The 24-year old web site designer bought eight homes in four states with no money down on a $50,000 a year salary.
"It was too easy because you know stated income loans; they call them liar loans in the industry," Serin said. "A lot of them the income is pushed and people state more than they really make in order to be able to qualify."
Serin wanted to buy and renovate run down homes and sell them for a profit.
He manipulated the system again by getting money back on each a sale for repairs and mortgage payments.
Three percent cash back is the max by California law. But Serin always got more.
"I either had to do it under the table, so to speak," Serin said. "Direct side contract with the seller, or do it through a third seller."
The house of cards began to collapse in the fall of 2005. Since then, home foreclosures hit record high levels. And massive loses have forced two dozen lenders out of business and another dozen are in trouble.
"My goal from the start was to create a business out of it. A legitimate business, but unfortunately I made some mistakes with the way I run the loans," Serin said.
It's a mistake a lot of people made and its helping cripple the housing market.