All Forum Posts by: Aaron Norris

@Kyle McCane I use ProeprtyRadar often and the amount of data available is stunning. Technology has completely changed this business. For the price, it's a no brainer. Hi @Rick H. 

Get a Realtor's license and have multiple avenues to a pay check. Not all deals will work for fix/flip or buy and hold. Maybe vacation rentals? I hear there's a whole new industry that's smoking in Colorado (wink).  Building those long-term relationships and letting people know you can list but also buy could be great for you.  High dollar listing deals aren't a bad paycheck. 

I was in Denver in February. I don't think I've ever seen that many cranes before. You guys are seriously building. Still busy?

What @Ellis San Jose said x2. Hope you're well Ellis. I feel like I haven't seen you in a while.

@Jason Byrne I say as long as its cash flow and leverage makes sense, I don't see why it would be an issue. Just be careful and it's nice to have multiple exit strategies. I understand being conservative. I'm financing as much as I can but am going in thinking I'm never going to sell. If it happens, great. If not, I'm in it to win in and it's locked in for the long haul. 

Historically, these are the lowest rates in over 100 years confirmed by Bruce Norris and Sean O'Toole being nerds and looking up interest rates back into the mid 1850s at the Library of Congress. Seriously, that happened. #nerdalert

@jasonfarmer you have to go check out the KB development off the 215 on the other side of the hill from UCR. It's by the old dump. I thought it was Grand Terrace but I talked to the builder reps and it is indeed Riverside proper. There's potentially 1,500 homes. I had no idea the land was even back there. The models are up.

However, the builder is being cautious. They are pre-selling the plan before they build. Long gone is the build-it-and-they-will-come mentality. Looks like they almost sold out their first 16 homes from the first two tracks. One is more first-time inventory which is smaller. The others are larger and being marketed as multi-generational. Good for plans but even the models don't have really nice upgrades and the prices are a little high for my taste. I'll be interested to see how they do in the long run. To me they are hoping for Orange Crest pricing in an area that hasn't proven itself

There was potential for a builder to start on another 1,500 home project on the Riverside/Corona border at La Sierra Hills but Measure L was turned down so the $1 million + the developer spent didn't work out.

On another note, check out Camp Anza. The just broke ground on this World War II officers club in the Arlanza area of Riverside. Turning it into a recovery/community center with 30 affordable single family homes targeting recovering veterans. SUCH a cool project and I have zero idea how the City was able to find the funding for it since redevelopment dollars went away. www.campanza.com

Yeah, I'm a Riverside nerd. Some Los Angeles, San Diego and Orange County investors are haters. Little do they know that Riverside took our $2 billion in loans right before the downturn and spent the next 5 years completing YEARS of infrastructure projects in just a handful. If you've not come to the renovated Fox Theater, checked out the Mission Inn and Main Street, and dined in some of the local eateries (See Mario's, ProAbition, and Mission Inn Restaurant), you're missing out. We also have well water and have water that's sometimes three times LESS than neighbors not far away since we don't import our water.

Just curious, do other investors consider utility prices much when selecting rentals? I'm concerned more and more about this. Trying to stay away from HOAs and areas where drought will be a serious issue as water prices could be a problem for renters. 

I'm a Gen X that lived in NYC for 7 years. I love urban living. I hated living in LA. Too much traffic. I love living close to work and I love the idea of walkable living. If Riverside developers developed NICE mid to high-end condos in Riverside, I'd seriously consider it. 

Hi @Kyla Ross I think some of the raddest BP peeps are from California.  Many wonderful people you can call when you need help. Welcome! 

We're in research mode at the moment as we prepare for our January timing report. 25 chapters so I'm told but I only have about 12 at the moment. There's a lot more we have to look at this time around because of government intervention, and not just in the housing market. In 2008, they enticed people off the sidelines with the tax credit which made many homes a no-down transaction. Could it happen again? Politically, are they going to allow the market to slip with affordability still at lows and interest rates at lifetime lows? 

You've also got to think about changing demographics. If you haven't watched I Survived Real Estate on video (it's free online), there's some really great chat about life events being pushed back as Millennials wait to get married and have kids because they are going back to school. Is there a way to get this demographic off the sidelines? Some of my best friends (Gen X) live in LA, make great money, but has zero interest in owning at this point. He's in his late 30s and just hasn't decided where he wants to land and feels owning will tie him down. Our under 40 group also just watch people get annihilated in the downturn. Housing just doesn't look as sexy and interest rates have been so low for so long, they have no reference point for when they were over 8%.  Many are still shocked my Dad refinanced his home in the 80s at 17.5% to become a full time real estate investor. That just seems like ancient history. We're spoiled.

Anyway, we're headed into winter which typically gets a little soft. I was at a CAR meeting two weeks ago that featured the new HUD Secretary who has taken a decidedly different tone when it comes to home ownership. "For those that are ready," it looks like the government is trying to make financing more available. Will it all get caught up in politics? Perhaps. Can loosening credit make a big impact and get people off the fence?

Maybe we should convince @Joshua Dorkin to run for Congress. He'd get in there and fix, right? Happy Thanksgiving all. 

Welcome to be BP! Fellow Californian here.

Hi Mike, based here in Riverside and that's where I invest. Our company funds all over Socal and you're in a great spot for flipping! Great price range and options. If I can be of any help, let me know.

This report will be far more than a newsletter. If like our other reports, it should be around 250 pages with 400 charts. Chart nerds only. :)  I'm working on it as we speak!