This week listen as Jen sits down with guest Tim Herriage, Executive Director at RCN Capital. Tim shares with us his tips on developing high cash flow using combination strategies between traditional rentals and other income streams in the housing market.
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Developing High Cash Flow with Unique Properties Using Combination Strategies with Tim Herriage
Hey, everyone. Welcome back to Mortgage Lending Mastery. I’m your host, Jen Du Plessis. Today. I am really excited. As you all know, I am a non QM fan. right. I am so excited about, uh, doing things differently, you know, as lenders and as real estate agents, our job is to do loans. And help people with real estate, not necessarily the same single family home or condo.
And this is one of the things that, that really took my business over the top, you know, to be, um, a hundred million dollar producer for multiple years, um, is because I looked at these different types of products and I know it’s competitive right now. This is why I felt that the timing was perfect to bring on one of my favorite companies, RCN capital, and Tim Herriage . Welcome to the show.
Hey Jen, how are you today?
I’m great. I am great. So let me tell everyone a little bit about you. I think what’s so unique about what you do, um, is that most of the time we’re bringing someone on who is part of a mortgage company, you know, they’re in the mortgage business, but you actually took a different path.
You’ve um, Acquired over 2000 houses in your 21 year career. You’re located in, uh, the Dallas market. You’re still buying, um, 50 homes a year. And I know you’re doing a variety of things with them. So we’ll talk about what it is that you’re doing, but, um, you are the executive director of RCN capital. And the host of The Uncontested Investing Show, which I’ve gotta find out.
Is that a podcast or is that a streaming show? We’ll ask that you in a few minutes, but you are professional real estate, investor and entrepreneur. Um, and you are the co-founder and managing director of Blackstones, B to R finance, you know, anytime we say Blackstone, we love it. I have another company called black Fox for that very reason.
Um, and I have a friend who has red Fox and I told him, well, I’m not in the red, you are , I’m in the black. Um, and you are the founder of the REI expo. And for those of you that don’t know what REI is, it’s real estate investing, right? That’s an, um, are you part of R E I A at all? There’s nothing in here about that.
No, I’m not.
Okay. So I’m curious about that. Let’s go right there. Why are you not part of R E I A and it may be because of your tenure, but why should someone consider being part of it?
Well, so there’s so many REIAs out there. Um, and so there’s the national REIA, which is a real estate national real estate investor association.
And I’m actually not a member of it right now because their Dallas chapter, uh, that I was a member of, uh, is no longer in existence. So, oh, Uh, and they’re opening a new one and I I’ll join as soon as they get reopened here in Dallas. Uh, so the national REIA is it’s chapter based and you actually have to be a member of the chapter.
That’s the nearest to you.
Yeah, I love it. I was actually on the national REIA cruise several years ago. And so, you know, I love that they all go on a cruise and everybody, um, that’s know. It is it’s really fun. So I wanna start off with your real estate investing career and, you know, again, give some context to people about why I feel that having these types of conversations with investors that I bring onto the show is so important.
And that is that so often I see. And I’m sure you do too. Uh, mortgage loan, originators, and real estate agents not actually investing in the product that they help people get. I, and for those of you that aren’t watching, he’s kind of smiling. he’s going, yeah, I don’t get it. You know, why are, why is that, that this happens?
What do you think is the reason?
Yeah, I think it’s the same reason. So many investors flip the houses versus keep the houses. It’s it’s quick money, right? It it’s. It’s it’s easier to go make a commission on something many times than it is to, uh, delay that gratification. It’s easier to, uh, get the origination on something, uh, versus, uh, acquiring it yourself.
So, and with investors, I mean, We, we still make this decision after 20 years in the business. Sometimes you can make a quick yeah. 50 grand and it’s easy and fun. Uh, so I, I think a lot of it has to do with delayed gratification, but the other is just, uh, you know, I mean, I think too many entrepreneurs, which, you know, that’s the fun thing about real estate is we’re all entrepreneurs.
Uh, too many entrepreneurs just don’t have a good plan to build wealth and, uh, work towards retire.
Yeah. Yeah. And I think it, uh, you know, especially in the industry that we’re in, it’s just, you know, rush, rush, rush, rush, rush around all the time. And there’s not enough time. Um, you know, there’s this thing I teach called the four stages of growth, which is formulation, concentration, momentum and stability.
And I think that people are always in this concentration, momentum, concentration, momentum, that the last thing they wanna do is stop and learn something new. And because look, you’re gonna make mistakes. There’s no question about it. Um, but I think the sooner you can do this the better. So, um, yeah. Thanks for the insight on that.
That’s interesting that you’re saying, you know, it’s a quick buck. Um, it’s funny because I’m gonna share something else too, you know, I’ve, I’ve done one fix and flip and I did it because I bought it as a tax lien and I had to do it. Okay. , I’m not a fan of fix and flip because it’s, for me, it’s quick money.
I get that it’s quick money, but to me, I it’s akin to having to search for, uh, a mortgage deal. Right? Yep. I’m I’m just going next deal. Next deal. I’m unemployed. Unless I have a fix and flip I’m unemployed, unless I close loan or close real estate. And I want that mailbox income.
Listen to the Full Episode HERE
Get to know Tim Herriage!
Tim Herriage is the Executive Director at RCN Capital and host of The Uncontested Investing Show. Tim is a professional real estate investor and entrepreneur. For two decades Tim has been on the leading edge of the Real Estate Investor (REI) space. This includes being the Founder of 2020 REI Group,
Co-Founder and Managing Director of Blackstone’s B2R Finance, Founder of the REI Expo, as well as a Franchisee and Development Agent for HomeVestors® of America. Tim has completed well over $1 Billion in real estate investment transactions, including the acquisition of more than 2,000 houses
in his twenty-one-year career.
Tim currently purchases and repositions approximately 50 homes per year in the Dallas market through his various real estate companies while serving as
Executive Director for RCN Capital. Tim built and sold six companies by the age of 40 and enjoys empowering entrepreneurs and investors by sharing raw truths about the mistakes he has made.
GET IN TOUCH WITH TIM
Social Media Handle: @timherriage on all platforms
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