McCormick’s foray into real estate began during his freshman year in college, when he bought a “kiddie” condo, after which he made a specialty of buying these units and selling them to parents, eager for a good investment. McCormick went on to law school but not before he formed a property management business. After earning his law degree, he merged his company with Action Realty, which now employs 25. He personally sold nearly $11 million worth of real estate in 2003.
Just a click away: McCormick has made foreclosure his specialty: He’s in his office by 6 a.m. to check online court records for foreclosures so he can alert clients by e-mail about investment properties. He goes after listings on the U.S. Department of Veterans Affairs and U.S. Department of Housing and Urban Development Web sites, too, and lists and sells foreclosed properties for several financial institutions.
Most important lesson learned: Never take shortcuts. “Doing so leads to mistakes,” he says. “If you put renters into a condo quickly without first checking their financial history or having their parents sign as guarantors,” he says, “you may be in for a big headache.”