Real estate speculation train wreck

Train wreck
When we last checked in on Casey Serin, he’d bought 8 homes in eight months with 100% financing, looking to fix and flip, make a fortune, then retire young.

Did it work? Here’s a clue. The name of his blog is I Am Facing Foreclosure. He’s facing multiple foreclosures and has a mountain of debt. Reading the chronicles of his mistakes and blunders is sobering indeed. Not sure how he’ll ever get out from under, especially considering that the recent bankruptcy laws make it much harder to do a BK and walk away from it all.

Worse, credit card companies now charge 30% interest on chronically late accounts, a rate that your old time neighborhood loan sharks might have been hesitant to charge.

Casey seems a hard working guy, if clueless, but really, what possessed a mortgage company to issue 100% financed loans on multiple properties to a 24 year old with no real estate experience or financial backing? Yes, he made about every mistake he could have, but the fault here isn’t just his. But he will be the financial road kill.