I'm a 24-year-old aspiring real estate investor from Sacramento CA. After going to few seminars I bought 8 houses in 8 months across 4 states with no money down. I fixed and sold 2 and then ran out of cash. I am now facing foreclosure on
6 5 houses. I'm learning my lessons, finding solutions and blogging about it. Comments appreciated! - Casey Serin
That's the way that the I am Facing Foreclosure.com blog site starts out! This guy's story has been picked up by the news media, blogs like The Motley Fool, and even NPR Radio. 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.
In a nutshell, click below to find out what the "10 Mistakes That Made Flipping A Flop" are.
Mistake No. 1: Using 'liar loans'
Mistake No. 2: Overpaying
Mistake No. 3: Lacking Cash
Mistake No. 4: Quiting your day job
Mistake No. 5: Hiring an unlicensed contractor
Mistake No. 6: Buying sight-unseen
Mistake No. 7: Buying out of state
Mistake No. 8: Buying too many properties too fast
Mistake No. 9: Underestimating remodeling costs
Mistake No. 10: Having a poor exit strategy