FOOD STAMPS TO FORTUNE Bruce NorrisFOOD STAMPS TO FORTUNE How To Achieve Financial Independence By Buying Distressed Property by Bruce Norris &DEDICATION This books dedicated to the many people who have played mejor roles in my success in Ife. First to my Mom and Dad, Peul and Virgina Noms. My dad taught me herd work and how to be a man. “My mom taught me the love of Christmas, the joy of giving to others, and the love of old movies. My brother, Dwrght, has taught me courage; my brother Keith, endurance. From my chiléren, 1 have learned things, too. From my son Greg. | have learned the value of perseverance and consistency. From my son, Steven, Ive learned hhow to be a better communicator and father. From my son, Aaron, | have learned to love plays, music, and a love for all Ife hes to offer. From my daughter, Sarah, Ive learned that litle girls are a lot tke ‘boys only softer. Thanks to the loval friends who have stuck with me ‘through the good times end the bad. Many times I've heard the term “self-made man.” Fortunately. those word do not apply to me. All of ry Ife | heve been surrounded by people who love ané core about ‘me. This book is dedicated toall of these great people. O? all the peo- ple who have played an important role in my life, my wife, Mersha, tope the lst. Sha has always been by my side through thick and thin, ‘She is, without a doubt, the kindest person I have ever met. Her ded- ication to her family and to God has blessed my life. Without her sup- ‘port. none of this would have been posse, Thank you for being there. I love you.ABOUT THE AUTHOR Bruce W. Norris has been investing in real estate for ten years. During that period of tine, he had bought and sold about 10 milion dot lass of property. He has been general partner to five suc- cessful limited parmnerships. Even more importantly, he has been happily merried 10 his high school sweetheart Marsha, for nearly 22 years. Together they have raised four chikiten; Gregory 21. married to_Brenés. They have a son Christopher and @ Title one on the wey; Steven 20, married to Amy; Aaron 14, unmarried at this moment; and Sarah 8.Table of Contents Chapter 1 Food Stamps to Fortune (My Story) Chapter 2 (Character Qualities Chapter 3 Real Estate as a Worthwhile Investment Chapter 4 How to Set Real Estate Buying Goals Chapter 5 Buying Methods Chapter 6 ‘Where to Get the Money to Buy Chapter 7 Why Bargains Occur Chapter 8 Where to Locate Bargains Chapter 9 Contacting the Owner Direct Chapter 10 Caling for the Decision Guapier 11 Wilting the Offer Chapter 12 Closing the Buy Chapter 13 Repairs: The Cosmetics Chapter 14 How to Market Your Propesty Chapter 15 Surviving Different Markets Chapter 16 Buying Foreclosures Chapter 17 The Trustee's Sele Chapter 18 Do's Chapter 19 Don't Conclusion_— Chapter 1 Fortune S My Story Of over twenty-one years. It was my life's greates: decision. The only prob- Jem with that decision was we were only 17 years old. At 18 years and 10 ‘months, we were the proud parents of two beby boys. My childhood had ended and aduithood was upon me. ‘Since the only skill! had at the ime wes playing 2 good game of handball, I went to work at almost minimum wage working {wo jobs usualy from 6:00 am to 10:00 PM six days 2 week. During that first vear even though my hours were long, | wes filed with youthful enthusiasm. I progressed wel and finally landed a good job. | wes still working at east 60 hours 2 week but with much of the pay being overtime, we felt great about our progress. Then, incretibly, | got fred. I wasn't used to office por ities, made some bad decisions, and lost my job. I said to myself, “I worked so hard and this is what | get, fired?” I made a decision that day: If life was going to be so Unfair, I would stop tying my hardest until lfe apologized and gave me back my job. During the next two years, Iwas fired four more times, Each time my attitude ebout life got worse, my pay went down, and my self-image was at an all time low. I believed I would oniy be able to stay employed six months ata time at any one place ‘and then get fred again. So, in 1973 | eporoached Clas Dye Hardwere in Orange County for a job. I knew nothing about hardware. From day one, | spent my lunch hours looking at the want ads. My take-home pay wes about $78.00 a week while my monthly tent was $225.00. I felt fe was closing in on me. Aiter only one month, the manager of the store started geting after me. He said | walked 100 slow and hed a bad attitude. He even told me | had "BO.” l expected every week to be ‘ry last. | applied for and got a gas sition job from sit to ten at night to help meke fends meet. | even azplied for a thie job to werk graveyard chift figuring 1 could work two days straight without sleep, We needed the money that badly. For 2 short while we were even on food stamps. Instead of firing me, however, the manager of the hardware store decided to make me his “personal project.” Everyday I was lectured. Finally leaid to him, “Why M: story starts on March 6,1970, my waddling date to Marsha, my wile nowdontt you just fire me like everyone else has?” Instead of commenting, he ashed me ‘why my attitude about work was so bad. | began to explain the injustices of my young life and when ! wes done, he looked right at me end told me his story. Thirty {years ago when he had come to work at Clark Dye Hardware, he dectied to be the best harcivare salesperson in the country. Everyday he cere to work with the att- tude of how to do his job better and make more money for the company. Then he told me he éidnt work only for the company but he worked everyday for his fami- ly. I he did leas than his best, he wos letting them down. Because of this attitude, his earnings from a hardware store in 1973 were incredible. He looked me in the eye and soi, “YOU are leiting your family down because, Fight now, you are work ing so slow that even |, at age 58, could outwork you two-tone.” That was the final straw. Iwas so angry, I growied back, "No one can outwork me when I put my mind to i.” He said, “Show me” and walked out. {went back ito the store and my only geal wes to show him. ! worked so hard ‘it was comical. I never walked again in this store; I ran! | turned a hardware job into an aerobic workout. In one week, I got 2 reise. In the next few months I would get 0 many ralsos | doubled my staring salary and quit my sacond jo. Beceuse this man, Harcld Pomeroy, took the time to share with me that it wes to my benefit to do my best, my life has never been the same. Instead of getting tired, I got Job offers from people selling to the store. Finally, with Mr. Pomeroys permission, I left the hardware store and went into sales. Vears later when Mr. Pomeroy retired, [ took him out to lunch and thanked him for helping turn my life ‘around. He had no ides of the meee I had been in. The biggest thing he taught me was that work is 2 privilege. I spent the next six years in sles. During that time, we ouned our frst home eventually seling t to make a profit of $12,000. I dor’ know #f you remember the first time your name was on a large check but I do. I was sure I was rich. | said to ‘Marsha, “I think it would be smart if we bought two homes instead of just one. Then we could sel them both end make twice aa much.” sounded 20 ample. We bought ‘our home to live in and then we bought our first rental. It wes an FHA Repo. We were the only bidder so we bought this $32,000 home for $20,500. While we were ‘signing the loan does, | noticed on the paperwork that this home wes to be owner: occupied.” I told the Realtor I was planning on renting the home. The Realtor said, “No problem. Just sign and do whatever you went.” Well, I was quite pleased with myself~until 60 days later. Marsha paged me saying the FBI hed (sean 3} come to our door end read her rights to hee. Apparently, the poper we signed saying we were going to live in the home was very important. I caled a frend who had teught mee itie bout the business end esked him whet ‘o do, He said, “Wel ‘you have two choices: go to jail or lie.” As you can see, Im stil a free man! ‘That experience scared us so much we didn't buy ancther home for five years. ‘Then in late 1980, | had a unique opportunity to go to work for a Real Estate buy-