March 21, 2025 • 29 mins
This week, The Norris Group Real Estate Podcast is introducing a new segment featuring owners and leaders from investor clubs, REIAs, and Meetups. They will share insights on current real estate trends, effective strategies in their markets, and updates on upcoming speakers and events.
Our goal is to foster collaboration, exchange best practices, and provide valuable insights into the real estate investment world.
This week’s guests include Christina Suter from Pasadena FIBI, Mitch Craighead from NorCal REIA, and Rich Rice from the FIRE Center.
For more information on this month’s featured clubs and speakers, please see below:
In this episode:
- Impact of Market Turmoil on Real Estate: How economic fluctuations are shaping today’s real estate market.
- Economic Uncertainty and Its Effect on Investors: Understanding risks and opportunities in an unpredictable economy.
- Expert insights on getting started and navigating market challenges.
- Key Indicators to Watch: Critical trends and data points that signal market shifts.
- Real Estate Outlook for 2025: Predictions on market conditions, interest rates, and investment opportunities.
- Investor Club Information & Contacts: How to connect with top real estate clubs, REIAs, and Meetups.
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 (00:01):
Welcome to The Norris Group real estate podcast, a
show committed to bringing youinsights from thought leaders
shaping the real estateindustry. In each episode, we'll
dive into conversations withindustry experts and local
insiders, all aimed at helpingyou thrive in an ever-changing
real estate market. continuingthe legacy that Bruce Norris
(00:24):
created, sharing valuableknowledge, and empowering you on
your real estate journey.
Whether you're a seasoned pro ora newcomer, this is your go-to
source for insider tips, markettrends and success strategies.
Here's your host, Craig Evans.
Joey Romero (00:45):
Welcome back and thank you for joining us again
for The Norris Group Real EstatePodcast in part two of our
episode of The Real EstateInvestor Roundup Show. Alright,
so, let's shift a little bithere. Let's talk about some
current events.Now, lots ofturmoil in the markets right
now, the last couple of weeks,to say the least. Dow Jones,
(01:07):
NASDAQ, S&P 500 year to date,all three of them are down.
Okay, so how do you guys feelthat that's going to impact real
estate, or does it have animpact at all? I'll start with
Christina.
Christina Suter (01:19):
Oh, man, I though I was 2nd.
Joey Romero (01:22):
All right. Well, alright, Rich, come on. Jump in.
Christina Suter (01:30):
You go baby, go ahead. You're right. I shouldn't
be modest.
Joey Romero (01:33):
Go ahead, Christina.
Christina Suter (01:35):
Well, I just okay. So I think that this, if
we're. So, personally, I thinkthe stock market has been the
thing that, to me, is much morehyper in place inflated than the
real estate market, in my mind,right? So, there's been such low
volume in the real estate marketthat it's hard to get a lot of
movement on price point when wereally don't have supply and
demand. Is not a numbers game,it's a balance game. We don't
(01:57):
have enough supply for theamount of buyers. It doesn't
matter if that's 10 buyers or100 buyers, it really is that
amount. So, the whole volumebeing low means that real
estate's actually been morestable than maybe it deserved to
be, but it's served all of us. Imean, even single families have
continued to go up by 11% in thelast couple of years.
Multifamily was the asset classthat was hit the most in this
(02:20):
particular interest rate rising.
So, I'm kind of not surprisedthat we're starting to see
destabilization in a major assetclass in the economy, and that
the one that can be hit thequickest is the stocks. I also
think, like I said, it was hyperinflated. How's that kind of
feed down through real estate?
(02:42):
Well, the usual answer depends,right? It depends. It depends
upon how steep it goes. Itdepends upon how concerned it
is. I mean, this the concernright now that seems to have
created. It is really morehaving to do with the tariffs
and the feeling of weakening inconsumer confidence and the
weakening in spending, you know,and really the sort of economic
(03:07):
uncertainty in general, of whatis the current administration
going to do? I think the currentadministration is very and I'll
call it showy, in trying tocreate changes in the economy.
And a lot of people are finallylike, 'Yeah, we don't know what
he's doing.' We don't know ifwhat he's doing is inflationary
or or de inflationary. We're notsure where he's really going to
(03:28):
land with the cut, with theamount of layoffs that he's
done, every economic panel I goto, every time I go to a real
estate meeting, it's been,'Well, what does this mean if he
does tariffs? What does thatmean? Well, it's increased,
increased cost and construction.
' Well, if he's going to be dodeportation, what does that
mean? It means increased cost inconstruction. What does it mean
for housing? It means that we'regoing to have a lot less housing
(03:49):
being developed. What does thatmean to housing? Does it mean
that it's going to fall off thecliff? No, usually, actually, it
means it's going to stabilize itmore because we already have a
lack of volume. We already havea lack of units. So, even though
we're going to see the stockmarket have its own reaction,
which is going to create,potentially a recession, based
upon how long it goes on, forreal estate might continue to
stay cushioned due to its lackof volume, due to its lack of
(04:13):
capacity to replace itself, andthe existing shortage we already
have. But it doesn't mean it'snot going to affect your
renters.
Joey Romero (04:21):
There you go.
Christina Suter (04:23):
Right? Longer it goes on, the longer it
cascades through, and the morelayoffs we have because of the
destabilization in the stockmarket. But it takes months for
that to rotate through till ithits your renters and then hits
your multi family, which hasalready been struggling. Multi
family has already been having ahard time. It's already went
down 20% last year, and they'resaying that it's going to go
(04:44):
down potentially another 20%this year, because we're not
seeing a decrease in the Fedrate, right? They're not
promising to do multipledecreases. So, I'm trying to
keep it short. I'm trying toshove a lot of stuff into a very
small amount of time. But Ithink watching that what does to
your renters is what's going tobe really important, because the
asset itself is kind ofbuffered.
Joey Romero (05:06):
Mitch, do you have anything to add there?
Mitch Craighead (05:10):
Yeah, I have something to add. And I've been
accused too many times ofoversimplifying things, and I'm
going to continue to do that.
Joey Romero (05:16):
Here's something to dance and keep it at a third
grade level that way. That'swhat I understand.
Christina Suter (05:20):
I think I over, I think I over. I think I make
things overly comfortable. So gofor it.
Mitch Craighead (05:24):
I love it. I love it. And we could chat all
day long about the littlenuances and speculate. And I
absolutely love hearing you knowyour perspective there, and I
agree with almost everything yousaid there. It's like, really,
really great stuff. I'll saythat I enjoyed this idea. I
enjoyed the idea that with thestock market doing what it's
(05:47):
done, the real estate marketsounds, looks ,and feels like
the stable investment to forinvestors, for people with cash,
and when people are decidingwhere they want to put their
cash, then putting it into ourindustry instead of what the
(06:07):
stock market that is highlylikely going to be highly
volatile for the next few years.
I like that idea. I like thatidea, and I think it's going to
I think it's going to serve us,our our members and our fellow
investors, a lot of our friends,very, very well.
Joey Romero (06:24):
Rich, you got your wish. You got to go third.
Richard Rice (06:29):
No, all great points. I just wanted to add,
you know, we, I just, I spokelast week at my club and kind of
touched on this a little bit,you know, we, we have, you know,
a lot of people are calling himlike a wild card in office, like
Christina was alluding to, wedon't really know what, how some
of this stuff's gonna shake downand shake out.
Joey Romero (06:49):
Is he crazy or crazy like a fox, right?
Richard Rice (06:51):
Yeah. It's like we could speculate it all to death,
and maybe one of us will pickthe right answer. Who knows? You
know, but I just tell people,you know, people are asking
their concerns, should I jumpin? Should I not jump in? I just
don't look ,my Buy Box hasn'tchanged. You know, I'm still
looking for, you know, rentalsthat I could make cash flow or
turn into ADUs. You know, I amstill flipping mobile homes. I'm
(07:16):
still flipping regular homes.
What I'm telling people not todo right now is I would not go
jumping into, if it's your firstflip, I would not go jumping
into a billion dollar flip with,you know, $150,000 spread on it,
or something like that. Iwouldn't go jumping into
anything skinny if you're brandnew, you know, I wouldn't this
now's the time, not, not thetime to get into, like, a brand
new Airbnb, if that's whatyou've been thinking about
(07:38):
doing, you know, you know, becareful. But if it's a good
deal, jump on it. You know,that's what I'm doing.
Joey Romero (07:47):
And that's a great point. You know, economies
change, the mood changes. Youknow, Bruce, I was talking about
the moodometer, right? Butfundamentals don't right. Stick
to what you know what you dowell. And if you've done
something, your Buy Box is yourbuy box for a reason, going
outside of what you're good at,that's where people can get in
(08:10):
trouble, right?
Christina Suter (08:11):
So, if I'm if I may.
Joey Romero (08:12):
Yeah. Jump right back in.
Christina Suter (08:13):
I think again.
I try not have a politicalconversation what I'm trying to
have is an economicconversation, because that is
the thing in which my assetclass exists in is a larger
economy. And so I think that ourcurrent administration is
looking to intentionally createinflationary and deflationary
activities at the same time. AndI think moving forward, people
(08:37):
ask me about what am I going todo moving forward? I kind of
agree with Rich, which is, rightnow, it's not so much that I do
or don't believe the intentionof the current administration. I
believe they're actually tryingto create a balanced reset. I
believe that's what they'retrying to do, whether they do or
don't, whether it's successfulor not is a completely different
(09:00):
conversation, and that's whatI'm waiting for. The truth is in
the pudding, and that's whatwe're going to see in the next
because basically theadministration, every
administration, has about twoyears to get stuff done in
right? Because then mid yearelections can, drastically shift
the House and the Senate andtheir capacity to implement
quickly, right? So, in this nexttwo years, I don't know if
(09:23):
they're going to hit the balancepoint they're looking for.
Joey Romero (09:27):
So, okay, so it's not stock market, or maybe it is
stock what other indicators doyou look at? You know, is it? Is
it jobs? Is it, you know,pricing. What is that? Mitch,
what other indicators do youlook at?
Mitch Craighead (09:45):
Yeah, definitely. Definitely pricing.
I mean, what? Gosh, when wethink about our renters, we talk
about the people in our homes,the people that are planning to
buy our rehabbed homes. It's allabout affordability. Everything
comes back to affordabilitytoday and people are stretched.
(10:05):
So yes, looking at CPI and whatpeople are spending, where
prices are going, is one of the,is the one of the big things
that, you know, we hope, staysin some type of control.
Because, over the past 18 monthsor so. I bet we'd all agree that
it's, it's felt like a kind of aspiral that's been, it's been
(10:27):
challenging us all in the in thepeople that are either buying
our properties or renting ourproperties.
Joey Romero (10:33):
Rich, what other indicators are you looking at?
Richard Rice (10:35):
I like to listen to a lot of people's different
opinions on things and try andfigure out, you know, kind of
like a, about anything, whetherit's, whether it's economics,
real estate, you know, history,whatever, and try and figure out
what's what I think is going tohappen from my point of view. I
don't, I definitely don't, like,pour over economic forecast
(10:57):
numbers or anything like that,unless it's something that like
I really so the other day, thisvideo is kind of going around
the real estate circles aboutsome FHA, about the FHA, the
government paying people'smortgages for them and letting
them do these massivereductions, and kind of creating
this bubble of things thatshould have gone under
(11:19):
foreclosure, but now theyhaven't, because they've been
making these, these mortgageadjustments, and we're supposed
to be for COVID. But now it'skind of, you know, gone a lot
longer than that, you know. Andso the video was making some
claims that weren't reallylining up with the article that
it was, well, I that it wasreferencing. So, I started
diving into the like, the FHAdata, and just kind of looking
(11:41):
at it a little bit, I found outthat, you know, yes, you know,
overall delinquencies are up,like, a little bit, like maybe a
one and a half percent fromwhere they normally are
historically, you know, goingback to last five or 10 years.
Are they elevated? Yes, is itsomething that's going to, you
know, crash the housing market?
I don't think so.
Joey Romero (12:02):
Yeah, we just, we just, you know, put out last
week, or was it a couple weeksago? Debt is up ever except for
in real estate, you know, realestate, it's ticked up a little
bit, but if you look at it,compared to credit card and
cars, like, it's nowhere nearthe levels of those types of
debts.
Richard Rice (12:21):
Yeah, yep. So, you know, I operate in a very small
market. I keep an eye on thatmarket. I keep an eye on the
rentals, I keep an eye onresales. Like, I'm very, you
know, compartmentalized in whereI invest. So, like I said, I
have a great, tight Buy Box,unless I start seeing massive
shifts there, you know, I'm kindof seeing things happen because
(12:44):
it is a smaller market, tertiarymarket. I'm seeing those shifts
probably faster than some otherpeople are seeing, you know. So
I'm already making adjustmentsthere. I've already dropped my
rents a little bit to get, youknow, a wider pool of renters,
you know, and trying to getthose best people in there, you
know. So, that's what I look at.
Christina, what are theindicators are you looking at? I
know you're a big data geek.
Christina Suter (13:08):
I would say all of them, but there's way too
many to say all of them. I runout of time, so I really look at
GDP, growth, consumerconfidence.
Joey Romero (13:18):
How about that outlook for this first quarter?
Christina Suter (13:22):
I wouldn't...
what in particular you speakingabout the fact that the GBP has
gone down? And then...
Joey Romero (13:28):
Did you see what the projection from the Atlanta
Federal Reserve?
Christina Suter (13:32):
I did not.
Joey, you got me on that one....
Joey Romero (13:35):
The projection, the projection for first quarter is
a -2.9.
Christina Suter (13:40):
Ah, okay.
Because first quarter, what Isaw was the estimated
contraction of 2.4% of the firstquarter. That's what I'm seeing.
It's actually right, which wasconcerns about a potential
recession, which is part of whythe stock market responded. But
that the actual fourth quarterof GDP was, you know, 2.3%
following the expansion they hadof the 3.1% of the third quarter
(14:04):
of last year. So, I really thinkit. I think they're over. In my
opinion, they're over projectingthe effects of tariffs. I think
they're over projecting theeffects of the deportation. In
my opinion, I don't think thatthat's really going to slow it
down that much, but the stockmarket responding the way that
it has, could slow it down thatmuch. So, the fact that the
(14:26):
Atlanta has put that out now canactually create a cascade that
would potentially be arecessionary quarter and
actually have negative GDPgrowth.
Joey Romero (14:37):
That's why the, that's why the Fed always
hesitates to say anything,right? Because everybody's like,
what lever are we going to pull?
Christina Suter (14:46):
Well, and they've been pulling level
levers, there's no question thatthey're pulling levers. I mean,
they're not going to be pullinglike we said, they're not going
to be decreasing the rate, butthey are also decreasing their
they'll be purchasing a bonds,so they're doing the reverse of
the quantitative easing rightnow. And that's on their
projection list of what they'regoing to be doing, and that will
start to create a slowing ofpulling money off the market,
(15:07):
which creates a slowing of cashmovement, which can create a
recessionary movement in money,especially compounded with the
other things that the Presidentis talking about doing, or is
doing, with the tariffs beingkicked into place already, and,
you know, imports being moreexpensive, and therefore the
cost of living going up, beingmore expensive. So, that is
(15:29):
going to create that difficulty.
As far as real estate, I stillthink that single family is
going to be relatively wellcushioned. And I'm doubling down
on multifamily right now. I'mbuying in Indianapolis and
Tulsa. I'm out buying multifamily because I think that is
what is going to be hit byhaving the interest rates not go
down. They're alreadydestabilized because interest
rates went up. They've beengetting temporary spending and
(15:50):
doing capital calls in order toexpand the note actually being
called on them, and thereforehaving to face a forced sale. I
think they're going to berunning out of time on that, but
I'm not seeing very much of itin Indianapolis or in Tulsa. So,
it hasn't we haven't gottenenough tired sellers yet that
I'm seeing people acceptingoffers easily and gracefully
(16:11):
that would fit with the currentcap rates, or the cap rates
actually expanding in order tofit with the current interest
rates. But what I'm purchasinginto is looking at the one area
of real estate that has beenaffected that I want to own is
multi family. So, that's whatI've been doing on that level.
So, what am I looking at? I'mlooking at CPI. I'm looking at
(16:31):
GDP. I'm looking atunemployment. And we're looking
at the I'm looking at pendingsales, volume of sales. And
then, of course, you do looklike, look at price point for
real estate, whether it's singlefamily or multi family, based on
what you're looking for. Andthose all start to create a
story, right? And I do look atthe, look at the S&P 500 and the
growth in that. And I do look atthe stock market, but that isn't
(16:54):
my primary asset class I investin, but it is something that I
am invested in. So, I do trackit, and I use Fed the, you know,
St Louis Federal Reserve. I usetheir charts all the time to
give me a feeling for what it isthat's happening with that city,
because I'm investing, you know,two different cities outside of
(17:15):
California.
Joey Romero (17:18):
As we start to wrap up, I want to get you guys
outlook for the first half ofthis year. And we're going to be
in 2025, overall, in the realestate investing space. Rich
I'll go to you.
Richard Rice (17:29):
Especially in my market, you know, I'm in the
mountains, San Marino mountains.
I'm in a tertiary market. I'malready seeing, you know, a
shift there. I think that shiftsgoing to continue and maybe pick
up here a little bit. That's whyI'm trying to exit some flips.
I'm in right now up there, assoon as possible. I'm
preemptively looking, you know,lowering my, my rental rates on
the stuff that I have vacant atthe moment, just to try and get
(17:53):
a, you know, best renter I canget in there, regardless of
price, hopefully for the longhaul, I think overall, I mean,
we're going to, there's going tobe a lot of shakeups across, I
think, multiple markets acrossthe country. But here in
California, in the markets thatyou know, especially here in
Southern California, is really alot of what I what I look at,
(18:13):
you know, we're still, we stillhave a massive supply issue,
which, you know, we weretouching on earlier. And, you
know, there's still things arepriced right? Are still flying
off the shelf. It's the peoplethat kind of, you know, are
putting it up for theseridiculous numbers that are just
kind of sitting and seeing theseprice drops. You know, Orange
County is still looking, youknow, insanely strong. You know,
(18:36):
parts of San Diego, even partsof Inland Empire. I know LA is
kind of down a little bit, buteven when I look at things are
down a little bit like our, youknow, they were already pretty,
kind of inflated. So, you know,maybe we're just kind of
leveling out here. I don't knowif I really have a great guess,
other than, like I said earlierthat I'm just, I'm anticipating
(19:00):
that we're just going to kind ofgo sideways, like Bruce has been
talking about for years now. Andwe might bump up, bump down,
bump up, dump down, but we'regoing to be pretty you know. And
I'm just making decisions basedon that. I'm staying in the buy
box and just making sure I'mnot, you know, getting crazy or
you're going, you know, offdoing something that I don't
know where it is, you know, so.
Joey Romero (19:22):
Christina, what's your outlook for 2025 in the
first half?
Christina Suter (19:27):
So, I feel like single family, like I said
before, he was cushioned by thelack of inventory and lack of
volume, right? So there's justnot enough housing to house the
people we want to have. But atthe same time, I'm seeing
affordability, because I I'vebeen listening to Bruce, and I
see the affordability index inparts of LA are hitting below
20, the 20, and that means thatwe're going to potentially 20%
(19:50):
which means we potentially mighthit a destabilization. Even in
the inventory we do have, um,60% of mortgage rates are below
4% but we still have 40% ofthose potential potential houses
on market, and I think, like Isaid, in multifamily, it's going
to continue to get hit thisyear, especially since we're
(20:10):
looking at the Fed keepinginterest rates up and the
capacity to get that sort ofintro financing, I think is
going to become harder during2025 and we already know that
office has been having a hardtime recovering, and then
hospitality seems to berelatively more fully recovered
by having to do with peoplebeing back, at back at it after
(20:33):
COVID. But if we're going tohave a decrease in the stock
market, we're also going to havea decrease in luxury activity,
so we will see whether whathappens to hospitality coming in
the middle of this year, becausethey really rely on that sort of
summer season. And then, I'm nota real industrial or retail
expert, but I think industrialwill still keep saying strong,
(20:54):
because as they bring AI online,what they actually need is more
space, and they actually will becreating more jobs as AI comes
online. So, industrial potentialwill continue to have a strong
demand, having to do with thefact that we're still living
with this high level ofdelivery, and we still need
space for our greater areas ofservers being able to have more
(21:16):
and more AI. So, it's kind ofacross different industries, but
really, I'm much more of anexpert in single family, multi
family. That's really my area.
Joey Romero (21:23):
You know, I'm seeing that a lot in my area,
too. Here in the Inland Empire,it's that that, what they call
it the final mile. You know, Iget warehouses in really
residential areas now, that's inthe valley that I live in. Last
question that I have for all ofyou is, I'm a brand new
investor, and this is my firstday at your club. What advice
(21:47):
would you give me? I haven'tinvested yet. So, I'm looking to
get in brand new, as new as youcan get.
Christina Suter (21:56):
I say, 'Talk to rich about his Buy Box.' That's
right. Have a really clear BuyBox, right? The first thing you
want items, if I always tellpeople, the first six months of
being new to investing, you wantto take every you want to go to
every meeting, you can takeclasses, not the expensive ones,
right? I won't mention some ofthe expensive ones. I
specifically saw people do nottake these classes because
(22:17):
they're way too expensive. Theywill take all your down payment
in your class cost. So, don't dothat, but take a whole bunch of
inexpensive classes, like builtin class, or go to the exchanges
out, you know, in the Riverside,go to places where you feel like
you're going to get educated. OrNorCal REIA, go to places where
you feel like you're going toget educated. And just spend 20
bucks going to meetings, 20bucks, 20 bucks, 20 bucks, 20
(22:37):
bucks, and get yourself involvedin a community that you know you
can trust people who are willingto steward you towards having a
network where you're going to besuccessful and whatever you're
going to choose, whatever youend up landing, and you're going
to need a mentor. You're goingto need people who can bring you
cash. You're going to needinventory. So, your network is
how you survive. It is howyou're going to be able to
(22:59):
build. Can you build youreducation at the same time. So,
spend six months building youreducation and building your
network, and then find a realclean Buy Box and talk to Rich
about your Buy Box, because hekeeps doubling back to that
discipline, because it is just adiscipline to know your Buy Box
and stay in your Buy Box,because your Buy Box is both
what's happening in the marketand what you bring to the
(23:21):
market, that is your Buy Box.
That's what gets merged tocreate a successful buy box for
you.
Joey Romero (23:26):
Awesome. Rich, alright, brand new, first time
at at the FIRE Center. What areyou going to give me advice on?
Richard Rice (23:33):
Yeah, I really, Joey, I would tell you to, you
know, number one, stop being asecret agent. You know, you got
to, from now on, you are a realestate investor, okay, when
people ask you, what you do, youknow, you don't, you're not a
sales guy or, you know,whatever, or a mechanic. Today,
you are a real estate investor,and you want to start looking
for problems. We are problemsolvers, so you want to start
(23:55):
looking for people withproblems. We're not looking for
people that are just, you know,need to sell their house because
they want to, you know, we'relooking for people that have
some kind of problem that we canhelp solve. Okay, so, and I give
them, you know, examples of whatthat would be. And then start
talking, talk to your neighbors,talk to your, you know, your
colleagues, talk to whoever,like everybody. You meet your
(24:18):
real estate investor. Do youknow anybody that's got a house
problem that I could help themsolve? And then, when somebody
says yes, then you come backhere and you find somebody to
help you out. That's basicallyhow this all works. We do a
group coaching model, you know,where it's we're all just trying
to do this stuff together. So,it's hard to, you know, tell you
this whole thing from A to Zright up front, but if you go
(24:40):
find me that, yes, I'll take youthe rest of the way.
Joey Romero (24:43):
It reminds me of, you know, a lot of stuff reminds
me of things that Aaron or Brucewould say, but one of the things
that Bruce always talks aboutis, us as investors we're in the
starting over industry. We givepeople fresh starts. We don't
know who we're going to help bybuying that house given getting
that cash and starting the nextpart of their life. So don't be
(25:05):
afraid to ask. You know, that'sthe one thing that Bruce always
did, you know, like he was justsuccessful because he was
willing to take more no's thananybody else. So, get out there,
get active and go, changepeople's lives by in this great
industry that we're all in.
Alright, guys, I'm going to giveyou guys an opportunity talk
about your club for how can theyfind your club? When can they
(25:27):
attend? And how did they goabout that. So Rich, I'll start
with you.
Richard Rice (25:33):
Yeah, sure. You can check out the FIRE Center at
firecenterhq.com. Like I saidearlier, we do 15 meetings a
month. The primary ones, we doWednesdays from two to four.
That's our SoCal Exchangorsmeeting. And then we do our
education focused with thespeaker. You know more on stage
on Wednesday nights, starting atsix o'clock, so two to four on
Wednesday. Just plan on beinghere Wednesdays two to about
(25:53):
nine o'clock at night everyWednesday will change your life.
Joey Romero (25:56):
Mitch, how can people find NorCal REIA?
Mitch Craighead (25:58):
Alright, NorCal REIA, norcalreia.com. There's
there'll be a link in there toour Skool Channel, which is our
private online community. Andyou can actually sign up for
either a month to month or anannual membership there. We also
offer a seven day free trial.
So, if you see a speaker thatyou'd like to see, go ahead and
wait to just before that speakerspeaks and get your seven day
(26:19):
free trial and see if the clubis going to be a great fit for
you. But best places to find us,we do zoom meetings about 75% of
the time of in person events andmany conferences sprinkled
throughout the year.
Joey Romero (26:36):
When are your meetings?
Mitch Craighead (26:38):
They are on second Tuesdays. Sorry, second
Wednesday of every month.
Joey Romero (26:42):
All right, Christina, how can folks find
you?
Christina Suter (26:45):
So, we're still on meetup.com we're doing it the
old fashioned way. So we'restill on meetup.com that's where
you can find us, and you'll finda PayPal link in there to be
able to pay for us. You can getdiscounted ticket if you buy it
before you actually show up atour front desk. And it's FIBI
Pasadena or ITI Education andNetworking, those are our clubs.
And between those, that's fourdifferent meetings you can go to
(27:06):
a month. So, FIBI Pasadena isthe third Thursday. ITI,
Glendale is the first Wednesday.
City of Industry is the secondThursday, and El Monte is, which
is all networking is the lastThursday of the last Wednesday
of the month. So, you can findall those on meetup.com.
Joey Romero (27:28):
Guys, thank you so much for jumping on the first
real estate investor meetupRoundup, whatever we're going to
call it. I really appreciate youguys jumping in and guys so
throughout the rest of the year,once a month we're going to do
this. It's not always going tobe the same, folks. I hope that,
(27:48):
you know, maybe a couple times ayear you guys will be willing to
jump back on with differentdifferent people. So, that would
be really cool to have you guyson a different time. Especially,
please don't hesitate to reachout when you guys have something
maybe a little special comingup, you know, you guys need a
little help pushing that alongand or just getting getting the
word out, you know, good time tojump back in. I really want this
(28:12):
to be a highlight of what is outthere, that there is a home for,
really, anybody who wants to getstarted, and anybody who feels
like they're just out theredoing it on their own, there's a
whole community out therewaiting to support you, waiting
to help you and what, waiting tohelp you be successful. So,
thank you so much, guys. We'llhave this out this Friday. Might
(28:35):
be a two parter, since we did goa whole hour, and it might not
always be on on the regularNorris Group slot. We might just
release it separate, because Ithink this could be a really
cool place where we could buildsome synergies. And who knows,
we might even, I have an idea ofeven having a summit once a year
(28:55):
where we could have you guysactually come out and teach a
specific strategy, and we make awhole day out of it, so that
would be really cool. Thank youso much for joining us. Good
seeing you all.
Christina Suter (29:06):
You know we're here for you, Joey whenever you
need it.
Richard Rice (29:09):
Thanks, Joey.
Joey Romero (29:10):
Thank you
Narrator (29:11):
For more information on hard money loans, trust deed
investing, and upcoming eventswith The Norris group. Check out
thenorrisgroup.com. For moreinformation on passive investing
through the DBL Capital RealEstate Investment Fund, please
visit dblapital.com.
Joey Romero (29:30):
The Norris Group originates and services loans in
California and Florida underCalifornia DRE license 01219911.
Florida mortgage lender license1577 and NMLS license 1623669.
For more information on hardmoney lending go to
thenorrisgroup.com and click thehard money tab.
Welcome to The Norris Group real estate podcast, a
show committed to bringing youinsights from thought leaders
shaping the real estateindustry. In each episode, we'll
dive into conversations withindustry experts and local
insiders, all aimed at helpingyou thrive in an ever-changing
real estate market. continuingthe legacy that Bruce Norris
(00:24):
created, sharing valuableknowledge, and empowering you on
your real estate journey.
Whether you're a seasoned pro ora newcomer, this is your go-to
source for insider tips, markettrends and success strategies.
Here's your host, Craig Evans.
Joey Romero (00:45):
Welcome back and thank you for joining us again
for The Norris Group Real EstatePodcast in part two of our
episode of The Real EstateInvestor Roundup Show. Alright,
so, let's shift a little bithere. Let's talk about some
current events.Now, lots ofturmoil in the markets right
now, the last couple of weeks,to say the least. Dow Jones,
(01:07):
NASDAQ, S&P 500 year to date,all three of them are down.
Okay, so how do you guys feelthat that's going to impact real
estate, or does it have animpact at all? I'll start with
Christina.
Christina Suter (01:19):
Oh, man, I though I was 2nd.
Joey Romero (01:22):
All right. Well, alright, Rich, come on. Jump in.
Christina Suter (01:30):
You go baby, go ahead. You're right. I shouldn't
be modest.
Joey Romero (01:33):
Go ahead, Christina.
Christina Suter (01:35):
Well, I just okay. So I think that this, if
we're. So, personally, I thinkthe stock market has been the
thing that, to me, is much morehyper in place inflated than the
real estate market, in my mind,right? So, there's been such low
volume in the real estate marketthat it's hard to get a lot of
movement on price point when wereally don't have supply and
demand. Is not a numbers game,it's a balance game. We don't
(01:57):
have enough supply for theamount of buyers. It doesn't
matter if that's 10 buyers or100 buyers, it really is that
amount. So, the whole volumebeing low means that real
estate's actually been morestable than maybe it deserved to
be, but it's served all of us. Imean, even single families have
continued to go up by 11% in thelast couple of years.
Multifamily was the asset classthat was hit the most in this
(02:20):
particular interest rate rising.
So, I'm kind of not surprisedthat we're starting to see
destabilization in a major assetclass in the economy, and that
the one that can be hit thequickest is the stocks. I also
think, like I said, it was hyperinflated. How's that kind of
feed down through real estate?
(02:42):
Well, the usual answer depends,right? It depends. It depends
upon how steep it goes. Itdepends upon how concerned it
is. I mean, this the concernright now that seems to have
created. It is really morehaving to do with the tariffs
and the feeling of weakening inconsumer confidence and the
weakening in spending, you know,and really the sort of economic
(03:07):
uncertainty in general, of whatis the current administration
going to do? I think the currentadministration is very and I'll
call it showy, in trying tocreate changes in the economy.
And a lot of people are finallylike, 'Yeah, we don't know what
he's doing.' We don't know ifwhat he's doing is inflationary
or or de inflationary. We're notsure where he's really going to
(03:28):
land with the cut, with theamount of layoffs that he's
done, every economic panel I goto, every time I go to a real
estate meeting, it's been,'Well, what does this mean if he
does tariffs? What does thatmean? Well, it's increased,
increased cost and construction.
' Well, if he's going to be dodeportation, what does that
mean? It means increased cost inconstruction. What does it mean
for housing? It means that we'regoing to have a lot less housing
(03:49):
being developed. What does thatmean to housing? Does it mean
that it's going to fall off thecliff? No, usually, actually, it
means it's going to stabilize itmore because we already have a
lack of volume. We already havea lack of units. So, even though
we're going to see the stockmarket have its own reaction,
which is going to create,potentially a recession, based
upon how long it goes on, forreal estate might continue to
stay cushioned due to its lackof volume, due to its lack of
(04:13):
capacity to replace itself, andthe existing shortage we already
have. But it doesn't mean it'snot going to affect your
renters.
Joey Romero (04:21):
There you go.
Christina Suter (04:23):
Right? Longer it goes on, the longer it
cascades through, and the morelayoffs we have because of the
destabilization in the stockmarket. But it takes months for
that to rotate through till ithits your renters and then hits
your multi family, which hasalready been struggling. Multi
family has already been having ahard time. It's already went
down 20% last year, and they'resaying that it's going to go
(04:44):
down potentially another 20%this year, because we're not
seeing a decrease in the Fedrate, right? They're not
promising to do multipledecreases. So, I'm trying to
keep it short. I'm trying toshove a lot of stuff into a very
small amount of time. But Ithink watching that what does to
your renters is what's going tobe really important, because the
asset itself is kind ofbuffered.
Joey Romero (05:06):
Mitch, do you have anything to add there?
Mitch Craighead (05:10):
Yeah, I have something to add. And I've been
accused too many times ofoversimplifying things, and I'm
going to continue to do that.
Joey Romero (05:16):
Here's something to dance and keep it at a third
grade level that way. That'swhat I understand.
Christina Suter (05:20):
I think I over, I think I over. I think I make
things overly comfortable. So gofor it.
Mitch Craighead (05:24):
I love it. I love it. And we could chat all
day long about the littlenuances and speculate. And I
absolutely love hearing you knowyour perspective there, and I
agree with almost everything yousaid there. It's like, really,
really great stuff. I'll saythat I enjoyed this idea. I
enjoyed the idea that with thestock market doing what it's
(05:47):
done, the real estate marketsounds, looks ,and feels like
the stable investment to forinvestors, for people with cash,
and when people are decidingwhere they want to put their
cash, then putting it into ourindustry instead of what the
(06:07):
stock market that is highlylikely going to be highly
volatile for the next few years.
I like that idea. I like thatidea, and I think it's going to
I think it's going to serve us,our our members and our fellow
investors, a lot of our friends,very, very well.
Joey Romero (06:24):
Rich, you got your wish. You got to go third.
Richard Rice (06:29):
No, all great points. I just wanted to add,
you know, we, I just, I spokelast week at my club and kind of
touched on this a little bit,you know, we, we have, you know,
a lot of people are calling himlike a wild card in office, like
Christina was alluding to, wedon't really know what, how some
of this stuff's gonna shake downand shake out.
Joey Romero (06:49):
Is he crazy or crazy like a fox, right?
Richard Rice (06:51):
Yeah. It's like we could speculate it all to death,
and maybe one of us will pickthe right answer. Who knows? You
know, but I just tell people,you know, people are asking
their concerns, should I jumpin? Should I not jump in? I just
don't look ,my Buy Box hasn'tchanged. You know, I'm still
looking for, you know, rentalsthat I could make cash flow or
turn into ADUs. You know, I amstill flipping mobile homes. I'm
(07:16):
still flipping regular homes.
What I'm telling people not todo right now is I would not go
jumping into, if it's your firstflip, I would not go jumping
into a billion dollar flip with,you know, $150,000 spread on it,
or something like that. Iwouldn't go jumping into
anything skinny if you're brandnew, you know, I wouldn't this
now's the time, not, not thetime to get into, like, a brand
new Airbnb, if that's whatyou've been thinking about
(07:38):
doing, you know, you know, becareful. But if it's a good
deal, jump on it. You know,that's what I'm doing.
Joey Romero (07:47):
And that's a great point. You know, economies
change, the mood changes. Youknow, Bruce, I was talking about
the moodometer, right? Butfundamentals don't right. Stick
to what you know what you dowell. And if you've done
something, your Buy Box is yourbuy box for a reason, going
outside of what you're good at,that's where people can get in
(08:10):
trouble, right?
Christina Suter (08:11):
So, if I'm if I may.
Joey Romero (08:12):
Yeah. Jump right back in.
Christina Suter (08:13):
I think again.
I try not have a politicalconversation what I'm trying to
have is an economicconversation, because that is
the thing in which my assetclass exists in is a larger
economy. And so I think that ourcurrent administration is
looking to intentionally createinflationary and deflationary
activities at the same time. AndI think moving forward, people
(08:37):
ask me about what am I going todo moving forward? I kind of
agree with Rich, which is, rightnow, it's not so much that I do
or don't believe the intentionof the current administration. I
believe they're actually tryingto create a balanced reset. I
believe that's what they'retrying to do, whether they do or
don't, whether it's successfulor not is a completely different
(09:00):
conversation, and that's whatI'm waiting for. The truth is in
the pudding, and that's whatwe're going to see in the next
because basically theadministration, every
administration, has about twoyears to get stuff done in
right? Because then mid yearelections can, drastically shift
the House and the Senate andtheir capacity to implement
quickly, right? So, in this nexttwo years, I don't know if
(09:23):
they're going to hit the balancepoint they're looking for.
Joey Romero (09:27):
So, okay, so it's not stock market, or maybe it is
stock what other indicators doyou look at? You know, is it? Is
it jobs? Is it, you know,pricing. What is that? Mitch,
what other indicators do youlook at?
Mitch Craighead (09:45):
Yeah, definitely. Definitely pricing.
I mean, what? Gosh, when wethink about our renters, we talk
about the people in our homes,the people that are planning to
buy our rehabbed homes. It's allabout affordability. Everything
comes back to affordabilitytoday and people are stretched.
(10:05):
So yes, looking at CPI and whatpeople are spending, where
prices are going, is one of the,is the one of the big things
that, you know, we hope, staysin some type of control.
Because, over the past 18 monthsor so. I bet we'd all agree that
it's, it's felt like a kind of aspiral that's been, it's been
(10:27):
challenging us all in the in thepeople that are either buying
our properties or renting ourproperties.
Joey Romero (10:33):
Rich, what other indicators are you looking at?
Richard Rice (10:35):
I like to listen to a lot of people's different
opinions on things and try andfigure out, you know, kind of
like a, about anything, whetherit's, whether it's economics,
real estate, you know, history,whatever, and try and figure out
what's what I think is going tohappen from my point of view. I
don't, I definitely don't, like,pour over economic forecast
(10:57):
numbers or anything like that,unless it's something that like
I really so the other day, thisvideo is kind of going around
the real estate circles aboutsome FHA, about the FHA, the
government paying people'smortgages for them and letting
them do these massivereductions, and kind of creating
this bubble of things thatshould have gone under
(11:19):
foreclosure, but now theyhaven't, because they've been
making these, these mortgageadjustments, and we're supposed
to be for COVID. But now it'skind of, you know, gone a lot
longer than that, you know. Andso the video was making some
claims that weren't reallylining up with the article that
it was, well, I that it wasreferencing. So, I started
diving into the like, the FHAdata, and just kind of looking
(11:41):
at it a little bit, I found outthat, you know, yes, you know,
overall delinquencies are up,like, a little bit, like maybe a
one and a half percent fromwhere they normally are
historically, you know, goingback to last five or 10 years.
Are they elevated? Yes, is itsomething that's going to, you
know, crash the housing market?
I don't think so.
Joey Romero (12:02):
Yeah, we just, we just, you know, put out last
week, or was it a couple weeksago? Debt is up ever except for
in real estate, you know, realestate, it's ticked up a little
bit, but if you look at it,compared to credit card and
cars, like, it's nowhere nearthe levels of those types of
debts.
Richard Rice (12:21):
Yeah, yep. So, you know, I operate in a very small
market. I keep an eye on thatmarket. I keep an eye on the
rentals, I keep an eye onresales. Like, I'm very, you
know, compartmentalized in whereI invest. So, like I said, I
have a great, tight Buy Box,unless I start seeing massive
shifts there, you know, I'm kindof seeing things happen because
(12:44):
it is a smaller market, tertiarymarket. I'm seeing those shifts
probably faster than some otherpeople are seeing, you know. So
I'm already making adjustmentsthere. I've already dropped my
rents a little bit to get, youknow, a wider pool of renters,
you know, and trying to getthose best people in there, you
know. So, that's what I look at.
Christina, what are theindicators are you looking at? I
know you're a big data geek.
Christina Suter (13:08):
I would say all of them, but there's way too
many to say all of them. I runout of time, so I really look at
GDP, growth, consumerconfidence.
Joey Romero (13:18):
How about that outlook for this first quarter?
Christina Suter (13:22):
I wouldn't...
what in particular you speakingabout the fact that the GBP has
gone down? And then...
Joey Romero (13:28):
Did you see what the projection from the Atlanta
Federal Reserve?
Christina Suter (13:32):
I did not.
Joey, you got me on that one....
Joey Romero (13:35):
The projection, the projection for first quarter is
a -2.9.
Christina Suter (13:40):
Ah, okay.
Because first quarter, what Isaw was the estimated
contraction of 2.4% of the firstquarter. That's what I'm seeing.
It's actually right, which wasconcerns about a potential
recession, which is part of whythe stock market responded. But
that the actual fourth quarterof GDP was, you know, 2.3%
following the expansion they hadof the 3.1% of the third quarter
(14:04):
of last year. So, I really thinkit. I think they're over. In my
opinion, they're over projectingthe effects of tariffs. I think
they're over projecting theeffects of the deportation. In
my opinion, I don't think thatthat's really going to slow it
down that much, but the stockmarket responding the way that
it has, could slow it down thatmuch. So, the fact that the
(14:26):
Atlanta has put that out now canactually create a cascade that
would potentially be arecessionary quarter and
actually have negative GDPgrowth.
Joey Romero (14:37):
That's why the, that's why the Fed always
hesitates to say anything,right? Because everybody's like,
what lever are we going to pull?
Christina Suter (14:46):
Well, and they've been pulling level
levers, there's no question thatthey're pulling levers. I mean,
they're not going to be pullinglike we said, they're not going
to be decreasing the rate, butthey are also decreasing their
they'll be purchasing a bonds,so they're doing the reverse of
the quantitative easing rightnow. And that's on their
projection list of what they'regoing to be doing, and that will
start to create a slowing ofpulling money off the market,
(15:07):
which creates a slowing of cashmovement, which can create a
recessionary movement in money,especially compounded with the
other things that the Presidentis talking about doing, or is
doing, with the tariffs beingkicked into place already, and,
you know, imports being moreexpensive, and therefore the
cost of living going up, beingmore expensive. So, that is
(15:29):
going to create that difficulty.
As far as real estate, I stillthink that single family is
going to be relatively wellcushioned. And I'm doubling down
on multifamily right now. I'mbuying in Indianapolis and
Tulsa. I'm out buying multifamily because I think that is
what is going to be hit byhaving the interest rates not go
down. They're alreadydestabilized because interest
rates went up. They've beengetting temporary spending and
(15:50):
doing capital calls in order toexpand the note actually being
called on them, and thereforehaving to face a forced sale. I
think they're going to berunning out of time on that, but
I'm not seeing very much of itin Indianapolis or in Tulsa. So,
it hasn't we haven't gottenenough tired sellers yet that
I'm seeing people acceptingoffers easily and gracefully
(16:11):
that would fit with the currentcap rates, or the cap rates
actually expanding in order tofit with the current interest
rates. But what I'm purchasinginto is looking at the one area
of real estate that has beenaffected that I want to own is
multi family. So, that's whatI've been doing on that level.
So, what am I looking at? I'mlooking at CPI. I'm looking at
(16:31):
GDP. I'm looking atunemployment. And we're looking
at the I'm looking at pendingsales, volume of sales. And
then, of course, you do looklike, look at price point for
real estate, whether it's singlefamily or multi family, based on
what you're looking for. Andthose all start to create a
story, right? And I do look atthe, look at the S&P 500 and the
growth in that. And I do look atthe stock market, but that isn't
(16:54):
my primary asset class I investin, but it is something that I
am invested in. So, I do trackit, and I use Fed the, you know,
St Louis Federal Reserve. I usetheir charts all the time to
give me a feeling for what it isthat's happening with that city,
because I'm investing, you know,two different cities outside of
(17:15):
California.
Joey Romero (17:18):
As we start to wrap up, I want to get you guys
outlook for the first half ofthis year. And we're going to be
in 2025, overall, in the realestate investing space. Rich
I'll go to you.
Richard Rice (17:29):
Especially in my market, you know, I'm in the
mountains, San Marino mountains.
I'm in a tertiary market. I'malready seeing, you know, a
shift there. I think that shiftsgoing to continue and maybe pick
up here a little bit. That's whyI'm trying to exit some flips.
I'm in right now up there, assoon as possible. I'm
preemptively looking, you know,lowering my, my rental rates on
the stuff that I have vacant atthe moment, just to try and get
(17:53):
a, you know, best renter I canget in there, regardless of
price, hopefully for the longhaul, I think overall, I mean,
we're going to, there's going tobe a lot of shakeups across, I
think, multiple markets acrossthe country. But here in
California, in the markets thatyou know, especially here in
Southern California, is really alot of what I what I look at,
(18:13):
you know, we're still, we stillhave a massive supply issue,
which, you know, we weretouching on earlier. And, you
know, there's still things arepriced right? Are still flying
off the shelf. It's the peoplethat kind of, you know, are
putting it up for theseridiculous numbers that are just
kind of sitting and seeing theseprice drops. You know, Orange
County is still looking, youknow, insanely strong. You know,
(18:36):
parts of San Diego, even partsof Inland Empire. I know LA is
kind of down a little bit, buteven when I look at things are
down a little bit like our, youknow, they were already pretty,
kind of inflated. So, you know,maybe we're just kind of
leveling out here. I don't knowif I really have a great guess,
other than, like I said earlierthat I'm just, I'm anticipating
(19:00):
that we're just going to kind ofgo sideways, like Bruce has been
talking about for years now. Andwe might bump up, bump down,
bump up, dump down, but we'regoing to be pretty you know. And
I'm just making decisions basedon that. I'm staying in the buy
box and just making sure I'mnot, you know, getting crazy or
you're going, you know, offdoing something that I don't
know where it is, you know, so.
Joey Romero (19:22):
Christina, what's your outlook for 2025 in the
first half?
Christina Suter (19:27):
So, I feel like single family, like I said
before, he was cushioned by thelack of inventory and lack of
volume, right? So there's justnot enough housing to house the
people we want to have. But atthe same time, I'm seeing
affordability, because I I'vebeen listening to Bruce, and I
see the affordability index inparts of LA are hitting below
20, the 20, and that means thatwe're going to potentially 20%
(19:50):
which means we potentially mighthit a destabilization. Even in
the inventory we do have, um,60% of mortgage rates are below
4% but we still have 40% ofthose potential potential houses
on market, and I think, like Isaid, in multifamily, it's going
to continue to get hit thisyear, especially since we're
(20:10):
looking at the Fed keepinginterest rates up and the
capacity to get that sort ofintro financing, I think is
going to become harder during2025 and we already know that
office has been having a hardtime recovering, and then
hospitality seems to berelatively more fully recovered
by having to do with peoplebeing back, at back at it after
(20:33):
COVID. But if we're going tohave a decrease in the stock
market, we're also going to havea decrease in luxury activity,
so we will see whether whathappens to hospitality coming in
the middle of this year, becausethey really rely on that sort of
summer season. And then, I'm nota real industrial or retail
expert, but I think industrialwill still keep saying strong,
(20:54):
because as they bring AI online,what they actually need is more
space, and they actually will becreating more jobs as AI comes
online. So, industrial potentialwill continue to have a strong
demand, having to do with thefact that we're still living
with this high level ofdelivery, and we still need
space for our greater areas ofservers being able to have more
(21:16):
and more AI. So, it's kind ofacross different industries, but
really, I'm much more of anexpert in single family, multi
family. That's really my area.
Joey Romero (21:23):
You know, I'm seeing that a lot in my area,
too. Here in the Inland Empire,it's that that, what they call
it the final mile. You know, Iget warehouses in really
residential areas now, that's inthe valley that I live in. Last
question that I have for all ofyou is, I'm a brand new
investor, and this is my firstday at your club. What advice
(21:47):
would you give me? I haven'tinvested yet. So, I'm looking to
get in brand new, as new as youcan get.
Christina Suter (21:56):
I say, 'Talk to rich about his Buy Box.' That's
right. Have a really clear BuyBox, right? The first thing you
want items, if I always tellpeople, the first six months of
being new to investing, you wantto take every you want to go to
every meeting, you can takeclasses, not the expensive ones,
right? I won't mention some ofthe expensive ones. I
specifically saw people do nottake these classes because
(22:17):
they're way too expensive. Theywill take all your down payment
in your class cost. So, don't dothat, but take a whole bunch of
inexpensive classes, like builtin class, or go to the exchanges
out, you know, in the Riverside,go to places where you feel like
you're going to get educated. OrNorCal REIA, go to places where
you feel like you're going toget educated. And just spend 20
bucks going to meetings, 20bucks, 20 bucks, 20 bucks, 20
(22:37):
bucks, and get yourself involvedin a community that you know you
can trust people who are willingto steward you towards having a
network where you're going to besuccessful and whatever you're
going to choose, whatever youend up landing, and you're going
to need a mentor. You're goingto need people who can bring you
cash. You're going to needinventory. So, your network is
how you survive. It is howyou're going to be able to
(22:59):
build. Can you build youreducation at the same time. So,
spend six months building youreducation and building your
network, and then find a realclean Buy Box and talk to Rich
about your Buy Box, because hekeeps doubling back to that
discipline, because it is just adiscipline to know your Buy Box
and stay in your Buy Box,because your Buy Box is both
what's happening in the marketand what you bring to the
(23:21):
market, that is your Buy Box.
That's what gets merged tocreate a successful buy box for
you.
Joey Romero (23:26):
Awesome. Rich, alright, brand new, first time
at at the FIRE Center. What areyou going to give me advice on?
Richard Rice (23:33):
Yeah, I really, Joey, I would tell you to, you
know, number one, stop being asecret agent. You know, you got
to, from now on, you are a realestate investor, okay, when
people ask you, what you do, youknow, you don't, you're not a
sales guy or, you know,whatever, or a mechanic. Today,
you are a real estate investor,and you want to start looking
for problems. We are problemsolvers, so you want to start
(23:55):
looking for people withproblems. We're not looking for
people that are just, you know,need to sell their house because
they want to, you know, we'relooking for people that have
some kind of problem that we canhelp solve. Okay, so, and I give
them, you know, examples of whatthat would be. And then start
talking, talk to your neighbors,talk to your, you know, your
colleagues, talk to whoever,like everybody. You meet your
(24:18):
real estate investor. Do youknow anybody that's got a house
problem that I could help themsolve? And then, when somebody
says yes, then you come backhere and you find somebody to
help you out. That's basicallyhow this all works. We do a
group coaching model, you know,where it's we're all just trying
to do this stuff together. So,it's hard to, you know, tell you
this whole thing from A to Zright up front, but if you go
(24:40):
find me that, yes, I'll take youthe rest of the way.
Joey Romero (24:43):
It reminds me of, you know, a lot of stuff reminds
me of things that Aaron or Brucewould say, but one of the things
that Bruce always talks aboutis, us as investors we're in the
starting over industry. We givepeople fresh starts. We don't
know who we're going to help bybuying that house given getting
that cash and starting the nextpart of their life. So don't be
(25:05):
afraid to ask. You know, that'sthe one thing that Bruce always
did, you know, like he was justsuccessful because he was
willing to take more no's thananybody else. So, get out there,
get active and go, changepeople's lives by in this great
industry that we're all in.
Alright, guys, I'm going to giveyou guys an opportunity talk
about your club for how can theyfind your club? When can they
(25:27):
attend? And how did they goabout that. So Rich, I'll start
with you.
Richard Rice (25:33):
Yeah, sure. You can check out the FIRE Center at
firecenterhq.com. Like I saidearlier, we do 15 meetings a
month. The primary ones, we doWednesdays from two to four.
That's our SoCal Exchangorsmeeting. And then we do our
education focused with thespeaker. You know more on stage
on Wednesday nights, starting atsix o'clock, so two to four on
Wednesday. Just plan on beinghere Wednesdays two to about
(25:53):
nine o'clock at night everyWednesday will change your life.
Joey Romero (25:56):
Mitch, how can people find NorCal REIA?
Mitch Craighead (25:58):
Alright, NorCal REIA, norcalreia.com. There's
there'll be a link in there toour Skool Channel, which is our
private online community. Andyou can actually sign up for
either a month to month or anannual membership there. We also
offer a seven day free trial.
So, if you see a speaker thatyou'd like to see, go ahead and
wait to just before that speakerspeaks and get your seven day
(26:19):
free trial and see if the clubis going to be a great fit for
you. But best places to find us,we do zoom meetings about 75% of
the time of in person events andmany conferences sprinkled
throughout the year.
Joey Romero (26:36):
When are your meetings?
Mitch Craighead (26:38):
They are on second Tuesdays. Sorry, second
Wednesday of every month.
Joey Romero (26:42):
All right, Christina, how can folks find
you?
Christina Suter (26:45):
So, we're still on meetup.com we're doing it the
old fashioned way. So we'restill on meetup.com that's where
you can find us, and you'll finda PayPal link in there to be
able to pay for us. You can getdiscounted ticket if you buy it
before you actually show up atour front desk. And it's FIBI
Pasadena or ITI Education andNetworking, those are our clubs.
And between those, that's fourdifferent meetings you can go to
(27:06):
a month. So, FIBI Pasadena isthe third Thursday. ITI,
Glendale is the first Wednesday.
City of Industry is the secondThursday, and El Monte is, which
is all networking is the lastThursday of the last Wednesday
of the month. So, you can findall those on meetup.com.
Joey Romero (27:28):
Guys, thank you so much for jumping on the first
real estate investor meetupRoundup, whatever we're going to
call it. I really appreciate youguys jumping in and guys so
throughout the rest of the year,once a month we're going to do
this. It's not always going tobe the same, folks. I hope that,
(27:48):
you know, maybe a couple times ayear you guys will be willing to
jump back on with differentdifferent people. So, that would
be really cool to have you guyson a different time. Especially,
please don't hesitate to reachout when you guys have something
maybe a little special comingup, you know, you guys need a
little help pushing that alongand or just getting getting the
word out, you know, good time tojump back in. I really want this
(28:12):
to be a highlight of what is outthere, that there is a home for,
really, anybody who wants to getstarted, and anybody who feels
like they're just out theredoing it on their own, there's a
whole community out therewaiting to support you, waiting
to help you and what, waiting tohelp you be successful. So,
thank you so much, guys. We'llhave this out this Friday. Might
(28:35):
be a two parter, since we did goa whole hour, and it might not
always be on on the regularNorris Group slot. We might just
release it separate, because Ithink this could be a really
cool place where we could buildsome synergies. And who knows,
we might even, I have an idea ofeven having a summit once a year
(28:55):
where we could have you guysactually come out and teach a
specific strategy, and we make awhole day out of it, so that
would be really cool. Thank youso much for joining us. Good
seeing you all.
Christina Suter (29:06):
You know we're here for you, Joey whenever you
need it.
Richard Rice (29:09):
Thanks, Joey.
Joey Romero (29:10):
Thank you
Narrator (29:11):
For more information on hard money loans, trust deed
investing, and upcoming eventswith The Norris group. Check out
thenorrisgroup.com. For moreinformation on passive investing
through the DBL Capital RealEstate Investment Fund, please
visit dblapital.com.
Joey Romero (29:30):
The Norris Group originates and services loans in
California and Florida underCalifornia DRE license 01219911.
Florida mortgage lender license1577 and NMLS license 1623669.
For more information on hardmoney lending go to
thenorrisgroup.com and click thehard money tab.
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