Casey Serin formally of iamfacingforeclosure.com has sold off his domain for $50,000. He did have one offer at one stage of $20,000 and a share of future revenues but he didn’t go through with that deal. The content was not included in the transaction, making it a fairly decent sale for just a domain. It will be interesting to see if the owner can maintain page one for foreclosure.

Casey bought eight properties all with 100 per cent financing in the space of a year and attempted to flip them for a profit. Unfortunately for him the market turned and he was not able to sell the properties, even to break even. At close of most purchases he took out equity in the properties and used the cash to finance renovations and sometimes personal expenses.

He overstated his income from his job and said that he would be living in the properties. Australia is the same as the US in that interest charges are different for investment properties. It is for these factors that, now he is under investigation by the FBI, although no charges have been laid.

I got right into the story downloading all of the podcasts. Casey managed to draw a huge following of mostly “Haterz” and even built up a whole new vocabulary and a bunch of colloquialisms. The caseyhaterz forum which sprung up pretty late in the picture, has hundreds of members and thousands of threads focused solely on Casey’s story.

I don’t know what the moral of the story is, but if you commit any type of fraud it is probably not a good idea to blog about it.