I've talked about my journey a lot but I don't think I've ever explained exactly my path to starting TFS.
Met with Kelsey Johnson of Paragon Mortgage Inc. the other day and got a little more in-depth into why and how I started my own business.
After high school I started out as a mechanic for Ford. After a few years of making money and not spending any of it, I had saved up a decent amount for someone in their early 20's.
So with that cash I starting investing in the stock market and then shortly after in the real estate market as well. With those investments I had some money coming in and I didn't really need a "job" at that point so I became an investor.
So in 2009 I was in California visiting family and was sitting down at a restaurant and got talking to someone next to me. We got talking and eventually he told me he owned the building across the street.
So we talked more about investing and business and he mentioned that he used to have a line of credit with Bank of America that he used for some business operations. Bank of America ended up pulling that line of credit from him and so he said he ended up going to a "hard money lender."
I said "what the hell is a hard money lender?" He told me it was a private investor that he borrows money from that he pays about 10-12% interest on those loans. Which sparked some real interest in me because I was getting about 3-5% returns from dividends on my stock investments.
So I asked him what the investors secured his loan against, and he told my that they secured against his property, so if he didn't pay his loan back, the investors could potentially take over the property he put up as collateral.
So anyways, went back home and started doing my research and talking to people and realized in Canada it's called "private lending", or "private mortgage."
Went to go start my company and they asked me for my mortgage license, which I didn't have. They told me I needed to have to be a licensed mortgage broker to start a fund like that. So I went to school, got my license, and had to spend 2 years under someone else's mortgage company.
And during those 2 years I learned everything I needed to know on the business side - I saw deals coming through, saw how to handle the operations side, ins and outs of regulations, etc, etc...
After that I started TFS Total Financing Solutions. A lot has happened since then as well, with that business and some of the other ventures I've started, but that's the jist of how I started my mortgage business. ___
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