$2.2 Million in Debt and Foreclosure at 24
Ramit over at I Will Teach You To Be Rich gives an up close and personal view of the 24-year old, Casey Serin, who is facing foreclosure with $2.2 million in debt. He has some interesting insight since he knew Serin in high school.
Serin says he
“bought 8 houses in 8 months across 4 states with no money down” and is now facing foreclosure. He has openly admitted to lying on his loan applications (to get more in loans), and to bringing his total debt to about $2.2 million ($140,000 of that is in unsecured debt like credit cards). In the meantime, he’s been blogging about his situation. His blog has gotten the attention of USA Today, the San Francisco Chronicle, NPR, and more.
Seems that just weeks before he admitted to the world that he was facing foreclosure he was scamming his old friends for money. Ramit’s take on the story is very enlightning and worth reading.
Wow! That’s interesting but all too common for new investors (Not the lying on loan applications). When you actually start buying houses, you’ll discover how easy it is…too easy. And it’s easy to buy houses you shouldn’t be buying in the first place. Next thing you know, you’ve got 3, 6, 12 houses and you can’t make the monthly payments. It can get ugly.
But if you know what you’re doing, it’s simple to avoid the common pitfalls.
Want to learn more? Check out the free course at Renegade Real Estate
Comment by Foreclosure Investing — January 16, 2007 @ 8:05 am