Monday, October 23, 2006

USA TODAY: life of a Flipper

Real estate: Calif. flipper a case study in how boom went bust

Mistake No. 1

Using 'liar loans'

Mistake No. 2


Mistake No. 3

Lacking cash

Mistake No. 4

Quitting your day job

Mistake No. 5

Hiring an unlicensed contractor

Mistake No. 6

Buying sight-unseen

Mistake No. 7

Buying out of state

Mistake No. 8

Buying too many properties too fast

Mistake No. 9

Underestimating remodeling costs

Mistake No. 10

Having a poor exit strategy

Serin's current situation is bleak. He is currently unemployed as is his wife, who has gone back to college to get an accounting degree. They rent an apartment and have $140,000 in debt, and the remaining five houses he owns are facing foreclosure.

USA TODAY: Front page of Money section


Blogger vfsv said...

Here in Silicon Valley, Santa Clara County y-o-y volume was negative for the 22nd straight month (since December, 2004) and 25th out of the last 26 months.

For more data, please visit:

We also track housing permits issued at:

In the last 12 months, new permits issued represent a 4.3-month supply, regardless of other houses for sale. Since the "bottom" in late-2002, total permits issued represent a 16.6-month supply.

During that same time, jobs & population are essentially flat.

For more Silicon Valley-related news, please visit:


9:38 PM  

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