Sunday, November 26, 2006

A lesson on what not to do

foreclosureI know I've mentioned the blog before, but I cannot stop reading I am Facing Foreclosure. Just for the quick overview, Casey (the blogger) bought 8 properties to flip (not rent) with a combined value of over $2 mil. He did this by taking out over $140k in credit card debt, lied on his loan applications, and put no money down. He is now suffering the consequences.

Anyway, I just wanted to post a quote from one of his blog posts that struck me as funny. I have to admit that when I first read it, I felt a hint of jealousy, but quickly snapped out of it for obvious reasons. He is toying with the notion of renting out one of the houses that is being foreclosed:

I’m not paying the mortgage so why not collect some cash, right?

You know, I really wish I could just not pay my mortgages, and pocket the rent. Wouldn't you? He then enumerates the reason why renting is not worth it to him.

Funny. If you have any thoughts on how I can stop paying my mortgages please let me know. However, I will not consider suggestions that result in foreclosure.

Thanks sercasey for the image.

1 comment:

Jack said...

The first thought when reading this was that it wasn't ethical to rent to people when he knew that foreclosure was down the road - then I read the whole post. And was happy to read that at least he was planning on being honest with the prospective tenants.

I find that most tenants will follow through on their end of a bargain (i.e. pay the rent). But yes, there are some who would take advantage. Renting in this situation probably isn't worth it.