First There Were Housing Bubble Blogs

I wonder how many blogs there are like IAmFacingForclosure.com:

I'm a 24-year-old aspiring real estate investor from Sacramento CA. After going to few seminars I bought 8 houses in 8 months across 4 states with no money down. I fixed and sold 2 and then ran out of cash. I am now facing foreclosure on 6 5 houses.  I'm learning my lessons, finding solutions and blogging about it.  Comments appreciated!

How it all went down:

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?).

This is the best part:

As the last resort I went for one more cash-at-close deal. It’s another builder lease-back house in New Mexico from the same builder. The builder and I have become friends and we structured a pretty good deal. I told him I will close with no problems.

I went to get financing figuring I will get it just like before. However, this time my credit score took a dive because of all the maxed-out credit cards. I still pressed on and tried different loan programs and loan brokers. Finally I find the right program and was set to close. A few days before the close the bank denies the loan. Why?

They Googled me! Its ironic/funny/embarrassing. They found one of my early blogs where I was talking about flipping houses. It was pretty hard to find too. It was supposed to be hidden from the search engines.

Heh.  This guy's candor is pretty cool.  Check out the rest of the store here.