May 31, 2016
Use what you have, to get what you need, to get what you want. I have no idea who said it. But, it specifically refers to being in the real estate investing world. We all come into real estate with different skillsets and assets. It’s leveraging what you have to get where you want to be.
Apr. 5, 2015 This year, Greater Riverside Chambers of Commerce had something to give back. The Norris Group was named the 2014 Small Business of the Year for its involvement to raise more than $1.5 million for charity.
Apr. 22, 2013 Buying sprees by investment firms such as Mullen’s means they are often paying a premium, according to Bruce Norris, president of the Norris Group, a closely-held real estate investment firm in Riverside, California. Norris paid $131,000 for a nine-year-old five-bedroom house in October that he fixed and resold to Fundamental REO for $175,000 the same month, according to property records. “If those guys bought from us, we sold at retail,” Norris said in a telephone interview. “They aren’t finding deals. They’re just finding inventory.”
Oct. 30, 2013 The Fed did not issue an advisory to banks about commercial loans until January 2007 and it stopped short of a full-fledged order.
By then, recalled Bruce Norris, president of California real estate investment firm The Norris Group, some experts were questioning if regulators were asleep on the job.
"Yellen had a lot of company," he told Reuters. "I just could never figure out why they weren't more concerned until it was too late."
The resulting dearth of distressed properties along with hesitant homebuilders has led to a market that is still hallmarked by short supply despite the recent boom, according to Bruce Norris, founder of The Norris Group, a Southern California company that invests in real estate and also trains and lends money to real estate investors. Norris predicted the 2006 housing bubble burst in his report, “The California Crash.”
Norris Group in Riverside — which holds regular, sold-out symposiums on real estate investing — begs to differ. The firm's president, Bruce Norris, recently told a packed room of investors at the DoubleTree hotel in Ontario that home prices had plenty of room to run, and that investing in California real estate was still a good bet. Housing has moved quickly from bottom to boom, but Norris believes prices in California will keep climbing because housing remains affordable to a large percentage of buyers.
Real estate analyst Bruce Norris raised a lot of eyebrows last year when he doubled-down on economists’ predictions that real estate prices would rise no more than 10 percent in California.
He could say, “Told ‘ya so,” now that 2013 is nearly at a close. Home prices have had big-gains in the hard-hit Inland region from 2012 prices over much of the year.
So, what’s in store for 2014?
Norris, founder of The Norris Group of Riverside, has invited Sean O’Toole from PropertyRadar.com to talk about a changing marketing mix on Oct. 18 for The Norris Group’s 6th annual “I Survived Real Estate” charity event.
Bruce Norris, 61, founded Norris Group in 1997, a family-run firm based in Riverside that invests in single-family homes and educates and finances other investors. Norris built an avid following after correctly predicting the last real estate boom and bust. Norris Group manages $65 million to $70 million in assets for people who want to invest in the activities of those who purchase, repair and resell California real estate. The firm also hosts an annual banquet series at the Nixon Presidential Library and Museum titled \"I Survived Real Estate,\" which brings together experts to discuss real estate investing. The series has raised nearly $380,000 for the Make-A-Wish Foundation and St. Jude Children\'s Research Hospital.
Bruce Norris, founder of The Norris Group, who early in the year predicted that price appreciation would be considerably more aggressive here — pegging price gains of 20 percent in the Inland area real estate market for 2013 — hasn’t altered his stance.
“Whoever buys property one year from now will have a big smile on their face,” Norris said.
AUGUST 30TH 2012 The private equity funds have led some individual investors to quit or reinvent their business models, going after properties the big-money players aren\'t interested in, says Bruce Norris of The Norris Group, an investor, forecaster and hard money lender.
\"We\'ve never had that size of investor coming to a market and dictating what\'s going on,\'\' Norris says of the funds. \"Now you have somebody willing to pay whatever it is so they can get a rental. Somebody with a gigantic checkbook doesn\'t care what they pay. You\'re not going to compete with them very well.\'\'
AUGUST 28TH 2012 “From the qualified residential mortgage debate raging in Washington, D.C., to the use of eminent domain on mortgages, real estate professionals are operating in a market full of uncertainty,” said Bruce Norris, of The Norris Group, which will present “I Survived Real Estate 2012” on Friday, Oct. 19, at the Nixon Presidential Library in Yorba Linda.
AUGUST 22ND 2012 “It’s not necessary,’’ he said, particularly because consumers are already being squeezed out of the market by all-cash buyers and hedge fund investment in the Inland Empire. “We need more inventory, not less.”
It is having an impact on local business — appraisers, insurance agents, title companies, builders that turned to home renovations and short-sale handlers, he said.
“Now, mortgage payments are cheaper than rent. It speaks to the fear of owning real estate and the difficulty of qualifying for finance,” Norris adds. “Without the participation of the first-time homebuyer, it’s hard to have the volume necessary to create any type of price support.”
\"When you have a foreclosure record, your credit starts improving the next day,\" Norris said. And Norris said that\'s the key to recovery. In two years, people with foreclosures can become buyers again.
October 18, 2011
Bruce Norris, president of Norris Group, an investment company in Riverside that buys foreclosed homes, said the repossessions are \"unfortunately, unrealistically small\" when compared with what banks need to do to keep up with the number of homeowners falling behind on their mortgages.
\"It is just going to take a very long time to hit a firm bottom and to go up for real,\" Norris said. \"You have so many people who are not making their payments.\"
October 18, 2011
Bruce Norris, President of The Norris Group, a real estate investment company, said the banks’ procrastination accounts for delinquent homeowners staying in their houses for up to two years without making any mortgage payments and without being evicted. It is not unusual that at the end of their free say that the same people demand “cash for keys” to leave without trashing the place, he added with chagrin.
Norris had a couple suggestions for enlarging the pool of people qualified to buy the massive number of houses with failed mortgages. One way would be to allow people to buy homes with no money down as long as they have income enough to afford the mortgage. There are plenty of would be buyers able to afford a home at today’s low prices and interest rates who don’t have enough saved for a down payment, Norris said. If any of them later default, he suggested that another buyer should be allowed to take title by making good on the missed payments.
October 1, 2011
Us: Is it over yet in O.C. and/or SoCal?
Bruce: No, unfortunately it isn’t over. There are many property owners delinquent by over 18 months who have yet to be foreclosed on. The amount of inventory in the MLS is misleading. It looks like a much healthier market than it is. Someday soon, these delinquent properties will hit the market either as a short sale or an REO. In Riverside, about 65% of properties sold are either short sales or REOs. Former owners with a foreclosure or short sale on their record don’t re-enter the market as a buyer because they can get financing. For every 1,000 sales, Riverside needs to find 650 new buyers to replace those that are now non-buyers. For Orange County, it’s closer to 30%, or 300 new buyers. Both areas are seeing all-time record numbers when comparing percentage of distressed sales to normal sales. That ratio prevents price support partially because each sale removes a formerly capable buyer from the market.
September 8, 2011
Bruce Norris, a partner with Southern California property firm Norris Group, would like to see repossessed homes end up in the hands of investors. If Fannie and Freddie provided loans to these investors, he suggests, the lending agreements could specify that properties be maintained as rentals.
August 30, 2011
He said he chose to invest through The Norris Group, a real estate investment firm in Riverside, because he was impressed by its track record and how it screens properties and borrowers. He said he started small, with an investment of under $60,000. Now he said he has $400,000 invested in four rental houses, each with eight-year paybacks.