The Half a Million Dollars Home Raffle

by Osman Parvez

Remember Casey Serin?

He's that 24 year old kid who lied on his mortgage applications and ended up $2 million in the hole buying investment properties. He realized he was in over his head and had to try and get out of the mess he created, he started a blog a few weeks ago. It's called and he's using it to publicize his situation and document his efforts.

Now Casey's got a new trick up his sleeve. He's planning to setup a raffle for one of his $500,000 houses.

While I don't approve of his complete disregard for ethics or law by lying on his mortgage applications, I have to hand it to the kid. He's pretty clever. His blog is getting traffic. He's also gotten a great deal of coverage from other bloggers (including me), radio stations, and the mainstream media (MSM). I think we'll be watching him on Oprah soon. Can he pull off raffling one of his houses?

Maybe. At $50/ticket he's got to sell at least 10,000 tickets to pay off the 100% financed loan.

Do I trust him enough to send him a $50 check? Not on your life. But he knows his credibility is shot and he's looking into a third party escrow company to hold the funds. Stay tuned...

Image: Casey Serin

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This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.