Back Home from Phoenix

The trip to Phoenix to meet Robert Kiyosaki was a great experience and opened some doors for possible future opportunities. I was interviewed on Rich Dad TV on Tuesday and Wednesday. Both segments will be available on Rich Dad Insiders soon.

All that stuff is great, but at the end of the day, I’m still in trouble and I need to get serious about digging out of this hole. I was offered phone mentorship/coaching via Rich Dad Coaching program. Also, as a result of USA Today and other media exposure I was offered free seminars and coaching from other gurus, both well known and not so well known.

After thinking about all this I am deciding to turn down all mentorship opportunity and just focus on working with my local “Rich Dad”. I have already have a sweet opportunity here and I need to take advantage of it.

That said, I’m VERY grateful to Robert Kiyosaki and all the other gurus/mentors for trying to help me out of this mess. I appreciate the positive energy and motivation. After all the criticism I get on this blog it’s a “breath of fresh air”.

So what I really need to do is to focus. All this hype and “notoriety” has been distracting me. I have a big mess to solve. It’s time to get serious and get down business. My future posts maybe get less frequent and will be short and sweet. I can’t get too distracted with blogging. Somebody compared it to standing in front of a huge tsunami wave and taking pictures of it. Well I need start running, fast … and only take pictures (blogging) if I have time left over.

Filed under other stuff
On Rich Dad TV with Robert Kiyosaki
Facing Foreclosure on Vigilant Investor
76 Comments

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1. Lee
November 2nd, 2006 at 1:30 pm

Casey, you are now mistakenly chasing fame rather than success. While I’m sure that you enjoyed focusing on the limelight (rather than your problems) during your recent trip to Phoenix, you must and will soon be forced to focus on reality. Don’t you find it strange that your “Rich Dads” are willing to give you free advice (in exchange for publicity) but aren’t willing to provide financial support? That’s because they know that when the public forgets you, your lenders won’t.

That being said, I wish you well because you are entertaining and we all wish that the fairy tale could come true. Right now, I believe that your only chance is to convert publicity into dollars, so I’ve been trying to help you at http://dreamcorp.blogspot.com. I’ve even offered you a quick way to make a few bucks, so check it out.
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2. gozar
November 2nd, 2006 at 1:37 pm

Casey, I really feel that these ‘gurus’ are just using you right now. You got some major media exposure, and people like RK are in the business of marketing their own name. He got his name all over your blog which is being focused in mainstream media right now. That’s what he wanted. Now he has no use for you. You’re being exploited, but they are really offering you nothing in return.

I was one of those major haters at the beginning, but now I’m really feeling sorry for you. You are in major trouble, and you trust the wrong people. The people that you call ‘haters’ and ‘critics’ have actually been giving you the most logical advice. Yeah, RK can be cavalier and smug with his middle finger - but at the end of the day he’s there to sell books and you’re still 2.5MM in the hole.
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3. edward allen
November 2nd, 2006 at 1:41 pm

drtomaso criticizes my posts says that Casey has been involved in massive mortgage frauds. So where’s the evidence of this, drtomaso? Casey has done nothing more than what real estate investors across the country have done and are doing, and the authorities know this. Casey Serin‘s case has been well-publicized by now that they cannot be aware of his business practices, and Casey’s continued publication of this blog every day is proof of what they believe about legal violations.
Banks also have read these stories and this blog. So ask yourself drtomaso, why no foreclosures? Nor do I read any evidence on Casey’s blog so far of any bank threatening suit, claiming they fraud?
Sure there are plenty of threats of foreclosure, but no action so far. There‘s a reason for that, too. Banks count estimates of interest payments on mortgages as revenue when they report their earnings, and this increases the value of both the bank stock and the very lucrative stock options bank executives hold. Withdrawing those loans is an admission of errors in estimating revenues, and something bank executives avoid like the plague because taking back the loans would reduce the value of their stocks and stock options, and so hit them directly in the pocketbook. With their personal money threatened, the banks are going to do everything in their power to avoid foreclosures.
It is incorrect to blame Casey for what’s happened _ he just used the system that was available to him, and encouraged him to do it this way. Do you really think in this day of computerized data banks that the banks didn’t know of his other purchases, or that they were loaning money to someone who basically was unemployed.
It looks to me like Casey had a clever business plan, and knowledge of how to execute it. Which is why I have been suggesting the way out of his plight is to blast on buying more houses and accumulating more assets rather than dwelling on the temporary problems he‘s facing now. Wal-Mart became Wal-Mart by buying more supermarket property and building more stores, and McDonald’s did the same. If they abruptly stopped on their accumulation path, they would have been bk. But they did not stop. Casey knows that real estate appreciates at about 10 to 40 percent a year in recent years, and there’s never in history been a long-term collapse in real estate prices (think being a homeowner in blitzed Berlin or London and look at the prices of housing in those cities today). The system we live under encourages people to buy and accumulate homes with tax breaks and “no money down” or balloon note mortgages allowing investors easy access to capital they need to grow.
Despite personal attacks, RK and other gurus are only pointing out the obvious: don’t stop now: buy more. There’s still plenty of easy money out there to use, and as long as you suffer the abuse from fools like drtomaso, it’s perfectly OK. It’s not just OK, it’s the American way.
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4. fijirobe
November 2nd, 2006 at 1:41 pm

SIGN THE DEED IN LIEU

STOP DICKING AROUND
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5. Tom
November 2nd, 2006 at 1:45 pm

After going all the way to Phoenix and being interviewed by rich dad, instead of giving you a couple free books I would think he would have been offered some personal phone mentoring from RK himself, instead of handing you over to his generic coaching program. I don’t know much about RK, but it seems he doesn’t really like to answer questions directly anyway, so personal coaching from him might not have been much help anyway. I wish someone would have given you some direct advice on what to do in your situation, but it seems no one knows what to do or has a magic pill. Good luck you’re going to need it.
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6. Darren
November 2nd, 2006 at 1:51 pm

wow first one…well im sure weve all been staring at the same tsunami..time to get back to work..thanks for the entertainment
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7. Alphahawk
November 2nd, 2006 at 1:55 pm

Have you offloaded the Dallas property yet?

You have an opportunity to reduce your exposure to a loss here. Take it before the window closes.

Since you seem to understand buzzwords;

Inventory that makes you profit is an asset.

Inventory that will not is not.

Getting rid of loss-making inventory is an opportunity that must not be missed. Hanging on to it in the hope that the reluctant buyer will make you some money is bad.

Don’t screw this up.
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8. Robert Coté
November 2nd, 2006 at 2:07 pm

The trip to Phoenix to meet Robert Kiyosaki was a great experience and opened some doors for possible future opportunities.

What possibilities?” What do you bring to any relationship or deal or anything? Seriously. What do you bring to any situation that has value? Look at your track record. Everything you’ve touched has gone sour. You got us all in a predicament because you were unwise, unworldly, incautious and generally reckless. You’ve gotten literally hundreds os suggestions from people with track records of success and you ignore them. Is your value an ability to blissfully ignore what works? I’m not criticizing, I am asking you to market your skills. What skills? What liabilities? You’ve got both but seem unwilling to do a full accounting.

Count your lucky stars on this trip. Next time the “benefactor” might be the Phoenix or Dallas DA waiting at the airport with TV cameras and a warrant.
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9. Kevin L
November 2nd, 2006 at 2:07 pm

Casey,

Good to hear about your switching gears to focus on your problems at hand rather then blogging on this website. I have been a visitor to this site for a very long time, before most of the media attention and I can tell you that I liked the original sprit of this site better then what it has become.

I ‘m interested in the step by step run down on what you are doing to work yourself out of this hole, I’m not interested in the blog type comments from the “haters” “critics”, or really even the supporters.

I like to see the details on how the negotiations are going with the short sales. I’d like to hear what the lenders are saying to you, and how you are going about working things out with them.

Regards,

Kevin L
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10. star
November 2nd, 2006 at 2:18 pm

That’s the first sensible idea I’ve seen from you to date. Now if you’d just start working all waking hours for an assured income, you’d be on your way to digging out of the hole.
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11. breakdown
November 2nd, 2006 at 2:57 pm

You want to get rich.

There are 2 kinds of rich people: (1) those that got rich by doing what they love. They are good at what they do because they love it. They channel that love into their work… and, (2) those that got rich because they took big risks (ie. got lucky).

If you think you “love real estate” then you need to question your own ethics. People who love the work they do, do not act as you have acted. There is no “hurry” to do deals. There is no lying involved to get loans. You have a number of vacant houses that are rotting away while homeless people sleep on the streets. You took them off the market at an irrationally high price so no other family could afford them. You borrowed money that will not be available for other borrowers. Clearly, you fall in category #2, getting rich by taking risks, and you are facing the losing side of those risks.

Our society works. Capitalism works… but it’s founded on the idea of productivity, efficiency and mutual real gains. Flipping houses is not a sustainable business model… sorry you drank the coolaid.

This website is amazing and you have surely influenced others (hopefully, to do the right thing).
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12. Legion
November 2nd, 2006 at 3:18 pm

Edward Allen with so much hot air you should use Hurricane Ed as your nickname.

1. Banks just can’t foreclose on you no matter what the circumstances…they have to go thru all the rules as well.

2. It’s always easy to use anecdotes “McD did it etc etc…”
Well for every McD that succeeded there were thousands more people that kept doubling down and doubling down and didn’t succeed, just go to any Vegas Casino and ask.

3. If you REALLY believe that Casey can dig his way out of this and succeed, if you really believe in your heart that he can tunr this around, then put your money where your mouth is and invest in him. give him 10K and see what kind of returns you get, or if you lose it all.

All these “lovers” that praise Casey and say he is doing the right thing and he can turn this around are full of it…if you were to ask each one of them to their face..”is this the kind of business that you would invest in right now?”..99% would say…HELL NO. The other 1% are too stupid to know any better and I have some Enron stock to sell them…real cheap too!
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13. um ur dumb
November 2nd, 2006 at 3:29 pm

hello!
has your brain been 4closed?

if your in all this debt then why are you on richdadTV?

are you a SHILL (RK’s b**** ?)

why arent you filling us on the details? i gotta join the RK cult to see your clip? huh?

arent you starting to think that youve been suckered by RK?
or are you in cohoots with RK to make more suckers?
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14. Legion
November 2nd, 2006 at 3:32 pm

LOL!

RK: Well, you certainly have dug yourself some kind of hole.

Casey: Yeah, well I’m glad you invited me to meet you, I’m kind of hoping you can spot me some seed money so I can turn this all around.

RK: Ha ha ha..what, you serious? No, I could lend you money, but then you wouldn’t really learn from that. “If you give a man some fish you feed..ummm..teach..to fish..ahh some crap like that”
Anyway, I won’t give you any money, but I will offer you some phone mentorship…discounted of course.

Casey: Whaaat? I’m in this mess because of the advice I read about in your books! The last thing I need is more advice from you!!!

RK: Well then..have a nice trip.

So Casey returns home…having wasted three more days of doing squat about his current situation, and realizing that he ISN’T getting the big bail out from RK, his hero.

by the way Casey..while you were visiting RK, let me guess…you realized that all his Company was about was selling books, games, mentorship etc.. etc… let me ask you..did you actually see him doing any real estate deals or actually trying to make money in ANY other way besides teaching people how to make money? I’m guessing not, and that must have taken a little bit of wind out of your sail, as you came to the conclusion that this guy is a bigger scam artist than you are.
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15. HN
November 2nd, 2006 at 3:33 pm

edward allen is either completely blind or absolutely dumb. The fact that many people sniff coke doesn’t make sniffing coke legal in america. Even Casey admitted he committed mortgage frauds.

I’m glad that Casey is back to earth again because he has an ocean full of shiet to deal with. Those opportunistic bastards (AKA gurus) are really feeding on Casey’s publicity, aren’t they?

Casey must demand a minimum fee of $7K plus travel expenses to appear at any event from now on. Perhaps, that’s how Casey should earn honest dollars.
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16. lhc
November 2nd, 2006 at 3:39 pm

Casey I hope things work out in your best interest. Im sure there are more than a few of us who wonder how many hits this site gets you have not told us yet nor have we heard what kind of fico score you have. So maybe when people read this blog they will go to my website i have a counter there and they can see how many hits my site gets that might give some kind of an idea how many hits you get so if anyone ever wondered go to www.havasufsbo.com its not much of a website but a counter is there for anyone to see it has 10 hits as of 11-02-06 good luck to you casey keep us updated.
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17. Joe
November 2nd, 2006 at 4:15 pm

This is the exact reason you got yourself into this trouble. You are an idiot that’s clueless. A mentorship program? How is that going to help you? Unless you have financial help, you have NO opportunities. Quit kidding youself. Idiot.
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18. you are crazy!
November 2nd, 2006 at 4:26 pm

Okay, now this is better. Let’s see if you actually do this. (I still chuckle thinking about your response about your job a few days ago that focused on the time that you arrived and the time that left rather than what you actually DID that day).

I ditto many comments above, you’ve gotten lots of advice from far smarter people than you, you didn’t take this advice, and weeks later, your situation has not improved. You still owe 5 houses, credit still ruined, still no paying job, still wearing the same blue shirt, still have the soul patch. You owe $1,000s more in interest now, too.

I do hope that you’ll keep us updated with substantive info (the NYC lender who kept the $650 you sent him, the DIL, the other properties, etc).

But, you’re clearly not predictable in ways that most rational people would be–so it’s hard to tell what you’ll do next…
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19. Realist
November 2nd, 2006 at 4:36 pm

Casey,

From the No Limit Ladies blog:

“Just an update on Casey’s visit- he’s not here any more! He flew back home last night. You can read his thoughts about the trip on his blog post today. I’ll post mine about the trip and the “deal” tomorrow.”

What’s the “DEAL” she’s talking about ???????????

Sounds like someone’s playing games with us readers ………
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20. ha38349
November 2nd, 2006 at 5:03 pm

Are you going to sign the deed in lieu ?
Do you think the lenders on the other properties would also consider a deed in lieu ? Perhaps that is the best approach on some or all the properties.
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21. Compassion in Short Supply
November 2nd, 2006 at 5:06 pm

Hey, Casey…
I am a Realtor and the buzz I am seeing all over town (So. Cal and even other states) is “if you want to sell your home- REALLY want to actually sell it for the most money- determine the actual market value and then list your home for 10% under that. Period.

Casey, you need to get rid of this non-selling inventory at an alarming rate. I am seeing way to many people stuck with just one home and going into foreclosure. List your homes at 10% under market and they will sell. Not only that, your lenders shoudl accept a 10% off short-sale, because it is better than they can get after the expenses of selling.

Forget making money on these properties and get them sold. You can still rent them out until they sell, provided the tenants don’t ruin the place.

You need to move quickly, otherwise you will be “chasing the market” as it slides downhill. Anothe rposter said it best “you have unselling inventory” - LIQUIDATE IT!

That is what any investor or even store-owner does. You liquidate the crap and move on to better items at better prices. I suspect the best deals now will be foreclosures and maybe even tax lien properties that are paid off.

You CAN sell these properties- you bought them. Get an agressive Realtor for each property that KNOWS the current market adn take their advice on pricing; just make certain it’s 10% below market, pay the buyer’s closing costs as a stack-on, and close the deal!!
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22. Gustavia
November 2nd, 2006 at 5:25 pm

Realist says “I’ll post mine about the trip and the “deal” tomorrow.” from the No Limits Ladies blog.

On the last story Nigel Swaby did about Casey [there is a link on Casey’s blog on the right to that blog] there is a post from a guy that actually knows Casey and a link the story he wrote about him. Verrra interesting…

On that blog one of the comments is from the No Limits Lady. She says

“Like Kimber said- I felt Casey was truly remorseful and trying to get out of his situation. So I arranged for him to receive the help and encourgaement he needed. His reaction was not what I expected - it’ll be on my blog tomorrow-”

Stay tuned, I guess.
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23. Misstrial
November 2nd, 2006 at 5:44 pm

Outstanding post from Tim:

“She is already on the hook for the debts, given the way the proceeds from the transactions were used to finance their living expenses, her college expenses, etc. By Casey’s own frequent admissions. Some of the comments here about how Casey’s transactions are not her responsibility, under California’s community property rules, are nonsense. By benefiting from the transactions, by living off the proceeds, and by doing the paperwork (as Casey has said is her part of the deal), she shares in any proceeds (as she already has) and in any indebtedness (as she will in coming years as the debts are gradually paid-off).”

Instead of meeting with RK, it would have been better to have met with Gerry Spence, the famed criminal defense attorney.

BTW: The Statute of Limitations for your particular crimes will determine when the AG, DA, or the FBI files charges against you. It is not uncommon for prosecutors to wait until the very last week of SOL expiration before charging you. Thus, alleged criminals think that they are getting away with it - until the guys with the badges and the guns show up at the door.

~Misstrial, copyright 2006
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24. G-man
November 2nd, 2006 at 6:32 pm

“edward allen” writes:
“Casey has done nothing more than what real estate investors across the country have done and are doing…”

Warren Buffett writes:
“The five most dangerous words in business may be ‘everybody else is doing it’”.
(source)

Whose advice do you choose Casey?
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25. Don
November 2nd, 2006 at 6:42 pm

Casey, I know an easy way out of your situation:

GO BACK TO UZBEKISTAN!

NEVER RETURN TO AMERICA.

YOUR DEBTS WILL NOT HAUNT YOU IN UZBEKISTAN!

The American Dream is NOT for you. You already fucked things up. Your American future will be in a jail cell where you will be raped and abused. Run out of here and go back to where you belong.
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26. Mr. Flipper
November 2nd, 2006 at 6:44 pm

To breakdown,

I know you mean well, but you’ve been reading too many giggley, pop psychology articles on self actualization…

First there are not just two kinds of people who get rich: 1) those who do what they love, vs. 2) those who took big risks. Com’on.

What about those who inherit money?

How about those who are so gifted, their parents force them to perform for money until that’s all they can do (does a young black/asian/indian golfer come to mind?).

Isn’t it ridiculous to write that if you love what you do you won’t do anything dishonest? Puh-leeze. Does Abramhoff sound familiar. He loved politics and lobbying — a LOT!

Excuse me… the homeless? Not one homeless person would be able to take advantage of any of these houses even if they were able to discount them to 50% of actual value. Homeless people are incapabable of owning a home. They live under bridges for a reason.

Yes, our society works on Capitalism, and productivity is its fruit, but wow you’ve been held under water far too long to believe and write that, “…flipping houses is not a sustainable business model… sorry you drank the coolaid”.

Uh, no sorry to you. You’ve evidently are just drinking.

Since you don’t know how to flip properties, you beleive therefore that it can’t be done.

I’ll bet you don’t know how to perform brain surgery either, but I’ll also bet you know there’s a few sustainable brain surgery practices somewhere out there anyway, huh?

Speaking of professional flippers, let me say that I truly hope you’ll spread the word that flipping is not a sustainable business, becuase it will make my life so much less competitive.

In the meantime, I’ll just have to continue scrimping on the $65,000 average gross profit I make on each of my flips.

That’s fine if I only close on four deals this year. As I think about it, that’s not really sustainable for my budget…

Hmm, maybe I should consider mowing lawns…. It’s much lower-budget. That’s a sustainable business.

Hmm, brains surgeons make a million a year. That’s sustainable.

Naaah, I’ll stick with flipping. I hate grass and blood.
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27. breakdown
November 2nd, 2006 at 7:07 pm

Those who inherit money are born rich.

To actually “get rich” implies going from poor to rich.

Are your margins shrinking Mr. Flipper? Are you worried?
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28. thehollowman
November 2nd, 2006 at 7:09 pm

Before I say what is really on my mind, I’d like to give a big WTF to Ed Allen. There are some real clueless chearleaders on this board, but you are the king. If I were a defence attorney, I’d want you on my jury because I’m sure even if my client admited killing someone in coldblood on the stand you’d find him innocent. Open your eyes, and read the thread about him going to jail. Sheesh.

Casey, *shaking head* please take off your rose coloured glasses. I’m really hoping that this is a viral marketing board like some suggest because you are just refusing to see reality. Bob gave you zilch, zip, nada - ok three books and some face time, but in the big picture that is exactly nothing. Fame, or perhaps infamy, doesn’t automatically translate into fortune. You are still up to your eyeballs in debt and nothing is going to change that short of someone bailing you out, and quite frankly, I wouldn’t be expecting the calvary to come charging in.
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29. G-man
November 2nd, 2006 at 7:09 pm

Casey, I like your new focus and decision to “… to turn down all mentorship …[and] time to get serious and get down business.”

So now that we’ve heard the talk, best of luck to you, and now walk the walk.

(Amending my previous post - the better Buffett quote is: “…every time you hear the phrase ‘Everybody else is doing it’ it should raise a huge red flag. …start with what is legal, but always go on to what we would feel comfortable about being printed on the front page of our local paper.” [or in the case of younger generations - posted to a blog and lives on forever in The WayBack Machine and in Google’s cache])
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30. ha38349
November 2nd, 2006 at 7:24 pm

How about helping Casey become more famous! Add an entry to wikipedia.
http://en.wikipedia.org/wiki/Casey_Serin
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31. Mtgpro
November 2nd, 2006 at 7:24 pm

Chance are Kiyosaki did give Casey some advice and he’s just not saying. It probably went like this. “Less Blogging, more attention to your problem”

Which is true, if I was in the same situation, this blog would the furthermost thing from my mind.
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32. Michael
November 2nd, 2006 at 7:37 pm

Edward Allen-

Where you one of those Gurus I met at the Los Angeles RE expo last Feb.? If so your advice was very reckless.

Keep buying? Huh? With what?

No Mr. Serin. Stop and asses your situation so you can re-coup and continue your RE biz at a future time.

There have been longterm crashes in the Real Estate Market sir. As a “guru” you should know this. Florida in 1926 just before the great depression. Japan’s prices are still falling. The real esate bubble has held Japan in a economic reccession for 15 years now. There have been booms and busts all throughout history.

You can’t just recklessly purchase real estate in a falling market hoping it will go up.
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33. Anonymous
November 2nd, 2006 at 7:52 pm

Mr Flipper.

Somthing tells me your about to go belly up.
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34. Bring the Cash Flow
November 2nd, 2006 at 7:56 pm

On Ramit v. Casey…

Today Ramit posted a rather scathing account of his former friend Casey Serin’s real estate dealings. I have some comments on the post below:
”Wow this really made me mad. Casey had tried to sucker people into a scam real-estate d…
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35. Max Stein
November 2nd, 2006 at 9:11 pm

Ladies and Gentlemen of the Board,

It has been said Casey’s story is like a train wreck and visitors want to watch it happen fast. Though I hate to correct people, I’m afraid this line of thinking is wrong in this instance. Casey’s tale is more like the Poseidon Adventure.

It’s a large vessel, slowly sinking to the ocean floor.
Like the Poseidon Adventure, this story has been filled with cameos by aging “has beens”, wannabe upstarts and characters who have not yet revealed their identity. For a guy who had little time to blog, this has been a great week for Casey. The Deed in Lieu is still hanging as a plotline. And Anon’s Nietzchean palindrome reared its head like he said it would, “Mistakes are only Sins… when not admitted.” R.I.P. Anon.

You can’t jump ship so soon. All will be revealed in good time. Who knows what will grace the pages of this blog in the coming weeks and months? Folks, this is no train wreck to slow down to 20 m.p.h. and rubberneck. This is epic. Pull up a chair, mix a drink and enjoy, for it’s not going to end anytime soon.

Max
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36. Legion
November 2nd, 2006 at 9:13 pm

“Chance are Kiyosaki did give Casey some advice and he’s just not saying. It probably went like this. “Less Blogging, more attention to your problem”

Which is true, if I was in the same situation, this blog would the furthermost thing from my mind. ”

Gee..he had to go all the way to Phoenix for this info? We’ve been telling him the same thing for free for weeks!
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37. Rick
November 2nd, 2006 at 9:16 pm

After reading the latest on your history I am quite speechless, but not surprised. Your attempt at fleecing your friends was transparent and obviously not well executed. Gotta love your post on your friends blog…it reeks of the guilty criminal trying to make the jury believe his story.

“Ramit, thanks for a fair writup.

To everybody…..

Yes I DID send out that email to try to find some private lenders who want to put their money to work with me.

I wanted to use the money to bail out the properties, sell them and pay the lenders back. I wanted to also use the money for buying new properties. I was going to explain everything to a private lender once we meet.

To make it safe, I was going to secure the lender’s money by a trust deed against my properties.

This strategy was tought at one of the seminars I went to. They said to go to your friends/family and see if anybody wants to be a private lender.

What I did wrong was to make it seem like my business was going great when really I was in trouble.

The right thing to do when you approach somebody to borrow money is to be upfront with your financial health so that the private lender can make a smart decision.

However, I was desperate and sent out that first email.

Then I realized that it was wrong to hide the fact that i’m really facing foreclosure, so then I send another email to make sure everybody understands my situation.

So again, I appologize for not being upfront. I’m learning a big lesson through all this stuff.

Keep in mind that being a private lender on RE deals is NOT a scam. Its actually a great way to get a nice return.

Just make sure you know the strength of the borrower and make sure you get your money secured by real estate with some equity in it.

Casey Serin
www.IamFacingForeclosure.com”

So you wanted to scam cash from your friends to keep your properties out of foreclosure? You say no, but that is exactly what you were trying to do.

Ramit called you on it and you fed him a line of bullshit.

“To make it safe, I was going to secure the lender’s money by a trust deed against my properties. ”

Properties that were financed at 110% of purchase price with no equity left in them except what you imagined? Thats really safe Casey. You are not only delusional, you are a liar and a con artist.

“What I did wrong was to make it seem like my business was going great when really I was in trouble. ”

What you did wrong was LIE about what you wanted the money for. You also made up imaginary “partners” to make it sound like you actually had a team of people working with you.

“However, I was desperate and sent out that first email.

Then I realized that it was wrong to hide the fact that i’m really facing foreclosure, so then I send another email to make sure everybody understands my situation.”

Another LIE…you tried to sucker Ramit with a followup email when he responded to your first email. Only after he declined to engage did you send out that confession.

Con men are charming Casey, they make a living getting other people to believe their BS. You are a con man, and not a very good one from the looks of things. You cannot keep your story straight. You make up stories, tell half truths and outright lies.

For everyone who has yet to see this, here is the link to the story his “friend” posted:

http://www.iwillteachyoutoberi.....ision.html

Read it closely people…the truth is between the lines. Ramit sounds like he is a good guy who has been blinded by your charming personality Casey. The truth is more likely that you have lied, cheated, conned, and stolen your entire life. I have known people like you, I think everyone runs across one in their life at some point. You are a user, and this mess you are in is the culmination of a lifetime of usery. That much is very clear now.

I really thought before you were just naive, and all the harsh statements about your fraudulent mortgage applications were fairly out of line…but now the real Casey Serin is exposed.

If you were in the room with me I would have nailed you in 5 minutes for exactly what you are. Ramit saw it, but is partially blinded by your charm as a former personal friend. RK probably saw exactly that as well, which is why you were sent home with nothing more than a few minutes of conversation to show for your trek. If he really thought you were an honest, hard working individual he would have offered to help. He smelled con man, and you got a taxi to the airport as a result.

Fraud, con man, userer, criminal…it is all true. You deserve everything that is coming to you and more young man. At best that will be bankruptcy and decades of indentured servitude to your creditors. Hopefully you will be punished as the criminal you are for the fraud you deliberately perpetrated.

After reading all of this I have no mercy for you. You may have conned Ramit into thinking you are not such a bad guy, but I have seen dozens of scum like you on the streets of Berkeley and the beach flats of Santa Cruz. You would steal a blind man’s dog and try to collect the reward money for “finding” it.
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38. Expat
November 2nd, 2006 at 9:53 pm

I don’t undersand how you can get in such a situation, then get yourself cheered up by some of the so-called “Gurus” for your blogging frankness… I sometimes feel like you just put yourself in such a situation (desperate & strange enough to create a good blogging content) to create this & build your experience as a brand for this blog…

There is something I don’t get here…
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39. Mr. Flipper
November 2nd, 2006 at 10:23 pm

To “Breakdown” and “Anonymous”,

A pro flipper works both sides of the market spectrum equally well, otherwise they’d be out of business whenever the investing climate changed. In fact, if they don’t modify their flipping procedures to meet seller/buyer demands, you can bet (as in sense) that they would go belly up. The amateurs do. It’s not rocket science, but it does require education, experience, money, time, and energy to remain successful. Thankfully I have all those criteria.

Frankly, the more extreme things become the faster I can make money.

And, “Anonymous”, as an expert flipper I presume, since you “sensed” that I’m about to go belly up, what exactly gives you this sense?

While you think of an answer, don’t forget your professional sales pitch, “Want fries with that?”
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40. breakdown
November 2nd, 2006 at 10:50 pm

If you hold an inventory homes, you lose if the price appreciation trend is against you.

What market has appreciating real estate right now?

Where is your inventory?

What kind of trends are your margins showing?
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41. Legion
November 2nd, 2006 at 11:15 pm

“While you think of an answer, don’t forget your professional sales pitch, “Want fries with that?”

As opposed to yours? “Want matching toilet bowls with that? How about a new mercedes? A trip to hawaii?”
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42. Legion
November 2nd, 2006 at 11:31 pm

Just read Ramit’s blog

http://www.iwillteachyoutoberi.....ision.html

…well there you have it in black and white…little Casey was trying to do a Ponzi scheme on his friends. When he got caught is when he admits to the REAL situation. Wow, how nice and honest of you Casey.

“Invest your money with us and get 24% fixed return secured by real estate.
We use your money to buy and fix houses improving the area and helping sellers in distress.”

What’s with this “we” and “partners” crap? Face it Casey, it was just you trying to bail your own sorry a** out and screwing your “friends” to do it. How DID you come up with a 24% return anyway?

So now for all you dumbasses that support Casey, like I have said before..HERE IS YOUR CHANCE TO PUT YOUR MONEY WHERE YOUR MOTUH is and invest in this mental midget. Go ahead people, he promises 24% returns and your money is safe with him..you always have his properties.
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43. Proton
November 2nd, 2006 at 11:32 pm

Casey,

Looks like you are in a world of hurt. You are likely upside down on all of your houses. Your best option would be to
simatanously negegoate a “deed in leiu” with all you
properties with all of your lenders in exchange for them not
reporting to the credit bureaus your “misdeeds”. Your
properties are getting massive exposure. If they aren’t selling
they are likely overpriced. Get a job to pay your living
expenses. Work for your “Rich Dad” to see how he does
deals that work. Then work on acting as a broker and finds
some properties for your Rich Dad and other investors
after you do that successfully for a few years You may
want try buying some properties your self

If you try and get rich overnight you usually wind up losing
all your money.
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44. Mr. Flipper
November 2nd, 2006 at 11:50 pm

To “breakdown”,

You talk’in to me?

You asked:
1) If you hold an inventory homes, you lose if the price appreciation trend is against you?
2) What market is appreciating real estate right now?
3) Where is your inventory?
4) What kind of trends are your margins showing?

————————
Real quick…

1) Yes, but I’m not a realtor. I am a flipper. I don’t keep inventory. I keep buying enough under “market” that it makes no difference to my bottom line. I immediately seller finance everything I buy on short term notes.

2) I don’t make enough extra cash to chase “minority” markets that are either deflating, or inflating. I only buy/sell within 50 miles of my home. I don’t travel out of state for my primary business. The folks I sell to often don’t ask what my askig price is, until they’re are sitting at the closing table. Also my clients don’t write with crayons either. They’re professionals. But the folks I market to are so happy that I don’t require a credit check to qualify for my loans on my brand new homes that they give me thousands of dollars up front for the privilege of paying me whatever I’m asking — as long as they can afford the payments.

3) I don’t “have” inventory. I have “receivables”. In So. Cal.

4) My margins are apt to get to wider over the next 3 years, as the lenders cramp down on their lending requirements; making my deals ever more attractive — forcing home prices ever lower; where I then buy ever lower.

Here’s an illustration of how I run my business.
——————-
Herb always advertised his mattresses as being for sale “at Cost”. His accountant knew that Herb hired his relatives, kids, etc. to get write offs, and couldn’t figure out how Herb could honestly advertise his mattresses as being sold “at cost”.

So one day the accountant couldn’t help himself and asked, “Herb, with all I know about your business and after all these years of selling, how can you honestly say you sell your mattresses “at cost?” Herb answered, “Easy! I buy way below cost!”

I buy way below cost.
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45. Mr. Flipper
November 3rd, 2006 at 12:08 am

Legion,

Ha Ha! …matching bowls…a Mercedes!

You’ve given me an idea. I had a hard time selling a 3200 sqft, ‘05 house a while back. Maybe I should have offered that…

Naah. My buyers are already driving those, and my toilet bowls already match! Darn those good ideas.
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46. gran puba
November 3rd, 2006 at 12:52 am

Casey you gotta admit, this latest revelation by your friend is highly unfavorable. Highly.

By the way, 4 of this blog’s regular posters are actually the same person…me. I enjoy this kind of social engineering, especially when I make my imaginary people “talk” with each other. I knew Ramit’s emails from you were genuine because of two Casey spelling trademarks: “loose” for lose, and “I DID” when admitting to a previous untruth.
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47. Legion
November 3rd, 2006 at 12:54 am

Oooh a 3200 sq ft house…I’ll never be able to afford one of those..and a mercedes too?
You must me a big deal maker to have clients like that..too rich for my blood….not
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48. SidFinster
November 3rd, 2006 at 1:03 am

Who defined home ownership as the “American Dream”? I don’t recall a word about the “freedom to get an interest-only ARM with a thirty-year baloon payment” in the Declaration of Independence, and I don’t think there is much discussion about home ownership in the Constitution. IIRC, the Federalist Papers wasted a lot of time babbling about the nature of a democratic-republican government and natural law when this nation was really founded on the principle of Get Rich Quick.

The redefinition of the “American Dream” sounds like a load of horsehockey from the National Association of Realtors or FreddieMac.
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49. breakdown
November 3rd, 2006 at 1:09 am

If you can consistently buy houses under market then real estate agents are consistently making mistakes on how they price their houses.

I follow the so. cal market… it doesn’t smell too good. Aren’t you worried about the “CRAMP” down?
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50. SidFinster
November 3rd, 2006 at 1:17 am

It’s like the party doesn’t stop!

Every time I check back here there is some new Casey revelation of jaw-dropping incompetence backed by Olympic-level hubris.

Casey: for your sake I hope noone took you up on your fumbling attempt at investment management. Go look up the “Investment Advisers Act” for one. Be not among the ignorant.

Yet you revel in the attention. After this kind of exposure and public chastening, any normal person would have disappeared long ago. But you keep coming back for more.
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51. SidFinster
November 3rd, 2006 at 1:22 am

Meh, I took a look at the ICA and Casey’s attempt at investment management would not be subject to a civil suit, excepting a fairly broad definition of the word “security”.

But that doesn’t preclude additional fraud charges.
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52. KL
November 3rd, 2006 at 10:19 am

Looks like you should have read up from this guy:

http://www.johntreed.com/flipping.html

rather than the guys you choose as mentors.

Mr. Reed would tell you:

1. Never pay more than 60% of market for a flip.
2. Use cash.
3. Hire staff to hang signs, and contact would be buyers.
4. Do little in improvements i.e. paint and cleaning at the most.
5. Expect to get 75% of market in re-sale because property is vacant and you need speed of sale.

Unfortunately this kind of advice does not sell seminars and TV productions as “Flip (this/that) House”.

KL
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53. Mr. Flipper
November 3rd, 2006 at 12:00 pm

To “breakdown”,

You asked:

1) “If you can consistently buy houses under market then real estate agents are consistently making mistakes on how they price their houses.
I follow the so. cal market… it doesn’t smell too good.

2) “Aren’t you worried about the “CRAMP” down?”
————————

Aaah, grasshopper… I never buy a house through a real estate agent. No, I spend several thousand a month in direct marketing to several highly-refined demographically-profiled “farms” that I have cultivated. I can bypass the incompetent agents that couldn’t spot a deal if it crawled onto the leather seats of their yellow Hummer.

So, grasshopper, it makes no difference what crappy prices realtors try to lure unsuspecting buyers into accepting — just to get their lousy 6% commissions. And yes, agents are often mistaken [greedy] when they set their prices, because their clients often require it, or are following marketing advice from their agent that says, “Let’s list your house for $30,000 more than its worth and hope that 1 stupid buyer will think he got a great price when they settle for a $3,000 discount!!!!

And my grasshopper “breakdown”,

Why would I be worried by the bank’s crampdown? I don’t have to ask banks for money to finance my deals. So their lending requirements are irrelevant to me.

However, because the buyers I market to can’t meet the bank’s requirements anyway — much less when they start ratcheting up their requirements — my financing looks better and better.

Mua–ha-ha-ha-ha!!!
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54. HN
November 3rd, 2006 at 12:39 pm

Mr. Flipper,

Kudos to you for being a successful flipper. What you said about buying low and selling high is well known to Casey and everybody here. I bought and sold house every two/three years. Although I made money with buying and selling my houses, I don’t consider myself a flipper because my buying and selling are my work/training dependent. And I don’t believe in buying low and selling high still work in this market unless you buy from idiots like Casey who buy high and sell low.

Sustainable or unsustainable whatever is individual perspective and per experience basis. For example, I personally know a couple of neural/brain surgeons that did not sustain with the job pressure and eventually changed to different practice area. Also, I share Breakdown’s idea about flipping house business model like the one that Casey Serin employed is not sustainable and should be practiced on a seasonal basis. Here, you can argue but this is my personal perspective and based on case by case basis.

Now, what can Casey Serin learn from your success beside what he already knew about buying low selling high (although this is not what Casey Serin practiced or at least what he thought he did)? Is there any relevant advice from you (may I say “master of the flipping croud”) to solve Casey Serin’s mess beside all of your successful story BS? Yes, I can claim I am a brain surgeon too. Yes, it’s BS so what?
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55. J. Delagado
November 3rd, 2006 at 3:25 pm

Everyone- Casey is trying to figure out how to work his problems out. He can EASILY file bankruptcy and end this blog.

You guys are the whiners who always sit on the sideline and criticize but are NEVER in the game.

Casey’s in the game and will get through it.

J delagado
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56. HN
November 3rd, 2006 at 3:57 pm

J. Delagado,

A dumb death row inmate told his fellow inmate friend that people would never feel the excitement of killing a person and the experience of sitting on death row. Good stuffs I guess … at least for dummies.

Now, your retarded suggestion of Casey being in the game (or should I say Casey being on a train wreck), also, good stuffs I guess … for dummies, perhaps. Understand what I’m trying to say? Should I make it simpler for you to understand, J. Delagado?
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57. Mac
November 3rd, 2006 at 4:29 pm

Hey Delagado,
You’re right. I’m not in that game. But: We own our cars, we’re paying extra on our reasonably-sized house, and we have $200K in our 401(k)s - mind you, assembled from zero after a nasty divorce several years ago.

sorry, but it IS fun to watch. Only in America…
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58. BT98
November 3rd, 2006 at 4:48 pm

Mr. Flipper,

I think you are for real. Could you be my mentor? I got my real estate lic last year and bought my own house to leave in Sep. 2005. I haven’t be able to get a listing or help anybody buy since then, but I have a full time job so I am not worried. I do want to getting into seller financing deals and I have some money to invest. Could give me some pointers as where to start?

Sincerely,
BT
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59. lhc
November 3rd, 2006 at 5:56 pm

WOW alot of interesting coments here today. It could be from several diferent things i do not see as many “your an idiot Casey” comments maybe Casey is sifting thru them or now has a moderator. Maybe new people are posting now and the previous followers have gone away and we have a new group now.Maybe its just a few people posting under several names. Anyways who knows its all entertainment for us.I have had 55 hits in one day just from a post i did here so at least 55 people read what i wrote and then went to my website to see its not much of a website other then a counter and a picture of the London Bridge in Lake Havasu. Thank you for that bloggers. I did my experiment with the hits and im betting this site gets between 1000-1250 hits a day i could be way off though. How close am i Casey? I still say Casey has a way out of this and now im thinking he has a movie deal.You seem to stall things for it to be real Casey. I think it has all happened to you but your getting bailed out and if so my hats off to you. www.havasufsbo.com
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60. PT Barnum is alive and well
November 3rd, 2006 at 6:35 pm

seems as if the mighty Casey has struck out. Rk bailed onhis loser a** .
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61. Mr. Flipper
November 3rd, 2006 at 6:39 pm

To “HN”,

Your points are very well taken…

Let me say that whatever you believe is what your are going to believe. That’s not a put-down. That is a universal truth and applies to anyone.

It can be frustrating to share success stories with those that don’t believe in themselves, because no matter what one shares, there are those who cannot get their head out of the “box” and decidie that “somehow” that same success has got to be possible for them, too.

Waxing Philosophic:

HN, I believe in you. In fact I believe in everyone on this board. The problem I see is that I can’t really force anyone to believe in themselves. I can only lay out bread crumbs that indicate one of the paths I’ve travelled successfully. It’s up to the ones who see those crumbs to recognize and accept them as a “real” trail toward a possibility of success for themselves. But I can’t demand anyone believe that those crumbs lead anywhere meaningful, or even in circles — it depends on where they believe that crumb trail will end.

Imagining how something can happen for us, is our challenge. Believing that we have already achieved those results is a key. Continuing to dwell on the outcome, as if it has already happened, is the secret.

The answers to how we could flip in “bad” or “good” markets comes only after we decide if is possible, or not. As we move forward to belief, we have to make a committment, in faith, that we can succeed — somehow. The somehow develops into a “must”, after we make the total committment toward that goal and vision.

I’m throwing bread crumbs on the trail here for anyone’s benefit and encouragement. You can stomp on them, walk on them, eat them, or feed them to the birds. But they’re still bread crumbs leading “somewhere”. They may not lead where you want to end up, but they do show where I’ve been, and where it might be possible for anyone to go.
—————–

As a practical matter, no none should be depending on blog entries for anything more than inspiration for an idea of what’s possible. On the other hand just because it is only an idea doesn’t mean it should be disregarded and impractical, un-workable, and/or un-sustainable. That decision isn’t being made from experience, just some vague or prejudiced notion (limited thinking).

Somewhere there has to be a point where belief in oneself seperates the sheep from the goats. If one’s starting point is disbelief, then there’s no point in going forward. However, if that same one believes something IS possible, then going forward is the only way to success anyway — for them.
————————
I wish I could communicate here more clearly, and convincingly the potential, possibilities, and power of faith.
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62. Mr. Flipper
November 3rd, 2006 at 8:12 pm

BT98,

You wrote:

“I think you are for real. Could you be my mentor? I got my real estate lic last year and bought my own house to leave in Sep. 2005. I haven’t be able to get a listing or help anybody buy since then, but I have a full time job so I am not worried. I do want to get into seller financing deals and I have some money to invest.

Could give me some pointers as where to start?”
————————
Yep!
I stay close to home.
Know the difference between a speculator and an investor.
Determine why real estate is the vehicle you want to use.
Determine your criteria for buying and, more importantly, why.
Use a RE for MLS/COMP market data only. Take RE’s to lunch, and offer to buy all their kid’s fund raising crap (I mean cookies) in return for getting regular access to market data.
Advertise non-stop for what you want to buy.
Advertise non-stop for what you have to sell.
Use FARES property data to find prospects to market to.
Market only “mass appeal” property — Forget mini-farms, orchards, land, short sales, foreclosures, odd houses, etc.
Find the BEST (yet accessible) CPA in the county.
Use a book keeper from the get-go. Do not do this yourself even when you’re starting. (See “RK” for good reasons why).
Find two specialized attorneys (contract attorney and the meanest, most notorious, effective real estate litigator)

There’s more, but I’m a lousy mentor.
If you finish this assignment I’ll offer you more, but not until then.
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63. Free advice
November 3rd, 2006 at 9:50 pm

While reading Mr. Flipper’s posts, my a****** meter goes off big time, but my bullsh*t meter does not. And that’s important because if pay attention and get past that, he’s leaving you some very important bread crumbs.

I can’t be absolutely sure based on his posts, but I suspect that if Mr. Flipper was pressed, he might admit to being in the real estate AND financing business. And there’s a big difference. You CAN make money in that business in virtually any market as long as you keep your capital moving. And I’ll bet Mr. Flipper knows exactly what to do to a house in his market area to maximize both profits AND time. I’m sure whatever he does, he doesn’t dick around like Casey.

In fact, if there is a big bust, there will be plenty of people to buy his houses because there will be more people than ever who have enough down (like 30-40%), but don’t have a prayer of a chance of getting a mortgage — even from a sub-prime lender.

He and Mr. Hard Money in Dallas are probably licking their chops. This is gonna be great!

And you know what? You don’t even have to be Mr. Hard Money to make it in that business. Anyone can “invest” in “C & D paper” with “mortgage-based collateral” all packaged in a “diversified portfolio.” Well, anyone who has the right financial advice and some functioning brain cells.
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64. Casey is Back Home Now (No Limits Ladies.)
November 5th, 2006 at 10:57 am

[…] Just an update on Casey’s visit- he’s not here any more! He flew back home last night. You can read his thoughts about the trip on his blog post today. I’ll post mine about the trip and the “deal” tomorrow. […]
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65. J. Delagado
November 6th, 2006 at 11:29 am

HN,

It is a game when you’re an active investor. But I’d guess with your comments that you’re a employee with a SAFE, SECURE Job with benefits, a 401k, so you wouldn’t know investing unless it was related to mutual funds and handing your money to someone else to “take care of it”.

Investing is a game and losing is part of the game. Casey can give up or work himself through it…. I predict he’ll come out on top and all of us along with him will have learned quite a bit. That’s what makes this blog great….

J. Delagado