June 02, 2007

Just like dot-bomb, the housing mania will be remembered for little kids playing with (and losing) big money: The tale of David Crisp of Crisp & Cole

HP'ers are likely familiar with the story of little boy David Crisp, who went from waiter to Bakersfield real estate mogul in a matter of months, with plenty of flash, smoke and mirrors. In 2005, even the NAR was pumping the kid (he's 25), with this description:

David M. Crisp 25 president, Crisp & Cole Real Estate, Bakersfield, Calif

In four years, Crisp has gone from waiting tables to being president of his own real estate company, which he launched this year. He’s also opened his own loan company and production outfit, which creates the 30-minute television shows he uses to promote his listings.

Bling is the thing: Crisp insists that his salespeople wear professional attire and be well-groomed. He buys luxury automobiles for his salespeople and has flown clients in private jets to view properties. “Image is key in this market,” he says. “Clients want to feel important and be with a real estate professional who’s successful.”

And then there was this write-up (why do I feel like I'm watching a scene from Boiler Room?):

Agents at Crisp & Cole Real Estate sport Armani, Gucci and Louis Vuitton. They drive Benzes and Beamers. The partners lease a jet to whisk clients, agents and associates to meetings in Las Vegas.

It all started five years ago when Crisp was waiting tables at On the Border and Cole was a salesman for Kyle Carter Real Estate. Cole was trying to sell a house to Crisp’s mother but had to deal with her fearless teenaged kid who kept injecting himself in the negotiations.

“I couldn’t believe the brass on this boy. I went home and told my wife I’d met this punk kid who was going places,” he recalls. Then one day Cole discovered the kid working beside him at the agency. Testosterone, hunger, aggression and flash – this boy had ’em all in abundance. Cole was both amused and aghast.

“He went out and borrowed the money to buy a Corvette. He bought designer suits. He went on vacation in Tahiti,” Cole recalls. “And this was before he’d sold one home!”

Well, I don't even have to tell you how this story ends. Kid's big condo tower project hits the skids. Kid now has eight houses under foreclosure. Kid downsizes his office and operation. Charges eventually get filed (just like his dad who went to jail for passing bad checks). Kid tries desperately to line up new financing.

That's where we are today. Tomorrow? Kid goes to jail. Kid loses everything. Kid's investors get hosed. Kid's buyers get screwed. Kid loses it all. Kid sells off the cars and fancy duds. Kid goes back to On the Border.

And once again, the world learns that little kids shouldn't play with fire, or else everyone gets burned.

46 comments:

Anonymous said...

Fock him and his mother and his family..

i hope they all go the the pound it in the A prison at Vacaville.

corrupt filth.

maybe the repo man is takeing hte bimmers and benzes

Anonymous said...

Housing bust deniers ask how can there be inflation and deflation at the same time?

I guess they were born after the stock market crash of 2000. Energy and food prices climbed while the prices of eletronics and stocks dropped.

Things that are essential to survival will always increase in price. Things that are discretionary can and will revert to median long-term prices.

discretionary:
4000sf McMansion

not discretionary:
basic home to own or rent

discretionary:
stocks

not discretionary:
gas & electric

discretionary:
vacation home

not discretionary:
food & medicine

Jennifer said...

Private jets and designer suits aren't part of my budget. Makes it a bit easier to weather the storms when I'm not building my business with loans.

Anonymous said...

Easy come easy go. Anything not earned is not appreciated and readily lost.

In contrast an honest day's work for an honest day's pay for a lifetime will may you wealthy in a way that what you gain can never be taken from you, regardless of how much you made or how may things you've acquired.

When will we ever learn?

Anonymous said...

kid's pretty ugly

he'll make a nice bitch in jail

Anonymous said...

Kid makes Casey seem like a kid

Bakersfield Bubble said...

Thanks for give this some more attention!

Bakersfieldbubble

Bakersfield Bubble said...

Big story in tommorow's newspaper on the $11 million of defaults by all his office staff...

Bakersfield Bubble said...

http://www.bakersfield.com/768/story/56414.html

Must read link.

Anonymous said...

Anybody who bought into the NASDAQ QQQQ at the peak is down 60% after seven years. The same thing will happen to the morons who bought at the peak of the RE bubble. New Century didn't file bankruptcy because home prices are rising. If home prices were rising, they would have taken the REO's and sold for a profit

Anonymous said...

He's typical of America and especially the real estate business - all flash and no substance. Too bad the rest of the world doesn't buy our overabundance of bullshit, or else we wouldn't have a $9 trillion national debt. Nice suits, cars and vacations all on borrowed money. LOL

I have my nice house, BMW and take vacations too - but it's all paid for with money I earn before spending. I also have a nice 401k, IRA and account to buy stocks, funds and bonds.

When I retire I will not be buying a second or third home. I will downsize to a smaller, energy efficient home that is low maintenance. Anyway, it's the smart thing to do.

Anonymous said...

That nappy headed ho will be popular in prison. I hear they like fresh meat - especially from the realtroll and mortgage brokeback industries.

Anonymous said...

Best quote in the article?

“He went out and borrowed the money to buy a Corvette. He bought designer suits. He went on vacation in Tahiti,” Cole recalls. “And this was before he’d sold one home!”
===============================
I'd swear the kid was a baby boomer.

Anonymous said...

crisp and cole? this story has gay overtones to it......

Anonymous said...

he drove a Corvette, 'nuff said. OK that may be a little biased coming from a Porsche owner, but fuck it, unless it's a pre-1975 version, you drive a 'Vette = you're a dick.

Anonymous said...

Why anyone is suprised by this shyster getting one over on the goyim is beyond me.

Anonymous said...

No contact info at the idiots website. What good is he if you can't f with him.

Shame to go to the can at such a young age. At least he won't be waiting tables.

Anonymous said...

1 US Dollar = 1.06136 Canadian Dollar

1 Canadian Dollar (CAD) = 0.94219 US Dollar (USD)

Interbank rate +/- 0%

This means:
You buy 1 US Dollar : 1.06136 Canadian Dollar
You sell 1 US Dollar : 1.06036 Canadian Dollar
You buy 1 Canadian Dollar : 0.94219 US Dollar
You sell 1 Canadian Dollar : 0.94308 US Dollar

Anonymous said...

They don't call them Crispy & Cold for nothing!

kitchenstove said...

Wow, so I guess it's back to waiting tables.

Anonymous said...

The RE spends alot on ads in the media. The needed stories like him. Rags to Riches back to rags. 6 mo from now no one will remember him.

SenX said...

This one is pretty good too..

"He's also building a mansion worth more than $5 million in Seven Oaks, complete with an escalator and NBA-size basketball court. It's perfect for hosting clients, charity events and Bible studies, he said."

Bible studies?! rofl

Anonymous said...

He's a generation-Y'er teamed up with a boomer.

As usual, Generation-X is the one to get the shaft.

Bakersfield Bubble said...

UPDATE:

Crisp & Cole Real Estate, close family members and staffers have received default notices on more than $11 million in loans.


A year ago, it was all about image: a Gulf Stream jet, bodyguards, a half million-dollar car, Armani suits.

Now, 27-year-old David Crisp is floating in default notices. So are family members and employees, current and former.



http://www.bakersfield.com/hourly_news/story/155905.html

Frank@NeverColdCall.com said...

The fact that he's a kid means nothing. What matters is he's just another sucker who bought into the Ponzi Scheme.

Just look at Scottsdale - everyone from 25 year old bartenders to 55 year old Tommy Bahama-wearing drunks were "buying" property.

Frank@NeverColdCall.com said...

OK that may be a little biased coming from a Porsche owner, but fuck it, unless it's a pre-1975 version, you drive a 'Vette = you're a dick.

Come on now, it's all relative. In Scottsdale the few real people drove 'Vettes. It was the triple-mortgage dicks with attitude problems who drove Porsches.

Anonymous said...

barf

Anonymous said...

Crisp hit hard by home defaults

A year ago, it was all about image: a Gulfstream jet, bodyguards, a half million-dollar car, Armani suits.

Now, 27-year-old David Crisp is floating in default notices. So are family members and employees, current and former. No other local real estate agency has been hit by such a rash of defaults on large loans in recent months, a Californian survey has found.

Yet Crisp says he's not out. He'll make good on the troubled properties and move forward with plans for giant towers at Cal State Bakersfield.

"I will not put my head down," Crisp said Thursday. "I will not roll in the sand. There's not one day where you won't see me in the office working."

Even as Crisp celebrated his latest coup -- apparently securing tentative loan approval to build a pair of 24-story towers at CSUB -- he, his family, his business partner and his current and former employees appear to be in financial trouble.

In all, the former principals of Crisp & Cole Real Estate, close family members and staffers have received default notices on more than $11 million in loans.

During the heady days of the local real estate boom, it was flash that got Crisp & Cole noticed. Crisp appeared on the front page of The Sacramento Bee in 2005 by the open gull wing of a $560,000 Mercedes-Benz McClaren. He later splashed onto the front page of The Californian in front of a chartered jet. He bragged of a $50,000 watch, $10,000 suits, of building a home with an indoor basketball court.

http://www.bakersfield.com/102/story/155905.html

Anonymous said...

Frank@NeverColdCall.com said...
OK that may be a little biased coming from a Porsche owner, but fuck it, unless it's a pre-1975 version, you drive a 'Vette = you're a dick.

Come on now, it's all relative. In Scottsdale the few real people drove 'Vettes. It was the triple-mortgage dicks with attitude problems who drove Porsches.

June 03, 2007 6:50 AM


-------------------------------
Porsche or 'Vette, doesn't matter so much. What matters is anyone driving either of those with an automatic transmission needs to be taken out behind the shed.

Anonymous said...

***************************

Bakersfield, BAKERSFIELD?????

Have you been to Bakersfield?

Anonymous said...

The Higher you climb, the farther you fall kid!

Anonymous said...

Whatever happened to the days when someone worked hard to build a legit business, where it took years of hard work...with no frills (yet)!

Then maybe you would move to a newer facility or a larger one. Maybe a newer higher end vehicle or two.

But a Gulfstream jet???? Even a used GII ,III or GIV is a cost operation of gigantic proportion!

Why start at the top? A Cessna Citation, or some other smaller kerosene burner would be more cost effective to a growing business.

Especially for a local real estate operation.

This kid is going to fly too high and and someday touch the sun, Only to come crashing down in a smoldering heap!

Anonymous said...

Bakersfield?

Anonymous said...

Last time I drove through Bakersfield on my way to Tehachapi, I got a little lost and pulled over to ask directions. I stopped (luckily) at a southside fire station. The sun was setting, and I asked the fireman "how to get back on the eastbound interstate"?

His response was stern, "Do not for any reason go down any side street, do not stop for anyone or to ask directions"!! He then pointed me in the right direction and said, "keep your doors locked"!

Wow! All of this in the real estate mecca of Bakersfield!

Anonymous said...

The impact crater is going to be huge.

Big time Schadenfruede for this dude.

Anonymous said...

This guy had no business taking out those loans. 4.5 Million in default already?


I'M RICH!!! No player, you're IN DEBT.

Anonymous said...

Hey anonymous 12:19
you just discovered the world of arbitrage.

Anonymous said...

The morons who loaned him the money are the real suckers.

K.W. - Southern Ca. said...

It makes sense in are over-consuming society.

We're the same way with food (60% obesity in young people and rising), along with our cars and houses.

Bigger is considered better.

Anonymous said...
Whatever happened to the days when someone worked hard to build a legit business, where it took years of hard work...with no frills (yet)!

Then maybe you would move to a newer facility or a larger one. Maybe a newer higher end vehicle or two.

But a Gulfstream jet???? Even a used GII ,III or GIV is a cost operation of gigantic proportion!

Why start at the top? A Cessna Citation, or some other smaller kerosene burner would be more cost effective to a growing business.

Especially for a local real estate operation.

This kid is going to fly too high and and someday touch the sun, Only to come crashing down in a smoldering heap

K.W. - Southern Ca. said...

This is so true.

The problem is many of those working honestly are taking the brunt through lay-offs and higher taxes.

What you said though still has merit, and I'm hoping we can return to those work ethics.

Only then will we start making progress as a country.

~~~
Anonymous said...
Easy come easy go. Anything not earned is not appreciated and readily lost.

In contrast an honest day's work for an honest day's pay for a lifetime will may you wealthy in a way that what you gain can never be taken from you, regardless of how much you made or how may things you've acquired.

Anonymous said...

Why would a small local realtor (from anywhere) have a need for a corporate level jet like the GIV which is capable of coast to coast operations?

The hourly cost of operation cannot be justified for a very small real estate firm!

Anonymous said...

HAAAAAA!!

Truth in advertising now because they are TOAST!! Burnt Extra Crispy and as Black as Coal!!

here ya go said...


Why would a small local realtor (from anywhere) have a need for a corporate level jet like the GIV which is capable of coast to coast operations?


Why would a family of three need a 5000sf McMansion? Stupidity

Anonymous said...

LMAO. What comes around goes around. Love this picture of the douche-bag suckup scammer:

http://www.bakersfield.com/hourly_news/story/148844.html

Get back to waitering you LOSER!!

Anonymous said...

It's beyond Stupidity!

Status maybe? Arrogance, or did this huckster really think he could play with the big boys?

Anytime you go to a trendy hotspot or a country club function, just listen for the most obnoxious, loud self promoter. With the Rolex showing the fake tan and a fancy set of leased wheels....you'll find a wannabe of epic proportions, tellin everybody how wonderful he is and how many deals he's worked!!!!

Anonymous said...

I feel sorry for all of you that are sitting around being negative about someone you don't even know.Its a shame!