Interview with Casey Serin
Casey Serin, a 24 year old Real Estate Investor bought 8 houses in 8 months in 4 states with no money down looking to fix 'n flip. Unfortunately he made a few mistakes along the way in got in over his head with many of the homes facing foreclosure. His blog, IamFacingForeclosure.com is an excellant read introducing first time real estate investors to some of the day to day problems they may face.
What follows is a quick interview with him:
1. Tell us a little about how you were able to buy houses with no money down.
ANSWER: If you have a good credit score there are no money down loans available.
2. Would you recommend the use of Stated Income Loans for first time home buyers?
ANSWER: Yes, if they can comfortably afford the payment.
3. Cash Flow is important, but what would you suggest a new buyer do to insure that they have enough income to make the monthly mortgage payments?
ANSWER: Cash Flow is definitely important. Don't buy it on wishful thinking. Like in my case, that doesn't get you very far.
4. Do you think there is an amount of deals a person should do before considering real estate investing as a full time activity?
ANSWER: depends on how fast the person is learning and getting experience. I would say do 3-5 deals and get to a point where the real estate activity is consistently replacing your monthly income and then you can quit and do REI full time.
5. How important is it to correctly figure remodeling costs? And is there a rule of thumb that can help?
ANSWER: Very, very important. This is where I made most of my mistakes. If you don't have construction experience, partner with somebody who does. Get bids from 3 different contractors on everything before buying.
6. What are your impressions of the current real estate market?
ANSWER: Correcting / going down in most of the country. You can still make money but have to be much more careful in managing costs, buying lower and only do first-time buyer homes because those are the only things that will still sell OK in a down market.
7. What do you think about the rising foreclosure rates? Is this a result of too many people being swept up in the real estate bubble?
ANSWER: Too many people got into loans they cannot afford hoping to cash in on the market (including me).
8. Would you ever recommend any real estate course such as Russ Whitney or Carlton Sheets to any beginning investors?
ANSWER: Sure but don't spend too much money at first. Go for something cheap like www.REI.tv. Don't learn too much too fast. Learn one thing (like wholesaling for beginners) and try it then move on to the next skill. Once you find the niche you want to work, focus on it.
9. Any advice you would like to give to aspiring real estate investors or first time home buyers who may have bad credit?
ANSWER: Look into "Subject-To" investing. That's the only way to buy when you have bad or no credit.
Be sure to check out Casey's Blog, IamFacingForeclosure.com
What follows is a quick interview with him:
1. Tell us a little about how you were able to buy houses with no money down.
ANSWER: If you have a good credit score there are no money down loans available.
2. Would you recommend the use of Stated Income Loans for first time home buyers?
ANSWER: Yes, if they can comfortably afford the payment.
3. Cash Flow is important, but what would you suggest a new buyer do to insure that they have enough income to make the monthly mortgage payments?
ANSWER: Cash Flow is definitely important. Don't buy it on wishful thinking. Like in my case, that doesn't get you very far.
4. Do you think there is an amount of deals a person should do before considering real estate investing as a full time activity?
ANSWER: depends on how fast the person is learning and getting experience. I would say do 3-5 deals and get to a point where the real estate activity is consistently replacing your monthly income and then you can quit and do REI full time.
5. How important is it to correctly figure remodeling costs? And is there a rule of thumb that can help?
ANSWER: Very, very important. This is where I made most of my mistakes. If you don't have construction experience, partner with somebody who does. Get bids from 3 different contractors on everything before buying.
6. What are your impressions of the current real estate market?
ANSWER: Correcting / going down in most of the country. You can still make money but have to be much more careful in managing costs, buying lower and only do first-time buyer homes because those are the only things that will still sell OK in a down market.
7. What do you think about the rising foreclosure rates? Is this a result of too many people being swept up in the real estate bubble?
ANSWER: Too many people got into loans they cannot afford hoping to cash in on the market (including me).
8. Would you ever recommend any real estate course such as Russ Whitney or Carlton Sheets to any beginning investors?
ANSWER: Sure but don't spend too much money at first. Go for something cheap like www.REI.tv. Don't learn too much too fast. Learn one thing (like wholesaling for beginners) and try it then move on to the next skill. Once you find the niche you want to work, focus on it.
9. Any advice you would like to give to aspiring real estate investors or first time home buyers who may have bad credit?
ANSWER: Look into "Subject-To" investing. That's the only way to buy when you have bad or no credit.
Be sure to check out Casey's Blog, IamFacingForeclosure.com
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posted by Chris at 1:58 PM
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