Who remembers William J. McKorkle, real estate guru

[Michael Meeks]

So, after a quick search I see Mr. McKorkle is once again a free man, after spending 18 years in the pen. I remember those late night infomercials, with flashy cars, beautiful wife, private jets, and exotic yachts. What young 20 year old wouldn't get excited about real estate?

That was my first real estate course. From it I learned to watch the newspaper for seasoned mortgages in foreclosure, knock on doors to find tenants in need of a solution, attended courthouse auctions, found a hard money lender, had a title company do title searches, learned to track down owners, and check probate and tax records.

I found and closed 4 deals in my 1st year and a half. Fixed and flipped and each made around $15k. All sold within 45 days of me purchasing.

Then I began building and selling houses. About 20 houses in the next 2 years. I let it drag me away from the foreclosure business. The economy tanked. I had to file bankruptcy. I also learned there was a lot less margin in new construction than in distressed homes. There was also a lot more headache, and took longer to turn money over.

Fast forward 20 years, and I finally find myself back in the game. It's a new game with new strategies. Always exciting, because there is something else to learn. My advice to anyone is there is great value in a real estate education. The 70% rule is an important one regardless of the strategy to get there.

As for the flashy, flamboyant and fraudulent William J. (Gonzales) McKorkle, who even lied about his name - Thank you for inspiring me to become a Real Estate Investor.

Lesson learned - Don't try to reinvent the wheel. Learn the principles of real estate investing, don't stray from them, and continue to apply and hone your skills.