A Sobering Tale

From I Am Facing Foreclosure:

September 5th, 2006

Why I am Facing Foreclosure

What happened? Why am I facing foreclosure? Basically, I bit off more than I could chew.

Here is the story.

I started investing in October 2005 and went full-time in January of this year (2006). This is after going to numerous real estate investing seminars, reading books and learning from other investors for the past 2 years. I did my first successful deal in October while still at my full time job. In January I quit my website programming job and went all out!

From October 2005 to May 2006 I bought 8 houses in 4 different states, mostly with the help of 100% stated income loans (liar loans). Most are fixers - I was going to rehab and flip each one within a month or so. Buying was easy, but man was I in for a surprise (or a lesson?).

Read the whole story here.