Big-money funds buy foreclosures — to rent

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.\’\’

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