Tim Herriage ([00:00]):
All right, all right, what’s cooking everybody? Tim Herriage here with another episode of the Business and Barbecue Podcast. Thank you so much for joining us. Today I am going to answer four questions I was recently asked by one of my sons for one of their English classes. So they said they needed some quotes. They needed me to answer these questions. I type really slow, but I talk really fast, so I thought, heck, why not make this the first podcast in six or seven months and answer the questions, then I can have it transcribed and he can have all the quotes he wants and I can get it done a little bit quicker.
Tim Herriage ([02:58]):
So he asked me four questions. Talk about, sometimes you’ve had to persevere through conflict. Four questions. Talk about some times you’ve had to persevere through conflict. Number two, how did the marines shape you? Number three, how do you define success? Number four, what traits have led you to being so successful? So those are the four questions. Now let’s get cracking.
Tim Herriage ([03:23]):
So number one, talk about some times that you’ve had to persevere through conflict. The first thing that comes to mind obviously is the financial crisis of 2008. In 2007 actually, my wife and I were running one of the top five HomeVestors offices in the nation. We were on pace, I believe we rehabbed 143 houses that year. We were on pace to do almost 200 houses, and then August, 2007 happened. A lot of people talk about the crash of 2008, but the crash actually occurred in 2007. At that time we had 38 vacant houses and that’s 38 vacant houses, not rentals, those were flips. They were all on hard money loans or bank financing or interim financing. We were literally spending well over a million dollars a month in renovations and marketing and overhead, and at that time we were really long on overhead and short on, I’d say non-inventory cashflow.
Tim Herriage ([04:27]):
What that means is, in order to make money at that time, we had to sell something. It was like a factory, we were buying these assets, these houses, we were improving the houses and then selling them. In 2007, many of the people that we were selling to were buying houses on zero down loans. Many of the people we were selling to were buying houses on a $500 total move-in loans, lot of the subprime loans that you now know tanked the economy. And in August of 2007, there was a mortgage backed security, a bond package that didn’t sell, didn’t subscribe. It means that not enough investors bought the bonds. And it was because if you go watch the big short, there just wasn’t enough liquidity, there was starting to be a lot of defaults. And that’s actually when the crisis began.
Tim Herriage ([05:25]):
And so I was actually on a plane sitting up in first-class, heading up to Detroit for a mastermind and I crack open the USA Today, and it was something like 130 mortgage companies shut their doors overnight. And when we got to Detroit, we were masterminding with someone that used to be an investment banker on Wall Street, and his name is Jeff Drake, and I said,” Jeff, what does this mean?” Since this is a public forum I can’t say exactly what he said, but the summary was we’re EFT. And at that time I was, let’s see, that’s 07, so that’s 13 years ago. I was 28 years old. I was arrogant, cocky. I talked to all the old timers, all the people that had been there, done that, and knew what it really meant, and I just thought it didn’t apply to me.
Tim Herriage ([06:19]):
My greatest example of how it really applied to me was we had this house on Cedarbrush in North Dallas that we had assigned. And that means we had sold the contract to another investor, they were going to buy it. We bought it for 300,000. They were buying it from us for 380,000. And for that 380,000 so we’re going to make 80 grand. Well the investor calls says, my bank says they’re not doing the loan I don’t have any other way to pay for it, I got to back out. I said Oh, I’m keeping your deposit, and he said, look man, I’m telling you, the bank says, no more loans, that market is dead. I said, okay whatever, you’re playing hard ball, what’s it going to take to get the deal done? He goes, no man, you’re not hearing me, it’s done, it’s over, I’m out.
Tim Herriage ([07:00]):
I was like, okay well, I’ve got a backup offer. So I called this guy named Phillip Carter, who had offered me, I want to say like 325, I can’t remember now. And so I’m like, Hey Phillip, good news, I decided to go ahead and go with your offer, right? Pure salesman. And he’s like, no dude, that market is dead, I’m not interested anymore. I was like, okay, I get it, you’re going to play hardball, this other guy had given me a deposit so I’ll knock five grand off and I’ll take 320. He goes, you’re not hearing me, that market is dead, I’m not interested. At this time I’m just like, you know what? Come on dude. And so I call, I’m like, all right, what’s it gonna take? 310, 315, what’s it gonna take? He was, man, I’m not interested at any number.
Tim Herriage ([07:44]):
I was like, okay, well look, I’m busy, I’ve got a bunch of vacant houses, I’ve got a lot going on, I’ll give it to you for what I paid, I paid 300,000, and he’s like, no man, I’m telling you I’m not interested, and I was like, whoa, okay. But again, being the God that’s never let a contract go and has always closed as he promised and being arrogant and cocky and the young guy don’t let the gray fool you, 13 years ago I was pretty young. I went ahead and closed on the house and we spent about, I want to say 20 or 30,000 bucks fixing it up and ended up barely selling it for like what we had paid for it. So we ended up losing like 20 grand on the house is what I remember. And so the true quantification of how bad that August, 2007 mortgage back security crisis hurt me was literally on that house.
Tim Herriage ([08:41]):
We made $100,000 less than we were going to a couple of weeks before that happened, because we were going to make 80 and instead said we lost 20, so that’s $100,000 swing. And through the course of the next several months, we sold houses for a loss. We sold houses for a loss. We sold houses for loss. The good news is I was able to liquidate my balance sheet. The bad news is, is over the course of fourth quarter 07 and first quarter 08, my wife and I lost a little over half a million bucks in cash. That’s not some hedge funds money, not some private investors money, it was Tim Herriage and Jennifer Herriage’s money. And it hurt, it hurt a lot. It hurt my pride, it hurt my confidence, my business confidence. And during that time then, by the time April await runs around, we’ve lost well over half a million bucks in the proceeding six months.
Tim Herriage ([09:43]):
We just moved into our brand new million dollar house, because we were your typical house flippers. We were living high on the hog. We were growing our, spending every dollar we made, because we know you couldn’t spend it all. We were making $100, $200,000 a month. We talk about learning the hard way. So we move into this big million dollar house and at that time, just the world as we knew it was collapsing around us. We weren’t buying houses anymore. We ran out of money to advertise. Even if he did buy a house, you really couldn’t sell it. And then our personal overhead actually quadrupled by moving into this million dollar house and it was tough. And there was a time in late ’08 where the bulk of our money came from my wife working as a real estate agent, which is something she is, but she doesn’t do as a career really it’s just part of our business.
Tim Herriage ([10:45]):
But we’re lucky she got some foreclosure accounts, she got some REO accounts we were able to make enough doing that to where we didn’t go completely upside down. And the next year I spent basically I had to turn all my attention since we weren’t buying new assets, I had turned my attention to what we already had. And what happens is we found out, and this is what I fear too many investors are doing now, we found out that we had really shaky financing underlying our rental portfolio. And many of our loans were adjustable rates at banks. And what many investors don’t understand is those of adjustable rates at banks can be called. Many of them in the annual renewal and adjustment paragraph says it may also be called due in full. So then late April, early May ’08, I had a bank call the notes on six or seven houses, about $400,000 that we didn’t have at the time.
Tim Herriage ([11:47]):
And it’s funny looking back, the reason they call those notes is not because we were bad borrowers, it was actually quite the opposite. They called those notes because we were great borrowers. They call those notes because our houses were 100% occupied. They call those notes because we had a lot of equity. And so many years later I found out there were a lot of people that who had vacant houses with that bank and didn’t have a lot of equity with that bank that got work out agreements because the bank was afraid of those houses. The bank wasn’t afraid of our houses. They actually called our notes because they knew we would find a way to pay them. So sometimes being a strong borrower can actually be a negative and so that’s probably the largest adversity I’ve ever had to go through professionally.
Tim Herriage ([12:34]):
After that, the next adversity would be in 2013 or 2015 when I was a managing director for B2R Finance. We were growing, we had done about a billion dollars worth of mortgages and the company was growing, growing, growing, growing, and we’ve got a new CEO. And I no longer reported to the president and chairman I reported to the CEO. And if you’ve ever been involved in a corporate kind of a reorganization, typically the old guys that are around that have a lot of experience and they’re set in their ways or kind of targets of reassignment if not termination.
Tim Herriage ([13:17]):
So I went through a lot in early 2015, had to travel a lot my role was changing. I no longer had really that kind of the top guy position. I was being kind of pushed down the chain and I didn’t like it. And I remember when I got my bonus from the previous year, it was one of those you should be thankful for your bonuses type conversations. And then it was funny because as I think about it now, I literally made more this week than that entire bonus was. But I had fallen into that W2 trap. I’d fallen into that trap of trade your time for a paycheck, hope for the benefits, hope for the promotion, hope for the raise, hope for the bonus.
Tim Herriage ([14:06]):
I had really become that and dentured servant to the company that I’d always hated and always strive not to be in. So it culminated in… I’ll never forget, I was going on spring break that year and my family, we were going down to the Virgin Islands for a week and I told the CEO said, “Hey, well…” He needed me in New York on like a Tuesday or Wednesday or Thursday. And I was like, “Hey, I’m going to be in Las Vegas on Monday and I’m going to be in California on Tuesday and I’m going out of town next weekend. I really don’t want to make the red eye transcontinental flight.”
Tim Herriage ([14:47]):
And he said, “Hey, look, you’re going to be off next week. It doesn’t matter how tired you are, just be here.” And he hung up and I remember thinking, Oh my God, I want to hurt this man. But I didn’t and I went like a good employee on Wednesday and then on Thursday I had to go down to the Charlotte office, which wasn’t the plan. And so by the time I got home Friday, I was just miserable and the next couple of months were kind of the same way. And what I then kind of progressed to was a point where July 15th, 2015 at midnight I sent my resignation in and said, I’m done. I’m going back to being an entrepreneur.
Tim Herriage ([15:26]):
And that was hard for me to quit. It was hard for me to give up. It was hard for me to acknowledge that I had made a lot of mistakes in putting too much of my faith in a corporate organization, but also compromising who I really am. Compromising that entrepreneurial spirit that has always guided me. While I wouldn’t give that two years that I ran B2R and created that amazing company that still does amazing things for real estate investors across the nation. It took a toll on me, not only personally, physically, I was traveling four or five days a week. But it also emotionally and I missed my kids. I wasn’t there for a lot, missed a lot of dinners. I missed a lot of mornings with my children that I can’t get back.
Tim Herriage ([16:17]):
My son is in college now. That was so that was 14 and six year. He’s 14 teenagers at that time. He needed me in the house and I wasn’t there. I wasn’t there four to six days a week. Many times we had meetings on the East coast first thing Monday morning, and many of the executives would fly in on Sunday night, but I would always get up and take the [5:00] AM flight so that I could have that at least that one more night at home with my family. But so I just, I’d tell my son that wants his article, just know that sometimes living the life you’ve always “dreamed of” isn’t what you dreamed of. And so if you’re listening to this and you wish you were that guy that gets to sit up in first class, and I mean, Lord, I had so much status, they would hold a plane for me. And sometimes that guys or gal sitting up in that first class seat is a miserable soul.
Tim Herriage ([17:20]):
So that’s more tough times that I had to persevere through. And then really when I started 2020 REI and 3L Finance and Elevate Private Capital and all these other companies that I started in 2015 my ambition, my aggression really kind of burned some bridges torched some bridges actually. And many people that were really good friends of mine aren’t any more because of I was not going to let anything stand in my way. I was going to be successful at 2020. And it caused me to act in ways that are not consistent with my beliefs and my desires.
Tim Herriage ([18:06]):
And hay, if anybody’s listening that I hurt or upset or I ran over I’m sorry. It’s not my proudest time. And then it came down to I think August. I know I kept giving it a whirl, kept giving it a whirl and then in April 9th, 2018 my oldest son tore his knee out. He tore his meniscus it was a bucket handle, meniscus tear. And I was at this investor club and that I ran George Rodney and I was the biggest one in town at that time. And I was busy. I was busy chasing dreams and ego, not focusing on what my true why was. And so I wasn’t there for him. I didn’t leave that investor club when I found out he got hurt, I sent my wife, I came home late. Because I stayed till the end of the event because I felt like I had to.
Tim Herriage ([19:15]):
And the next day they find out it’s a serious injury and a week later he had surgery. And then after that I just said, I’m done, I’m done with this. I’m not going to do anything I don’t want to do anymore. And the next week I sat down with George Roddy and I said, “Hey, I want to end the investor club. You can take it over.” And he said, man, I was going to tell you the same thing because it didn’t really align with what he wanted. So at that time we were just done. We just we had one more meeting and told everyone goodbye and we were done. And it worked out great. Propel Leo came along at that time, they kind of took over the free investor club party role. They grew their business and we were able to just kind of step aside.
Tim Herriage ([20:02]):
But then through that adversity, that’s when I found my love for barbecue, which is really just taking time. It’s the metaphor for me taking time for the things that you enjoy now versus later, because really and truly I say, how much is enough? Is enough ever enough? And many times the investors, enough is never enough. I know billionaires that still work like they’re just getting started. I know people that have sold companies for tens of millions of dollars that still have to be on conference calls when they want to do other things. I know people that have net worths that have two commas in them and almost nine digits, and they still can’t let go of that grind. Typically it’s at the sacrifice for the things that they really care.
Tim Herriage ([21:00]):
That’s three times that I’ve had to persevere through conflict. Shutting down 2020 was kind of hard, reputation wise, felt like the Dallas real estate market and the national market will kind of look at Tim Herriage is a failure, Tim Herriage is a quitter. And you worry that you give energy to your haters, but then you focus on what’s really important. It’s three o’clock in the afternoon today and I’ve done nothing but drive around and dump a dump trailer and pick up some sand and some mulch and visit a house and I’m done for the day. So that’s not a life I had before. You always have to remember, why are you doing what you’re doing and is what you’re doing feeding what your real why or reason is? And if it’s not, then just stop and don’t worry about what people think.
Tim Herriage ([21:56]):
Because I’m telling you, I mean, this is gonna sound awful, but I’m doing this on Facebook live right now and there’s four people watching and there’ll probably be a couple of hundred people watch this video in its lifetime, and I want to help them. I want to potentially help them avoid the mistakes I’ve made, but at the end of the day, their approval, their acceptance of me or opinion of me doesn’t really change who I am or what I am or why I’m doing what I’m doing. I mean, as long as my wife and my children love me and my family and my God, I mean, that’s just really all that matters. Just take a really good hard look at why you’re doing what you’re doing, and if you’re working a job so that one day you can quit and one day, one day, one day, just realized, one day may not come. And just realize there’s a lot of things that happened during those waiting, during that time period where you wait for one day that you’re going to miss and you’re not going to have. So that’s number one.
Tim Herriage ([22:58]):
Number two, my son asked me, how did the marines shape me? The United States Marine Corps is the single best personal decision I’ve ever made. It taught me to improvise, adapt, and overcome. It taught me to be ethical, although I’m not perfect. It taught me the core values of honor, courage and commitment. Having the courage to tell someone what you think and what you need and who you are and sticking by that, frankly is what helped me get through the hard times of 2007, 2008, is frankly what helped me have the courage to retire from a job that was paying about a half a million bucks a year. I mean, it was good money, but it wasn’t important anymore and it wasn’t important because I had the courage to leave it and to go about what it was I wanted, what it was that was really important to me.
Tim Herriage ([24:01]):
The relationships I have from the Marine Corps, probably two of my business relationships has gone sideways, the most that I regret is my relationship with Ron Harper and Adam Trujillo, because they’re fellow marines and there’s a brotherhood, a bond there that’s probably a lot deeper than anything that happened in our business interactions. So I regret that. But the friendships out of the Marine Corps, the work ethic, it made me a morning person. My son, my oldest son still thinks that I’m a morning person, but I’m not, it was that five years of getting up and taking on the world that turned me into that, and it’s still something that benefits me every day and every week and every moment of my professional and personal life.
Tim Herriage ([24:47]):
So I think there’s a reason that Fortune 500 CEOs when you analyze them, the two biggest common denominators is that they either played college football or they were in the United States Marine Corps. And I think that’s just because of that selflessness, it’s a team, you’re really part of a team. That dedication, that accountability, the work ethic, getting up in the morning, traveling and just not being outworked and always being at the top of your game and always being respected. So I think … I know that the United States Marine Corps has made me a much more successful than I would’ve been without it. And if you look at some of the other members of my family, I think the big difference is I went to the Marine Corps and spent five years being a grown man really quick, early in life. And I’ll eternally be grateful and loyal to the Marine Corps.
Tim Herriage ([25:49]):
Next question he says is, how do you define success? I’ve gone through so many iterations of how I define success And success early in my career as a young business person was money, money to find it, period, end of story, money. And there’s times that money still defines my success, and it’s unfortunate and I’m working on that personally to reduce the impact of money on my perception of success. Because at the end of the day, success now for me is having the things I truly care about and taking care of my wife and children, because those are the relationships that are going to be the most important in my life. And those are the relationships that are going to continue to build in my life and that’s what’s truly important.
Tim Herriage ([27:12]):
I had to restart the live video. Yeah, I mean, that’s what’s really important. I had to restart the live video because for some reason it just quit of course. But yeah, I mean, so how do I define success? Success is being happy. Success is being grateful. Success is being content. Success is every day doing what’s important to you, not what’s important to other people. The greatest joy in my life right now is that I’m able to be home for my children when they get home, my youngest son when he gets home from school, that I’m able to kind of kick it around the house with my wife in the morning after I take the youngest one to school, and I’m regretful to some degree that I didn’t get to do that with my oldest son more. Because my oldest son, like I said, I was gone, I was working, I was young, I was dumb. I was in my 30s, I thought what I thought was important, what I thought meant success just wasn’t.
Tim Herriage ([28:15]):
So I define success as having the ability and flexibility to live the life you want when you want to. It’s not about working really hard today, so that one day you can live the life you want. I think that’s a fool’s errand, because as we see with the great Kobe Bryant, tomorrow isn’t guaranteed, and there’s a country song, if tomorrow never comes. And too many people I see this morning at McDonald’s, some lady cut me off in the drive through line and I kind of looked at her weird, probably mean, she’s given me the finger and she’s just like super mad at [9:00] AM in the drive through at McDonald’s, and I’m just like, man I’m sorry. I literally said a prayer for her because it’s kind of like, gosh, that lady is probably off doing something she doesn’t want to do today.
Tim Herriage ([29:12]):
So yeah, I think the definition of success to me is having what you want when you want it and having the flexibility to do what truly matters in your life every day. And I just caution entrepreneurs that, if your goal was always to make 200,000 and now you’re making 200,000 and you’re trying to, but now you’ve revised that goal to where you want to make 500,000 and you’re working just as hard as you did to get to the 200,000, it’s like, look in the mirror. I mean, think about, that’s just, it’s asinine, it makes no sense. Enough is enough. Live the life you won’t, don’t live the life that you think others want you to have or don’t live the life that you think will impress someone else.
Tim Herriage ([29:55]):
I’m now at the point in my life where it’s like, you know what? I may work really hard when I’m in my 50s and my kids don’t live here anymore. I may start going to conferences again and I’ll take my wife, because I won’t have to be back for school. But at this time in my life, I don’t want to go to conferences, because I want to be here with my wife and kids and I want to be able to go see my son’s football games. And I want to be able to go coach and I want to be able to take vacations and I want to be able to go see my oldest son in college if he’s available. These 18, 19 year olds, sometimes they’re not available, and that’s good. I want to be a dad that becomes a friend for him, not the guy that’s always like beaten him down.
Tim Herriage ([30:38]):
Success to me would be with my kids, would be, I’m 41 now, would be when I’m 60, if they come over every Sunday to watch the Dallas Cowboys lose with me. I would say when, but you know, just doesn’t happen much. That’s success. Success would be, when I have my ranch that on long weekends my kids come down and stay with me. We would be living on our ranch right now if it wasn’t for the quality of education for our son and being close to our parents, but we’ve got a plan and it’s going to happen the minute it can. But our family is more important than our own personal desires and that’s fulfilling for us. Today I’ve talked to my mom, my dad, my brother, my in-laws, my wife and both of my sons, that’s success to me son.
Tim Herriage ([31:34]):
What traits have led you to being so successful? I think there’s a element of stubbornness. The most consistent criticism, advice, helpfulness that I received throughout the Marine Corps was Herriage, good initiative, bad judgment. And that was just all, because when I see something that needs to be done, I do it even if it’s not my job, I can’t leave things undone. I want to make everything better and every one better. It’s the reason to do this paper. I decided to share it with the world because hopefully I can help someone. Because I know how fortunate we all are in America to wake up every day in this great country where there really is a limitless opportunity. I don’t come from money. I had bad grades in high school. I flunked out because of attendance, and I’m naturally smart, but I didn’t have a good work ethic in high school. And I had my family issues, we had divorces and we had deaths and I had friends die and lightning strikes, and all these things that probably contributed to my delinquency when I was 18, but the Marine Corps found a way to shape that out of me.
Tim Herriage ([33:04]):
Those traits of initiative, I get up, I always take the initiative drive and determination. I’m very good at making something happen and executing something. I’m not a great manager of people, I finally realize that so I don’t manage people anymore. I’m not a great detail oriented person, I don’t keep track of expenses well. So my wife and I have agreed that I’ll no longer run or be the lead on a rehab project. Now I can help on them. I can advise on the construction aspects because I’m really good at construction. I grew up working with my hands a lot so I can help on, I can advise on them, but I’m not in charge of them.
Tim Herriage ([33:52]):
And that’s just, that’s a important delineating factor that we’ve kind of made. What traits have led me be so successful? I mean, I guess I found a home in the Marine Corps and the Marine Corps is the greatest fighting force in the world. I’ll fight anyone disagrees? I love you Army, Navy, air force, coast guard. But the 14 leadership traits of a Marine are known as an acronym. JJ did tie buckle. So justice, right? You have to be open to knowing that what’s right is right. And it needs to be enforced judgment. I don’t have great judgment at all times, but I do know when enough’s enough and I do have the ability to exercise good judgment dependability you gotta be where you say you’re going to be.
Tim Herriage ([34:53]):
You cannot be someone that can’t be counted on initiative. I’ve always taken initiative. I still take initiative. I take initiative every day. A decisiveness you gotta be able to make a decision. You cannot sit around and wait for things to happen. So you got to be decisive every day. Tact. I think I’m really good with people, I think I’m really good at hearing someone’s point of view and discussing it respectfully. One of the things I hate the most about Facebook is the way people attack each other’s opinions. I don’t think you should attack other people’s opinions and I don’t think your opinion should be shared in a manner to where it’s offensive or conflicting to someone else’s core beliefs.
Tim Herriage ([35:43]):
If you have a divisive opinion, exercise some tact and just let it sometimes things don’t need to be said. Next is integrity. My granddaddy taught me George Haskell, Herriage snr If your words no good, neither are you. And I think that’s something that in sales sometimes we struggle with. I struggle with as a moms you get to go on and you catch yourself maybe a telling a little white lie, but integrity is very important. Enthusiasm. You got to be excited about your day. You got to get up and go you, you got to be willing and I think that’s all like what I was talking about earlier, it’s, I’m so thankful every day for everything God’s given me and to live in this country and to have the opportunity that a poor high school dropout from Forney, Texas has in this country that I’m enthusiastic about every day above ground.
Tim Herriage ([36:45]):
I’m enthusiastic about the opportunities, both business and personally. Buckle so I’m doing JJ tie the buckle the 14 leadership traits. Bearing, right? You got to compose yourself. You can’t act a fool. You gotta be able to, even when there were times in a B2R Finance that I was in a room that I didn’t deserve to be in. They’re all Harvard people, Stanford people, Princeton people, Yale people and I’m over here like, “Yeah, I went to Forney in the Marine Corps. But you got to be able to hold yourself together. You got to exercise bearing unselfishness. You can’t be a selfish person. I think that’s why I negotiate well with the sellers I mean, there’s oftentimes that I could give them less and probably get away with it. But you have to be an unselfish person. You have to give where you want to give. Don’t give where other people want you to live. That’s it’s a codependent function. It’s the times I give to people or organizations because I feel like I kind of have to that’s not being unselfish. That’s kind of selfish. You’re just trying to appease someone else or look good. But be on unselfish, be giving of your time and of your money and have your energy and of your love.
Tim Herriage ([38:05]):
Courage. There’s times that doing what’s right is hard, there’s times that doing what’s expected of you is inconvenient. But you got to exercise courage every day. Knowledge. You have to be an eager learner. You have to, when you see something you don’t understand or when you see something that doesn’t make sense to you, you have to go and pull it in and learn about it eagerly with enthusiasm. Knowledge is one of those things. It’s misused a lot, but it’s also, it’s, it’s very empowering. Knowledge is definitely power. Loyalty. You have to be loyal. You can’t be someone that waffles back and forth with the wind. A flip flop, as they say in politics, which are, they all are in my opinion.
Tim Herriage ([39:05]):
Yeah, you got to be loyal. And then the last of JJ tie buckle is endurance. You have to be right and body and mind to survive the good times and the bad. And I think if you can work on your endurance not only physically but mentally, but also physically. Many times professional people will let their physical fitness lapse and then they’re not able to withstand the stressful times or a long night or a long day or a crisis situation. So I say this to my son because he’s the one that asked me these four questions for a paper he’s doing. I think you see how the traits that have led me to be successful. Number four, I actually come from number two. And then the things I’ve had to persevere through, number one, have actually redefined and defined number three of how I define success.
Tim Herriage ([40:13]):
So I think these are four really good questions and I think they all tie together. So to answer these four questions in a really short, succinct way the traits that have led me to being so successful, I’m going to reorder them. So the answer to number four is the traits have been the Marine Corps leadership traits that I learned in number two, which answers how the Marines shaped me because that helped me shape the leadership traits that have helped me be successful by having the power and ability to persevere through the tough times, number one. And ultimately, that’s what’s defined and redefined success for me.
Tim Herriage ([40:51]):
So that’s it. That’s this episode of the podcast. Here’s my man will, he’s just home from school. Like I said, it’s my greatest joy to be able to be here for my wife and my children when I want to. Which is, this is one of those times. So well I’m going to cut up all this audio, turn it into a podcast, put it out on the business and barbecue podcast. I’ll have to go get ready for my happy hour tonight. We are welcoming all the members of my mastermind into town at six o’clock tonight. And then we have an all day mastermind with REI masterminds tomorrow. We’re going to eat at Terry Black’s barbecue and spend the day talking about marketing, talking about the owner finance market in and out with Eddie speed. Talking about kind of catching up on everybody’s progress since the last meeting.
Tim Herriage ([41:45]):
Then Brad Sunroc’s is going to come over and give us a multifamily market update and nationwide economic update. And then Low Hornbuckle is going to come and speak to us about opportunity zones, practical real world application of how to prosper and opportunity zones and also some of the senior assisted living stuff he’s doing, which I think is very exciting. Have a couple of hot seats where we throw people up on the stage and make them talk. And then after that we’re going to talk politics, which it may sound strange and I’m going to talk politics at a meeting, but I think there’s a lot going on politically. The 10 year treasury just hit an all time low, which is going to lower interest rates, going to increase borrowing. But for those of us in the real estate business, the leading democratic candidate right now, Bernie Sanders if he’s elected, wants to impose a 25% tax on house flippers.
Tim Herriage ([42:41]):
And hello, that’s what I do that and so literally it would turn a $20,000 profit from my company into a $15,000 profit. And that’s bad for business and you may slow down home prices, but slowing down home prices isn’t going to fix the problem with wage growth because if people don’t have more money and can’t make more money, they don’t hire and pay more people. So on and so forth. I just I’m not saying I want to vote for Trump, I’m not saying I want to vote for a Democrat. I’m just saying it’s a conversation that needs to be had. So we’re going to have it tomorrow, on Mastermind. So, that’s it, thank you for taking your time to listen to me. Until next time, keep cooking.