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

Overpaying


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.


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