A flipper's 10 mistakes

Casey Serin hoped to make money buying and selling real estate, but he did many things wrong. Here's a quick look at the mistakes he made:

1

Using stated-income loans, which require little or no proof of income, and lying on mortgage applications

2

Overpaying for property

3

Lacking cash and using credit to make up the difference

4

Quitting his regular job

5

Hiring an unlicensed contractor

6

Buying properties he hadn't seen

7

Buying out-of-state properties

8

Buying too much too fast

9

Underestimating improvement costs

10

Having a poor exit strategy — or none at all