224 - “Problems are What We Get to Work On” with Jim Maffuccio

“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
Parents, don’t assume your kids are paying the second
mortgage.  Work on your core, your interior, first.  Take
what you learned and move forward.