Aug
18

The Real Estate Market & What Gerald Romine & Maverick Frank McKinney Are Saying

Filed Under Real Estate Investing 

It is Monday and I’m back from a wild business adventure in Aspen Colorado!

Imagine hanging out with some of the best businessman in the world to talk business then taking off for some White Water Rafting, Rock Climbing, Rappelling, Extreme 4 Wheeling and some pretty wild mountain biking. My body is beat up. (Later I‘ll tell you about the wasp attack I experienced when I stuck my hand in their nest while rock climbing)

Frank McKinney, Gerald Romine, Terry Wygal, Mike Filsaime, Mike Hill, Tim Warren, Valerie Young, Yanik Silver, Mike Dillard, Joe Barton
Talking Real Estate With Frank McKinney (Gerald Romine - Black Hat)

Later this week I‘ll post some pics from the trip including my “Double Heisman” with a two time Superbowl winner!

I’m part of several mastermind groups that come together with one purpose in mind. Business! And while we may partake in some fun activities we take our meetings and education very seriously! Not only do we share ideas amongst ourselves, we bring in some of the finest businessmen in the world to help us with their experience and knowledge. All done in a small and intimate setting.

Frank McKinney – The Maverick Daredevil Artist

Graduating high school with a 1.8 GPA and digging sand traps by hand Frank is not the guy you would have picked as most likely to succeed.  After teaching tennis in Florida(Frank and I have teaching tennis in common) Frank realized the money was in real estate and became a RE investor back in 1986 and made $7,000 of his first fixer.

After playing in the fixer business for years he moved into the spec house business and has gone on to sell a 50 million dollar spec houses and currently has a 130 million dollar spec house for sale.  Talk about brass balls… they guy‘s got them because when you build a 130 million dollar spec house that means you don‘t have ANY buyer in mind.

The best part about our mastermind groups is the intimacy that can be found with 30 people. An informal setting. The ability to speak one on one with everybody. And sharing dinner, drinks, and conversations with like minded individuals and superstars like Frank McKinney.

The Key Points I Took From Frank McKinney:

  1. Read the book: Blink: The Power of Thinking Without Thinking by Malcolm Gladwell
  2. Frank controls the marketing of his properties.  He does not and will not delegate the marketing of his houses to anybody else. While his time is valuable on of the most important things he does is write the copy to sell his houses!
  3. Be A Market Maker.  If Frank would not of believed in himself and believe what others said he would have never made it.
  4. Don’t Live Between The Railroad Tracks.  You have to get out of your comfort zone. Things happen when you make them happen.
  5. Be Overhead Adverse.  Funny coming from a guy that builds a 135 million dollar house be Frank is absolutely overhead adverse and constantly monitors expenses to make sure things stay in check.

My head is still buzzing from the last week! Luckily I survived the wasp attack and I’ll be sure to fill you in on what’s happening in the real estate investing world and why Frank McKinney and I are excited about the market and what’s coming.

Author: Gerald Romine

PS – Frank and I agree that the news media is full of BS and does not accurately reflect the market and what is really happening.  Frank hasn’t slowed down and you shouldn’t either!

Comments

One Response to “The Real Estate Market & What Gerald Romine & Maverick Frank McKinney Are Saying”

  1. DesertDweller on August 18th, 2008 11:40 pm

    Gerald, as defaults on home mortgages soar, Fannie and Freddie have posted combined losses of around $14 billion in just the past four quarters.

    Some predict that their combined losses are expected to continue for a few more quarters, and some “experts” think the companies will not return into “the black” before 2010 or 2011.

    So, couple that with the other mortgage guys now under stricter REGULATIONS of higher down payments at around 80% loan to value, I have to surmise that we serious investors, wholesaling excepted, are looking at more “buy and hold” exit strategies.

    Would you agree?

    Darrell Barker

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