House Rich, Cash Poor

 
Casey Serin bought 8 houses in 8 months to cash in on the real estate boom. All with no money down! trumpets our local newspaper.

This is another cautionary tale about a real estate bust. I have no doubt Mr. Serin will strike again. He comes across as having the right set of characteristics that typify mogulhood: bold, gutsy, shameless, enterprising, sharp and most importantly, YOUNG, with the ability to skirt the edge of ethics without breaking the law. Or does he? You can find more about his travails in his blog, I Am Facing Foreclosure.

Nevertheless, he’ll just dust himself off, learn from the experience, and try again. He’ll keep trying even if it destroys him. Guys like him grow up to be one of the Big Boys, since playing like the Big Boys will force anyone to make and learn from grand mistakes, which are themselves both expensive and valuable.

The lenders and credit card companies will always love a guy like this because when they hit it big, they do so big time. And as they say, the more you play, the more you strike out, but that homer can just be around the corner. So here’s my crazy prediction: this kid is eventually going to make the Trump Honor Roll. After all, Robert Kiyosaki is with him in spirit. It will just be a matter of time: with some maturity, luck and heaps more credit card applications, his rise should be inevitable. If only the stars align themselves.

All this doesn’t change the mess he’s in right now: house rich and cash poor. Too bad interest rates got him before he could unload. And it ain’t his fault this happened. Blame the system — the kid is 24 YEARS OLD with no job and nothing to his name and yet the system still manages to hand over a bunch of houses to this newbie. Where are the regulations for this sort of thing? Anyone could have predicted this disaster from the point of its conception.

Now don’t go around feeling sorry for the young man. It won’t be long before he’ll be back making his mint on hard assets, while our sorry asses continue to chase AdCents, hawk hoodies online, or beg for a Paypal buck.

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Categorized under: Credit, Debt & Loans, Debate & Controversy, Real Estate