131: How to Partner on preREOs Direct from Lenders with Jorge Newberry
In 2008, Jorge P. Newbery founded American Homeowner Preservation to buy distressed mortgages at discounts and offer struggling families sustainable solutions to stay in their homes. However, when the homes backing the mortgages were vacant, he recognized that lenders frequently struggled as they tried to limit their losses.
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\nIn 2020, Jorge founded preREO\u2122 to get these vacant properties into the hands of local investors during the foreclosure process which mitigates losses to lenders and accelerates returns for investors, a win-win.
(00:00 - 5:06) Opening Segment
\n- Introduction of the host into the show
\n- Alpesh introduces the guest of the show, Jorge
\n- Jorge shares something interesting about himself
\n(5:06 - 32:19) How to Partner on preREOs Direct from Lenders
\n- How Jorge started working and grew his portfolio
\n- What is an REO
\n- Why Jorge entered preREO deals
\n- Process of acquiring a preREO and clarifications
\n- How a newbie investor should perform due diligence
\n- What's the typical BPO of a preREO property
\n- Pitfalls to avoid while acquiring preREO property
\n- Knowing which properties are non-vacant on preREO
\n- When the interest payment starts
\n- States that are better or worse for preREO
\n- What Jorge is seeing that most people are not
\n(32:19 - 32:37) Break
\n(32:37 - 32:50) Second Segment
\n- Welcoming listeners and guest back to the show
\n(32:50 - 37:28) Fire Round
\n- Will Jorge change the business strategy after Coronavirus?
\n\u2013 Jorge\u2019s favorite real estate, finance, or other related books
\n\u2013 Tool or website Jorge recommends
\n\u2013 Jorge\u2019s advice to beginner investors
\n\u2013 How does Jorge give back?
\n\u2013 How can Wealth Matters Podcast listeners reach out to Jorge?
\n(37:28 - 37:45) Closing Segment
\nIf you want to learn more about the discussion, you can watch the podcast on Wealth Matter\u2019s YouTube channel and you can reach out to Alpesh using this link
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