House flipping horror story

When I wrote about becoming a house flipper a few months ago, I mentioned that, "[I]n bubbly markets, amateurs often get into flipping houses and may have no expertise at all. So I wouldn’t consider most house flippers to be consultants."

Today, I stumbled across I am Facing Foreclosure, a blog by wannabe real estate mogul Casey Serin. If his story is true, he bought eight houses in eight months with no money down, hoping to fix and flip them. After a series of mistakes, he’s apparently millions in debt.

What’s interesting about Casey is that he tells you what he did wrong…in excrutiating detail. He says he fell for every real estate myth in the book — and he tells you about every blunder.

It’s rare for entrepreneurs to bare so much of themselves. Whether you want to flip houses or work as a consultant, his blog can teach the importance of making plans, staying honest, managing credit cards wisely, and, in some cases, keeping your day job and instead starting your business as a second job.

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