22 Year Old Owns 13 Homes He's Never Seen
Stories like this one from Fortune are just what one would expect in a financial mania. "Zareh Tahmassebian is on the way to look at two of his houses in Phoenix. He is lost. Tahmassebian has never actually been to these particular homes. There are a few reasons for that: (1) He has no intention of ever moving into them, (2) he lives in Las Vegas, not Phoenix, and (3) he owns six other houses—and a half share of seven more—in the greater Phoenix area. 'Sometimes it’s hard to keep track,' he says."
"Tahmassebian, just 22, has spent the past four years in Las Vegas working as a mortgage banker, a job that he says paid him $250,000 in salary and commissions last year."
"'Where are my houses?' To get more help, he dials KB Home on another phone, and soon he has a gleaming silver clamshell at each ear. 'See this wood?' he says, gesturing to the slatted frame of the unfinished house. 'This wood made money for me! I don’t own it—but I own the rights. I put a 10% deposit down, I haven’t even made a mortgage payment yet, and it’s already gone up $45,000. What a country!'"