Originally published November 4, 2006 at 12:00 AM | Page modified November 6, 2006 at 11:43 AM
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ShareA 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...
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
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