This video is an insight into the mistakes 24 year old Casey Serin made in the property market. Now Casey Serin tells his tale in the hope of warning other property investors the pitfalls of property speculation.
Casey started out trying to make a quick profit in ‘flipping’ properties, that is buying properties at a low price, normally on 100% debt, and selling them later for a higher price. The only problem was the downturn in the US property that has left him with 8 homes in foreclosure and $2.2 million dollars worth of debt.
His tale is not that different to the many properties guru’s who feature on Today Tonight and A Current Affair who have a portfolio of ten plus houses on 100% finance, because everyone knows houses only go up. It’s a sure thing and you can do it too!
I love the video. Especially the bit about the wife who said, are you sure you want to buy all these houses this fast? Are you sure you know what you are doing. – He replied, “no problems. We’ll get your Credit Cards paid off – no problems.”
Now when he has 6 houses in foreclosure, and 15,000 in month mortgage payments the wife said told you so. But by the sounds of it, after the ‘told you so moments’, the Wife still loves him. He said “Were o.k.”
Casey Serin is now telling his story on his blog at http://iamfacingforeclosure.com/