24-Year-Old Buys 6 Homes No-Money Down: $2 Million Debt

Nothing smarter than blogging your own financial fraud:

I’m a 24-year-old aspiring real estate investor from Sacramento CA. After going to few seminars I bought 8 houses in 8 months across 4 states with no money down. I fixed and sold 2 and then ran out of cash. I am now facing foreclosure on 6 5 houses.

But he short-circuits any sympathy:

I overstated my income, and misrepresented my owner-occupied status and concealed the cash-back-at-close from the bank. I knew it all along. Nobody made me do it. It was my fault. I take full responsibility.

One thought on “24-Year-Old Buys 6 Homes No-Money Down: $2 Million Debt

  1. BW

    What kills me about this is he quit his job to do this real estate investment. Bad idea. You can do both real estate investment and hold a job. It’s hard but it can be done and you, hopefully, never get so behind that this starts happening. He went all in and it bit him in the ass. Never mind that he lied on his loan applications, which was stupid stupid stupid. If you have to lie to get a loan, maybe you shouldn’t be getting that loan, hmm?

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