Not Your Typical Real Estate Flyer
I guess this is the kind of flyer you are forced to use when you buy eight properties by committing mortgage fraud. Casey bought eight houses in eight states in just eight months after going to real estate seminars. Now he’s stuck with $2.2 million of debt, $20,000 monthly payments and is living with his wife’s parents. He bought each home as a “primary residence” and zero equity. He overstated his income and didn’t bother to tell the banks about his other properties and applied for the loans in such quick succession they hadn’t hit his credit report. Now he can’t keep up with the payments and is facing foreclosure and possibly fraud charges. What’s sad is he still expects buyers to agree to a deal that covers his back payments and leaves him with $7K to $10K of cash on each house.
Maybe this guy should pick a new profession…like printing flyers for other idiots.
From the seller’s site:
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 on5 houses.
October 3rd, 2006 at 2:55 pm
Wow. Eight houses in eight months? I’d be curious to read exactly how he thought this was going to work: the specifics behind the business plan, etc. I’m just now considering making my first real-estate investment purchase, but probably won’t do anything for several years.