How not to flip Realestate

October 23, 2006 at 3:39 pm 1 comment

SACRAMENTO — If there’s a poster child for everything that went wrong in the real estate boom, it just might be Casey Serin.

In one year, the 24-year-old website-designer-turned-real estate-flipper bought eight homes in four states — and in every case but one, he put no money down. At his peak, in April, Serin had $93,000 he’d taken out of the homes as he bought them. By July, he was broke, desperate for one last deal.

Now? Serin has $140,000 in credit card and credit-line debt and five houses in foreclosure. Last month, he started http://iamfacingforeclosure.com  a blog that’s drawn both notes of condolence and expletive-laced condemnation.

“I did some stuff shady, but I’m not going to hide from it,” he says. “Somebody can learn from it. I’ve already had people contact me and say, ‘Hey, I’m in the same place.’ “

See full article http://www.usatoday.com/money/economy/housing/2006-10-22-young-flipper-usat_x.htm

realestate-flip.jpg

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Entry filed under: Internet Startup.

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1 Comment Add your own

  • 1. Bisi  |  October 23, 2006 at 3:46 pm

    I got to give it to this dude . He is perseverent like a Mofo .

    Reply

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About Biz News

My Name is Bisi and this is my blog This blog features stories that I have read that I think are interesting . I usually bookmark the stories that I find interesting but they are getting too many . I have decided to catalog and share them on this site . I am not really promoting the site so you might have accidentally stumbled on it . Thanks for visiting .
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