Investors returning to Inland housing scene

Bruce Norris, a veteran Riverside investor who finances and trains other investors, said his group is revamping enough fixer-upper houses to keep four construction crews busy. He said they routinely install new kitchens and bathrooms with granite countertops and tile flooring. Norris said his investment group buys houses so shoddy they would not qualify for the FHA financing that most first-time buyers need. \”We are buying them for $50,000 to $75,000 left and right,\” Norris said. He said he just bought a three-bedroom Moreno Valley house for $50,000 that previously had a $350,000 mortgage on it. He said after fixing it up he plans to sell it for $130,000.