Paul serves as an advocate for REALTORS® and their clients on local issues, helping to preserve and protect property rights and the value of homeownership. Working with colleagues at the California Association of REALTORS® and the National Association of REALTORS®, Paul helps members make a difference for their clients at the local, state and federal levels.
His unique experience includes an award-winning journalism career with newspapers in Florida and California where he covered real estate, small business, the aviation business and the confluence of government policy, politics and business. His coverage of real estate and growth in Florida earned him top honors from the Florida Press Club in 2002.
In 2004, he won first place for in depth business writing from the California Newspaper Publishers Association. After journalism, Paul served as communications director for the San Bernardino County Economic Development Agency, coordinating everything from press outreach to speeches and video production. In four years with the agency, he oversaw external communications, managed a communications team and helped publicly position a variety of projects and initiatives.
The combination of mass media experience, local expertise, policy and political background and understanding of real estate issues prepared him to lead IVAR’s government affairs and communications efforts through coalition building, strong messaging and technical understanding.
Paul earned his Bachelor’s of Journalism degree from the University of Missouri-Columbia.
Episode Notes:
Narrator  This is The Norris Group’s real estate investor radio show, the award-winning show dedicated to thought leaders shaping the real estate industry and local experts revealing their insider tips to succeed in an ever-changing real estate market hosted by author, investor and hard money lender, Bruce Norris. The Norris group proudly presents our 14th annual award winning event I Survived Real Estate, industry experts join Bruce and Aaron Norris to discuss evolving industry trends, real estate bubbles, inflation and opportunities emerging for real estate professionals. All proceeds from the event benefit Make-a-wish and St. Jude Children’s Research Hospital.
Bruce Norris  Hi, thanks for joining us. My name is Bruce Norris and today our special guest is Paul Herrera. Paul serves as an advocate for realtors and their clients on local issues, helping to preserve and protect property rights and value of homeownership, working with colleagues at the California Association of Realtors and the National Association of Realtors, Paul helps members make a difference for their clients at a local state and federal level. His unique experience includes an award winning journalism career with newspapers in Florida and California where he covered real estate, small business, the aviation business, and the influence of government policy, politics in business. His coverage of real estate and growth in Florida earn him top honors from the Florida Press Club in 2002. In 2004, he won first place for in depth business writing for the California Newspaper Publishers Association after journalism, Paul served as Communications Director for San Bernardino County Economic Development Agency, coordinating everything from press outreach to speeches and video production in four years with the agency oversaw our external communications, manage the communications team and helped public position a variety of on a variety projects and initiatives. The combination of mass media experience local experience, policy and political background and understanding of real estate issues prepared him to lead IVAR’s government affairs and communication efforts through coalition building strong messaging, and technical understanding. Paul earned a Bachelors of journalism degree from the University of Missouri-Columbia. And we, we’ve had talked with him many times, Paul, welcome back.
Paul Herrera Thank you, Bruce, by the way that Florida Press Club award, the thing I’m most proud about is the night of the award ceremony was Angels game six against the Giants, I walked out of the award ceremony, because I couldn’t miss the game. And not even receive it someone else collected for me. So, glad I did.
Bruce Norris  Yeah, now that, that was the game, they won, right?
Paul Herrera  That was the comeback. The sixth one come back,
Bruce Norris  I was in the stands.
Paul Herrera  Ah, man, I wish I had been there. I walked out, asked my girlfriend to collect my ward for me, she wasn’t happy.
Bruce Norris  That’s why she’s not your wife.
Paul Herrera  Yeah. I haven’t seen her for sometime.
Bruce Norris  It’s kind of funny, because, you know, to prepare for our conversation, I actually read the Bill of Rights this morning, and I went down to a couple once, you know, public, public property cannot be taken without just compensation. But what you were involved in this number 10, powers not delegated to the US government, by the Constitution are reserved to the states respectively, or to the people. So, that’s why you know, when you live in, when you live in different states, there’s a whole set of different rules.
Paul Herrera  Yeah.
Bruce Norris  That, you know, are decided, not nationally. And that’s, you know, California has some interesting takes on, on what so what’s allowable and I very interesting, as I, as I came in on the freeway, there’s a sign it says ‘In foreclosure? Call 1-800 to keep your home.’ And you go, Okay, well, that’s interesting, because there’s a foreclosure statute that says, ‘Well, if you’re a lender, and you’re not getting paid, you have a right to chase the asset.’
Paul Herrera  Right.
Bruce Norris  There’s a group of attorneys that says, no we’ll get in the way of that. And that…
Paul Herrera  Is this in California?
Bruce Norris  Oh, yeah.
Paul Herrera  Yeah.
Bruce Norris  Yeah. Well, there was another one that this is a new one that I don’t see this one in California. ‘Feeling disrespected by your boss? Call 1-800 Justice.
Paul Herrera  I saw that one in Riverside, in Riverside, yeah.
Bruce Norris  Going wow. That’s a that’s a new one. What would be the definition of disrespected? I’m not sure.
Paul Herrera  Wow. You can file a lawsuit over anything.
Bruce Norris  Well, it’s you know, that’s, it’s very, it’s very interesting. It’s, wouldn’t be what? I don’t know I’ve been involved in so little lawyer meetings in my entire life, you know, so it’s, it’s been great not to have to do that. Joey, Joey, you mentioned that you were in legislative session, there’s two days remaining. What’s, uh, what is a legislative session?
Paul Herrera  So, in California, state lawmakers have a two year session. So, after an election, they legislate for two years after that. So, any bill has that two year window, which to be introduced, debated and passed. And if they don’t pass within two years, then a brand new session with a brand new set of Bill starts right after that. So, this is your one of the two year legislative session, it ends typically in the middle of September, which you know, is right now. Anything they don’t get done in next three days or two days, we’ll either disappear entirely, or have to wait until February to begin the process for the current cycle. And if it doesn’t get through between now and the end of August of 2022, then it’s dead. And they’ll have to start from scratch in 2023.
Bruce Norris  Okay.
Paul Herrera  This is different state by state, by the way, I know you have listeners from different states, a lot of states don’t have a full time legislature that works as a career. And so they’ll have, you know, a 45-day a 60-day session where, you know, they start work, and they’re done and two months, and that’s it, didn’t get done there, unless they call a an emergency session. It’s their their work is over with.
Bruce Norris  Okay. Well, what are some of the key topics that are under discussion, that now when you say that they’re, let’s say they get passed, do they get passed into law? Or do they get passed to say, we’re gonna put it up for being voted on.
Paul Herrera  Pass into law.
Bruce Norris  Passed on the law and it doesn’t need the public’s approval by voting at all?
Paul Herrera  Depending on what it is, if it’s a constitutional amendment, then it’s passed in order to place on the ballot for, for voters.
Bruce Norris  Okay.
Paul Herrera  So, Prop 19, which we sponsored last year, was that, you know, we had the legislature put the language together and were placed it on the ballot so that the voters could approve it.
Bruce Norris  Okay.
Paul Herrera  That’s about the only time that takes place. There are other cases in which the legislature may put something on the ballot for voter approval, rather than try to do it on its own. But usually, you know, the, the vast majority of time they are debating law, they are going to enact it or not.
Bruce Norris  Okay, so give me, give me an example of what’s being what’s being discussed. And then the legislator, how many legislators are actually voting for a passage of something.
Paul Herrera  We have 80 members of the state assembly, lower house 40 members of the Senate, you need a majority to pass most legislation unless it involves raising taxes. In which case you you need a two thirds majority, for passage of those. At the moment, there is a clear super majority of Democrats in both houses and the Senate and the Assembly. I think the, out of 40. Senators, I think there’s only eight Republicans at this point. In the assembly, I think it’s like 18 out of 80. So, Democrats have the votes to to pass anything that requires a two thirds majority, as well as the votes to override anything a governor might veto. So, if people are thinking that, you know, the governor is gonna get recalled and a Republican governor could take his place and veto the bills, Democrats can over override any veto. It’s rare that it happens, but they can. So, that’s, typically you need 41 votes in assembly and 21 votes in the Senate. But sometimes you need more than that, depending on what you’re trying to do.
Bruce Norris  How does, how is Prop 13 still around? If, if that group didn’t wander around, they could literally say it’s done?
Paul Herrera  No, they could because Prop 13 was passed as a Constitutional Amendment.
Bruce Norris  Okay. So, that’s a vote of the people then?
Paul Herrera  It is so the most that the legislature could do is put it on the ballot for repeal. And then sent to voters who are going to promptly slam that back in their face. Because voters do like Prop 13, a lot.
Bruce Norris  Apparently, yeah, it’s still around after all these years.
Paul Herrera  Yeah.
Bruce Norris  When you have legislators because you so you said basically, it’s almost replica. It’s like the United States set up in a way you have Senate and House of Representatives. Okay. When do, when does the governor have the right to bypass them and proclamate something into existence?
Paul Herrera  Um, it’s pretty limited, a lot less, the governor has a lot less power to enact things than the President of United states for instance.
Bruce Norris  Okay.
Paul Herrera  You know, so, so, people who are seeing things saying, oh, if you know if Republican replaces Gavin Newsom, they can enact voter restrictions and with limited abortion rights like, no can’t, those are laws, they cannot be done by the governor. You know, the governor is not the Commander-in-Chief of the military, the governor doesn’t have a bunch of emergency powers or even powers have been delegated to him. It’s much more limited. But you know, there’s some things they can do. So, under emergency scenarios, such as we solve a COVID.
Bruce Norris  Right.
Paul Herrera  The governor could enact mercy mass mandates, the eviction moratorium in our world, health and safety procedures that affected all kinds of industries, again, under emergency orders. But, to give you an example of some of the limits, the federal government through the CDC had its eviction moratorium active until a judge struck it down last week.
Bruce Norris  Right.
Paul Herrera  The State of California, the mercy moratorium on evictions ended three months after it was enacted. Because the courts and the governor said, legally, we can’t keep this going. So, since September of last year, it’s been enacted by legislation, which is what the federal courts told the federal government, they said, the CDC can’t do this. But if you want to have a moratorium, you can do that. But you got to go through the Congress to get it done.
Bruce Norris  Okay, so the moratorium that’s been in place, now we’re talking about four, four evictions.
Paul Herrera  Yes.
Bruce Norris  As, is, that was a federal, not a state?
Paul Herrera  There were two layers.
Bruce Norris  Okay.
Paul Herrera  So, the federal moratorium by the CDC that was struck down by the courts recently. And honestly, it hasn’t really mattered much in California, because California is eviction moratorium goes much further than what the federal government did. So…
Bruce Norris  And the California eviction law is now over, or still, it’s still in place?
Paul Herrera  It’s still in place, it’s been extended three times, the most recent extension last until the end of September, barring an extension that could be be debated as we speak.
Bruce Norris  Okay. So, if you’re a property owner, you really don’t have any rights to enforce, ‘I’ve got to collect.’ And if you have a loan, is there any, is there any help on the other side? So, you’ve made it possible for me not to collect rent for basically a year? I’ve had a house payment for 12 months, can I get a break on that? How’s that working?
Paul Herrera  So, what should be happening and unfortunately, is not is that the property owner in a scenario in which the tenant is affected by COVID and their incomes affected by COVID. They can’t pay the rent, the property owner should be hold, they should be hold today, because there are billions in funds for emergency rental assistance, that would cover 100% of the lost rent that started last April, running all the way through present day.
Bruce Norris  Okay.
Paul Herrera  That’s if the bureaucracy work the way it should. But we saw in California, what happened with the unemployment benefits and trying to get that process through the bureaucratic systems that exist, the same thing is really happened with rental assistance. And we’ve seen a small amount of that money, get out the door, we’ve done better by the way, Inland Empire, Riverside County, San Bernardino County, UC Riverside, we fought really hard locally, to have those agencies and natural programs. Because what the state of California wanted was for the federal money that was flowing for rental assistance, they wanted the cities and counties to sign the back of the checks and to the state with the state with the whole program. We pushed locally to have the counties and larger cities that could qualify for money, and that their own programs because we wanted local accountability, you know, the ability to call up a county supervisor and say, ‘Hey, we’re having a problem here,’ you know, and so that’s worked better. Not perfect, because there are still federal guidelines and you know, other entanglements that, that cause an issue. And the demand has been pretty huge. But it’s worked better. So, if those work well, then we shouldn’t have a lot of trouble with property owners not receiving rent from one source or another.
Bruce Norris  Have you talked to the people that let’s say manage real estate for a living, and what percentage of the people were actually not paying?
Paul Herrera  Yes, yes, actually, we speak on a very regular basis since early last year. Every time we we ask that question. And the results are somewhere in the low to mid single digit percentages.
Bruce Norris  That are not paying.
Paul Herrera  That are not paying.
Bruce Norris  That’s correct.
Paul Herrera  So, yeah, it’s, frankly didn’t get as bad as we thought it would.
Bruce Norris  Yeah, that’s, well, you know, it’s interesting. You know, I mean, I’m a private owner that has rental properties. And when all this hit, I called the property manager. And I just told him, I said, you know, what, honestly, if somebody lost, lost their job, and really has to stay inside, let’s just, let’s just be cool with it. And we’ll, you know, not disrupt their family, and we’ll work it out. You know, that, that’s sort of like in legislation, you don’t want that power taken away from you. And the assumption is, we won’t do the right thing, maybe, you know, if we’re the guy that owns the stuff, ‘well, if I’m not gonna pay, Doug, you’re gonna get kicked out.’ That’s not exactly how we think, you know, because we probably were a tenant, at some point.
Paul Herrera  Yeah. Yeah. And that’s what we found is that, you know, we work with small investors, small landlords, you know, our association, we don’t have the big corporate Wall Street hedge fund owners of real estate as members, our members who are property managers, within brokerages or on their own, are usually dealing with, you know, small mom and pops that have a handful, you know, maybe they have five or six, usually, it’s one or two or three.
Bruce Norris  Right.
Paul Herrera  So, if we’re talking about someone, you know, some six or 7% of tenants not paying rent, that really means that most of these owners are getting 100% of the rents, and some of them are getting zero.
Bruce Norris  Right?
Paul Herrera  So, to some of them, it’s a disaster.
Bruce Norris Right.
Paul Herrera  To most of them, it’s so far knock on wood, not too bad,
Bruce Norris  Right. Is there anything on the docket, right now, that’s a game changer for, for our industry? You know, that’s up for grabs for getting a yes or no answer from the legislator?
Paul Herrera  Um, for the existing industry? I don’t think so, there’s some major things that we’re working on that matter for the long term affordability of Housing California. And this is I mean, our real focus right now is trying to address housing shortage and affordability in the state. And this is just so difficult, because in every discussion about what we care about as a state for 40 years, the environment, education, you know, reform of this institutional destitution, climate change, etc. Housing is always the silver medalist in terms of priority.
Bruce Norris  Okay.
Paul Herrera  So, if whatever it is we’re trying to do, how is the well, it’s, it’s only gonna have notified that new solar panel mandate, it’s only gonna add another eight or $10,000 to house houses are half million dollars. So, who cares? And we do, we’re going to add this tax, that’s only going to add another 500 bucks. And what’s happened is we haven’t built enough so we’re trying to find a way to reimpose affordability at a market level for middle class homeowners in the state of California, who are just being shut out at this point.
Bruce Norris  When when people are shut out, as in? Yeah, there’s no way they’re going to qualify for what’s currently available. What do they do they just stay as renters? Or do they migrate elsewhere?
Paul Herrera  Um, that’s not, I think, entirely clear, especially not in the last 18 months. Because the the habits and the the ability of people to move change lot after COVID. What happens when things normalize whatever normalized looks like is a different issue. Because if you look at what happened since COVID, you had an immediate market shutdown. And March and early April last year in which people had no idea what the heck was going on.
Bruce Norris  Right.
Paul Herrera  Followed by a ‘Oh wait, we can come back and we can sell real estate, the industry has been declared essential,’ followed by all the stimulus money, which created a ton of demand, followed by people getting told by their employers, you’re gonna be able to work from home, especially higher income earners. And we don’t just be coming back anytime soon. Which a lot of people to pick up and move hundreds of miles if not 1000s of miles from where their current residence was for their job, which has put strain on places like Joshua Tree, Yucca Valley, Idaho. You know, all these places that are getting even if it’s a small percentage, we’re not talking about a mass exodus of Californians. But if a small percentage of California is decide to move into these areas that are far smaller than the areas are leaving, it puts real pressure on affordability. And we see that happening in small places. The Coachella Valley has been going crazy for the past year.
Bruce Norris  And you know, somebody’s leaving California, like a long distances, let’s say San Jose to Austin, they have some companies that are opening places in Austin. Well, there are people moving from San Jose, whose homes are worth $1500 a foot.
Paul Herrera  Yeah.
Bruce Norris  Going into Austin, where everything looks like it’s on sale.
Paul Herrera  Right.
Bruce Norris  And it’s changed the market pretty radically to the point where my son in law and daughter live in Austin. And in their neighborhood, it went from 300 to 600. And there was nothing for sale. And so property went up for sale for 600. And the winning bid was 850. What?
Paul Herrera  Right, right, because those numbers don’t mean anything if you’re selling a $2 million house.
Bruce Norris  Exactly. You still think it’s on sale?
Paul Herrera  Yeah, it’s like it was fantastic. I get a you know, three quarters of an acre. You know, the suburbs of Texas City.
Bruce Norris  In the last year and a half for real estate is it’s just been one of the most amazing times because you know, me and I pay attention to statistics 2019, the entire year, had the best set of statistics I’ve ever seen that make a boom in price happen and it didn’t happen. And then you get into the Coronavirus, happening a lot about March and a half of the listings are pulled off, you know, the MLS. So your inventory went down by 50%. People are saying there’s no way you’re going to tour my house. And that what happened is I think some of those people thought you know, want to get to have a chance to refi and a mortgage or do the two. And since we’re going to work at home now why don’t we add an office or something? And they just I think a lot of that inventory. I’m not sure it’s coming back. They just said to heck with it. We’re we’re good. You know.
Paul Herrera  Yeah. I’m kind of out of the predictions business right now.
Bruce Norris  Yeah.
Paul Herrera  We bought a house last April. So, we bought a house in San Diego, I still have my home in Riverside. But we’ve been wanting to buy a home in San Diego for a while. On March 5, we made the offer, COVID lockdown happened about four days later. And we’ve been looking at this neighborhood for a little while. The seller said, ‘Well, let me see what other offers we get.’ And then a lockdown happen and sellers and seller, like within about an hour said we’ll take it. And at that point, we took a step back and thought, boy, what do we do here? I mean, you know what’s going to happen? What ultimately convinced this was? Well, two things. One is that there was this weekend because at that time, interest rates were like two and a half. And this weekend where interest rates plummeted, and we got locked in that 278 I think.
Bruce Norris  Right. Okay.
Paul Herrera  So, that was number one. Number two was we weren’t buying a house in order to sell it five years from now or three years from now we’re gonna be here for 30 years, I don’t care if it goes down 30% next year. They’re not building single family homes in San Diego anymore. It’s not a thing. And if you look around the state in urban environments, they’re not building single family neighborhoods. They’re building more densely. So, the new housing is going to be multifamily. So, single family homes, you know, that’s something that you can I think you can stick with long term.
Bruce Norris  Yeah, you know what? Well, what’s interesting about inflation, so you know, if you’re in the building business, you notice lumber, went crazy and other some other things too. When you own a residence or you own a rental, it’s made of commodities. And there’s there’s always a correlation between a new house value and an existing home value. And only four times, by the way, have existing homes been more per square foot than new. And you’re at it right now. I looked at a report last night, and it goes back many, many years. And you’ve only intersected about four times in history. And we’re at one of them.
Paul Herrera  And I have no idea what to do with that data right now.
Bruce Norris  What’s interesting about well, what it says is that you can’t buy a new house, because it doesn’t exist. So, all the demand lands on existing inventory. So, if you look at the car data, how many, how many counties have more than 20 days of inventory? None. I mean, how many have more than 10 I don’t even think there’s any of that last time I looked it was 777 was like oh my gosh, you know, and so I don’t know how you solve that. That’s crazy that you’re, you’re on even under building too. So, that’s when you think about one year under building, so a typical boom cycle ends at 150,000 single family homes. You progress up there from 50 or 60 to that number. We didn’t make that progress. We didn’t, we took that eight year period and did 50,000 each year. So, if you add the cumulative missing homes, it’s many hundreds of 1000s of homes that weren’t thought necessary or was the process was so frustrating that they just said, You know what, we’ll go to Florida or Texas and build some.
Paul Herrera  You know, the most challenging thing that we run into while we’re trying to make sense of legislation and legislative initiatives in California is that there is a belief among some lawmakers, but really among their young staffs, you know, their their young staff just came out of Ivy League’s who don’t feel that supply and demand. It should be a factor in housing. As if you get to choose that, you know, as if that’s the decision you can make the supply demand is going to matter, right. And we have to constantly push back and show you can trace a straight correlation between how many houses are available for sale. And what the price increase or decrease is year over year, over just about any period of time. You know, there’s hiccups here and there, but you can you can look at 2008. We went in this region, Inland Empire have like 120,000 listings at 20,000 sales. prices fell through the floor. And then years where you see significant increase, you’ll have 40,000 listings and 40,000 sales.
Bruce Norris  What’s interesting about what you just said, there’s another chart that plays where that so in 2008, and nine, you had all this inventory, but it was predominantly owned by lenders.
Paul Herrera  Yes.
Bruce Norris  It dictated the market price it didn’t had it had nothing to do with the cost of construction.
Paul Herrera  Right.
Bruce Norris  It had to do with there’s 10 buyers and there’s 100 houses. So, you’re going to get it for nothing. And that was you know, that’s definitely the opposite is right now, if you have something for sale, you’re going to get pretty shocked. you’d mentioned Joshua Tree, there was a gentleman we just had a boot camp in Florida where we had some California investors wanting to do some exchanges. And he sold his 500 square foot house in in Twentynine Palms for 200 Grand 400 bucks a foot, and he probably paid 25 grand forward or something, you know, just going oh my gosh. So, yeah, the supply and demand, even though California is losing migration, they haven’t overbuilt. So, you still have you, still have a housing shortage. And it’s, I don’t know how that changes.
Paul Herrera  I don’t know either, you know, I mean, we passed two bills in the last two weeks, which freaked out some folks SB 9, SB 10.
Bruce Norris  Okay.
Paul Herrera  Because both of them allow for much higher density to be built on single family lots.
Bruce Norris  Right.
Paul Herrera  SB 10. If you’re in a transit neighborhood, which doesn’t include hardly anything in Inland Empire but if you buy a ferry terminal or a high frequency train stop, you know, where you have a train every 10 minutes, certain very, very high frequency bus stops, you can now build you think that single family lot, usually you can have to compile a couple of these, and you can build dense multifamily tend to the acre with and reduce parking requirements with the idea being that you’re talking about San Diego, you’re talking about San Jose, San Francisco, trying to build these areas that need more density. And then SB, SB 9 that we passed last week was the headline was the end of single family zoning because it allows lots splits you can take a single family lot, if it meets certain criteria split it into two lots and because of ADU laws you can build main home and an ADU. So, now the Single Family lot becomes a four unit lot potentially, oh, now only about four to 5% of lots of California meet the criteria for this lots. But there was a lot of pushback, we actually negotiated some of the changes in the bill. So, when things were negotiated, the bill was the person who did the last split had to be an owner occupant who signed an affidavit saying that they would live there for at least three years afterwards. So, that we wanted owners to, to benefit not someone buying a bunch of lots and not living with the results and then we gave cities a little bit more power to you know to have that health and safety and other things. But here’s what we’re running into. You’re talking about trying to catch up to the, to the homeownership or home inventory issue. Well, we’re constantly having to do right now is find a way to build housing affordable which is a different problem than building affordable house. Building affordable housing for lower income families means getting a bunch of tax money.
Bruce Norris  Right.
Paul Herrera  And what is extraordinarily frustrating about that is just how much subsidy it takes to build a single unit. I was just talking to the chairman of the board supervisors in San Bernardino County. They’re trying to build housing for, to take homeless individuals off the streets. And a single unit essentially, in a one bedroom efficiency is costing them when you get through all the bureaucracy, all the programs, about $550,000.
Bruce Norris  Wow.
Paul Herrera  For a single unit to build this is there’s no profit margin. This is being built by nonprofit organizations. All there is is trying to navigate the red tape going through all the environmental requirements, everything that California does to make it hard to build. So, that’s the affordable housing conundrum is how do we try to make it easier. So the dollars go further. The housing affordability conundrum is a is a different issue. This is how do we build market housing so that you can accommodate a middle class earner so they can afford what’s, what’s being built. Like even if there was zero profit margin today. The median income in, in the region is about $65,000.
Bruce Norris  Right.
Paul Herrera  If you do the math, you end up with they can afford about $2,000 a month, right pay for their house. You know, that’s an affordable figure. You’re talking about a $300,000 house roughly right? You can’t build a $300,000 house it’s not a thing that you can do and in the region.
Bruce Norris  I’m not even sure the rents $2,000 right now, could be more.
Paul Herrera  Yeah. Now. You know, Curiously, you go look at Utah, Texas, Oregon, Arizona, you can build a $300,000 house, you can do it, but not here. So…
Bruce Norris  We do it all the time in Florida we have, you know, that’s part of what we do. And it is definitely it’s kind of eye opening because of the land availability, and the process up until the Coronavirus. The process was just very easy. Coronavirus has changed a few things.
Narrator  See Isurvivedrealestate.com for event details, information on all our generous sponsors and to connect with our speakers. For more information on hard money, loans and upcoming events with The Norris Group, check out thenorrisgroup.com. For information on passive investing with trust deeds, visit tngtrustdeeds.com.
Aaron Norris  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.