Casey Serin is a 24-year-old Sacramento man who bought seven properties in four states within the first three months of 2006. Even after selling a home in Utah a few weeks ago, he’s $2.2 million in debt and will be four months behind on all of his mortgages come October.
He started a blog to tell people about his experiences and his mistakes as a novice investor – it’s called iamfacingforeclosure.com.
I talked to Serin this afternoon and he told me he first got into real estate as a 19-year-old in 2002, buying a condo as his residence in Sacramento. Originally from Uzbekistan, Serin and his family immigrated to the United States 14 years ago. His parents own their home in the Sacramento area, but haven’t invested in any other real estate.
He sold that first condo in 2003 and made about $30,000 in profit, he said.
“That was kind of my first experience,” he said. “This real estate is a good business if you do it right.”
And, Serin admits, “a rising tide floats all ships” – he knows he was successful then primarily because of the appreciation in the housing market.