You Can’t Make This Stuff Up
September 21st, 2006 by 
reality
A new real estate blog has appeared. The blogger is a newbie real estate speculator who has used “Liar’s loans” (he admits the lying, a felony by the way) to buy several houses with the intention of flipping. Well the flipping has flopped and he is about to burn various lenders for about half a million dollars or more. But let him speak:
“I’m a 24-year-old real estate investor from Sacramento CA. This is my first year full-time in the business and I got in over my head. I am now facing foreclosure on 6 5 houses. I’m learning my lessons, meeting good people, finding solutions and blogging about it. There is hope so I’m still smiling.”
Posted in Real Estate, Rogues and Rascals | 
September 22nd, 2006 at 1:54 am
Yes, it’s pretty sad. Keep in mind, Liar’s loans are pretty common. Stated income, stated assets, made up leases, fake owner-occupied, fake second homes, you name it! Yes i’m responsible. But I was also encouraged along the way by RE professionals who told me its “just a game”.
I know it’s not an excuse. But by being honest about it I am bringing light to the issue. I am not going to continue to lie to cover up my original lie. If I have to face consequences, so be it.
Hopefully I can help somebody in the process, even if its to show them what NOT to do.
September 22nd, 2006 at 7:26 am
Anyone ever read the story of the Great Depression? It was a good one.