Must watch video for new real estate investors

By Will Chen on 6 December 2006 (Updated 10 June 2007) 2 comments

Serin with rich dad poor dad authorCasey Serin is a 24 year-old real estate investor who is $2.2 million in debt. Last year, Serin bought eight houses in four states and now he can’t afford the mortgage payments for any of them.

The video below shows Serin candidly discussing all his mistakes with a college real estate class. You know how all those “get rich buying property” infomercials never seem to quite give you the details?

Well, Serin is here to give you all the gory details for free:

Even though Serin is in danger of losing all of his property, that is not even his biggest problem.

You see, Serin might be going to jail.

Serin lied on several of his loan applications and talked candidly about these “liars loans” on his blog iamfacingforeclosure.com. When friends warned Serin about the danger of confessing his fraudulent activities online, Serin tried to take the blog off the Internet, only to find out that Google has already cached it.

This is not the first time Serin got screwed by Google. In one of his first attempts to secure a loan, the lender actually Googled Serin to see if his application was truthful (it wasn’t).

While Serin’s application painted a rosy picture of his financial status, his blog truthfully revealed that he has several properties and is having problems with many of them. Serin, who is a website developer, said he thought he had blocked search engines from indexing his blog, and that the lender’s investigators must have a backdoor way of getting around such security measures.

Lying on a mortgage application is a federal crime. It is an act of bank fraud, wire fraud, and mail fraud. “This can results in jail time,” said Joseph Falk of the national Association of Mortgage Brokers.

(Photo credit: Casey Serin under Creative Commons Attribution 2.0 license)

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