Registered: 1156877376 Posts: 2,168
Reply with quote #1
That seems to be where he has invested alot of his money. He is already making hard money loans there.
Also, something I never knew: Bruce at one point bought houses in Arkansas. (Not sure when). I like the fact that Florida is so volatile, but I have my doubts given: 1) The hurricane / flood risk and the unpredictability/ destructive nature of modern storms. 2) I think Florida is a state that requires judicial foreclosure so you can't really buy at the courthouse steps---which likely means the necessity of hiring an attorney, which will add to the cost, not to mention cause serious delays. (I haven't researched this, this is just going by my memory of things). 3) Florida is a tax lien state---very different from the law in California in interesting ways. 4) The real find would be to locate a state that is in a dramatically different cycle than California---hard to find since bubbles seem to be an almost nationwide phenomenon. I can't think of anywhere that is cheap at this point. In fact, the current market is so hot and inventory is so low that the secondary markets have inflated to some extent and now we seem to be starting on the tertiary markets, and so on. 5) In a previous cycle Bruce tried to find a state to 1031 into with Texas and even he now says that never exactly worked out as planned. 6) It is my impression that Bruce got one of the lost really good deals on lots in an area with less of a hurricane risk. My guess is that the barn door has closed on this type of deals, though I haven't bothered to research it. 7) Did I mention that I HATE being an out of state landlord---and unlike Bruce I have no one inside of Florida who can manage the risk like a close friend of family member. (Bruce has a new buying system, BTW, how to buy out of state). Bruce Norris also mentioned that his move to Florida may be permanent in the sense that the properties that he is building there as rentals will probably become a long term hold. But maybe Florida is a better 1031 bet than California---I express no opinion on the subject, but it's certainly possible. In his radio interview (out today), Bruce Norris indicates that demographics dictates investing in Florida---and not so much in California. This may be a sea change for the California market. In previous cycles California has had demographics and migration in its favor---in the current market, not quite so much.
Registered: 1246858622 Posts: 388
Reply with quote #2
But will he be joining us in December for his annual presentation?
858 276 0713 http://www.sellitfastca.com 7676 Hazard Center Drive San Diego CA 92108
I love buying from wholesalers! Will pay up to 78% of ARV.
Registered: 1211473374 Posts: 103
Reply with quote #3
Bruce is coming to San Diego:
https://www.thenorrisgroup.com/event/cash-stay-put-sdcia Cash Out Or Stay Put? With SDCIA Date: December 12 @ 6:00 pm - 9:00 pm Summary:
Bruce Norris shares with SDCIA critical insights into the California real estate market in 2018 for California real estate investors. He’ll share reasons why investors should stay put, sell, or 1031 exchange into other opportunities. This is a follow-up to his 2016 talk Stay Put, Cash Out, or Change Seats.
Date & Times December 12 @ 6:00 pm - 9:00 pm VENUE:
Scottish Rite Center
Scottish Rite Center 1895 Camino del Rio South San Diego CA 92108 United States ORGANIZER:
If you’ve followed Bruce Norris over the years, you know “Timing” is the most important word in real estate investing. California real estate investors have made incredible financial gains over the past six years. But,
. If that is the case… Bruce says we are nearing the end of a boom cycle in California What will real estate investors do?
Join Bruce Norris on 12/12/17 at SDCIA as he uncovers whether you should:
Sell your California real estate? 1031 exchange into other states or investments? Or, just keep what you have and go long(er)?
Uncovering answers to these critical questions often means the difference between retaining your wealth and locking in gains permanently for your family or blowing it and being forced to start from scratch.
Whether you are a seasoned real estate investor or new to the industry, Bruce will provide valuable insights into important questions you may have. He will also share real-life examples of California real estate investors in action, straight from our hard money lending department and friends doing deals in today’s California market. He’ll even share a little of what he has done with his portfolio over the past few years.
Registered: 1156877376 Posts: 2,168
Reply with quote #4