ELEVATED: Preview Show with Bruce Norris #876

This week we have Bruce and Craig Evans giving you a little taste of what we will be doing at Elevated on June 8th at the Riverside Convention Center in Riverside Ca.  

California real estate pricing has proven to be resilient despite the recent interest rates.  How long will that stay true?  Do you feel the market softening any time soon Regardless of how you approach this new dynamic, investors have always found a way to get it done.  When you do, are you going to hold on to that wealth?  Do you know the tax strategies the most successful investors use?  Are you going to build a legacy of wealth for your family?

In an effort to continue the educational legacy of The Norris Group we are proud to present our first Educational Seminar of 2024.  ELEVATED is a day of education designed to help real estate investors “elevate” your market knowledge, “elevate” your investor toolbox, and “elevate” your tax strategies.

ELEVATED in an opportunity for real estate investors to learn wealth building tactics from our industry experts.  Join us LIVE in Riverside this June and ELEVATE!

ELEVATED- Tax Strategies, Wealth Building Tactics and Market Update/Forecast - June 8

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In this episode:

• Current real estate trends and concerns in California, Florida, and the US
• Importance of understanding market inventory and price crashes in real estate
• Tools for investors to become better operators and investors.
• Interest rates and the FED
• Predictions for California market for the rest of 2024

The Norris Group originates and services loans in California and Florida under California DRE License 01219911, Florida Mortgage Lender License 1577, and NMLS License 1623669.  For more information on hard money lending, go www.thenorrisgroup.com and click the Hard Money tab.


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Narrator: 0:01

Welcome to The Norris Group real estate podcast, a show committed to bringing you insights from thought leaders shaping the real estate industry. In each episode, we'll dive into conversations with industry experts and local insiders, all aimed at helping you thrive in an ever-changing real estate market. continuing the legacy that Bruce Norris created, sharing valuable knowledge, and empowering you on your real estate journey. Whether you're a seasoned pro or a newcomer, this is your go-to source for insider tips, market trends and success strategies. Here's your host, Craig Evans.

Craig Evans: 0:44

All right. Hello, everyone. Thanks for joining us again, I am super excited today, we've got a special guest and a good friend of mine and a good friend of everybody and all of our listeners. So we have Bruce Norris with us again today. So, Bruce, how are you? First of all, I guess I want to just say I mean, I know we haven't had a chance to talk in a few weeks. But how are you? How's everything been going?

Bruce Norris: 1:05

Good. Yeah, last time you and I changed exchanged texts. We were both dealing with bronchitis or something, you know. I may go through this whole thing without coughing.

Craig Evans: 1:17

Well, so you got your water and when you're ready, right?

Bruce Norris: 1:21

Well, I have my Coke Zero. That's close to water to me.

Craig Evans: 1:27

Alright, well, listen. So here we are. We're about 30 days away from our event on June 8, called ELEVATED, I am really excited to let everyone know what they're going to be able to expect. We'll of course, have some old friends with us Keystone CPA and uDirect IRA are both going to be there. Part of what I would like us to do going forward is to help investors be better putting together resources and tools to helping them become better operators and investors. On June 8, Bruce will be talking about giving investors more tools for their tool belt. On the TNG side of things, I'm gonna giving a sort of a State of the Union of The Norris Group at ELEVATED, what the Norris group has been through the years, what we are now, and what my vision is for the future, the company that I'm now blessed to own, we got some great giveaways coming up at ELEVATED too, we're going to be giving away five of our VIP subscriptions, we've got two tickets to I Survived Real Estate that we're giving away. And then one lifetime VIP subscription. Keystone, I could not believe it. They're so gracious, they're actually giving away one of their strategic tax planning, sessions for real estate investors, which is worth, they charge 4995 for that. So that's not 499.50,$4,995 that was a huge gift from Keystone, very excited for them to do that and for them to have that stage presence. uDirect is also, they have a very special giveaway that we'll announce this week as well. Joey has been getting a lot of feedback about the current market, though and there's a lot of doubt, and some fear out there that we wanted to jump on the show today. And talk about some of those items that folks are worried about and what your presentation Bruce at ELEVATED will address. So of course, people also want to hear and see what you think about for the rest of 2024 and beyond. So as to Joey then let's get Bruce in here. And let's let's start having these conversations. So, let's get to it. So what are the main factors that you see are contributing to the current state of real estate in California, Florida and the country as a whole?

Bruce Norris: 3:38

It's interesting, there's a lot of commonality in the sense that a lot of the people that participate are

Craig Evans: 3:46

Correct fearful, of course, you have companies that create data. And it's interesting, Craig is sort of like if what story do we want to tell, you know, if we're selling foreclosure lists, and

Bruce Norris: 4:02

Then you ask the question? So when's the last we have to say foreclosures are up 79% this year, and that could mean they went from three to six, or something like that, it really helps to have your own idea of what matters. So that's time we had a price crash with that being true? Never. Never. the most important thing is to, kind of what The Norris Group has done over the years. And what you're going to continue to do is allow the investor to make their own educated decisions,

Craig Evans: 4:38

Right.

Bruce Norris: 4:38

So that's important to know because, okay, because without that you can get led astray you and I both know there was an article put out you know, recently and how bad things were and all that just for fun. I pulled up the latest information for the last year in Florida because it was sort of now, let's, let's be devil's advocate for a second. Can you directed to Cape Coral and part of Florida, that type of thing, okay. So, in my study, distressed sales have to be a very big percentage of a market for it to get destroyed. Okay, so California has had those cycles where they were a 25% and no price damage happened, 40%- some price damage, 70% - price crash. So where we are right now? In Florida for the entire year, we had 186 combined short sales and foreclosure REOs, that type of thing. It gets 23,000 sales. That's not even 1%. So when but it also makes it easy to say, oh, you know what? So let's say that number went from 186 to 372. Okay, so you could write an article, oh, my god, the foreclosures have doubled. And they now represent less than 2% of the market, which historically is meaningless in devastation, zero. So, you know, that's what's interesting about becoming self taught on this have inventory that's too much for a category, okay. So let's particular subject, I don't know that there's a more important say you have too much of a have a $700,000 house in an area that subject to know, than knowing when to be afraid, and when not only moves 40 of those a year. And you have a builder that to be. So what's for sale right now is either existing inventory built too many? Well, that's a challenge. You know, that's a very specific problem that's not market wide. or new inventory? 99%.

Craig Evans: 6:45

And it's interesting that you're talking about, you know, you mentioned the data that came out from Redfin, last week, you know, and everybody's talking about that. And I went back through, and they're talking about the amount of inventory that's on the market, and how long things are sitting and all of that type of process, you know, so...

Bruce Norris: 7:05

Yeah. That means they're completely unknowledgeable, about something else. So let's, I didn't mean to interrupt you, but let's go to, you want a lot of inventory. So whatever Florida's inventory is, let's go to California 1980 22 months of inventory, 22 months.

Craig Evans: 7:22

Right.

Bruce Norris: 7:23

17%, mortgage rates, 10%, unemployment, price damage, zero. So that's a reality. So you look at that and go, How is that possible? It still drives me crazy. How is that possible? Well, when you start studying other you go, that's not the important category, what's the important category is the participation of the half to sell inventory, called REOs or short sales, one, become a participant in a 25, or 40, or 70% number, historically, have a problem.

Craig Evans: 7:55

So here's the thing that's funny, you know, we're very strategic and targeted and what we do, right, so the product of what we got is a little different. But when I started looking at the data, I said, Okay, we've got got to take this and something that you taught me years ago, don't look at the data necessarily trying to prove some just look at what's true. Right. So we looked at it, we said, Okay, well, you know, we had to look at obviously, are we in a risk, right? Are we in a risk of being in a spot here? Because we got a lot of people that we're beholden to that we need to make sure we're never going to put equity in danger here. So we looked at all of our stuff. If I take, let's say, our largest model, we've got that 2013 model that we build, you know, it Bruce, if I take that and I pull all the inventory that's available in the markets that we built for, how many houses out of those 1000s that Redfin is talks about, and I'm putting you on the spot here. How many do you think are currently on the market in the size and price point that we deal with? How many do you think are on the market?

Bruce Norris: 8:54

I'd say 48, four dozen.

Craig Evans: 8:58

11.

Bruce Norris: 8:58

11. See, what's interesting, too, is when we decided to build a certain product type, the amenities were the most desirable and created the biggest spread. So we're pending right now on a house at 725, that's 2170 square feet. And why is it pending for that? Because it has hurricane windows. It has an enclosed pool. It has the things that people wanted, and it's the kind of person that writes a check for it. But you're right, there's a lot of inventory, well, that doesn't have the hurricane windows or the enclosed pool, the amenities that people will pay large dollars for.

Craig Evans: 9:36

Well, and it's that and part of what we've seen out of that is that a lot of what is sitting on the market is stuff that's priced incorrectly.

Bruce Norris: 9:43

Sure.

Craig Evans: 9:43

Depending on the market, I mean, there's stuff...

Bruce Norris: 9:48

...going crazy. You just thought, well, let's ask a million dollars and see what happens. You're talking about these price reductions. There's 40% of the inventory or pet price reductions. Yeah off of how sent moved up 70% in 24 months.

Craig Evans: 10:03

So, let's talk about interest rates. Let's look at interest rates from a historical process. How do you see that the interest rates have affected the rise and fall of the market?

Bruce Norris: 10:18

Well, the interest rate reduction that was in place for about two years, allowed for prices to go up in Florida and California and enormous amount, and not increase the monthly payment very much, oddly enough. So what it really did, it had a long term effect on how much it will be for sale for a long time. So Craig, think about having a two year period where interest rates like you refied it, four and a half, one, one, I can't believe that three and a half, I can't believe that two and three quarters, oh my god. And then that during that journey, you said you don't want we can put a pool in it doesn't cost us anything a month, or add an office or do both. Those people are not going anywhere. Even if they got transferred, I bet they keep that house because the interest rate is more important. So in typical markets, 85% of what's for sale is existing homes. A huge percentage of those are not going anywhere. So the devastating impact for a real estate industry is that you've cut the Commission's in California by 50%. That's how much less is going to sell. Because that inventory is camped out and not coming back. That means you rely on new inventory, which California doesn't build very much, or existing inventory that's owned free and clear, or whatever the circumstances. So Florida's, you know, it's got the same type of thing. It has a lot of people that had a chance to refi homes, they're not going anywhere that inventory is not showing up. So what is showing up a lot of new builds, right? A lot of new builds come up. And the builders are you know, they're creative, they can say, Okay, well, we can buy down interest rates and do other things. So I just don't see anything that bothers me long range. Like, oh, my gosh, we're gonna have a glut of, the only thing that matters is, is it a glut of have to sell inventory called short sales, REOs? If the answer is that does not dominating the market, then please show me in the last 50 years where we took a price it have any significance, you just,you never have.

Craig Evans: 12:26

Well, so alright, if we go back to interest rates, we've talked about his historical values, and what does that mean? And what does it meant to us? What do you see for the future? I mean, you know, there's a lot of talk, are we going to have rate drops and things like that. There's a lot of talk, even in the last week about the CPI and what people are suggesting is going to take place with the CPI due to the job market, things like that.

Bruce Norris: 12:51

Let's assume we're going to have a bit of a rough patch where we have maybe negative GDP. So who gets off the sidelines? So let's say interest rates go, where are they about now? 7?

Craig Evans: 13:03

7 and 8, 7 and eight is a national number.

Bruce Norris: 13:05

Okay, so let's say the tenure table goes down, and so you have a mortgage rate of four and three quarters, who Yes. gets off the sideline to fire that's been waiting, or the seller that has a 2.6% mortgage? I think he's going to get outnumbered by the buyers that go, oh, this is my last, maybe this is my last chance. I mean, that's where I think common sense would land is that there's more buyers on the sidelines waiting to get one more chance at something that starts with a Yeah. Where they gonna go, then why they're probably the other number that hasn't existed in a long time. So I think it puts pressure on inventory. And I think prices get more firm than they go up. We used up almost all the upside for quite some time, unless you're in a completely euphoric mood to buy real estate. So you would really need the euphoric buyer to show up, meaning he has a chance to to form three quarters and he's going to get one. You know, that's the way his mindset is, if that could happen. But as a healthier market, if it doesn't, it's better to just let the earnings grow to where that affordability number actually grows of natural causes, and builds back up to some normal number because right now all the numbers in California and and, and Florida are the math of it is you're at the highest number you've ever been. Which you normally give that back. The only reason we're not giving it back is because so many people are going nowhere. The other big advantage for Florida was interesting about the article that Redfin did was talking about. Like somehow, people were now priced out of Florida, which I found really interesting because Florida is the median price, the same medium price as the name, it's a nation. California is twice the number of Florida. So think about if you owned a $400,000 house, which is, let's say inventory, that you would sell right, three and 400,000 new houses. And they got a 3% mortgage on that. How is that like, half of rent? thing that did create was excess money, it was like you got to raise while your payment just went down by a whole bunch $600 showed up a month that's going to be, get to do other things. I don't think people are ready to give that up. I just don't. So when you pressure, I think the pressure goes to the buyer side, not to the inventory side.

Craig Evans: 15:52

There's times where it can be a double edged sword, right?

Bruce Norris: 15:55

Sure. If you have, if you have more eager buyers, and you have inventory than you'll have price push, you know, you have a legit lender environment, you know, where people aren't getting stated income loans and lying on their application. It has a natural stopping point because you just can't get a yes.

Craig Evans: 16:13

Right.

Bruce Norris: 16:14

Okay. So in 2005, that didn't happen. There was no yes, there was no no's. And that's why we're raising. So we were really not facing that at all. But we have used up the upside, and we use it up really quick. But we had a payment that resulted in a very reasonable payment for the ownership and the equity position, too. So you're talking about, okay, you've got a mortgage, that's under three a lot of times, and you have a payment that's less than rent. That's a very stable household.

Craig Evans: 16:50

Right.

Bruce Norris: 16:51

So okay, even if okay, what happens if you have to sell something happened, or you've got a huge amount of equity, you either lose that house, to a trustee sale or foreclosure sale. And if it did go to foreclosure sale would be bought by you, it wouldn't compete in their listings, it would be bought at the sale.

Craig Evans: 17:11

Right.

Bruce Norris: 17:11

So much equity. So that's the difference when trustee sales were going on in 2008, and this is in California, they had $350,000 loans on it, and we would win a bid at 80 grand. So the environment is so different.

Craig Evans: 17:29

You know, one of the things that we've been seeing in the last, because you and I've been talking over the last several months about what the market in southwest Florida really looks like and what's actually happening, and how many sales are actually happening, how many pendings are actually happening and what real is on that. And in that process, one of the things that we've been seeing in certain price points, again, what has been slowing down, so to speak, the the sales aspect is not the price interestingly, it's been that they can't afford the monthly payment.

Bruce Norris: 18:04

Right?

Craig Evans: 18:05

They can afford the price, they can't afford the monthly payment due to the interest side of it.

Bruce Norris: 18:10

Right.

Craig Evans: 18:11

So it's interesting as you keep talking about, you know, the once that shifts, not only are people that are in, let's say, a four or $500,000 house or 356, whatever it is, if they've got that two or three or something with a four in front of it. I agree, I don't think that people are going to that's not going to be the people that are now entering the market again.

Bruce Norris: 18:35

No.

Craig Evans: 18:36

It's gonna be the people that have been forever saying I can afford the price. I can't afford the monthly payment because of that 7% rate.

Bruce Norris: 18:44

Yeah, you got a lot of people that are still migrating to Florida and it's the right people, you know that another thing that article talks about is, oh, people aren't going to Florida anymore. They're going to you know, wherever else they're willing to. That is completely incorrect. And the people that are coming to Florida are bringing outrageous wealth, you know that one chart that shows Florida is number one and more wealth transfer the number two through death.

Craig Evans: 19:12

Correct.

Bruce Norris: 19:12

So Oh, I'm sorry. But that's, uh, that's why when I when I read some of that I said, let's debate Reg, and that would be so much fun.

Craig Evans: 19:21

Anyway, you've talked about migration, some, but how do you believe the migration helps, or I shouldn't say helps. How do you believe it impacts the health of the real estate market?

Bruce Norris: 19:34

I do think it's a it's a driving force. You know, you have a lot of times you have people coming from more expensive states. So they're getting rid of a mortgage. So you go, let's say you, you know, a lot of people come from New York, right?

Craig Evans: 19:49

Right.

Bruce Norris: 19:50

Okay, well, it's really easy to see that you could buy a Cape Coral $800,000 house would be a lot cooler than maybe your 1.6 million house in New York, that you owe 800 grand on. So you sell that you owned us free and clear. What does that do that makes a person to have no payment, and they're ready to go out to eat. So migration is very healthy for the Florida market because of the wealth transfer, you know, you're bringing a lot of money here. And people I think, have gotten rid of their payments many times. And they're ready to go have some fun, or buy a boat? I think it drives the Florida economy. I absolutely do. It's the right migration.

Craig Evans: 20:36

What do you think the long term outlook is on migration in those areas?

Bruce Norris: 20:43

I think Florida and Texas are the winners going forward for maybe 10 to 20 years? In other words, it's a new California, and California is not going to get that back. They've gone through their cycle. I mean, in the 70s. They were rockin and rollin with all that. And no, it's just, and the big advantage for Florida is that your property tax isn't 3% of the value of the property. That's a big bill in Texas.

Craig Evans: 21:15

Right.

Bruce Norris: 21:16

So, you know, when prices go up, and it's a variable. So California has one thing and you know, you do have kind of a fixed tax bill on your property. If you bought it 30 years ago, your tax bill is way less than your neighbor that bought it last week. But in Florida and Texas, there's that changes on every couple year basis. But it's still a reasonable number in Florida. It's not necessarily a reasonable number of Texas.

Craig Evans: 21:43

Do you see the Fed making a move this year?

Bruce Norris: 21:45

I do. Probably more than one down. And how aggressive? You know, I don't think they want to repeat the scenario that we had in 2019 and 2020, 2021. I don't think they want to have that recycled. But I think they are going to pay attention to trying to prevent a deep recession. So you have, it'll be interesting, the categories that seemed to be going the wrong way are full time jobs. So you have a lot of part time jobs, but you don't have a lot of full time jobs.

Craig Evans: 22:21

Right.

Bruce Norris: 22:22

And so you're starting to have holes in that end of the data if you would. So I think you're going to have interest rate reductions. And I think they may be very gradual and over, over a longer period of time. Unless something really crazy happens again.

Craig Evans: 22:42

And you know, the job market is such an interesting, because when you look at how many places are still begging for people to work?

Bruce Norris: 22:53

Yeah, well, one interesting factors is you have, I don't know the number I remember looking at it, and it was just astonishing how many young adults are literally not even in the workforce. They're just okay, you're not even counted anymore, because you don't intend to get a job. I am, right, yeah, you're going holy cow, Florida is a magnet for jobs. And...

Craig Evans: 23:17

Absolutely!

Bruce Norris: 23:18

Right. Well, that's what causes migration, you know, opportunity. So that's why the long term picture for Florida to me is very positive. And it's, still it has a starting point of a median price of the country. And again, a lot of your wealth gains and migration gains come from places that are much more expensive, where people can hit the reset button on their entire life, sell something that's twice as expensive and on something free and clear and get rid of their five or $6,000 a month payment. Yeah, that's crazy. That doesn't, you know, you don't have that opportunity in California. I'm not sure where you sell, you know, maybe the island of Hawaii or something. But there's very few places you can sell something and go to California and say, Oh, well, that's a deal right there.

Craig Evans: 24:10

Well, hey, let's jump back real quick on some of the Fed stuff. I know, you know, the feds are gonna keep pressing and they're looking at 'we don't want to make cuts until inflation is clearly on its way to being two' and what do you see from an inflationary perspective? Do you see it sustaining worse that? Do you think it's going to have to get worse before it gets better? What do you see out of that?

Bruce Norris: 24:38

As far as worse as far as the inflation number?

Craig Evans: 24:41

Correct.

Bruce Norris: 24:42

No, I think I think we're on the brink of having that soften and go the other way. And, you know, I think part of it is you know, California has laws now let's say for instance, this is California but you have to pay somebody that works at McDonald's, there's only 20 bucks, right? So, there's so many of those that are just closing, saying, See you later. So, you know, in trying to be the most fair, you could be starting to create an awful lot of unemployment, because it just doesn't make sense. You know, when you know, you have a couple of people get a hamburger, and it's $25, when you leave the window, I just, I think that's going to cause a fair amount of unemployment and closing of commercial properties too. So I do think we're in for a, maybe a slow round of declining GDP growth. And then a very gradual fed unless the Fed gets concerned about something much worse.

Craig Evans: 25:48

So you know, we've talked through a lot today, I've picked your brain on a lot. And I'm, you know, we don't want to give the farm away, because we really want people to be at the June 8 at ELEVATED, I'm excited for hosting that and to get up there and start talking about what what all we've got and what's coming. And I'm excited for you to be to give some of the points that I know you and I've been kicking around, but in the short term of it, is there anything that you think, 'hey, Craig, I really wish you would have brought us this up to date, because I wanted to, I wanted to tag on this.' Is there anything that I didn't mention today that you're keeping an eye on that you wish I'd have brought up?

Bruce Norris: 26:27

You know, not really but one thing I do want to point out that what you said is that it's so important that our process doesn't begin with the conclusion that we want. That is the last thing that we consider. So go through all of those statistics, even like the day, the week before that event, I'll be looking at all that stuff. Like I never looked at it before. So I can say, okay, this is the most logical outcomes, and then we can go backwards and relate to the other outcome. So it's not like, this is what I want to happen. You know, I sell data and it would be really neat if we had a bunch of foreclosures. So therefore, we're going to say this, you know, and boy, that's done a lot. It's so sad. But the President of CAR in 2006, wrote a book. And it was, it had a house that there was elevated in the sky. And his prediction was, this is not going to end, it's gonna go for another decade. And it was so sad, because it was, that was the agenda despite the data. And it was, it was just a terrible outcome for somebody that has an economic, you know, has a PhD in economics and came out with a conclusion. And the other thing that doesn't do and see this is what we want to do at our June event, is have our investors understand what's likely next. So they can put themselves in the right position. What that guy did that day, and I don't think he intentionally did it wrong. I think he just that was what he believed. But who was ready to be an REO agent if they were listening to him? Nobody. Nobody called the lender up and said, you know, who was the number one REO agent in Riverside? A guy that took our seminar in 2006 called the California Crash. He at times had over 1000 REO listings.

Craig Evans: 28:27

Wow.

Bruce Norris: 28:28

Yes. Because he called the lenders in advance when they had no REOs, you're gonna get a lot of REOs, here's my name.

Craig Evans: 28:36

Yep.

Bruce Norris: 28:37

Yeah. So that's what you start taking a look at what's next for real. One of the things that the education system that's inside of The Norris Group's website does is takes a look at charts and says what's the most appropriate action for an investor tomorrow? And there's, you know, over 20 different buying systems. A lot of you don't touch for years, because it's not the best thing to do. So why not do the next best thing? Because I you know, you've got people, you know, well meaning people teaching in Florida, I just read the invitation, Florida Foreclosure Opportunity. So he's teaching a foreclosure seminar in Florida, and I'm just thinking, it's, it sounds so, you know, the verbiage sounds so good, and yet, you're gonna have you're gonna fight over all four of them, you know, it's like, oh my gosh.

Craig Evans: 29:35

Well, I guess the last thing I would want to say because again, I am excited to see you and be with you in June, and to start going over, you know, what is the market gonna look like? But is there the one thing that makes you optimistic about the market? What's the one thing that you would look to right now, from an optimistic viewpoint of the market?

Bruce Norris: 29:58

Well, most of the people are going to be attending in California or in California. So the inventory I just looked at it today keeps on declining in, you know, days on market. So that's a guarantee for price support, if not price increase. So California markets not going anywhere because it doesn't have REOs, and it doesn't have builder over supply. It has existing inventory, that showing up half as often. And it has demand that keeps on coming. So when you get an interest rate that's goes from the seven to a five, you're gonna have more people come off the sidelines, so you probably will have yourself a pretty healthy market price support wise, and keep the games in place. Which is to me more important than worrying about new ones. You know, you already got a lot, you know, the nice to keep.

Craig Evans: 30:55

Well, Bruce, man, I can't thank you enough for coming on with me today. I always look forward to just getting to see you as my friend. But also I know our listeners love when you get to come on and you get to share your thoughts and your insight for all those listening. Thank you so much for being with us today. We can't wait to see you in June 8th at our event. And Bruce will be there sharing his insights and giving several points about what the markets looking like this year. I know it's not a full timing seminar, but we've got some good stuff that we're going to be doing. So, again, thank you so much for being with us today. We look forward to seeing you next week. Thanks so much. Thanks, Bruce.

Narrator: 31:33

For more information on hard money loans, trust deed investing, and upcoming events with The Norris group. Check out thenorrisgroup.com. For more information on passive investing through the DBL Capital Real Estate Investment Fund, please visit dblapital.com.

Joey Romero: 31:52

The Norris group originates and services loans in California and Florida under California DRE license 01219911. Florida mortgage lender license 1577 and NMLS license 1623669. For more information on hard money lending go to thenorrisgroup.com and click the hard money tab.