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.
