In recent years, I have made some pretty darn good bets that have made me a lot of money.
Now I know you are thinking that I am referring to my investments. And you are correct. But I am not referring to financial investments.
The investments that have made me the most money over the past few years are investments into relationships. One superpower that I have been blessed with is the ability to read people—what might be best characterized as “Spidey Sense”. I am, of course, referring to Peter Parker and his web-slinging alter-ego’s ability to sense imminent danger.
By the way, I must give Wealth Formula Network member, Ian Kurth, credit for giving my superpower this name. As ridiculous as it may sound, I credit it for staying out of a lot bad deals and away from the many charlatans out there in the investment world.
Don’t get me wrong, early in my investment career I got burned too. In retrospect though, the signs were always there. If I had harnessed my senses better, I could have probably avoided those mistakes.
To be clear, there is always risk in investing. There’s always a chance you are going to lose money. I’m ok with that. As long as you win a lot more than you lose, you are going to do just fine. Believe me.
The way you mitigate the losses, however, is to align yourself with competent individuals with high integrity. Know, like and trust are requirements for me when it comes to partnering or investing with anyone. However, they also have to be damn good at what they do.
That’s why the saying “your net worth is equal to your network” is so true.
Having relationships with people who you trust and who are incredibly smart and good at what they do is absolute gold. For me that includes guys like Dave Steele, Tim McLeary and Dante Andrade.
It also includes one of my favorite entrepreneurs and one of the smartest guys I know, Jorge Newberry. I can honestly say that whenever I have a problem, Jorge is one of the first guys I call.
He knows his stuff and he’s always got great wisdom to share. This week on Wealth Formula Podcast, Jorge updates us on the area that he knows best—the single family residential market. And…well, he sees some trouble on this horizon. Make sure to listen to why!
Jorge P. Newbery Is On A Mission To Help Americans Crushed By Unaffordable Debts.
He is CEO and Chairman of AHP Servicing LLC and American Homeowner Preservation LLC, which crowdfund the purchase of nonperforming mortgages from banks at big discounts, then share the discounts with struggling homeowners. He is also Founder and CEO of Debt Cleanse Group Legal Services, a nationwide legal plan to help consumers and small businesses get out of debt. He is also a non-attorney Partner in Activist Legal LLP, a law firm in Washington, D.C.; Founder and CEO of preREO, an online marketplace for lenders offering defaulted first mortgages secured by vacant- and tenant-occupied properties to local investors; and a Board Member of the Group Legal Services Association, which is committed to advancing access to quality legal services through legal service plans and industry collaboration.
A 2004 natural disaster triggered the financial collapse of Newbery’s former business, leaving him with $26 million in debts he could not pay. Newbery rebuilt himself through AHP, sharing what he learned from his challenges to help families at risk of foreclosure stay in their homes. In 2018, he founded Debt Cleanse Group Legal Services to assist consumers and small business owners resolve all types of unaffordable debts.
He authored Burn Zones: Playing Life’s Bad Hands; Debt Cleanse: How To Settle Your Unaffordable Debts For Pennies On The Dollar (And Not Pay Some At All); and Stories of the Indebted.
- Jorge talks about how Covid affected the housing market
- Is there a difference in terms of what happens with the housing markets at the high end versus the middle and lower end?
- Jorge talks about how an upcoming crisis happening in the mortgage space will affect rentals and apartment buildings
- What is AHP Servicing?