Utah House Still Wrapped, Sort Of

I made some calls today about the unwrapping of Utah.

Spoke with the buyer (fix ‘n flipper) who took over my payments on a wrap-around contract (AITD).

Spoke with the Central Bank of Utah, the escrow company which is collecting the payments from the buyer and sending it to my underlining underlying lender.

False alarm… sort of.

The buyer is paying on-time just like he should and the escrow company is servicing the payments like they should. Nobody dropped the ball here. (The buyer was a bit alarmed to hear from me.)

The problem: after checking with Central Bank (the servicing company) I realized the payments are still being sent to First Magnus, my old lender. I then remembered the loans were sold to Aurora shortly before the property was wrapped. I was supposed to notify the servicing company.

My bad.

The good thing is the buyer told me he spent over $70,000 on renovations already and is looking forward to selling the house soon for $700,000. Nigel drove by the property and confirmed that there is definitely something happening there. I’m glad somebody stands to make a profit on this deal (a fat profit).

So the skin of the wrap is solid. But the delicate tenderloin is not doing so good.

I called the old lender to see if they have the payments and to see why they are not forwarding them. They tell me “What payments? We haven’t received any payments…” I call the new lender again. They said they haven’t seen any payments either. Great!

I call Central Bank again asking for help. The nice lady said she will get me copies of cancelled checks but that’s all she can do.

Even better! Now I will have to take time off my trip and try to get to the bottom of this wrapped-up mess!

On the bright side, I am learning from this experience to be more of a guardian and manage the loose ends better to prevent the confusion.

I should probably also learn to open my mail more often.

Man, I need to get to the bottom of this soon or the lender will foreclose and the whole thing will get unwrapped. My timely buyer may not be so happy to donate $110,000 (40 + 70) to the bank.
Corporate Credit?
Formula For Being Broke
124 Comments

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Miguel
December 12th, 2006 at 2:21 am

“I should probably also learn to open my mail more often.”

What do you mean LEARN? Isn’t this about as basic as it gets if you’re trying to make it in business?

Mind you, you needed to learn to get up before noon as well (and even reward yourself for doing something that should be second nature), so your business skills are clearly still at kindergarten stage.

No wonder you’re so deep in the hole. Talk about running before you can even crawl.
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Mustafa Shag
December 12th, 2006 at 3:38 am

“My bad”
+ “Sweet RE Deals”
+ “Fat Profit” (should be “PHAT profit, yo! Pass the Courvoisier”)
= Uzbecki Dun’ Good, Yo!

You sure are fly, Casey. You are poppin’, lockin’, and wrappin’ some sweet deals. Wish I didn’t have my hundreds of thousands in phat cash but rather leveraged to the hilt like you.

You is one phat fella! With a SWEEEEET ride too, yo!

Looser!
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Landlord Shmandlord
December 12th, 2006 at 4:30 am

Opening mail in a timely fashion is good.

I just found a check for $100 from a utility company that I somehow missed opening for over six months. It was at the bottom of my computer case (no idea how it got there).

If you read GTD, you’ll see that it’s best to deal with each item once. It’s easier to deal with each piece as you get it (throwing out, storing as reference, or adding to your lists of actionable items). When you them in a pile, as you’ve found, it will grow out of hand and cause you to miss important actionable items.

Ugh. Now I have to wait for the utility company to reissue it.

Shamndlord
http://www.landlordshmandlord.com
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Soup Nazi
December 12th, 2006 at 5:00 am

OK, now explain this one to me. The guy who bought your Utah house in a wrap-around deal coulnd’t get a traditional mortgage loan on his own… (if he could, why would he get into bed with our hero?).

But he somehow can come up with $100k to fix and flip the place?

How does that work? With that much cash, he should have been able to swing a med/high LTV loan with a sub-prime lender. Much less hassle than dealing with puss-brain Casey.

What’m I missing here??
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T.White
December 12th, 2006 at 5:17 am

Wiped out ‘n Nerdy:

They see me trollin
They hatin
A’trollin tryin to pay back every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty

My clickthrough so proud
I’m flippin
They hopin that I pay back every dirty penny
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty

The haters think they can see me eatin beans
I’m SWEET; ain’t no ramen noodles for me
When you see me ride by they can see the jetta glean
Run mine own credit check, turns up on my laptop screen
Sign with a new chick, she, like, f@cked me up
Next to the felonolla, I’m look like a major assholla
Turn a no deal into a win win
Yneone you ain’t know, I’m crazy like STC kitty in a coma
Just tryin to get another loan ain’t tryin to have no babies
Flip clean so I RK with the ladies
Laws of trolling you know they hate me
Moderation turned all the way up to the maximum
I can speak for some wannabes tryin to jack for some
But we packin bags that we have and um will have a uzbecki locked up in the maximum
Security cell, I’m grippin ankle
Bubba loud and slippin slow
Twist and twistin like you don’t wanna know
Reacharound from behind ,can’t say more cuz casey edits yo
Plane touch down, gotta find solution
DVDs change flippers : must be producing
This is the Play-N-Skillz when we out and bruisin
Got cash back in every city except Houston but still I ain’t loosin

They see me trollin
They hatin
A’trollin tryin to pay back every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
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Big Rod
December 12th, 2006 at 5:29 am

“My bad.” LOL. Add this one to the Casey doll catchphrases.
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JTR
December 12th, 2006 at 5:35 am

Concur with the previous diagnosis of “fecal finger”. Really, at this point who would want to do business with Casey?

I’m curious (apparently more curious than Casey) about what else lurks in his moutain of unopened mail.
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Bryan
December 12th, 2006 at 5:40 am

Hey Casey-
Why don’t you post a little status information on your houses?

Like maybe “NOD” for those houses which have received a notice of default, NOT for those that have received a notice of trustee’s sale, and maybe REO for … well at that point they aren’t YOUR houses, are they?
–Bryan
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Hater Mike
December 12th, 2006 at 5:45 am

That’s it…. you are an effin moron. How far has this gone because you didn’t tell the servicing company about the change. If you can’t get this one thing right, how do you think that you’re going to turn all this around???
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David
December 12th, 2006 at 5:50 am

Good to see that they’re still making payments :)

Now hurry up and get out of the mess you’ve gotten yourself into!
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laughing my a$$ off
December 12th, 2006 at 6:01 am

Man, that must really suck. To see someone with real success in their grasp where you so completely and utterly fail. I see two things here. 1. They are doing something that you haven’t. IMPROVING THE PROPERTY TO MAKE IT MORE APPEALING TO A BUYER. and 2. You are a total looser. If this doesn’t tell you that you are in the wrong business I don’t know what will.
You’ll probably see this as a hope for your future success though. Because you are an idiot.
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FuturesTrader
December 12th, 2006 at 6:12 am

If you screw over the honest buyer who’s trying to make something of this property, I will be so incredibly mad. Do everything in your power to make sure that guy doesn’t get pulled into a mess you created.
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zek
December 12th, 2006 at 6:29 am

NICE CASEY!!!

Your inattention to details is unacceptable. You really screwed your buyer. His ability to make money on your old property is irrelevant to the issue. You could have done the same (IF) you were both competent and able to actually renovate. Thats WORK & I forgot you only pretend to make deals.

You deserve broken knees on this if you cannot get the late fees removed somehow. I suspect that is impossible.
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NoVa Sideliner
December 12th, 2006 at 6:42 am

Yes, dude, open your mail. Have you not learned that by now? If not, you’ll never make it as a businessman of any sort.

Let’s hope for the Utah buyers’ sake that you can get this straightened out. Wow, what a drag for them, but that’s what people get when they deal with someone irresponsible, which is what you have been so far — in spades. That’s another reason for potential investors/buyers to make “clean” deals without the complication of relying on a third (or fourth) party to do their part every single month.

I wonder if the buyers in Utah have title insurance, and whether that would help in this situation. Anyone know?
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Sometimes, you just can’t look away. » Monday Open Thread
December 12th, 2006 at 6:56 am

Kramer auto Pingback[…] Hey, look, Casey’s ok, because the people who stopped paying him for the house they “bought” actually didn’t stop and, not only that, but they put in 70k in improvements and they’re going to sell it for 700k. […]
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Granite Counter Flop
December 12th, 2006 at 7:02 am

$700,000…LOLOLOL Yeah f’ing right.
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Dale D
December 12th, 2006 at 7:03 am

Your so full of shit. If the buyer for the utah place put 70 grand into it why would he let you scam him in a property wrap? He is facing a huge rish of that place being forclosed and loosing all of his money. Why didn’t the buyer just buy it from you the normal way? I can’t see the logic here. Your just full of it.
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Cara
December 12th, 2006 at 7:06 am

So this is Nigel’s ad campaign? Yneone must be NIGEL’S wife.

Gee, Casey, maybe you SHOULD, like, pay attention to the details when it’s your head on the chopping block.
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The Devil's Advocate
December 12th, 2006 at 7:06 am

“(The buyer was a bit alarmed to hear from me.)”

HAHAHA - Nothing Like giving the buyer a heart attack after him spending all his money!
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father_JACK
December 12th, 2006 at 7:07 am

$700K?

Sounds fishy.
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he who shall have no name
December 12th, 2006 at 7:08 am

“On the bright side, I am learning from this experience to be more of a guardian and manage the loose ends better to prevent the confusion.”

Don’t you mean “lose ends”?
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Unbelievable
December 12th, 2006 at 7:10 am

IDIOT

Open your mail
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Phil
December 12th, 2006 at 7:15 am

I’m glad to hear that this problem isn’t as bad as initially thought. They must have numbers and cancelled checks though. And the buyers should know what is happening too so they can follow up on their end. They have a lot of motivation to make sure there is no foreclosure.

The escrow company should know what is happening to those payments, so make sure they know the story.

I’m sure this is a somewhat common mix-up as loans get sold to another company all the time.

Good luck.
retirein6years.gcproperties1.com
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Deez
December 12th, 2006 at 7:38 am

How are you even planning a vacation when you are in the hole so much money.

1. You are spending more money
2. You are not making money because you are gone.

Get your ass out there and hustle.
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you are crazy!
December 12th, 2006 at 7:42 am

I’ve been reading but not posting…because really what new is there to say! Continued insanity, messed up priorities, whacky new ideas, etc, etc.

But this made me post:

Even better! Now I will have to take time off my trip and
try to get to the bottom of this wrapped-up mess!

Casey—your goal should be the homes, not more “education”! This is a sign to you that you are not doing enough with them…one of at least 1,000 signs.

Also, ITA with someone who posted about your vocabulary. You will NEVER convince others of your maturity and professionalism if you use terms like “my bad”, run words together (goforit is one of the worst), plus all of the other much documented caseyisms…

Sigh.
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The Trailer Park Boys
December 12th, 2006 at 8:09 am

Casey,

After careful consideration we are withdrawing our trailer “flipping” offer to you

Ricky said you were just too much of a liability right now.See dude, we cant have someone with a “record” like yours associated with us since Ricky is already on parole. In plain words, you scare us.

Maybe in the future you can do some business with us in our dope, oops, “farming” operation. Lucy said she was sorry, but she doesnt hang out with “losers” like you.She is very concerned about your issues with “loose” ends.

Mr lahey(trailer park superviser) is still drunk as a coot.

Well, I gotta go now.Me and Ricky have some Christmas presents waiting for us at the mall parking lot, then were gonna go get drunk and stoned at lucy,s house tonight…I might get lucky.

Cheers,
Julian

p.s. On a sad note, Bubbles new cat “Casey” got ran over last night by Ricky’s dad…sorry
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moom
December 12th, 2006 at 8:20 am

Sweet deals are made of this
Who am I to disagree?
Travel the world and the seven seas
Everybody’s looking for something
Some of them want to use you
Some of them want to get used by you
Some of them want to abuse you
Some of them want to be abused

:)
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Astro Zombie
December 12th, 2006 at 8:37 am

I’m just getting up at 10:30. It feels good to be a Lazy Bastard!

So Casey how is the early riser program coming? Have you given up yet?

Have you ever really done a “Sweet RE Deal”? The first condo doesn’t count because you were buying traditional and lived in the condo. Every single deal you’ve done since then has been a total failure.

I’m not trying to hate, but the first step here is admitting you don’t know jack about the RE market. If RE is going to be your game then you need to get a real job working in the industry and work your butt off for the next five years to learn as much as you can. Then, and only then should you try venturing out on your own.

By the way, how much did you get scammed out of for the RE seminar you’re at this week, and who is it being put on by? How did you pay for the seminar?
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Fat Profit
December 12th, 2006 at 8:42 am

Give me a break, theres no profit to be made that guy is more Delusional then you. $700k for that POS, LMAO, you dumb SOB!
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Kevin
December 12th, 2006 at 9:02 am

Hi Casey,

It seems unlikely that the buyer/flipper will be able to sell the property for $700,000. Indeed, it may be the case that he falls into the same situation as you.

Try to fix the current problem by getting the money to the appropriate place. However, don’t be surprised when this property “unwraps” again after the buyer discovers that he has a lemon on his hands. :-(

–Kevin

–Kevin
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Turn Yourself In
December 12th, 2006 at 9:07 am

Casey you are a true Troll.

Hey, I’ll beat you to your next idiotic post:

Utah property owner gave up, I Kept the House and Sold it for 800k.

Casey, Are you going to turn your self into the FBI as Joreme recommened you do giving the FRAUD you committed against the Banks and PMI Insurance companies?
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Spaceman Spiff
December 12th, 2006 at 9:08 am

Casey did 2 things right while I was out on Gorzarg-5 (a desolate planet where methane clouds rain sodium hydroxide). Here is what he did:

1) He unloaded an unsweet deal (for home) to an “able buyer”

concurrently, he

2) Bird dogged a sweet deal for the wrapee of the Utah house (profit per guru consensus= $230,000)

Wow. If only our valiant hero had learned that the way to make a profit is add value (i.e. sink $70M into the house) instead of simply buyng it, taking cash out, and selling it.

– Spaceman Spiff

PS, I wrote to Santa last night and told him I want “House Flipping IS for Dummies” for Christmas. Off to Zorg, where I’ll set my gun on “deep-fat fry” to blast alien Graknils.
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John
December 12th, 2006 at 9:15 am

i open all the mail. i study all the clues and prioritize all the issues. i track everything in a spreadsheet. i get to the bottom of anything that confuses me. small problems don’t become big problems. but who am i? just a square with a few “income streams” and a day job. my trick: value. i provide services and goods people value. it’s a whole *marketplace* where people pay for useful, valuable stuff. stuff they need. i would totally let you in on my technique for a fee.
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John B
December 12th, 2006 at 9:29 am

I think the best thing you could do is to get a regular 40 hour a week job, and live a quiet, uneventful life with your wife and future children.

Not to be unkind, but you really don’t have the mindset or the ability to focus on the mundane, but very essential, details. I don’t believe people can develop this skill; you either a brain “hardwired” to see the big picture or you don’t.

Not everyone is cut out to be a leader, a boss, or a general. The world needs followers or “worker bees”. Nothing wrong with that. You need to realize your limitations.

As you have found out; a little slip in details can lead to headaches, wasted time, and more work.

You seem to look down on the people who work a 40 hr job (you won’t state it, but your words show it), but my average job has allowed me to buy nice gifts for my love ones, and afforded me time off for the holidays to see my love ones. You are running around, and what do you have to show for it? Lots of debt, a wife who is not very happy or feeling secure, and no end to this plight in sight.

Sory for the long post, but one more very important issue… do you even have health insurance? By 40 hour a week job provides that (one of the many perks of having a regular job). You might be young, but if you or your wife get sick/hurt….more bills.

Good luck. Dreams are good, but one day you will wake up, and realize, your dream is really a nightmare…

If the Utah guy makes a nice profit, will you finally realize RE is not your forte and give up on this pipedream? It will be sad if he makes money off of your failure. Maybe you should mentor for him. He seems to know about turn misfortune into fortune
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Robert Coté
December 12th, 2006 at 9:31 am

“…the buyer told me he spent over $70,000 on renovations already and is looking forward to selling the house soon for $700,000.”

Lucky for those of us in the real world there’s realtor_dot_com where Highland+UT+5plus+1/2acre= 70 listings including many in the low $500s built in the last few years.

But that’s not the subject of today’s missive. Today we talk about transaction costs. Sombody paid the realtor, title company, escrow, et al. The only person who brought money to the table was our erstwhile flipper. 7% or $25,000. While indeed yet another person who let their money get too close to you is yet again in danger of loosing it all and more the poor bank hasn’t been reimbursed to the tune of $110,000. The supposed $70k in improvements are potential if the bank forecloses but then subtract the coss to them of foreclosure and the price reduction necessary to move the property quickly. They apparently still haven’t seen the mortgage payments so there’s a yellow or red flag on the loan that means you’ll have a lot of ’splaining to do if the wrap isn’t legal. Triggering the due on sale clause means you’ve got come up with the entire $360k now. How’s that coming sport?
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Casey is a Genius
December 12th, 2006 at 9:43 am

Gotta take time off of your trip now to figure out this mess huh? Poor Baby. Kinda sucks when you actually have to do some work huh? It’s not like bouncing on that blue ball anymore too huh?

But I’m glad your style of posts haven’t changed. Here’s the breakdown for those of you guys who are new to the site:

1. Gotta get paid and market as many things as possible. Gotta throw in all those links to Banks, Corporate Creditors,Friends,…etc because Casey gotta get paid. Not that there’s anything wrong with that. But not sure what the “tenderloin” link is for because I don’t waste my time clicking on any of them. But it seems like you’re really forcing that one in there. But whatever floats your boat Genius.

2. And of course you gotta throw in the usual. “What’s going on? I didn’t expect this to happen. How is that possible?” Even though everyone has advised you on it many, many, many times.

3. Mention something about “sweet” deals. At least the Utah guy is gonna get a “fat profit” right??? Yeah…SURE BUDDY!!!!

4. And of course ending the post with a stupid question or statement. “I guess I should have opened my mail” or “I don’t think the Utah guy is gonna be too happy if the bank forecloses on him after he put in 110K” Ya think so Casey?? Nahhhhh. I think he’ll be thrilled. He wants to be just like you.

Another textbook Casey post…Can’t wait to see the next one.
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Easy Living
December 12th, 2006 at 9:44 am

You’re an immature child playing in an adult’s world.

Worse, “you don’t know what you don’t know”.

You don’t have the basic skills to survive - getting up in the morning, understanding your finances, following up on actions, opening mail…
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Miguel
December 12th, 2006 at 9:44 am

“On the bright side, I am learning from this experience to be more of a guardian and manage the loose ends better to prevent the confusion. ”

Surely that should be “lose ends”?

No, wait a minute, I spoke too soon - Casey actually used the word “loose” correctly! Hallelujah and huzzah! There’s hope for him yet!
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Unbelievable
December 12th, 2006 at 9:49 am

@ John B

Do not suggest to Ca$ey that he should have children, ever. Can you imagine how screwed up the offspring of Ca$ey and Mrs Ca$ey would be ? We don’t any further drains on our society.
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Unbelievable
December 12th, 2006 at 9:50 am

I found this flipping game on line. You may like it Ca$ey

http://ebaumsworld.com/2006/07.....sible.html

This is as close to RE as you should ever get
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Hi...I'm Dolph DeRoos
December 12th, 2006 at 9:56 am

Hey Casey wants to make the “Sweet Deals” yet how is that possible when you can’t even open your freaking mail?

Shoot Casey! But heck, you fly.

Signed

Dolph “The Hater” De Roos

P.S. - Do you understand what a “hater” is? A hater is a person who is jealous of another. By this definition, why the freak do you think any of us are jealous of any of these “sweet RE deals” you have biting you in the arse? I mean, shoot, I would LOVE to get into 2.2 mil of debt. Wow. Where do I sign up.

I am Dolph De Roos and I can make you rich with my SWEET RE tapes (I will now use SWEET in my commercials!).
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Hi...I'm Dolph DeRoos
December 12th, 2006 at 10:04 am

Can we all stop misusing the word LOSE?

LOSE = Casey will LOSE everything if he can’t pay his bills.

LOSER = Casey acts like a LOSER.

LOOSE = Casey has no clue on how to tie up his LOOSE ends.

There is no such spelling as “LOOSER.” I know some are being sarcastic, but frack it…get it right!

I go everywhere on the net for research and this freaking GEN Y group can’t spell properly TOO save THERE lives (yes, I know I did that on purpose).
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Hater Mike
December 12th, 2006 at 10:18 am

The flipper can look forward to selling it for whatever he wants. Actually selling it may be more of an issue.
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700K IN UTAH?????????
December 12th, 2006 at 10:36 am

Some friends of mine just bought 15 acres of prime land in the city of Park City for $300,000

I hardly beleive $700K for a dumb house in the valley.

Sounds like more hype from you and/or some other disillusioned flopper
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sean-sisb
December 12th, 2006 at 10:40 am

On a positive note, you’ve got to be learning a lot from this process.

Hopefully it will serve you well in the future.

You’re more educated in real estate dealings now since you’ve been under the gun for so long!
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Joey Bobo
December 12th, 2006 at 10:48 am

Casey, I like the new placement of your adspace ads. It should double your revenue.

Why did you choose Wordpress, as opposed to Blogspot? Is Wordpress better for blogging? Can you ping easier with it? And what’s with Dreamhost. Do you recommend them? I know you used to have a personal Wordpress blog with them, and deleted it. Why?

I want to set up a blog too… a nice controversial one to get some revenue.

Share your “sweet” blogging secrets with us, it will help others, and be a “win-win” for everyone…
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UNDERLYING Not UNDERLINING
December 12th, 2006 at 11:04 am

You keep using the word “underlining” wrong, as in “sending it to my underlining lender.”The correct word is “UNDERLYING.”

UncleC
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jonny quest
December 12th, 2006 at 11:05 am

Guess who I saw in Yahoo! Finance today while waiting on the Fed? Richdad RK. Here’s a snippet from his how to be a successful apartment speculator:

“…Mistakes are good.

It’s human nature to blame someone else for your shortcomings or upsets. I’ve met many people who have only horrible things to say about real estate and property management. I’m sure most stories are based, in some part, on fact. But mistakes are a part of life, and we learn by making them rather than avoiding them.

For example, a friend of mine recently purchased a 120-unit apartment house as his first real estate investment. He never asked Kim and me for any advice — even after he found out we’d passed on purchasing that same complex.

His first real estate investment is now eating him alive, and as a result he says all real estate is a bad investment. He blames everyone for his mistakes. But as I’m fond of saying, “The word blame stands for ‘be lame.’”

Today, his 120-unit slum continues to deteriorate as it sits on the market. As a result, it looks like a better investment for Kim and me every day.”

See Casey, Richdad isn’t above helping out his friends. He’s willing to help the one above after he takes a small loss on his “investment.” I agree, Richdad shouldn’t offer unsolicted advice, but he shouldn’t gloat to America how he’s willing to profit on his friend’s misfortunes. Classless if you ask me, or definitely not a “win-win, sweet deal.”

Full article here: http://finance.yahoo.com/colum...../17319?p=1
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Mr. Flipper
December 12th, 2006 at 11:19 am

To “Soup Nazi” who asked:

“OK, now explain this one to me. The guy who bought your Utah house in a wrap-around deal coulnd’t get a traditional mortgage loan on his own… But he somehow can come up with $100k to fix and flip the place?

How does that work? With that much cash, he should have been able to swing a med/high LTV loan with a sub-prime lender.

What’m I missing here??”

MF: Well, Mr. Nazi, who said the Utah buyer couldn’t get a loan on his own? Further, as a professional investor, he knows great terms when he sees them, and he also knows a good deal when he sees it. He bought the house with an AITD; borrowed another 100k against the house (because banks will do this when you have either the controlling interest or the title to the property), apart from what the amateurs know is possible, and is now selling the house because he wants to make his profit.

Pardon me for removing all of your unnecessarily insulting remarks, in order to answer your question.

Merry Christmas!
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Fister Hiney
December 12th, 2006 at 11:31 am

I am so confused, could someone please explain the correct spelling and definition of lose, loose, and looser and maybe loser. I tried sending a letter with one of these and I got all screwed up and couldn’t remember which is which, or is that witch is witch. I even used the phrase sweet deal in a conversation yesterday. Oh man I may need some therapy after reading this blog so much. Please help me.
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Mak
December 12th, 2006 at 11:34 am

If the renovations are nearly in, this would be an excellent time for the underlying lender to exercise his right to call the loan due in full. He wins either way. Either someone pays him off in full and he goes on his merry way, or he gets the house back which is now worth something more than he’s owed on it. Win/win! For him! If I was the lender I would do that immediately and sit back to watch the scrambling that would ensue.

Of course the buyers from Casey would have no claim against the lender, only against Casey. And good luck suing Casey in civil court for damages.
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tru shot caller
December 12th, 2006 at 11:46 am

Yo everyone stop hatin on this man!
This dude is gonna get paid and make it big in no time
y’all see

Yo Casey, i sent you my contact, so holla at me!
I’m settin up mad skillz for people to learn to hustle and make quick easy cash up here in NYC

I got mad ideas to get paid and keep gettin paid with Benjamins

Casey~ for real kid holla at me and we can set this up and get paid
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NostroSaddamus
December 12th, 2006 at 11:47 am

Casey’s life story:

Casey Today:
Oh Lord, won’t you help me to unload this debt?
I’ve too many houses, I can’t sell them yet.
My credit is wilting, but my website is fine,
Oh Lord, won’t you help me, my life’s on the line.

Casey Next Year:
Oh Lord, won’t you help me, I can’t get to sleep.
‘Ol Bubba will rape me, if I so much as peep.
He said he’d protect me, but the price is so steep.
This jail cot is lumpy, Oh Lord help me sleep.

Casey in 5 Years:
Oh Lord, won’t you help me, probation is hard.
My credit is shot and they call me a ‘tard.
I have no employment, I sure need a job,
Oh Lord, won’t you help me, probation is hard.

Casey in 10 Years:
Oh Lord, won’t you buy me a two-bedroom flat?
My friends all own condos, now what’s up with that?
I work all the day long to pay all my bills,
A coke and a burger, would you like fries with that?

Casey in 12 Years:
Oh Lord, won’t you buy me a Hummer H22?
I slave at my workplace, I sling all this food,
Oh prove that you love me, and I won’t be so rude,
So Lord, won’t you buy me a Hummer H22?

Casey in 20 years:
Casey has been dead for 3 years. He died trying to save a drowining child in a river. His body lies in a pauper’s grave. Casey has tried, but failed at the American Dream.

Having learned the lessons of thrift, moderation, frugality, and hard work later in life, Casey now finds himself in Heaven, by his God’s side.

Casey has been redeemed.

When asked about Casey’s death, Robert Kiyosaki said “Who?”
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Please Explain
December 12th, 2006 at 12:08 pm

Casey - can you please explain on the blog here why you are not doing a ‘deed in lieu’ for the remaining homes you have in foreclosure? This worked well on your Dallas property and avoided a foreclosure. Why not do it with the others?

The remaining properties are not going to sell to an end buyer because you owe more on the property than it is worth. Investors, and retail buyers know this. I see your posts about needing to spend more time marketing the houses and I disagree. Margeting is not the problem - the fact the homes are worth less than you owe is. I see only 2 options - either get the lender of each to accept a lower short sale package or offer up the deed in lieu and get out of this.
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Cow_tipping
December 12th, 2006 at 12:22 pm

“Despite the growing dangers, Rep. Barney Frank, incoming chairman of the House Financial Services Committee, indicated he saw no reason for federal legislation to better regulate the mortgage markets to prevent a possible financial meltdown.”

“‘Housing suffered from irrational exuberance’ during the first part of the decade, though it fell short of being a full-blown bubble, he said. ‘The end result of a 10 percent drop in many parts of the country will be a more rational housing market. … If a few speculators get burned, that’s just icing on the cake.’”

I guess that’s how the whole world feels.
Remember Sales volume is what the whole freaking REIC cares about. They dont want a long drawn out down slide.
Pretty soon they will realise that a sharp and short one is better and they will simply say lets make it drop as fast as it can and so sales volume will come back up and we can all start eating again.
Cool.
Cow_tipping.
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Big Rod
December 12th, 2006 at 12:28 pm

“So the skin of the wrap is solid. But the delicate tenderloin is not doing so good.”

Casey, I’m beginning to think that the 24-hour fast has affected you more seriously than any of us could imagine. The “skin of the wrap”? The “delicate tenderloin”?
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Anomalous Blowhard
December 12th, 2006 at 12:29 pm

I wish Sputnik the Cat would come back. He’s been the most fun part of this blog for some time.
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walt526
December 12th, 2006 at 12:36 pm

Casey, glad to hear that this deal is still on track (or at least has the potential to stay on track).

There’s a lesson for you to learn here, though: don’t rely on other people following up when its your butt on the line. When I started working, I had to learn this lesson the hard way too (as do most people, to varying degrees). It used to frustrate me that co-workers, vendors, etc. would fail to do what they promised, and I’d catch heat for it.

Most people are well-intentioned and try to live up to your expectations, but often that’s not your top priority. To succeed at pretty much anything, you have to recognize that you need to follow up with people on anything important. Saying “he/she dropped the ball” or whatever might be true, but often times that’s not going to do much for you if you’ve been injured by their inaction. And actually playing the blame game is almost always counterproductive because you’ll wind up alienating people that you will need to use in the future. Taking preventative action ahead of time to ensure that people do what you want them to do is always the optimal strategy.

So what does this mean? If you can’t access your account information through an automated system (internet or phone), then you need to call EVERY MONTH to make sure that payments are posting to your account on time and in-full. And if they’re not, you need to track down the money (either through the escrow service or the buyer) before incurring penalties. It will be a major pain-in-the-ass: you’ll spend a lot of time on hold, have to call repeatedly with the same requests, etc. But that’s what you need to do at this point.

Most people won’t touch a wrap-around deal not because they’re too complicated to understand in theory, but because they are a pain in the butt to execute. You seem to have trouble keeping track of the details, almost always to YOUR detriment. If you really want as a career as an entrepreneur, that’s gotta change or you’re going to continue to experience disappointing results even with better luck and more experience.

Running a business is not like a Rube Goldberg experiment, where you design a great system that basically runs itself flawlessly with limited intervention after pushing a button. Rather, its a lot of putting out fires when your systems don’t work as you anticipated (often, through no fault of your own). If you’re not to the task of consistent persistence, then you’ll never turn a profit in any venture you pursue, no matter what its potential.
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Don't enhale the Serin Gas
December 12th, 2006 at 1:08 pm

RK’s post was hilarious, I loved the part about tranny and hooker fighting, now that’s what we need more of on this site. Less talk about wrap-around mortgages and more talk about reach-arounds…errrr.

I dont mean to be crude, I used to come to this blog because it was interesting, now it is merely out of enjoyment, I see others agree as the constructive posts coming from people not named yneone have decreased. Even Tim from Monterey is getting frustrated. Sputnik is gone and Mr Flipper isn’t even defending you anymore really. Thank god for the Trailer Park guys, and Spiff
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The Donald
December 12th, 2006 at 1:08 pm

Casey:

I would like to personally invite you to apply for my next installment of the Apprentice. We just finished filming the upcoming season (Season 6!) in Los Angeles with my children, Donald JR and Ivanka as my “eyes and ears.”

My televisoin program and the challenges we create for the candidates is a great boot camp for anyone interested in learning more about the world of Real Estate development. By participating on the program you would have the opportunity to show me, Robert and many others the depth of your talents and understanding of complex business functions (i.e., product development and marketing).

Should you prove yourself to be hardworking and wise with street smarts and good common sense, you could very well win and have the opportunity to become my “Apprentice” where you will learn things about the Real Estate business no seminar would provide. However, should you not live up to the task, fail to perform or prove yourself to be less than qualified, you will hear those words no one enjoys hearing, “your fired.”

Please send a copy of your resume and a short video of “why you could be my next apprentice” to:

The Trump Organization
725 Fifth Avenue
New York, NY 10022
212-832-2000 (p)
212-935-0141 (f)
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NoVa Sideliner
December 12th, 2006 at 1:38 pm

this freaking GEN Y group can’t spell properly TOO save THERE lives

Boy, are you right about that. Did they stop teaching English in schools about 1990 or so? I know they taught me very severely.

What’s really incredible, though, is not that some of these people are ignorant; ignorance can be fixed. This must be just stupidity, which cannot be fixed. If you’re not stupid, you can learn to spell correctly. Even if you only learn one word per day, if you’re not stupid you can do it. Let’s start with “lose”, OK?

Then again, since when has Casey listened to ANY advice (spelling OR financial) from anyone here on any topic?
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Kevin
December 12th, 2006 at 1:47 pm

Dolf DeRoos:

Actually, ‘Looser’ is the inflected form:

http://www.m-w.com/dictionary/looser
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Mind Petals: Young Entrepreneur Network
December 12th, 2006 at 2:06 pm

links from Technorati Utah House Still Wrapped, Sort Of
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YneOne (so to speak)
December 12th, 2006 at 2:14 pm

Hi Everyone! It’s been such a positive week with such positive vibes. We’re all grinning at work. Everyone’s smiling. We’re all super-de-duper-happy. I am so stoked. I’m sitting here grinning too. Can you picture me, typing and smiling? Some people may think it’s slightly insane; even a form of denial, but who cares what those hateful bastards think, life is happy, happy, happy! :)

I read the family circus today, and it made me almost tinkle myself laughing! hee hee hee! Oh, those kids are so funny! I can’t stop giggling! I’m so proud of my latest efforts to keep some local haters from stopping a sexual offender from moving into our neighbourhood. I wish everyone would just give everyone else the benefit of the doubt; we’re all really good deep down inside. I’m sure he didn’t mean to molest those little boys! He was probably hurt badly as a child—it makes me want to cry when I think of his pain. I think I’ll bring him some pie to welcome him to the neighborhood! He looks really nice.

Poor Casey. He might have lied and cheated; but he’s just a good kid, and everyone should support him, no matter what. Have I mentioned that I own my own home! That makes me relate really well to Casey’s situation! The poor dear. I think everyone should rally behind him. I’m sure with our collective support he’ll pull his pretty little head out of his tiny little butt, and fix something. Or better! If we all clap—all together at the same time, maybe Tinkerbell will come back to life, and fly in to save him with her magic wand!

I think nobody should say anything negative at all! If you do, then you’re a hater and you will go to Hell! In fact, I’m so mad at all the people who say nasty things to my little Casey, that I’m going to find out where you all live, and if any of you dare post negativities, I’ll set your house on fire! I’m sure the flames will be really, really pretty!

Well, I’m off now. I have to water my violets before I stand outside Casey’s window for the night. He’s so pretty when he sleeps. :) :) :)
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Acronymic_Bubba
December 12th, 2006 at 2:18 pm

Yes - POS, LMAO, and SOB! Haha that’s funny.
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Anon4
December 12th, 2006 at 2:24 pm

Time to get another writer… the last couple of posts are not believable.

Throw in a couple legit posts to build your credibility for the next jamba juice mention.
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Kasey
December 12th, 2006 at 2:39 pm

Taking a “vacation”? This whole story is a lie.
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wealthyboomer
December 12th, 2006 at 2:50 pm

Nothing Wrong with DEBT!

The U.S. Government has borrowed so much money the lenders are getting nervous. Back during the Johnson administration Charles DeGaulle demanded the United States collateralize the loans owed to France in gold and started carting out the bullion from the treasury. This caused several other nations to demand the same and President Nixon had to slam the gold window closed or the treasury would have been emptied, since the United States was even then in debt for more money than the treasury could cover in gold.

But Nixon had to collateralize that debt somehow, and he hit upon the plan of quietly setting aside huge tracts of American land with their mineral rights in reserve to cover the outstanding debts. But since the American people were already angered over the war in Vietnam, Nixon couldn’t very well admit that he was apportioning off chunks of the United States to the holders of foreign debt. So, Nixon invented the Environmental Protection Agency and passed draconian environmental laws which served to grab land with vast natural resources away from the owners and lock it away, and even more, prove to the holders of the foreign debt that US citizens were not drilling. mining, or otherwise developing those resources. From that day to this, as the government sinks deeper into debt, the government grabs more and more land, declares it a wilderness or “roadless area” or “heritage river” or “wetlands” or any one of over a dozen other such obfuscated labels, but in the end the result is the same. We The People may not use the land, in many cases are not even allowed to enter the land.

This is not about conservation, it is about collateral. YOUR land is being stolen by the government and used to secure loans the government really had no business taking out in the first place. Given that the government cannot get out of debt, and is collateralizing more and more land to avoid foreclosure, the day is not long off when the people of the United States will one day wake up and discover they are no longer citizens, but tenants.
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HungryBear
December 12th, 2006 at 3:02 pm

Casey,

Do you have an ownership in the AITD? How much will you be paid if the flipper is somehow able to cash out the AITD?
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SCapitalist
December 12th, 2006 at 3:02 pm

Casey,

Openning your mail should be a TOP priority of someone in real estate, or ANYONE with a real business for that matter. Did they teach opening the mail in those seminars? Learn to open your main, pronto.
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digerati
December 12th, 2006 at 3:26 pm

When you are dealing with automatic payments it’s usually a good idea to check to make sure they are being paid.
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A Former Utah Resident
December 12th, 2006 at 3:37 pm

Anyone who thinks they can sell that house for $700,000 is on crack. In fact there is NO house in that entire area that’s worth anywhere near that, and no amount of improvement will bring it up to that price. The current owner/flipper will be lucky to sell it for anywhere near $400,000, after his $70,000 in improvements.

And as for the pictures supposedly showing improvements, the only differences between the before and after pictures appear to be a stucco exterrior and snow on the ground, the latter not being likely to help increase the price.
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Mayhem
December 12th, 2006 at 3:44 pm

Casey,

Perhaps national demographics is not one of your strong suits, but have you actually looked at how much homes of this size are selling for in that area of Utah?

I performed two quick searches on realtor.com. I found two homes in that area, both near 5000 square feet and both nearly brand new. Also on lots of 3/4 of an acre.

The first home was listed at $649k and the second home was $659k.

So please Casey, explain to me HOW in the name of Zeus’ BUTTHOLE, do you perceive your Utah home to be worth more than these two properties if:

1) The acreage is the same
2) The sizes are the same (one is actually larger)
3) Most importantly, your home was built in 1979! It is almost 30 years old!

So put it this way: potential buyer comes along and sees the selection: Two virtually new houses ready for sale versus your MORE EXPENSIVE 30 year old house with recent upgrades.

Come on Casey. Do a little detective work into these things. $700k. If it is sold for $500k, I will be amazed.
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Chris Johnson
December 12th, 2006 at 4:05 pm

@Underlying:

I didn’t want to correct Casey and miss out on his first use of the phrase “Every cloud has a silver lying.” Plus, I think we’re forgetting how much smarter Casey is than the rest of us, so perhaps the world is wrong and the lenders truly are “underlining.” And for good measure, as I’ve mentioned before, I’d like to see the use of more needless apostrophe’s. Make your word’s count!
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G-man
December 12th, 2006 at 4:32 pm

Look at what just got posted to YouTube: RDTV - Casey Serin. It’s not pirated - it’s posted by a guy that actually works for RichDad Industries … or whatever it’s called.

Judging by how Kiyosaki’s dressed, this matches Casey’s pictures from his visit back at the end of October when he was on RichDad TV… odd that Casey is coincidentally in AZ today too.
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Happy Mind - Happy Mood
December 12th, 2006 at 4:36 pm

Hopefully that works out for you Casey, it still makes me worry that your current condition seems so unstable, I believe you should focus on one thing at a time and not with many at once.

http://www.happy-mind.blogspot.com
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Mail Guru
December 12th, 2006 at 5:52 pm

I’ve written a fabulous book for movers & shakers like yourself. Titled ‘Get on top of that mail, Dude’ it provides an in-depth look at all facets of business correspondence - from writing, placing in the envelope, to mailing & delivery.

But this wonderful chain of events needs you to actualize it, ya big lunkhead!

I’d also like to recommend my $1995. weekend mail work-out. This is an intense 3-day boot camp and acolytes will all receive a lovely nickel plated letter opener and 12-months of mail mentoring by my personally.

Goforit!!!
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Hi...I'm Dolph DeRoos
December 12th, 2006 at 6:04 pm

DOnald Trump. My competitor. Hi…I’m Dolph De Roos. I’d like to sell you a tape that shows you how to be a suck…errrrr….real estate investor like our boy Casey!

You too can loose money and not worry about debt. Are fool proof way of buying properties made me rich!

Buy my tape (I took that from the guy selling how to computer programs…buy my CD).

(spelling errors intentional since Casey doesn’t listen).
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Ethical Realtor in DC
December 12th, 2006 at 6:25 pm

Oh lord… Janis Joplin at least made enough $$ to be humorously blue. Casey is jsut a sad case.
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Rob P
December 12th, 2006 at 6:49 pm

Nice work, NostroSaddamus. Very clever. Also, hat tip to the author of “Sweet Deals” (sung to “Sweet Dreams are made of this”). This fraudulent site long ago stopped having any interest other than for entertainment and news of some new train wreck in Casey’s piss-ant life.
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Chris Johnson
December 12th, 2006 at 6:50 pm

Wealthyboomer makes perfect sense! To help out Casey, I’m offering my “Collateralize Your Loans with U.S. Parklands!” course for only $2,495! This offer is limited to Casey and the first 50(00) callers. Learn the Secrets the Trilateral Commission and Masons have used for decades to finance their activities! If people tell you this is too good (or moronic) to be true, that’s just proof they’re Haterz! Seriously, call me with your credit card or corporation line of credit information now, so you can get your loans tomorrow.
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Nigel Swaby
December 12th, 2006 at 7:26 pm

Casey,

Thanks for the great links to my site. I hope everyone enjoyed the photos of Casey’s Highland home. It’s in a great area and has a wonderful view of the mountains.

A few things to comment on from other posts here:

The buyer is protected from Casey’s financial problems because he’s the one on title. Though Casey’s loans serve as an encumbrance on title, the buyer has complete control of the property.

Is the price the buyer is asking reasonable? Reasonable, no. Probable, yes. There aren’t very many homes for sale down there.

One of my co-workers lives down there and he said this property used to be a mink farm. I hope that helps.

Nigel
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T.White
December 12th, 2006 at 7:26 pm

Fellow trainwreckkies,

As long term train-wreck aficionados we have all pondered this blogs reason for being.
A lot of us have surmised guru touting, adsense mining, tip-jar pan handling, t-shirt selling and just outright attention seeking as possible motivations.

My new (highly improbable) theory:

Casey is a true financial criminal genius who timed the housing bubble to perfection and bought as many houses as he could, stripping all the cash that he could from them,maxxed out credit cards, sold everything for cash, began blogging to dumb down his intentions (but copping to a ‘everybody else was doing it’ plea in case something went awry), then, using margin, he shorted the home builders and with the proceeds bought LEAP puts on same and is content to sit back and watch the ensuing house of cards burn.

…then again, the adsense mining thing does sound more plausible…
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Hooray for Homey da Clown!
December 12th, 2006 at 7:51 pm

Hip hip Hooray!

P.S. Casey, post your adsense revenue. It’s the honest thing to do.

P.P.S. When was the last time you made a payment on any of your debts?

P.P.P.S. How many dirty little pennies did you spend on your trip to Phoenix?

P.P.P.P.S. Is the “lose vs. loose” issue an Uzbeki thing?
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House in foreclosure
December 12th, 2006 at 8:20 pm

links from Technorati Original post: Utah House Still Wrapped, Sort Of by at Google Blog Search: house in foreclosure Blog tag: House in foreclosure Technorati tag: House in foreclosure
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SpaceMonkey
December 12th, 2006 at 8:35 pm

Whatever you do, Casey, don’t open that mail yourself. Didn’t you learn anything from those corporate credit videos? You need to protect your FAMILY. Always open your mail as your “corporation.” That way you don’t have to worry about it hurting YOU.
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Bill Gordon
December 12th, 2006 at 9:20 pm

I was thinking about Casey’s assets and needs, and came up with the following idea: Casey sells the iamfacingforeclosure domain name to someone for, say, $1000. The contract obligates the investor to lease the domain name back to Casey for, say, $100/month, with the contract terminating on failure to pay. Casey gets cash now, a win for him. If he turns things around, the $100/month is no big deal. If he goes bankrupt, he’d probably have lost the domain name anyway. The investor either gets a sweet $100/month income stream, or gets the domain name, which should be monetizable for at least $1000. A win-win deal (no sarcasm).

Did anyone notice that Casey uploaded 3 Corporation Brokers videos including “Corporate Credit for Medical Practitioners”? Is there any conceivable reason he would do this other than a quid pro quo? Hopefully they gave him cash, and not just a discount on their DVDs. By the way, I noticed the Corporation Brokers website’s fine print mentions they aren’t accountants or lawyers, which should be obvious to anyone who reads their Terms and Agreement. (See “Statue [sic] of Limitation”).

One web site you should all check out is annualcreditreport.com - despite the scammy name, it’s the official government-mandated site to give you a free copy of your credit reports online. (See http://www.ftc.gov/bcp/conline.....eports.htm for details.) Come on Casey, I know you’re itching to post a copy of your credit report …

The demographics of iamfacingforeclosure seem very skewed, with overrepresentation of both the “just-over-broke” crowd and multi-millionaires. And it seems like the former studiously refuse to learn anything from the latter.

The following quote is from Edge City, a book I highly recommend:

“But by and large, developers as a breed have only one specialized skill not generally available in the population: they have the ability to do fairly high-level arithmetic, in their heads, while talking about a completely different topic. What developers do, fundamentally, is run the numbers. And the most impressive number they run is the one in which they manage to divide extremely large dollar figures by 43,560, which is the number of square feet in an acre. By so doing they can and do reduce much of human experience — quite accurately, as it turns out — to the Deal.”

That quote seems to describe someone who is the exact opposite of Casey; think of a guy you knew in high school in remedial math - that’s my mental model of Casey.

“How did you go bankrupt?” Bill asked.
“Two ways,” Mike said. “Gradually and then suddenly.”
“What brought it on?”
“Friends,” said Mike. “I had a lot of friends. False friends. Then I had creditors, too. Probably had more creditors than anybody in England.”
–The Sun Also Rises

The thing that amazes me most about this blog is how long it is taking to get to the “suddenly” stage of bankrupt. I had no idea that one could continue so long without drastic action, either internally or externally.
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nooneofconsequence
December 12th, 2006 at 9:39 pm

I’m still curious as to what’s in it for the REI school Casey is attending this week in Scottsdale, all expenses paid, if they don’t want their “good” name associated with his blog?
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Wakey wakey rise and shine
December 12th, 2006 at 9:39 pm

Did you sleep all day? I haven’t seen an early riser post this weekend and you just posted that you stayed up all night. Most entrepreneurs talk about not needing more than 3-4 hours of sleep (or really not being able to sleep more than a few hours a night) rather than needing to hold themselves to not sleeping past noon.
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Cara
December 12th, 2006 at 10:25 pm

Maybe he’s creating a record so he can plead insanity.
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You-are-a-FAKE
December 12th, 2006 at 11:19 pm

Casey,

You are a phony. You are not what you claim to be.

You are promoting yourself as a man who is facing financial ruin and doing everything he can to keep his head above water.
This is an INSULT to people who are in fact facing financial ruin and doing everything they can to stay above water.

I bought a home one year ago in Menlo Park CA. I am supporting my wife and our baby. I am paying a new mortgage + property tax + insurance and a car payment.

Although my salary is $100K/year before taxes our expenses exceed my salary by $1000 every month. We also had some emergency home repairs recently which ate into our nest egg. All told our savings dropped from $30K after we closed on the house to $4K one year later.

I have cut our budget and have deferred any additional home maintenance. In January I will be liquidating a 401K worth $16K. I know this will incur penalties and taxes but I have no choice.

I have started working late nights as a freelance programmer to make extra money while not cutting into time with my little boy.

I am also continuing to work my ASS off at my full-time job so I will continue to get raises and bonuses. In another year our car will be paid off which will reduce our expenses.
These measures are meant to keep us out of debt until my son starts Kindergarten and my wife can get a full-time job.

This is reality, Casey. I AM a man who is facing financial ruin and doing everything he can to stay above water.
Casey I don’t know what you are. I guess you’re just a gambling addict.

Now if you’ll excuse me I have to go back to my freelance work.
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PRCHEEZWHIZ
December 12th, 2006 at 11:51 pm

CASEY PLZ SIGN UP FOR THIS THING AND PUT IT ON YOUR PAGE

http://www.rmorrison.org/NetWorth/
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Bored Bob
December 13th, 2006 at 12:04 am

Lets take a look at Casey’s dirty pennys themselves

$2.2 million x 100 pennys per $ = 220,000,000 pennys
diameter of 1 penny = .75 inch
220,000,000 pennys x .75″ = 165,000,000 inches
12″ = 1 foot
165,000,000″ / 12 = 13,750,000 feet
5280′ = 1 mile
13,750,000′ / 5,280′ = 2,604.17 miles of pennys end to end

Santa Monica CA to Boston MA = 2,607 miles
perhaps you could try a fundraiser: Pennys Across America?
How about a reference outside the US
Andijon Uzbekistan (capitol) to Stockholm Sweden 2,633 miles

$20,000 interest per month = 2,000,000 pennys
using same math = 23.67 miles of pennys per month end to end
(23.67/30) x 5280 = ~4166 feet in pennys per day end to end

how about stacking vertical:

$2.2 million x 100 pennys per $ = 220,000,000 pennys
Height of a penny = .06102″ (1.55mm)
220,000,000 pennys x .06102″ = 13,425,196.85″
12″=1 foot
13,425,196.85″ / 12 = 1,118,798.4 feet
5280′ = 1 mile
1,118,798.4′ / 5,280′ = 211.887 miles of stacked pennys.

$20,000 interest per month = 2,000,000 pennys
using same math = 1.926 miles per month of stacked pennys
(1.926/30) x 5280 = ~ 340 vertical feet per day

The international space station is at an elevation of 220 miles (wikipedia)
So, congratulations Casey, your debt has reached orbit & continues to soar!
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Coyote Investor
December 13th, 2006 at 2:40 am

Some questions for the pee-nut gallery:
Didn’t CS borrow money to attend this seminar? Wasn’t that the 4500 @36% APR?
How many think Case history knows, really knows, what APR means? Because, I hear 36% APR and I start to run in the opposite direction. I don’t like treading water with my boots on (and tide together).
Case, do not open your mail. Opening the mail is for loosers. You are a winner who is daring to fail forward. Remember, no negative thoughts. oh phooey.
slo mo no mo
coy yoda scat smear… coherence lost, signal fading
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The Trailer Park Boys
December 13th, 2006 at 6:17 am

Life is great at the trailer park today.

I scored last night with Lucy!!!! Dont tell Ricky or he might get mad.

Bubbles gave me some good news this morning.”Casey” the kitten wasnt dead afterall. Seems Ricky’s dad was so drunk he thought it was a kitten but ended up being one of the kids from the trailer down at the end of the road. Mr lahey(trailer park supervisor) said that since the kid was an illegal alien(mexican) it didnt count as a crime!!!! No harm no foul I guess.

I would like to wish you a merry christmas and a happy new year.Hope things work out for you.

Julian

p.s. Lucy said we need a new trailer park ho to take over for her and wondered if your wife or one of her friends would be interested.
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Hater Mike
December 13th, 2006 at 6:23 am

That Kiyosaki thing is too much. So let’s get this straight. His “friend” is making his first real estate investment ever and takes on such a huge property as a 120 unit building and he never once seeks the counsel of his “friend” who is a national real estate guru/celebrity?

I think Kiyosaki is full of it, but I’d assume that anyone who considers him a “friend” would think of him as legitimate. It’s just so completely implausible that this “friend” would never talk to him about it. Is anything that comes out of Kiyosaki’s mouth the truth????
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Aaron
December 13th, 2006 at 6:50 am

perhaps casey is going to this RE seminar b/c it is on foreclosure. all these other RE ‘investors’ will be eager to close on a property in foreclosure. casey will have em lining up to close on his properties. These are sweet deals. a win win for everyone. lol.
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Robert Coté
December 13th, 2006 at 7:11 am

Where’s the “early rizer” post?

Given the upcoming Holidays today is half way through the month. How’s that list coming sport? But we all saw that coming so no worries. No, today we talk about AdSense. I’d like everyone reading to “request” that Casey post the AdSense revenues. Cut’n'paste:

“Casey, please post the AdSense revenue.”
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FrugalTrader
December 13th, 2006 at 7:21 am

Have you made any progress with getting through to your lenders? How do you know for sure that your buyer has made his payments to the lender?

FrugalTrader
http://www.milliondollarjourney.com
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Making Money
December 13th, 2006 at 7:32 am

When the RE prices were experiencing the “Irrational Exuberance” of the late 90’s - early 2000’s, the RE gurus “taught” the REIs to “flip” and buy with “no money down.”
(Sorry for all the “s and ’s.)

So now, who’s with me to invent a system to “short” RE for the small REIs? It’s got to be a great way to get rich (selling the system, that is - not actually shorting RE.)

I think that T.White was going in this direction. Is there an actual way to do this for the REI? Shorting mortgage company stocks won’t work because I’m sure that they “win-win” no matter what. Buying property “on margin”? Reducing the “value” of the property?

This is a creative “win-win”!!! Can’t “loose”!!!
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Of interest
December 13th, 2006 at 8:04 am

Lawmaker seeks to shut door on mortgage fraud
BY DEBRA PASCOE
CORRESPONDENT

Oakland County residents are falling victim to the fastest growing white collar crimes in the nation — mortgage fraud.

“There are many criminals committing mortgage fraud from the inside,” said State Rep. James Marleau, R-Lake Orion. “Residents are losing their homes because of individuals they believe to be trustworthy.”

ADVERTISEMENT

Marleau is sponsoring House Bill 6434 which would make several types of mortgage fraud a felony, including equity skimming, mortgage-related identity theft, and property flipping where property values are artificially inflated through false appraisals.

A violation would be punishable by imprisonment for not more than 10 years and/or a fine of up to $50,000, according to a legislative analysis of the bill. Those found guilty of repeat offenses can face not more than 20 years in prison and/or a fine of up to $100,000.

TWENTY YEARS, Casey.
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Aelfscine
December 13th, 2006 at 8:14 am

They see me sleepin
They hatin
They trolling they tryin to catch me risin early
Tryin to catch me risin early
Tryin to catch me risin early
Tryin to catch me risin early
Tryin to catch me risin early
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Concerned Doc
December 13th, 2006 at 8:33 am

Casey -

No early riser postings two days in row now. What’s up?

In reviewing your postings and activities over the past two months, I believe you suffer from a medical/mental condition. On one hand, my diagnosis would be biopolar disorder. On the other hand, you may have Antisocial Personality Disorder.

First - let’s explore biopolar disorder:

Bipolar disorder is an illness that affects thoughts, feelings, perceptions and behavior … even how a person feels physically (known clinically as psychosomatic presentations). It’s probably caused by electrical and chemical elements in the brain not functioning properly (see What Causes Bipolar Disorder? for more information), and is usually found in people whose families have a history of one or more mental illnesses. (While we’re at it, let’s be clear about something: a mental illness is one that affects the mind, not one that’s all in the mind.)

Most often, a person with manic-depression experiences moods that shift from high to low and back again in varying degrees of severity. The two poles of bipolar disorder are mania and depression. This is the least complicated form of the illness.

Depression might be identified by:
Refusing to get out of bed for days on end
Sleeping much more than usual
Being tired all the time but unable to sleep
Having bouts of uncontrollable crying
Becoming entirely uninterested in things you once enjoyed
Paying no attention to daily responsibilities
Feeling hopeless, helpless or worthless for a sustained period of time
Becoming unable to make simple decisions
Wanting to die

Mania might include:
Feeling like you can do anything, even something unsafe or illegal
Needing very little sleep, yet never feeling tired
Dressing flamboyantly, spending money extravagantly, living recklessly
Having increased sexual desires, perhaps even indulging in risky sexual behaviors
Experiencing hallucinations or delusions
Feeling filled with energy
Some people think that they are just “over their depression” when they become manic, and don’t realize this exaggerated state is part of the illness - part of bipolar disorder. A person who has depression and mania is said to have Bipolar I.

In addition to Bipolar Disorder I, the American system of diagnosing this disorder also includes Bipolar Disorder II, which involves symptoms of hypomania instead of full-blown mania.

Hypomania - a less extreme form of manic episode - could include:
Having utter confidence in yourself
Being able to focus well on projects
Feeling extra creative or innovative
Being able to brush off problems that would paralyze you during depression
Feeling “on top of the world” but without going over the top.

Hypomania does not include hallucinations or delusions, but a hypomanic person still might exhibit some reckless or inappropriate behavior. A person who has moods of depression and hypomania is said to have Bipolar II.

Here’s some information on APD:

Antisocial Personality Disorder is also known as psychopathy or sociopathy. Individuals with this disorder have little regard for the feeling and welfare of others. As a clinical diagnosis it is usually limited to those over age 18. It can be diagnosed in younger people if the they commit isolated antisocial acts and do not show signs of another mental disorder.

Antisocial Personality Disorder is chronic, beginning in adolescence and continuing throughout adulthood. There are ten general symptoms:

not learning from experience
no sense of responsibility
inability to form meaningful relationships
inability to control impulses
lack of moral sense
chronically antisocial behavior
no change in behavior after punishment
emotional immaturity
lack of guilt
self-centeredness

People with this disorder may exhibit criminal behavior. They may not work. If they do work, they are frequently absent or may quit suddenly. They do not consider other people’s wishes, welfare or rights. They can be manipulative and may lie to gain personal pleasure or profit. They may default on loans, fail to provide child support, or fail to care for their dependents adequately. High risk sexual behavior and substance abuse are common. Impulsiveness, failure to plan ahead, aggressiveness, irritability, irresponsibility, and a reckless disregard for their own safety and the safety of
others are traits of the antisocial personality.

If you have bipolar disorder, the good news is there help for you - medications have been developed with great success.

If you have APD, your options are limited - but that’s okay - if you have APD, you are happy with who you are and care nothing for anyone else.

In the meantime - having a medical diagnosis for your reckless behavior will not wipe the slate clean of your crimes nor eliminate your responsibility of paying back every of your growing and ongoing debt.
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Unbelievable
December 13th, 2006 at 8:38 am

Yo Ca$ey

Where are you this morning ? I actually worry about you (a little bit) when I don’t see a new thread. Have you jumped off the tallest building in Phoenix or something ?
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Tony Soprano
December 13th, 2006 at 10:18 am

Hey, quit wacking off and get to work and get my money or I’ll send Paulie over to “Discuss” our payment program. Sheesh, even Christopher works harder than this. Hell, A.J. could school your ass in making a buck. Guess you gave up on 5:55am huh? It’s 10:15 on the West Coast. No updates yet, lol….
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Gasey
December 13th, 2006 at 10:48 am

It feels good to be a lazy liar
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Stephanie J
December 13th, 2006 at 10:52 am

Casey, my dear–you have the ostrich syndrome. You hide from mail, you hide from life, go on trips and attend seminars, read quick-cure books, write blogs to avoid the pressures that loom overhead like the sword of Damocles.

You have your head buried in the ground.

Sooner or later.. the sword is going to fall–and you won’t see it because you’re hiding from it. For all you know, news may be waiting in the mail-pile, informing you that it’s already plunged.

I’ve said it before and I say it again. This is addictive behaviour. You have a serious problem. You need to face it.
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Emilio
December 13th, 2006 at 11:50 am

Casey, with so many problems and pitfalls, how do you manage to sleep at night? My conscience would be so frazzled that getting up at 5:30 would be a snap.

I really like your capability for spin and self-promotion, again, that’s where your talent resides. You should realize that RE is not for your, and neither is imposing discipline on yourself. Otherwise, your ability for pr just becomes self-deception. To witness that, go back and read your early entries on this blog. For example, this one from almost three months ago:

My primary goals are:
1) I want to Sell My Properties Fast to Avoid Foreclosure and Bankruptcy.

How’s that working out for you?
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edith bunker
December 13th, 2006 at 12:28 pm

Are you still solid on the original transaction Casey? Sure you didn’t get fooled on that with some fakery collusion from buyers and agents?

Question for the experts:

Can the buyer with this AIDT now borrow /pull more money out of this house using his “interest” as collateral?

If he can and then stops payments , who is on the hook for the new loans?

Thanks
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JoeToTheShmoe
December 13th, 2006 at 12:30 pm

The funny thing about all this is that the US likes to incarcerate. Casey, please, for your own sake, stop saying anything that will get you into any more trouble.

http://www.justfindthis.com/en.....statistics
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I Know it
December 13th, 2006 at 12:33 pm

The idea of a BK hits very soon, what takes time is the realization to actually do it. The hesitancy comes into play when you do business as an individual instead of a corporation. Corporations go bankrupt fast. The reason is simple; usually there is no personal damage to think about.

On the sleeping issue, I’ve heard about the entrepenuers that say they need only 3-4 hours of sleep. I worked for one and he constantly dozed off during the day or at meetings. So much for that myth and that is what it is. While it’s true than entrepenuers oftentimes sleep at time when others don’t, they appear not to need sleep but it’s not true.

For a short period of time you can get away with starving your mind and body of sleep but then your faculties begin to served impaired functions. You think slower, react slower and important things get pushed to the back burner because your mind can’t focus long enough or clearly enough to make sense of things.

Stress is another factor at work. It will sap your energy so fast you’l wonder what happened. Some vitamins to help fend off the effects of stress will help. The B-Complex ones do the job. Watch the sugar as it help for only a short time and the crash isn’t worth it.

A bankruptcy is a nasty thing but when yoy are relatively young, it is survivable and is designed to do one thing, get you back to being productive in society, paying taxes, generating something and all that.

There is no shame in making a mistake and then using those tools available to you to fix the problem. What is shameful is failing to take advantage of those tools and apply a nisguided sense of obligation…I have to do this the hard way. The hard way might work, but at what price, not just to yourself but to others? The banks aren’t going to get hurt bu this. Heck, this is peanuts to them and they will write off the debts anyway. It’s never peanuts to the individual though and that is where the decision needs to get made.

It is always better to do things on your terms than have others impose terms upon you.
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ROKIT88
December 13th, 2006 at 12:38 pm

SpaceMonkey has it right, you need to get a gorilla mask and a baseball hat embroidered with “My Corporation”. Make sure to wear them both and video tape yourself when opening the mail to secure evidence of the operations of “my corporation”
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Cutie Pie
December 13th, 2006 at 1:11 pm

Casey -

Where are you. Hope you are okay.

Cutie Pie - AKA Concerned Doc
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Hi...I'm Dolph DeRoos
December 13th, 2006 at 1:31 pm

LOL…so much for another flakey new age idea. Early riser? Big whoop, Casey!
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speechless
December 13th, 2006 at 1:41 pm

I’m LMAO at the responses today.

Mail Guru, Former Utah Resident, YneOne (so to speak), Trailer Park Boys, Nostrosaddamus, and several others, thank you.

The humor on this blog is beginning to remind me of “The Office”, one of my favorite shows. Specifically, the Michael Scott/Dwight Schrute tag team. They should add a Gen Y character to that show who sits on a blue ball blogging all day about “creative RE deals” and “serious cash on the side”. I can totally see it.
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Jobu
December 13th, 2006 at 1:54 pm

I was just out in Utah - damn, I should have gone by to see the house or talked some real estate with Nigel. I did however, have a sweet coffee at Starbucks in the Salt Lake City airport yesterday.

To 700k in Utah????: That 15 acres for 300k purchase you mentioned is somewhat deceiving. While likely in the mail delivery area of Park City and possibly having a Park City address, it’s not going to be anywhere near the resort area or Old Town, which are more commonly thought of as ‘Park City’ . Give us an idea of how far out from the resort that you have to go to get a tract that size for that price. Thanks.
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Happy Mind - Happy Mood
December 13th, 2006 at 2:09 pm

So Casey, what are your short term goals, lets say in 2 weeks? A month? How are you going to be repairing the damage you have caused to yourself? I just want to know your outlook and planning..

http://www.happy-mind.blogspot.com
http://www.sexualhealth-101.blogspot.com
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Ken
December 13th, 2006 at 3:00 pm

I think Casey got arrested.
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Nigel Swaby
December 13th, 2006 at 3:46 pm

Question for the experts:

Can the buyer with this AIDT now borrow /pull more money out of this house using his “interest” as collateral?

If he can and then stops payments , who is on the hook for the new loans?

1. Technically, yes. But only a lender willing to be in a third position lien would consider it. Their are not many of those and the interest rate would be astronomical.

2. The borrower who took out the loan would be on the hook for a default. There is still a lien against the house, but it’s so far down (3rd position) that lenders don’t usually consider these deals unless the borrower has stellar credit…something a wrap-around buyer usually doesn’t have.

I hope that helps.
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Unbelievable
December 13th, 2006 at 8:44 pm

“Casey, please post the AdSense revenue.”
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Hooray for Homey da Clown!
December 13th, 2006 at 10:00 pm

“Casey, please post the AdSense revenue.”
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Big Cheese
December 14th, 2006 at 6:21 am

Big Rod
December 12th, 2006 at 5:29 am “My bad.” LOL. Add this one to the Casey doll catchphrases.
——
Will do Big Rod.

And I really hope I don’t hear the phrase:

“But the delicate tenderloin is not doing so good. ”

AFTER Casey is in jail.

-Big Cheese
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David
December 21st, 2006 at 7:38 am

“time out from your trip”?? What the “heck” is wrong with you? Do you have NO shame?? You owe people alot of money, how are you taking a trip??
Be careful whom you cross, there are people that will cause much bodily harm to get their money back!!!
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Housing Panic - The Housing Bubble Blog with Attitude
December 21st, 2006 at 8:06 am

links from Technoratiwas feeling very overwhelmed by the “reality” that was/is waiting for me:… * still facing foreclosure on 4 houses… * well over $150K of unsecured debt… * decision to file bankruptcy or not to file bankruptcy… * uncertain job situation… utah mortgage issues… * lack of discipline and lack of progress on December goals… * being too distracted to do any more real estate deals… * serious marriage issues… * oh and on top of all that my laptop died!
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CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS
December 21st, 2006 at 2:25 pm

links from TechnoratiI was feeling very overwhelmed by the “reality” that was/is waiting for me:…* still facing foreclosure on 4 houses…* well over $150K of unsecured debt…* decision to file bankruptcy or not to file bankruptcy…* uncertain job situation… utah mortgage issues…* lack of discipline and lack of progress on December goals…* being too distracted to do any more real estate deals…* serious marriage issues…* oh and on top of all that my laptop died!So I kind of hid from the world for a couple of days. No