck are you doing, man? Like, I'm like, it's that new business idea.
She goes, Tim, you know, it's like, but I'm an idea.

Speaker 7 So the answer is they can go to turnus.com. I wanted a short URL that meant something.
Yeah.

Speaker 7 And not about capital, not about finance, because

Speaker 7 that's not what we do. Yeah.
Like,

Speaker 7 so turnus.com, they can get all the information, but yeah, so Turnus is Latin for threefold because by our existence,

Speaker 7 the customer can do loans with us and make money on flips. They can buy rental property with us and build passive income and cash flow.

Speaker 7 And then now.

Speaker 7 They can actually have shared ownership in the company, which allows them to help me

Speaker 7 direct the future of finance for real estate investment.

Speaker 4 So this gives me shivers a little bit because I'm one of those people that have now ownership in Turnus. And for all of you out there, you too can have ownership.

Speaker 4 This isn't just because he's my buddy.

Speaker 4 Like quite literally, if you go to turnus.com, there's opportunities for anybody listening to this, watching this on Instagram to be an owner and have shares of Turnus.

Speaker 4 And I think that's cool for here's the big takeaway for me. I'm out of control when it comes to the lending space.
I'm not the lender.

Speaker 4 I can present you the deal and give you the comps and you can say yes or you can say no but i have no skin like i'm not in any level of control and i can't help you become a better lender to me by the way not you the Qiavis of the world I can't help them become better lenders you are flipping that and saying

Speaker 4 Colby, specifically you, but then the rest of you, make me the best lender that could possibly be lending to you for all purposes, whether it's flipping, long-term rental, short-term, make me the best by giving me the feedback and having ownership in the company.

Speaker 7 Yeah. So the crazy thing is, man,

Speaker 7 I get excited about this still, even though I've been dreaming of it for over two years now. And we just now launched the crowdfunding raise that allows us to let the everyday investor own part of it.

Speaker 7 So I got fed up a little bit. There's a ton of debt funds out there.
Like,

Speaker 7 I mean,

Speaker 7 DLP and all these other groups, I mean, you can invest in their debt fund. If you're an accredited investor, and then the problem is you only own the loans they give to that fund.

Speaker 7 And if that fund goes belly up, they can walk away and just form a new fund

Speaker 7 or they can use that fund to get where they're going and then get rid of the fund and you have no upside, no continued interest in it.

Speaker 7 So I was looking at it. I was like, okay, I've never done a crowdfunding before.
I was like, how can I make it where it's available to everyone? Even my customers just getting started.

Speaker 7 How can I make it available to everyone?

Speaker 7 and not just Wall Street. Like

Speaker 7 I've made a lot of money with Wall Street.

Speaker 7 And it would be really easy to go raise $5 million from Wall Street. I mean, I had a guy at the conference I'm down here for on Tuesday offering me $20 million worth of buying loans.

Speaker 7 We don't need money. The entire vision is to make, so with the crowdfunding, you don't have to be accredited.
I mean, you can put it on a credit card

Speaker 7 and buy shares in Turnus.

Speaker 7 And it's Turnus Incorporated. It's like the real company.
Yeah. Right.
I mean, it's the company that owns all the subcompanies. And I mean, we're starting an insurance company, a servicing company.

Speaker 7 We will raise some debt funds because I've got some rich buddies that would love to drop, you know, a million bucks in and make a 10% cash flow type yield.

Speaker 7 But for now, before I did any of that, I had to make sure it was available to the masses. Like,

Speaker 7 I would rather have a thousand shareholders own a thousand shares than three institutions own 10% of my company and get to tell me what to do. That's right.

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Speaker 4 Well, this is why it's like, so you are one of my bigger lenders. And so all you who want to know where I borrow money from, you're looking at him right now, Turnus.

Speaker 4 And so.

Speaker 7 I'm not a loan officer.

Speaker 7 Yeah.

Speaker 7 You don't want me working on your loan,

Speaker 7 my team. That's right.

Speaker 4 Yeah, the company.

Speaker 7 The company.

Speaker 4 But I'll tell you, as a company, you guys are some of the fastest, easygoing, most flexible. I mean, we have a couple of deals right now that like

Speaker 4 KiaVi would not have been ideal. Right.
Or I'm using Kiavi because they're known as probably one of the largest. Well, they're my target.
Right.

Speaker 4 And so, but if you keep that level of flexibility, you keep that level of like.

Speaker 4 You know, being adjustable and fluid depending upon the asset, the borrower, the whatever, you will have more clients than you'll ever know. You will beat Kia'Vi because they are so stringent.

Speaker 4 They are so by the book. They are so New York Wall Street money.
They have a box. If it's not in the box even an inch, it doesn't fly with them.
And you have made my life and all of your borrowers.

Speaker 4 And I know you have 100-something loans current. Like it's easy to work with you.
It is just as easy to work with you as it is to give, hey, here's the property. Here's comps.
Here's pictures.

Speaker 4 Let's buy it. And in seven days, we have money type of idea.

Speaker 7 Well, and don't forget, you put it on Instagram last year. We have a really small package.

Speaker 7 It was like the best, worst compliment ever. Ever.
It's like Tim Harris has a small package. It's great.
I'm like, thanks. I think.
I guess. Right.
But by doing,

Speaker 7 we don't have to securitize our loans. So I just have to make sure that if you don't pay me, I can foreclose.

Speaker 7 So my loans can be more simple and straightforward, much more like a traditional hard money. And

Speaker 7 it's great like that.

Speaker 7 Because

Speaker 7 I already have capital partners like we will give you millions of dollars, but you're going to need to pull credit. I said, no, I don't.
I don't because

Speaker 7 my partners, Bill and Tom and I have enough money to not need Wall Street's money. But I also don't because I now have shareholders that understand that the credit,

Speaker 7 frankly, is your liquidity, the money you have in the bank. Do you have the money to get the project started? Because I'm going to loan you all the rehab and to pay the interest.
That's it.

Speaker 7 That's your credit.

Speaker 7 And the asset is the collateral. And having bought thousands of houses, I'm still just an asset guy.
I was talking to my mentor, Jeff Tennyson.

Speaker 7 He took Lima One from like $100 million a year to $3 billion a year. He's my CEO coach.
And I was like,

Speaker 7 we had breakfast yesterday down here in Miami. And he's like, dude.
You've got to make sure you don't lose that as you grow the company. That's right.
Like you have to keep it.

Speaker 7 It's asset-based lending.

Speaker 4 It's not true to asset-based lending. And that's the difference right now, right?

Speaker 4 Like, that's why I would tell everybody to go to turnus.com because if you're buying any level of asset, fix and flip, long-term hold, like it is the asset.

Speaker 4 They underwrite the asset for the asset's best potential. And you lend on it if it has good potential.

Speaker 7 Well, and it's also important. This is probably a good part to talk about.
We really live, eat, breathe, and sleep our core values.

Speaker 7 And I'm a Marine, so kind of dumb. Sometimes we need acronyms to figure shit out.

Speaker 7 So our core values is stars: speed, transparency, accountability, respect, and service. And when I talk to my team about it,

Speaker 7 I've been on the other side of the table so many times. Time kills deals.

Speaker 7 And if I yank you around or don't give you an answer quickly, even if the answer is no,

Speaker 7 I'm doing you a disservice. Right.
And transparency. So many times lenders will collect that app or let you order that appraisal and they know it's going to be hard to get done.

Speaker 7 I would rather say, dude, you need to keep looking for money and we'll do our best to figure it out. But like, this is not a yes.
It's a no. Yeah.
But there may be something there.

Speaker 7 Let us go look at it. But for now, keep looking.

Speaker 7 It's funny, 13, 14 months into it, we have so many people that just love our transparency because they're...

Speaker 7 They're like, they'll call you back. Hey, real quick, can you tell me if this one will work for you?

Speaker 7 Because we already told them no twice, but they know that they can get a no from us so quick that they might as well well bring us every deal. And we'll just quickly tell them yes or no.

Speaker 7 And the other thing is, is if we say yes, funny story, your second loan you did with us,

Speaker 7 you text me on a Monday morning,

Speaker 7 nice and early. You're on the East Coast.
I'm in Central Time. You get up at like 4 a.m.
So I think I woke up to your text at like six and it's like, Harriage, what the fuck?

Speaker 7 Because we were supposed to close that day. And apparently somewhere downstream, there was a problem.

Speaker 7 What it was, was

Speaker 7 our capital partners,

Speaker 7 we have different pools of money that we pull from. And one of the partners that was going to fund that loan was like, wait a second, if we fund this loan for Colby, it'll put us where he is over 10%

Speaker 7 of the money we have outstanding with you. And that's a violation of your warehouse line.

Speaker 7 And I was like, well, shit. Why didn't we catch that? Well, we didn't catch it because.
It was the first time it had happened. That was in April of last year.

Speaker 7 We had only been originating loans for two months, right? Like, he hadn't had had time to get to that point.

Speaker 7 But I quickly said, hey,

Speaker 7 we fucked up.

Speaker 7 Give me a minute. Let me figure it out.
We had to pull from our own cash to get the deal funded.

Speaker 7 But part of that is, you know, we don't retrade people and we're going to do what we say. We're going to hold ourselves accountable.

Speaker 4 You have stuck to that. And I will vouch for you.
You have stuck to that for every deal we've done. The ones that you say, Colby, I don't love it.
I mean, I see the numbers. I don't love it.

Speaker 4 You've stuck by me when you were right and I was not. And I was like, bro, but look at these numbers.
And right.

Speaker 4 And sometimes you get like, oh shit, the numbers did make sense, but you didn't do X, Y, and Z, which made it not make sense. But you've stuck by me that whole one terrible deal we're talking about.

Speaker 4 Like, you do what you say you're going to do.

Speaker 7 You kind of wish I hadn't funded it now, huh? Oh, yeah.

Speaker 7 I do.

Speaker 4 Because I wouldn't have been able to get it and I would have given up on it. But I say all that just to give you the kudos that this is who your company is, is who you are.
It's what you stand by.

Speaker 4 And so that star's acronym is true for you.

Speaker 7 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 i super believe in you know you're gonna get up every morning you're gonna respect yourself you're gonna show up manic you know with you're gonna be shaved and your shirts tucked in and that's just how we do it at turnus uh you're gonna

Speaker 7 you know answer the phone politely you're gonna treat your teammates with respect. You're not going to allow a shitty deal into the pipeline that then our ops team has to clean up.

Speaker 7 You're going to respect that when Justin Colby buys a house, there's a realtor title agent.

Speaker 7 And oftentimes in this business, a little old lady that ends up at the title company on Friday and everything she's ever owned is in a U-Haul.

Speaker 7 And if we don't close, 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.

Speaker 7 And then the last is service. And when I say service,

Speaker 7 I get goosebumps as I say this every time because I tell the team we make millionaires. And,

Speaker 7 you know, when I got out of the Marine Corps, I wanted to be a cop.

Speaker 7 I was going to be a cop, then a state trooper, then a Texas Ranger.

Speaker 4 I feel like you would have killed that also.

Speaker 7 I would have, but I would not.

Speaker 7 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

Speaker 7 I found real estate.

Speaker 7 i got in it 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

Speaker 7 and we have you know the ed milett 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 it makes me so happy And that's why we will loan to a first-time investor just like they're an experienced investor.

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Speaker 4 You know, guys, so it's funny. I want you guys, you guys have heard me say this a bunch of times here on this podcast, but I just genuinely believe it.

Speaker 4 Tim and I have gotten increasingly close over the last three years or so because of Boardroom Mastermind, which is just an incredible room. I believe it's the best in the industry.

Speaker 4 But there was a time probably 12 years, 10 years ago that Tim didn't know me. I didn't know Tim.

Speaker 4 But I was invited to a Dallas meetup, Rhea, whatever we want to call what you guys were running at the time, right?

Speaker 4 And there's this guy in a suit with no tie, and you had

Speaker 7 1,000 people in the room. Was it the REI Expo? Yeah, the biggest one of those was 1,800 people.

Speaker 4 Right. And you're up there.
And I don't know who Tim Harridge is, but everyone's like, dude, the guy who runs this thing is, he's the man.

Speaker 7 Yeah. You never told me this.

Speaker 4 I'm telling you now. So you're in a suit, no tie.
You're up there. You're kind of giving your thing.
And I forget what you were talking about, but you had a slide deck, the whole thing.

Speaker 4 And I intentionally sat in the back because I was invited by one of my private clients who lived in Dallas. So I would fly to my private clients once a month.
I would work with them.

Speaker 4 So we lined it up to go to this because one of the points I always make to everyone for over a decade is the more hands you shake, the more money you make. Amen.

Speaker 4 And I said, you need to get intentional with going to every damn meetup. I don't care if there's 10 people in the room or if there's a thousand at this Dallas

Speaker 4 expo, get in the room. And so I went with them.
Now, I intentionally sat in the back because I wanted to kind of see what you guys were doing as a speaker myself.

Speaker 4 But it was an incredible point of like, you need to get in these rooms. You need to meet people.
You need to shake hands because a decade later, here we are, you on my podcast.

Speaker 4 You didn't know this story I'm telling you. But this is a very real reason that you always want to put yourself out there because you never know when that paycheck comes, right?

Speaker 4 My first mentor in real estate said, take every meeting, even if it doesn't lead to a paycheck in your pocket right now, you never know where that meeting takes you in a decade.

Speaker 4 And it's just true because we've done a lot of deals now together. We're now business partners together with Turnus.
Like it's just a cool transition to see.

Speaker 4 Everyone needs to go follow Tim first of all, go to his social media page. He's putting a lot of effort in right now, so I'm watching it.
But go check out Turnus, but then connect with him, right?

Speaker 4 He's a real guy. He really does deals.
He's very active.

Speaker 4 And I just wanted people to hear that because it truly is. I've made more money from people, knowing people, relationship capital than I've ever made from direct mail, PPC, Facebook ads, et cetera.

Speaker 7 So two points on that. One, the REI Expo started out as just

Speaker 7 I'd been a home investors franchisee for a long time, and I missed the annual convention because I just missed getting in the room with people.

Speaker 7 And this is like really pre-Facebook and message boards and Instagram. And

Speaker 7 there was just no real way to connect other than being in a room with someone back then.

Speaker 7 And so I started the expos. It was supposed to be just a Dallas trade show.
And a couple people showed up. They were like, man, you need to take this national.
I was like, no.

Speaker 7 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 LA.

Speaker 7 And by the time we got to our fourth year, we had 1,800 people at the Gay Lord in Dallas for our kind of January event. And man,

Speaker 7 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.

Speaker 7 And the conference organizer happened to sit in the room.

Speaker 7 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.

Speaker 7 I've got the picture still. I almost didn't go.
I was fish out of the water. Felt like the audience was going to see right through me.
I'm just a pretender. Yeah, yeah, yeah.

Speaker 7 I'm not a college graduate. And how am I going to talk to these Fannie Mae, Freddie Back executives?

Speaker 7 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.

Speaker 7 I'm like, you made the commitment.

Speaker 4 I meant to bring that coin.

Speaker 7 I have mine. Don't worry.

Speaker 7 I was like, you made the commitment. You will go.

Speaker 7 I spoke afterwards, got a line of people to talk to me. One of them is this billionaire from England.

Speaker 7 He was the founder of Invitation Homes, you know, the company that is the largest home owner in the world.

Speaker 7 And he's a British man and he actually has already bought shares in Turnus. Nice.

Speaker 7 I'll buy this money for luck. Tim, good job.

Speaker 7 But he's in London. 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.

Speaker 7 And you're like,

Speaker 7 got it. Yeah.

Speaker 7 The next day I'm in his Dallas office.

Speaker 7 The next week, they fly me to New York. I'm at the Blackstone headquarters in these 20-foot mahogany walls on the 50-something floor, looking at Central Park, same building as the NFL.

Speaker 4 Rich like mahogany.

Speaker 7 Yeah, man. Like, and you talk about, I didn't belong in that room.
Yeah, yeah. And

Speaker 7 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.

Speaker 7 He's, okay, tell him this. Like, cause 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,

Speaker 7 he's like, okay, enough of that. Now tell him this.
And then like, hey,

Speaker 7 okay, enough of that. Tell him this.
10 minutes into the meeting, the senior managing director guy that has like a $20 billion dollar authority is like, Okay, good to meet you, man. Got a bounce.

Speaker 7 He gets up leaves. I'm like, That's weird.

Speaker 7 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 bounce.

Speaker 7 All right, I must be tanking this.

Speaker 7 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.

Speaker 7 Elevators closed, and he's like, Okay, be in touch. And

Speaker 7 he stays on the floor, and I'm going down.

Speaker 7 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?

Speaker 7 I don't know. Right.
A couple months later, I'm the managing director of a multi-billion dollar company, and I learned all this institutional stuff.

Speaker 7 And I mean, I've got an office in Manhattan and an apartment, and it's just

Speaker 7 these rooms. When you're really there for a

Speaker 7 non-transactional purpose, if you're really just there to expand your universe and add value to people,

Speaker 7 you are one phone call, one handshake away from changing the entire trajectory of your life, of your family.

Speaker 7 I mean, even my partners, Tom and Bill at Turnus,

Speaker 7 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.

Speaker 7 And here goes Casey Quinn and all the hard chargers 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.

Speaker 7 But I never knew we'd be partners.

Speaker 7 I just knew we were friends. And then my original founding partners, Charlie and Taylor,

Speaker 7 Internus,

Speaker 7 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.

Speaker 7 They wanted to be more of a loan buyer. I wanted to be more of an originator and crowdfunder.
So it worked out perfect.

Speaker 7 Well, I made the offer to Charlie. We're at lunch in October.
I'm like, hey, you know, what if I just gave you all your money back and, you know,

Speaker 7 he's like, we'd take it. I was like, oh.
Thought my wife afterwards, like, yeah, we got to come up with a couple million bucks.

Speaker 7 A couple text messages. Yeah.
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.

Speaker 7 But it's a friendship that turned into business because it was never intended to be business. It wasn't transactional.

Speaker 7 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?

Speaker 4 What's in it for me? What's in it for me? Ken talks a lot about that, right? So I tell people all the time, every conversation that is not an enlightened person.

Speaker 4 So when you talk to Tim Herridge, he's very enlightened. He's not thinking what's in it for me.
99% of the human race will be thinking, what am I going to get out of Tim Herridge?

Speaker 4 What am I going to get out of Justin Colby? And that's how people think. And it's kind of natural human condition at this point.

Speaker 4 But if you go into it, even if you might be thinking it and you actually say, okay, how can I genuinely start a relationship, build a relationship with no agenda?

Speaker 4 The agenda becomes clear down the road. And this is why I talk a lot about giving yourself runway.
If you give yourself enough runway, Tim didn't know me 10 years ago. I didn't know Tim.

Speaker 4 I saw him speaking at his own event. I was forcing my client to go kind of engage in what we're talking about now.

Speaker 4 10 years later, we become very close friends. Now we are business partners.
You are my main lender in all these different synergistic

Speaker 7 shareholder internist. I'm a shareholder in Turnus, which is so fun to say.
Right. Well, I got to interrupt because that is

Speaker 7 so much the idea behind Turnus. Yeah.
I do not need the money I'm going to get from the crowdfunding.

Speaker 7 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.

Speaker 7 So if the minimum investment is $1,000 and you do two loans,

Speaker 7 you got shares for nothing.

Speaker 4 Essentially, yes. I mean, literally, dollar for dollar, yes.

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Speaker 7 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 Turners.
But two,

Speaker 7 when we have the annual shareholder meeting,

Speaker 7 We want a community of people to tell us what we're doing wrong.

Speaker 7 I don't want a community of people to blow smoke up my ass or tell me that we need to focus on profit. Southwest Airlines made the world's worst mistake this week.

Speaker 7 This week. Yeah, bags no longer fly-free.
Oof.

Speaker 7 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.

Speaker 4 Not ideal.

Speaker 7 And the minute, if you've ever read Jim Collins, Good to Great. That's right.
The minute you start talking about profit first

Speaker 7 versus

Speaker 7 how do I serve my customer? How do I get better? What am I doing wrong?

Speaker 7 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.

Speaker 7 And if it's all about profit and shareholder value at that point,

Speaker 4 it's commoditized, right? And you're not actually caring about the people. And what they did so well for so long was they cared about the people.

Speaker 4 They became very inexpensive flights with great value adds that were quick, cheap, fast flights. I used to fly living on the West Coast, I'd fly them all the time.
Yeah.

Speaker 4 From Dallas to Phoenix, Phoenix to Vegas, Vegas to L.A., like all the time.

Speaker 7 But now they're more expensive than American.

Speaker 4 Flights are ridiculous. That's another, I looked at a flight today to go to Tampa, $400 each way.
Not first class, just like to Tampa. It's a 40-minute flight.

Speaker 7 You might as well get an Uber and just work from the back and get to skip.

Speaker 4 You think I'm not considering it?

Speaker 7 Yeah.

Speaker 4 Like, I'm legit, like, why don't I take a Bright Line, which is a train down here? It's a three-hour to Orlando, an hour Uber to Tampa. I'm just working the whole time.
Like, I'm on the phone.

Speaker 4 I can actually use it versus plan. Anyway, sorry, we're digressing, people.

Speaker 7 This is what

Speaker 7 so the that's the fun part about this share offering is that it is not about the five million dollars that we're going to raise it is not about the valuation that we attach to the offering

Speaker 7 It's not about the perks.

Speaker 7 The reason I wanted people like Bill and Tom to be my partners and not Wall Street is they get it.

Speaker 7 You know, Tom has built a very large, almost 1,000-unit portfolio in Yuma, Arizona by himself, scrappy, over the last 15 years.

Speaker 7 Bill and his family turned being dairy farmers into one of the most impressive business operations I've ever seen in my life.

Speaker 7 The amount that they sell bull semen for is just crazy.

Speaker 7 Can't even say what they call that business.

Speaker 7 But the point is, they buy commercial properties. They buy, they're 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

Speaker 7 the Wall Street elite that

Speaker 7 only care about how can we make more profit off of this person that walks in the door.

Speaker 4 So because I don't want people to get lost on this, can you explain terms for Turnus? Just because people are like, like, well, dude, what does a normal loan look like?

Speaker 7 Yeah, so on our fiction flip, it's 100% financing up to 70 LTV.

Speaker 4 100%, rewind that. 100% financing up to 70% of LTV of end value of

Speaker 7 your ARV.

Speaker 7 It doesn't matter if you've done 10 deals or zero deals.

Speaker 7 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.

Speaker 7 If somebody calls and says you're not competitive, I say, great,

Speaker 7 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.

Speaker 7 Send us your bank statements. Would you like to close tomorrow?

Speaker 7 It's that easy. Now, if your pictures are just the exterior picture and the back picture and there's no inside pictures,

Speaker 7 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.

Speaker 4 It's fast. And

Speaker 7 having been the flipper that,

Speaker 7 you know, Friday payroll sneaks up on you, and

Speaker 7 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.

Speaker 7 And so I'm really happy with our draw process.

Speaker 7 It's, it's, you fill out 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.

Speaker 7 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,

Speaker 7 which is another superpower we have right now that we're trying to, you know, as we get to scale, we have to figure out. My brother Jamin is,

Speaker 4 he's probably bought

Speaker 7 800, 900 houses for me that

Speaker 7 I made every decision based off of what he told me.

Speaker 7 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,

Speaker 7 say you were an acquisitions manager somewhere.

Speaker 7 and volumes slowed down, we want to talk to them. If they worked at an open door with Zillow, we want to talk to them

Speaker 7 because we've got to make sure we're staffed with asset guys and gals, right? People that really understand real estate. I can figure the rest out with finance people.

Speaker 7 I just need to make sure we're making good loans on good houses and good neighborhoods. Yeah.

Speaker 4 It's,

Speaker 7 guys,

Speaker 4 first of all, 100% lending is incredible.

Speaker 7 Buy it right.

Speaker 4 Like, understand how to come to property. Understand what the actual ARV is.
Just buy it right. And they're going to give you 100% of the money you need.

Speaker 4 They do it very fast. Yesterday, you texted me.
You said, you need to be able to cut the check by today.

Speaker 4 You said, hey, you got to solve for this thing that might see me.

Speaker 4 Literally, my general manager replies, hey, that's on the deal. And then you're like, great, I can't send the wire until you guys give us that thing.

Speaker 7 That wire will hit today.

Speaker 4 And literally, you brought it up yesterday. We're talking about one day, and we have it up last night.

Speaker 7 Last night. Right.
And so that's one of the reasons, Justin, that we're selling shares is: I am insanely obsessed with technology. Yeah.

Speaker 7 We are implementing machine learning into everything we do from even sizing or reconfiguring loan offers.

Speaker 7 So if you're a new person and you're buying a heavy rehab and you've never done a deal and you're borrowing money from your dad to get it done,

Speaker 7 we will do that loan. No doubt.
But you're going to prepay six months of interest and we may lower your loan to 65%.

Speaker 7 Yep. Well, we've now,

Speaker 7 for six months, we've been building and testing this automatic little robot that takes in those data points and says, and we'll give the customer a quicker answer to those what we call exceptions.

Speaker 7 Yeah. Right.
If you're just buying a normal 322 brick house that needs paint and carpet and you have money in the bank, like here's the money. Super easy.

Speaker 7 We've got to be able to say yes to some other things.

Speaker 7 And we're using AI and machine learning to do it.

Speaker 7 One thing that I'm super excited about is we download all call transcripts every night and we load it into the machine learning engine.

Speaker 4 I love that.

Speaker 7 And my IT guy, my VP of technology, has figured out a way to wait towards our top producing salespeople in those call transcripts

Speaker 7 because we're designing a chat bot that basically can underwrite your deals online and answer your questions, but we want to wait towards the

Speaker 7 guy or gal that's actually getting stuff closed, not the maybe dip shit that's going to get fired. That's right.
That's right.

Speaker 7 We're using VAs for a lot of stuff. So we're just like the customer.
I mean, it's like VAs and this and that,

Speaker 7 but

Speaker 7 we're downloading their inbox every day. Like, what questions are they getting asked? How are they being answered? Are there common threads?

Speaker 7 Does it point to a part in your process that needs to be fixed?

Speaker 7 If 80% of the customers ask the same question, you've got a massive problem on the front end.

Speaker 7 And massive is not massive, but for me, it's massive because, again, my core values, speed and transparency.

Speaker 7 But I need to be able to tell you everything as fast as possible so you can make an educated decision for your business and your family.

Speaker 7 So part of this fundraise, if they go to invest.turnus.com, it breaks down a use of proceeds.

Speaker 7 You know, we're going to spend $2.5 million on funding loans. And there's like, I don't know, half a million.
You have to reference the thing. on just pure technology development.
We're trying to,

Speaker 7 so fun to build something on new technology and not be stuck on old technology. Yeah.

Speaker 7 So that's another reason that we decided to raise the capital when we did is to improve in every way we can as fast as possible.

Speaker 26 Hey, it's Parker Posey. How did I get here? I love improvisation when it comes to acting, but when it comes to a real-life plan, I stick to a script.

Speaker 27 Cue the music.

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Read it carefully.

Speaker 3 DIA is subject to risks similar to those of stocks. All ETFs are subject to risk, including possible loss of principal.
Alps Distributors, Inc. Distributor.

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Speaker 4 Guys, if you aren't getting the gist here, Turnus is the company. Tim Herrid is the man.

Speaker 4 There's opportunities not just to get loans that are relatively fair market, right? Like may not be the total cheapest, but is the easiest.

Speaker 4 the fastest coming from a true operator, yourself, your wife. Like, guys, I don't know how else to sell what I'm saying right now.

Speaker 4 Besides, if you're following me and watching this, you got to trust that Turnus is the company that I use. And if it's good enough for me, it's damn sure good enough for you.

Speaker 7 Right. And all investments involve risk.

Speaker 7 I've had some really good friends in the industry call, like, hey, what do you think the projected return is? I'm like, I can't say that. Yeah.

Speaker 7 Like, you should, if you can't afford this, you should just expect, you shouldn't do it. Yeah.
And you should expect that

Speaker 7 I think the minimum investment is like a thousand bucks.

Speaker 7 If you can't afford to lose that thousand dollars, don't buy. Don't invest.

Speaker 7 But if you want to be supportive of a company that is

Speaker 7 insanely obsessed in the customer experience,

Speaker 7 you should definitely check us out.

Speaker 4 Yeah, I think everyone understands who always wins in every transaction.

Speaker 7 The lender. The lender.
The bank, right?

Speaker 4 I mean, and you and I were just talking about this off camera.

Speaker 4 I don't want to go be a bank, but if I can just cut a check to Ternus and own shares and be your partner in that, I'm effectively getting the win I want without having to go build what you are building.

Speaker 4 And that's what everyone wants.

Speaker 7 They don't want to do the work. They want the, they don't want to have the

Speaker 4 labor. They want the baby.
And I just want the damn baby, Tim.

Speaker 7 And so if you guys are out there, I just want that,

Speaker 7 me neither.

Speaker 4 But if you don't want the labor of like building a lending business and knowing that that's a great space, because it is, right? And getting 10, 12, 15%.

Speaker 7 And great.

Speaker 4 But if you don't want the labor of doing what tim has to do then take a strategy like me like be an investor right get shares because now i can just have the baby with the payoff and not have to go through the labor well and google has an awesome saying it says no one knows everything and everyone knows something

Speaker 7 and probably the most thing the thing i'm most excited about is the first shareholder meeting that's going to be in september Where we bring together, you know, we do it somewhere really cool.

Speaker 7 Yeah, all right. I got it planned.

Speaker 7 You know, you bring together 500, 1,000 people

Speaker 7 that have all invested in the successful outcome of something.

Speaker 7 And the board and I are just super excited about

Speaker 7 bringing them together and hearing them. Yeah.
And doing little focus groups, doing surveys. Like, I don't want to just have people invest.

Speaker 7 I want people to hold us accountable and be a part of the next evolution of financing for investors. Like I said, 10 years ago, these DSCR loans,

Speaker 7 we, B2R Finance, I ran the sales and marketing team there. We originated the first ever DSCR loan almost 10 years ago.
It was in April.

Speaker 7 May have been March, actually. It may have been exactly 10 years ago.
Until that, it was only DSCR portfolio at B2R. And I went to the board.
at Blackstone and I said, look,

Speaker 7 89% of the people that call us, even though like our website straight up says, don't call unless you have five freaking houses. 89% of the people that call say, I only have one.
Can you help me?

Speaker 7 I can't get money anywhere. And so Blackstone's like, fine, you can do $10 million worth of single asset loans.

Speaker 7 I'm a nerd. I'm a finance nerd now.
In the securitizations, it's still called the SLP,

Speaker 7 which we came up with on the fly. It means single loan product.
There you go. Because we had the entrepreneurial loan product, which was the five-house portfolio.

Speaker 7 And I had to call it something for the sales team i was like brendan what are we gonna call it he's my vp of sales at the time he goes uh slp i was like there you go uh it's still called that in securitization documents kind of funny but um

Speaker 7 yeah man brian partridge who you've met uh was kind of our number one sales guy b2r back then he sold the first couple dozen of them and we sold out in like three days and you're like oh got something yeah and so We do DSCR as well, long-term rental loans.

Speaker 7 That is not a turnless product yet.

Speaker 7 That is just a, it's a, since those have to be sold to life insurance companies or hedge funds or whatever, because nobody has money to tie up for 30 years like that,

Speaker 7 that's still conforming to kind of

Speaker 7 the pain of normal. You know, you got to have credit and appraisal and all that.
But,

Speaker 7 you know, we're closing them in two weeks.

Speaker 7 And that's kind of unheard of. Yeah.
But we're doing that because my team is just, I mean,

Speaker 7 the reason speed is the first

Speaker 7 letter in stars and not the last is

Speaker 7 not only does time kill deals, but time will get you deals. So like today is the 20th of March.

Speaker 7 No way

Speaker 7 most lenders could close a DSCR by March 31st.

Speaker 7 No way. No way.
We could.

Speaker 7 How?

Speaker 7 Because we would be really transparent with you up front. We'd say, listen, we can do it.
We'll find out. I need all of your bank statements today.
I need your insurance today.

Speaker 7 I need need you to pay for the appraisal today. And you need to make call and follow up with the appraiser tomorrow and make sure the report is done tomorrow.
Tomorrow's a Friday.

Speaker 7 So then I'd have it in by Monday and I'd have full seven days. Once I have the appraisal, the credit report, the lease, the bank statements, I can get you into underwriting.

Speaker 7 Underwriting can clear in 48 hours.

Speaker 7 It can be done. The problem is most of our customers, we are unorganized and slow because we like to bitch about the lenders, not bitch about ourselves.
That's hard to bet us yesterday.

Speaker 7 And I'm saying we, because I'm one of them.

Speaker 7 I mean, I bitch about lenders too. That's right.

Speaker 7 So, yeah, I mean,

Speaker 7 we are radically obsessed with changing the way business is done. And eventually we'll have our own DSCR product.

Speaker 7 I mean, I see a world where we can do a DSCR product without credit.

Speaker 4 Have we done a DSCR through you yet?

Speaker 20 I think.

Speaker 4 I think we have one. Yeah, I don't know.

Speaker 4 I didn't force you to do it in seven days.

Speaker 7 But the point is, it's not ideal, but we close them in two weeks all the time.

Speaker 4 It's, guys, I want to see you guys watching this and listening to this at the shareholder meeting in September. That's what I want because I want you and me

Speaker 4 to be able to help this man create a product that is needed in this space because it doesn't exist.

Speaker 4 What you've done at Turnus and what you're building in the direction you're going with your thesis is a product that doesn't currently exist that makes my life, your life as an investor, and your guys' life as an investor way easier, faster, and smoother.

Speaker 4 So my encouragement, find Turnus, go to their website, but also I want you guys to join me in helping this man on the journeys on. And we can do that as shareholders.

Speaker 4 That's how we make an actual dent in how lending is done moving forward.

Speaker 7 Good take a bet.

Speaker 4 And so, I appreciate you joining me too today. And we have a long journey, but it's going to be fun.

Speaker 7 Man, I appreciate you having me.

Speaker 4 Yeah, man. All right.

Speaker 4 If this was pretty cool and you think there's two people that need to know more about Turnus, hard money lending, the space we're in, or just need money, then make sure you share this with those two friends.

Speaker 4 And we'll see you on the next episode.

Speaker 26 Peace.com/slash IM for perspectives containing this and other information.

Speaker 3 Read it carefully. DIA is subject to risks similar to those of stocks.
All ETFs are subject to risk, including possible loss of principal. Alps Distributors, Inc.
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