It’s like watching a train wreck in slow motion.

In one year, the 24-year-old website-designer-turned-real estate-flipper bought eight homes in four states “” and in every case but one, he put no money down. At his peak, in April, Serin had $93,000 he’d taken out of the homes as he bought them. By July, he was broke, desperate for one last deal.

Now? Serin has $140,000 in credit card and credit-line debt and five houses in foreclosure.