I spent the first half of my career borrowing money. Then I became the bank. This is what I learned in between.
The premise
The average savings account in this country pays about six tenths of one percent. The bank takes that money and lends it back out north of six. Nobody is hiding this. It is just that most people have never been shown the other side of the trade.
Real estate is the most accessible way I know to get on that side of it — and you do not have to swing a hammer or answer a tenant call at eleven at night to do it.
Two ways, and this show covers both
- Do the deal. Own the asset and let someone else run it. Buy it, stabilize it, refinance into the hold.
- Fund the deal. Own the paper instead of the property. Collect interest secured by a house you never have to visit.
The difference between them is not how much money you have. It is how much work you want to do.
Why me
About 30 years in this business. Roughly $8 billion in transactions and around 2,000 properties — first as the investor writing the check, now as the founder and CEO of Ternus, a lender built for real estate investors.
That order matters. I was the borrower before I was the lender, so I know what it feels like from both chairs. And almost nobody else talking about what capital costs this week actually priced any of it. I did. That is the only thing here you cannot get somewhere else.
Before any of it I was a Marine Corps intelligence analyst, which is where the habit of sourcing a number before repeating it comes from. You will see it in every issue — if I cannot show you where a figure came from, it does not run.
What we cover
Notes and private lending · Rentals and DSCR · Owner finance · After-tax returns
The show publishes Wednesday. The written version lands Thursday morning with every source linked so you can check my work.
Where I stand
I run a lending company. When that is relevant to something I am telling you, I will say so plainly rather than pretending to be a neutral observer.
Nothing here is legal, tax, or investment advice. Anything about loan terms is subject to underwriting and verification. And when we get into depreciation or anything else tax-related, I am teaching you the mechanic so you can have a better conversation with your CPA — I am not one.