Let me tell you a story of a man named Casey
Thought he could flip real estate but was really quite spacey
Then one day while seeking that big score
A bunch of foreclosures walked through the door
Bankruptcy, that is. Big time debt. No way out.
Casy Serin, a 24 yr old wannabe real estate magnate, bought eight homes with no money down near the top of the market, did nothing to fix them up, then as sat stupefied as his little fraudulent kingdom (he admits to falsifying loan docs on his blog) collapsed. His final home will be sold at auction soon, he is millions in debt, yet still resolutely and determinedly refuses to actually do anything to extricate himself. Hey, he could have spent 15 minutes putting Google Adwords on his blog and made 2k a month easy. Lots of folks suggested he do just that. But no, apparently that would involve actual work.
He started a blog, IAmFacingForeclosure which has been getting huge hits, has been interviewed and profiled in media as the poster child for real estate cluelessness and incompetence, and apparently spends most of his days blogging, alternating between manic plans of real estate glory and black depression. He will chronicle in detail what he needs to do then steadfastly not do it.
A veritable cottage industry of blogs have popped up around all this. ExUrbanNation delights in mocking him while RobertCoteSux ridicules ExUrbanNation. It’s not unusual for posts on these blogs to get dozens, sometimes hundreds of comments, so clearly there’s lots of readership.
I admit to tuning in to watch the ongoing train wreck. It’s not often you get to see stupidity combine with such a startling ability to ignore reality.
There will be many more self-inflicted road kill like Casey as the real estate bubble continues to collapse. Many have tried to give him advice, but it appears to bounce off a concrete wall. As Fohorn Leghorn said to the Henery the Chickenhawk, “is any of this getting THROUGH, son?” Apparently not.