Podcast: Crazy Sh*t In Real Estate TM

Summary:

“Problems are what we get to work on,” says Jim Maffuccio, the co-founder and CIO of Aspen Funds. He’s been in real estate since 1986, and if there’s something he’s learned, it’s how to fail forward. Listen in to hear what Jim has learned from his decades of experience, how he stays optimistic, and the number one thing he recommends for inspired growth in life and business.

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Time Stamped Show Notes:

• 00:45 - Introducing Jim; who has been in real estate since 1986 and was an engineer beforehand
• 03:00 - Jim’s CSIRE story: How to Fail Forward

• 03:12 - He’s had successful failures; in his 30s he could have retired but he wanted to keep building
• 03:50 - Everything imploded for him in the 90s; he built back up and lost significant net worth twice
• 04:40 - He saw opportunity everywhere that was created from the mortgage crisis; he started a company with a partner that has grown substantially

• 05:00 - Jim’s Company Aspen Funds

• 06:54 - They buy junior liens, non-performing, second mortgages; they buy them on a discount and can work with borrowers to create win-win solutions
• 07:35 - They can triple investor money; he was focused on the affordable housing space for a while so he’s optimistic
• 09:50 - They work deals out to eliminate ⅔ of people debt while making money for investors

• 11:00 - On forbearance and preparing for the other side of COVID

• 11:45 - Less than 20 people have called to ask for relief; most people are choosing to pay their mortgage
• 13:00 - People want to work and be productive; they’ve had their biggest quarter ever last quarter

• 13:45 - Jim’s CSIRE story

• 14:05 - They bought a non-performing second mortgage on a property in CA; the property was worth $750K, the borrower owned $250K and they paid $30K
• 14:50 - They got a call from the woman’s father and he was upset; they told her she hadn’t paid in 7 years and he was shocked
• 15:53 - She was supposed to be paying the second mortgage; the father ended up paying the $275K

• 16:35 - Another CSIRE story

• 16:40 - They’ve bought notes on pretty properties online with houses that didn’t exist

• 17:20 - Some lessons

• 17:35 - His faith informs everything he does; oftentimes the problem is inside
• 18:25 - Apply yourself, develop yourself, and find something that makes your heart come alive
• 19:20 - Vet your ideas and talk to people that care about you; find mentors that are doing what you want to do and learn from your mistakes

• 21:20 - How to contact Jim: Aspen Funds 

3 Key Points

1.)  Parents, don’t assume your kids are paying the second mortgage. 

2.) Work on your core, your interior, first. 

3.) Take what you learned and move forward. 

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