Bruce Norris at the FIBI event in Orange county

5 Replies

For all of you who have not had the pleasure of listening to Mr. Norris. He is worth the time

I am sure you all can find the feed form the FIBI Orange county Event tonight.

Just look on facebook or U tube..

I am sure you will enjoy it.

I was there.  It was alright. 

Bruce is certainly a powerful speaker with a compelling story.  But his talk was advertised as Bruce sharing with the group how to make $100,000 on a single deal.  Bruce reviewed data slides and told interesting stories, but never touched on any "secrets" to making money in today's market (unless you count his slides on how some of his clients are doing well in remodeling in higher end communities).  

In fact, though, I did not really care about this since I think there are no real secrets. Instead, I wanted to hear his views of 2015 and beyond.  I know he has been teasing on his web site and other places that maybe 2015 is a year to take some chips off the table.  (If you hit the link and pay $, he implies he will share his thoughts with you.)  But he didn't ever share his crystal ball with the crowd.   

That "perhaps take chips off table" teasing reminds me of a saying that you want an economist with one hand, so that after he gives you an opinion he cannot say, "but on the other hand...."   Either you take your chips off the table, you hold, or you keep buying chips.

Bruce says affordability at 30% should have room to go lower, toward the 17% of past cycles; BUT ON THE OTHER HAND, lending is so tight that things could be different this time.

Harry Dent has strong opinions about the near term future of the market; John Burns has equally strong contrary opinions.  Bruce has really great anecdotes.  I could listen to the guy for hours, and I genuinely like him.  But if he has any opinions about whether to hit the buy or sell button in 2015, he did not share them tonight.

Thank you for that comment maybe I am behind the times. the past times I have hear him speak he was very forth coming with his opinions.

What do you think of FIBI ?

I am grateful that FIBI exists for newcomers.  It is great to have an introduction to real estate investing without the hucksterism.  But I wish there was a more advanced version for more advanced investors.  Many people are new each meeting, and most have very little real estate experience.  So the talks are naturally geared toward them.

For a real estate lawyer who has 20+ years in buying and selling land, and subdividing, and forming investment partnerships, and dealing with tax issues, and running my own land development company, I don't learn much.  

I think there is demand from guys like me, people with at least several years of experience investing in RE and a certain level of expertise, for sharing info and motivating each other. I don't think FIBI fills that need.  I'd love to hear from people with really in depth experience in investing in other states (that may be you), advanced tax tips and traps, the very best yellow letter writers (Mike Q), etc.  

Come to think of it, I get a lot of that from BP.

My other nit with FIBI is that even though it does a pretty good job of not selling, there is still a lot of selling dressed as education.  The first half hour is "tips from our sponsors" and then most speakers are there because of the 120+ potential wallets in the room.  So while the speakers don't blatantly pitch a product, they are usually pitching a product.  Eg, the woman teaching about land trusts is hunting for land trust clients; the attorneys teaching about syndication are client hunting; the land developer sharing his stories has a salesman in the back looking for investors for more deals, etc.  It is subtle, and it is human nature, and I don't know how else you get people give up their evenings to speak.  But it ain't exactly some grey beard just looking to give back.   

@Leonard L.  

  Great feedback.. I have been on the panel a few times talking about turn key investing. And I have no dog in the turn key hunt.. IE I don't own a turn key company or make referral fee's or marketing fee's if someone buys from one.. I do however floor some turn key companies inventory but they are under the radar types of turn key that predominantly sell to Hedge funds these days.  I am trying to address the Turnkey mystery as well.

when I was on the FIBI panel you were correct one presenter was a turn key owner and definitely  slanted her pitch to create business another was a RE consultant that no doubt was looking for new clientele.. I don't see how you can have industry experts speak that also don't own companies that are engaged in the subject they speak on.

Sounds like what you would like is better networking at those events.

And like you said it may be too rudimentary for you.

Although when I speak first thing I ask is how many are REaltors and 3/4 of the room raises their hands.. Then I ask how many are private lenders and virtually all raise their hands as well.   :) 

I like his free info. Sometimes it comes with a catch but that's biz. He wants to take chips off the table now and shift to another niche. That new niche is the catch. If anyone knows? I find his take very much IE centric which is related to the rest but also a different animal in many ways. His chart interpation is interesting nonetheless. The timing stuff naturally makes sense.

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