Bad news. I was talking to the lender for the New Mexico property asking about a short sale and some of my other options. My loans on the Utah property are with the same lender.
I found out that Utah payments are two months behind! The buyers who wrapped it were supposed to be making payments to a 3rd party servicing bank which in turn would send out the payments to my lender. Looks like they only made one payment before defaulting. The payments are two months behind with $6142 in past due amount.
After selling that house on an all inclusive trust deed I sort of put it out of my mind. It’s crossed out on my list. I guess when you let somebody wrap your payments it may come back to you. You would think if they put 10% down they will want to keep making payments and protect their investment… right?
Now if I want to save the property I will have to foreclose on the buyers to get the deed back! My underlining lender will probably try to foreclose on the house first though. I wonder if they’re aware that I no longer have the deed to the property. (Due-on-sale clause.)
When I offered the buyers seller financing I did collect their social security numbers, work location and contact info. Maybe I can use that for some kind of leverage. But why would they stop making payments? I thought they were highly qualified?
And why did the servicing company not let me know the payments aren’t being made? Somebody dropped the ball here. I need to investigate this.
Wow… I’m actually in the shoes of the lender here. Role reversal!
Mortgage Fraud Podcast a Success!
Good Real Estate Agents, Creative Real Estate Investors and Sweet Deals
334 Comments
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Nigel Swaby
December 7th, 2006 at 11:47 pm
Casey,
Sorry to hear about your Utah property coming unwrapped. I am interested in buying this property so keep me aprised as you evict. If you need any help, let me know.
____________
Stupid Too
I’m glad your making progress with your properties as well. Thanks for the update.
____________
Vague Guru
Yneone posted on the No Limits Ladies board. That’s how PRLinkbiz got her email. Based on Yneone’s posts over there I don’t think she’s Casey’s wife. Believe it or not, there are people out there that have compassion. They just get drowned out by obnoxious critics like yourself and the other 95% of posters on this board.
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bottomfeeder
December 7th, 2006 at 11:53 pm
casy just declare bankruptcy and start over you cannot get out of this.but then again the fbi might be waiting for you to do this as it makes you culpable.you need a lawyer now.
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Michigan Guy
December 7th, 2006 at 11:57 pm
Well, duh!
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briguy
December 8th, 2006 at 12:05 am
How many times can you jump the shark?
I imagine the original lender is just going to treat the current occupants as tenants and run them out with the foreclosure. I imagine the current occupants will then come after you, and they may vastly accelerate whatever criminal processes are headed your way.
You are so hosed. Buy an airline ticket while you still have a passport.
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wikifortune.com
December 8th, 2006 at 12:18 am
2 clicks on the adsense for you mr. casey
It’s time for you to investigate and find out what happened!
You are the lender, you have the power, you are the authority.
Make it happen sir.
Please think about filing for bankruptcy as I have mentioned before.
Food for thought.
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yay another thief chimes in
December 8th, 2006 at 12:41 am
let me be the first to say.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
There is jack squat you can do about this because you dont have any money for travel costs or attorneys nor do you have the know how to represent yourself and do this.
Please tell me you had this set up with a trust deed otherwise your looking at a judicial foreclosure (can take up to a year).
More than likely they know about your situation and have read your blog and they know there is jack squat you can do and they are going to just live there until they get their money back out for what they put down compared to paying rent somewhere else.
That is exactly what I would do because they overpaid for the house anyway……it’s losing value every day while the bubble bursts.
And if they are savvy buyers they know there isnt jack you could do to their credit (doubt you reported the loan on their credit anyway) since you did a kitchen table closing and dont want any extra work since your lazy.
And if you did decide to do something with your credit they could sue the crap out of you and you would buckle like a styrofoam cup filled with scalding hot jamba juice.
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LL cool JJ
December 8th, 2006 at 1:15 am
I will tell everyone I know to buy a shirt but I don’t think that will save you
http://www.myebid.com/cgi-bin/.....ingID=2920
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Sputnik the Cat
December 8th, 2006 at 1:47 am
“I miss Sputnick, here kitty kitty”
SPELL MY NAME RIGHT, or I’ll poop in your shoes! AAAACCkk!
Thppttt!!
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UncleC
December 8th, 2006 at 1:47 am
Geez, what a mess! Guess you can ask them to send you the deed-in-lieu. Nah, they’ll just squat there until the bank forecloses and then they’ll cut a deal with the bank to testify about the fraudulant conveyance. At least you got their $40 downpayment!
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Miguel
December 8th, 2006 at 2:07 am
“But why would they stop making payments? I thought they were highly qualified?”
Perhaps they read your blog and thought “well, it’s not as though he’s in any position to come after us”.
Just a thought.
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J. Whittimer Lightning
December 8th, 2006 at 2:19 am
The Utah homeowners were pointed to this blog and were made aware that they were going to lose their home when all of your other properties got foreclosed on and the banks came after your only remaing asset. The home which you wrapped around to them. They realized they had been scammed and were going to lose every $2200 plus payment they made. They realized that they were going to lose the down payment they had put down.
The Utah AG has been on to this one for awhile now.
Remember when the early “haters” kept asking you if you had run this one by the lender and you repeatedly said you were going to call and ask them?
That was when things began to slide in a bad way for you. Somebody has pulled the trigger on you, Sunshine.
J. Whittimer Lightning
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Tim, from Monterey Bay area
December 8th, 2006 at 2:36 am
You should have expected this sort of thing: wrap-arounds are flaky ways of buying houses. The “clean” way is for the seller to sell the house to the buyer, who buys it. Simple. Anytime the seller does a “rent to own” deal, or a wrap-around, this is a warning sign that the buyer is not really a competent buyer.
All of the houses I have bought and sold have been done with straightforward financing, albeit usuing the usual banks and mortgage companies. “Wrap-arounds” are ticking time bombs.
(I also wonder why they would put 10% down and then default so quickly, more quickly that you did on your own trouble properties. Did they _actually_ put 10% down? Has this been verified? Or did they use some kind of “funny business” scheme/scam where it looked like they put 10% down, but they were actually getting their down payment “kicked back”? I’m just idly speculating here. This world of funny loans, kickbacks, unreported side deals, is a shady world.)
I assume your comment that you checked the Social Security numbers, that you thought they were “qualified buyers,” was a subtle joke, a bit of facetiousness, right? If not, this is further reason for you to run away from the real estate business and never get near it again.
Whether it makes sense for you to try to foreclose on the defaulting wrap-arounders, with all the expenses this will entail, with the confusion about who has the deed (well, I’m sure confused who has it right now!). It may be best for you to just wait to see what happens. Spending ten grand to get the house “back,” only to see it vanish immediately from your grasp may be a poor use of ten grand, assuming you can even find someone to lend it to you.
Anyway, sorry to hear this latest bit of bad news. But it’s all part of the larger picture: you are busted flat, wiped out. Time for you to recognize this and to stop fantasizing about “bird-dogging sweet deals” and listening to more guru tapes.
–Tim from Monterey
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Mark
December 8th, 2006 at 3:22 am
About time you know what it’s like.
Maybe they are property flippers as well. There is no easy money - if there was, everyone would do it.
“You do it to yourself. You do. Just you, and no one else.”
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Mike
December 8th, 2006 at 3:27 am
You’re getting into the shit deeper and deeper.
I cannot understand why you don’t do obvious thing to do here…. look at all the posts from the past days, I think the message is very clear. But all the same, you don’t seem to get it.
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Billy Jack
December 8th, 2006 at 3:32 am
Out of site, out of mind…
Sounds like you blog too much. Real buisness men and women pay attention to whats going on.
I have determined that you are a dumba$$.
I have determined that your wife is also a dumba$$.
Are you peolple on dope????
You need to grow up, Casey.
BJ
ps-This isnt a hate message.
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Tom
December 8th, 2006 at 3:48 am
Casey: Sorry to hear about this unfortunate development. You might want to change the status of that house on the right hand bar of your site from “wrapped” to “unwrapped.” Bummer.
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Sputnik the Cat
December 8th, 2006 at 4:11 am
YAWWWWNNN….aaaackk!! Feels good to be an EARLY RISER! I usually eat some fishy treats first, then lick my butt for a while, before I’m ready to face the day.
Look out squeeky mice! Big furry beastie cat comin’ to get ya!
“I found out that Utah payments are two months behind! The buyers who wrapped it were supposed to be making payments to a 3rd party servicing bank which in turn would send out the payments to my lender. Looks like they only made one payment before defaulting.”
Didn’t several people - and at least one cat - advise you that this was a dumb idea? aaaackkk!! Thhpptt! Hairball!!
You never listen! You never learn! Hell, at least I learned not to climb up that tree again after I got trapped by those ugly doggies! And I’m just a cat!!
Where you at Jobu?? Drinkin’ that refill? Come back!
Yneone: I pooped in your shoes again while you were asleep.
aaack!
S_t_C
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Big Cheese
December 8th, 2006 at 4:24 am
This is too complicated for me Casey. Just turn the keys in to the lender. And I guess you’ll have to find where that deed is now.
-Big Cheese
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Austerity
December 8th, 2006 at 4:32 am
“…I guess when you let somebody wrap your payments it may come back to you…”
Dah.
There was a reason they did not obtain conventional financing.
“..Wow… I’m actually in the shoes of the lender here. Role reversal!..”
Nope. Same shoes as you were in.
They are just smelling worse all the time.
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StingyFinance
December 8th, 2006 at 5:05 am
Casey, how did you screen your wrap buyers? I have been in the situation before where I was highly motivated to find tenants and in these situations, 9 times out of 10, the tenants turn out to be duds.
Joe
http://www.StingyFinance.com
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Unbelievable
December 8th, 2006 at 5:08 am
I am laughing too hard to comment further right now !
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Don't enhale the Serin Gas
December 8th, 2006 at 5:14 am
wow, here is a twist that nobody saw coming…except Casey’s producer. This has to be fake
Stupid too, good luck to you, I am praying for things to work out for you.
Now where is that damn cat?
Here kitty kitty…
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69mandingo
December 8th, 2006 at 5:32 am
dude. you need to get to utah and BEAT the $ out of those Mormons
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working sucker
December 8th, 2006 at 5:33 am
Good Morning Sunshine!
I am already at my desk working like a sucker…
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Richard Roma
December 8th, 2006 at 5:33 am
Casey, one of your statements from this blog that you made a couple months ago recently caught my eye, and I’d like to comment on it:
“All those haters who think I am too lazy to work - why don’t you try doing some of this stuff yourself!
I bet I’m working hard than you!”
Newton’s second law of motion states that work=mass X acceleration, or F=ma. If acceleration=0, then F(or work)=0.
What I’m trying to say here is, your current effort - waking up early, seeking more advice from “gurus”, scorning those who work a 9-5 job as idiots who are “just over broke” - is comparable to you pushing against a million-pound rock rooted in the ground and claiming that it is “hard work” to do so - yes, you’re straining, sweating, burning calories like nobody’s business, but the rock is (and will remain) completely stationary. Your actual “work” is precisely zero.
Time for a change in tactics, perhaps? Or am I just another one of those neg-head haters who you can safely ignore?
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KevBo
December 8th, 2006 at 5:34 am
Are you kidding me. Someone didn’t make their mortgage payment?
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bluto
December 8th, 2006 at 5:37 am
Unless rates have spiked in the past (so others want your locked in rate) a wrap is mostly a vehicle used by those who can’t get a loan from a bank. Why wouldn’t you expect that someone who couldn’t get a loan from a traditional source in the most credit easy mortgage market in decades might have some pretty major caveats on their likelihood of full and total repayment?
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Fred Fry
December 8th, 2006 at 5:45 am
“But why would they stop making payments? I thought they were highly qualified?”
Why did you stop making payments?
Maybe they also bought five houses? Maybe they sublet this one and are collecting rent and keeping all of it.
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Buzz Saw
December 8th, 2006 at 6:02 am
Up and at ‘em tiger! Try some frosted flakes this morning. They’re grrrreat!
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ProjectsWest
December 8th, 2006 at 6:09 am
Good morning early riser!
What good are the social security numbers if they cannot make the payments? Odds are they have no job, no assets, and cannot make the payments either.
I have eleven self help audio CD roms with topics on business, real estate and personal finance all on ebay right now with the seller name “projectswest”. Three are by your hero Kiyosaki. There is also Robert Allen, Donal Trump, etc. They are at cheap prices right now. I will offer free shipping to anyone in Sacramento area.
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bob
December 8th, 2006 at 6:11 am
Casey,
When are you going to get it that a house is not an investment?
A HOUSE IS A DEPRECIATING CONSUMER GOOD.
An investment is something that creates wealth regularly, like an oil well, a copper mine, a car factory, an iron smelter, etc.
If you want to become a businessman and become wealthy, you must understand how wealth is CREATED, rather than passed from one greater fool to the next.
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Aaron
December 8th, 2006 at 6:19 am
PATHETIC! so you in essence have not accomplished squat the past 3 months. oh yeah…..you blew what little cash you ahd left on starbucks, jamba juice and macaroni grill(quality eh???).
Somebody dropped the ball??? jeez talk about the pot calling the kettle black. YOU NEVER EVEN GOT CONTROL OF THE BALL. all you did was attempt a catch and then chuck it out of bounds. I bet you were the kid that when you played smear the queer you always dropped the ball b/c your a p*SSY.
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Lou Minatti
December 8th, 2006 at 6:23 am
“But why would they stop making payments? I thought they were highly qualified?”
Your lenders thought you were highly qualified, Casey. That’s because you lied on your loan documents. Just like these people lied to you. How does it feel?
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Vague Guru
December 8th, 2006 at 6:24 am
Casey, what’s with all the negativity? You’re starting to sound like a hater.
I’m sure your buyers are going to pay back every dirty cent.
They’re probably putting together a plan to actualize the visualization of their payments.
Casey ~ “Now if I want to save the property I will have to foreclose on the buyers to get the deed back! My underlining lender will probably try to foreclose on the house first though. I wonder if they’re aware that I no longer have the deed to the property. (Due-on-sale clause.)”
What happened to your “no fishy business” promise?
Karma is a bitch!
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Joey Bobo
December 8th, 2006 at 6:30 am
Still sleeping, huh?
Anyway, how can you use their social security and phone numbers as leverage? I’m not understanding that one.
Now that you’re in the lender role, tell us what exactly do you guys do with that information, besides running a credit check?
Do you think those people read this blog, saw you on USA Today or your other media appearances, and decided that you might be getting a better deal then they are out of it?
Stay away from the Jamba Juice today.
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JTR
December 8th, 2006 at 6:34 am
Mornin’ Sleeping Beauty!!!! WOW! THE HITS JUST KEEP COMING…..ouch. Well buck up lil’ camper….look on the bright side….you will only have four more days like that….when the other four properties go into foreclosure.
WIth all this negativity, I’d have a hard time getting out of bed too. Just snooze for a few more hours…..you DESERVE it. And treat yourself to a Jamba Juice today too.
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Crashlander
December 8th, 2006 at 6:52 am
This blog is the only one like it as far as I know. Fascinating.
Your ‘buyers’ on that house obviously FINANCED thier 10% down so they really did a 100% deal. Even if you verified it was cash and not a loan IT WAS PROBABLY A HELOC LOAN from a previous house also in default.
Get them to start a simliar blog! Sub out your domain name and you can host 1000’s of people. for example:
Sara.IamFacingForeclosure.com
You can charge hosting setup/web development fees. This site is a magnet for you failed flippers - make some money off them. I bet there are 800 lurkers facing foreclosure reading this - PIPE UP PEOPLE AND POST!
The house of cards flipping economy is crashing like dot com’s selling banner ads to each other.
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Casey Serin
December 8th, 2006 at 6:53 am
Early Riser here, checking in after 50 minutes of approving a bunch of comments from last night and resetting the cable modem ‘cuz it keeps going out last several days.
I am going to try to track down the wrap buyer today.
I also was going to finally get to my plan for this week: mass marketing of houses. (Some of you are calling me on it - that’s good, keep doing that so I can stay accountable).
I can’t believe it’s already Friday and I haven’t done much of anything there. Oh wait, I did update the Burdett property page. And I also tried put up a craigslist ad but they rejected it for some reason.
Where is all my time going and why am I not productive?
I asked my wife for Christmas to buy me Getting Things Done book by David Allen. I’ve heard some good stuff about it and I think it may help me out.
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John M
December 8th, 2006 at 6:58 am
They had a large amount of money for closing, they didn’t want to get money from a bank, they made the one payment they made though a third party…
You know this was probably used as a meth house, right?
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OMFG
December 8th, 2006 at 6:59 am
Why don’t you help them start a blog?
Iamscrewingtheguythatisfacingforeclosure.com
Looks like the con man got conned.. Oh, boo hoo. I would send STC down there to poop in all of their shoes.
Seriously, we told you so, like a thousand times. I agree Mr. Lightning, you been punked. Time to fill up da V DUB and head towards TJ.
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Anon
December 8th, 2006 at 7:00 am
Stop wasting money and check the book out from the library you stupid little monkey!!
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JTR
December 8th, 2006 at 7:01 am
Casey’s Christmas List! Too rich…. wow.
Which maxed out credit card would you like her to put that book on? What are you planning to “buy” her? I think we’ve gone from the surreal to the sublime (but I still can’t look away)
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Casey Serin
December 8th, 2006 at 7:04 am
The buyer actually DID put down 10% of cold hard cash. What that was is they caught up my loan and paid my the 7% agent commission. After all the expenses I only got a couple of hundred bucks from it. Read the Utah property wrapped post for how it was structured.
And it was not a kitchen table closing, we used a title company and everything went just like a normal closing except for that I did not pay off my loan. But the title/deed was transferred to the new buyer. They are paying my payment for me through a 3rd party servicing company. That’s what seller financing on an all inclusive trust deed is all about.
All inclusive because my trust deed securing the seller carryback note is wrapping (or “including”) the underlining financing that I already had in place.
If you’re a real estate investor you may have heard the term “subject to”. Or “buying subject to existing financing” to say it properly.
Well that’s what happened, they bought the property from me subject-to. Except I went one step further and actually secured my note with a trust deed.
The trust deed allows me to foreclose on them if they stop making payments. If i was to simply sell it to them “subject-to” I would have no recourse if they default. So doing it this way makes it more secure.
So these guys actually brought 40K to the closing table (at the title company). They only made one payment. If myself or my lender foreclose on them, they will loose the 40K.
It’s one think to have no skin in the game (like me) with 100% financing. You’re not loosing much. But a different thing to be throwing 40K money around like that.
But then again, maybe they borrowed the 40K on some credit line or borrowed against one of their houses which they DID finance 100%.
Who knows.
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the dealers advocate
December 8th, 2006 at 7:07 am
Casey,
I must admit I am a little dissapointed with the progress you have made regarding lawyers and rims. Nevertheless, I have decided to come to your aide:
SHOPPING LIST
16 x High Intensity Discharge reflective hoods
16 x 400w Metal Halide HID lamps
16 x Remote assembled ballasts
32 x special” seeds from British Colimbia
32 x pots and soil
Talk about cash flow! With a green thumb, were talking
50k per house, per quarter! Now I know this may be a step down criminally, but you need to like, “make it happen”. With a little hard work, you’ll be drivin to your lawyers office on 26 inches!
keep ballin
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Billy Jack
December 8th, 2006 at 7:11 am
You need to ask your wife to give you your testicles back. She told me they are in the same jar you left your brains in.
Here is a little advise…
Sell your misery on Ebay. Start the bidding @ around 10 bucks for 5 days and see if you can pick up some food money for Christmas.
Good luck Casey.
BJ
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rayflana
December 8th, 2006 at 7:11 am
You’ve got to be the biggest idiot going these days. What color’s the sky in YOUR world…
Have you met P.T. Barnum? He’d love you.
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Casey Serin
December 8th, 2006 at 7:19 am
(I’m on fire with the comments today)
Back to productivity… i have 150 unopened emails in my inbox and I have stuff I gotta do for Chris today AND I wanted to do some mass marketing of my sacramento property. Approving comments and writing responses took me an hour!
I have a dilema. I don’t think I can do all these things effectively all at once.
1) work a full time job
2) market my under-water houses
3) look for sweet deals to get me out of this mess
4) run an effective blog - writing a good post takes 1-3 hours
5) stay on top of large volume of email that comes mostly from the blog and my occasional updates to my mailing list
I can usually get to doing 2 or out of the 5 on any given day.
This blog has been a love/hate relationship. It’s taking up more time then I realize. Sometimes I wish I can just blog all day because I enjoy it and if I can spend more time responding to your questions/comments the reading experience will be even better. But I have responsibility to take care of.
After 3 months I’m finally realizing that maybe fighting the fire and writing about fighting the fire is very hard to do at the same time. Or to borrow from a prior analogy: Watching a huge tidal wave coming at me and instead of running I am taking pictures of it. The view is good for a few minutes untill I find myself at the bottom of the ocean.
Even that guy “stupid too” is doing better than I am in getting stuff done. (Congradulations by the way. Sorry I didn’t get a chance to respond to you yet. Please email me so we can talk some more.)
On the other hand, if I wasn’t blogging I would not have had all the different opportunities presented to me (and still being presented). I am meeting lots of good people and making good connections into the future.
Anyway… I’m getting off topic here…. I need to still go on my morning run, shower, breakfast and get to work on being a mean lender and calling up my flaky buyers (just like my lenders do to me).
Also maybe I will print up some flyers really quick and go down to Sacramento houses and pass them around. Also I will try to track down a store where I can get some blank coro-plast signs so I can make some hand-made road-side signs. That and craigslist should give me some quick results.
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Craven Moorehead
December 8th, 2006 at 7:22 am
Casey, have I told you that I think you’re great? Please go ahead and post my message now with out reading further as the rest of this will also be very complimentary of your efforts……….
Do you realize that if you had slept in until noon for the last 15 years and done nothing all day except eat boogers, you’d be further ahead than you are now?
You obviously don’t want any advice from anyone. So please, just keep doing what you’re doing and lie, cheat, borrow, and steal as much as you can. I do think that you’ll make a good looking woman in lock down. See you real soon.
Inmate #32439
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Creativity at work
December 8th, 2006 at 7:25 am
So Casey actually managed to squeeze some extra money out of a house AFTER his cash-back-at-closing. It mostly went to the real estate agents, but where did it come from? Someone here, either a bank or the so-called buyers, paid for that real-estate commission. I have a feeling it’s not the “buyers.” Does that downpayment mean that Casey’s mortgage holder has to acknowledge that 40k “equity” when it forecloses? I don’t know. If they do, sounds like the bank has a claim for another 40k against Casey. If not, sounds like the “buyers” or whoever gave them the 40k might have a claim against Casey for that 40k.
Either way, here goes an extra mail fraud count on the indictment. Maybe the prosecution is waiting for all this to settle, because Casey is obviously not done. Maybe he’ll figure out how to get cash out of the Texas house that already foreclosed. Creativity at work. No wonder he thinks the solution to his problem is to read more books rather than do actual work.
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SCapitalist
December 8th, 2006 at 7:26 am
Wow, huge setback… Let us know at the end of today what the status is on this development.
P.S. Getting Thing Done is a good book. I would recommend it to anyone looking to become more productive. When life become extremely demanding, as in your case, you can either drop the ball or become MORE productive. Unfortunately for you, David Allen has yet to write “Getting Miracles Done”. =P
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69mandingo
December 8th, 2006 at 7:34 am
seriously casey. go to utah and BEAT the money out of these mormonians. take care of business UKRANIAN STYLE. otherwise, these punks will be coming out of the woodwork to take advantage of you
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Miguel
December 8th, 2006 at 7:34 am
“I have a dilema. I don’t think I can do all these things effectively all at once.
1) work a full time job
2) market my under-water houses
3) look for sweet deals to get me out of this mess
4) run an effective blog - writing a good post takes 1-3 hours
5) stay on top of large volume of email that comes mostly from the blog and my occasional updates to my mailing list”
Well, (3) is an easy one to drop, as you clearly wouldn’t recognise a sweet deal if it bit you in the ass, so best not waste time looking. And as many, many people have pointed out (again, I refer you to Tim’s lengthy comment from a few days ago - http://iamfacingforeclosure.co.....ment-10916 - as it had detailed figures), you’re in far too deep for any “sweet deals” to bail you out.
Put it like this: to make a profit of $2 million you’re going to have to be the greatest wheeler-dealer in history. Erm…
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Sputnik the Cat
December 8th, 2006 at 7:35 am
“Believe it or not, there are people out there that have compassion.”
aaackk!! OK Nigel, I am supposed to have compassion for someone who tried to get rich quick by committing mortgage fraud??
Who else should I have compassion for?
Drug dealers?
Iraq insurgents?
Enron fraudsters?
People who don’t like cats??!?
Thhpptt! I poop on your shoes, fool!
S_t_C
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The Unwelcome Guest
December 8th, 2006 at 7:36 am
“I asked my wife for Christmas to buy me Getting Things Done book by David Allen. I’ve heard some good stuff about it and I think it may help me out.”
Holy crap. Reading about it won’t get it done man! The time is over for reading and gurus and all that jazz, just get to fricking work! Forget the runs aswell, the sheer adrenaline energy burn of the real hard work that would be involved in trying to avoid foreclosure would be more than enough exercise.
Hell, couple that with the loss of appetite which should have onset about six months ago due to the stress of owing so much cash and being so exposed in a declining market.
Christ on a bike, when I first was lead here, I thought ok, he’s screwed up but reading this he seems to be making an attempt to get out of this situation.
2-3 months later, what’s happened?
Squat!
Too much time spent cosying up to RK, buying ridiculous cars and having the nerve to go out and buy over priced juice and crap such as that…
You’re getting each other presents for christmas???
I would have thought the sane policy would be a lean year under the Serin tree this coming christmas.
If you’re going to spend money, the only good money that go after all the bad before would be spent on a BK attorney.
And please, please God don’t…
“3) look for sweet deals to get me out of this mess”
You are not an investor, you are in no condition to be an investor, you might be well on your way to failing forward but this average person looks at Casey Serin and hell, the best rule is what wouldn’t Casey Serin do…
Forget the t-shirts.
Armbands are the only way to go.
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PRISON
December 8th, 2006 at 7:40 am
You stupid idiot, buyer saw your story on tv and newspaper and website. They feel cheated by you and they’re working with authorities to bring you down.
come to papa, fresh meat, you’ll be inmate# 4824
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Anon4
December 8th, 2006 at 7:45 am
God the Jamba Juice jokes never get old.
As for their social security numbers, you can steal their identity as leverage and recoup your losses.
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Easy Living
December 8th, 2006 at 7:47 am
My solution to your priorities in [brackets] below. I know you’re just trolling, but I can’t resist.
I have a dilema. I don’t think I can do all these things effectively all at once. [You’re correct, so PRIORITIZE]
1) work a full time job [CONTINUE & GET A 2nd]
2) market my under-water houses [STOP - buyers don’t exist]
3) look for sweet deals to get me out of this mess [STOP - sweet deals got you INTO this mess. Stop digging the hole deeper]
4) run an effective blog - writing a good post takes 1-3 hours [REDUCE - timebox to 30 minutes per day]
5) stay on top of large volume of email that comes mostly from the blog and my occasional updates to my mailing list [SEVERELY CURTAIL - I can’t believe you’re getting anything new of value. You’ve ignored previous good advise after reading and approving. Ignore the same advise in the future by not reading. Seriously]
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hammawi
December 8th, 2006 at 7:47 am
Hello,
Casey! Christmas should be canceled in the Serin household this year. You dont have the money!
I dont wish you harm, I am a man of faith myself. God is not going to reward you if you do not meet him halfway. Have you really repented? It sounds to me, that you have not. Admiting your guilt is one thing and half of repentence. You then have to stop sinning and not to do the sin again.
“Again I say to you, it is easier for a camel to pass through the eye of a needle than for one who is rich to enter the kingdom of God.” Matthew 19:24
I hope that you get rich quick scheme is over Casey. Nothing in life that is worth anything is gotten easy.
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A Friend
December 8th, 2006 at 7:50 am
Well, on the bright side, hopefully you can see that borrowing another $50,000 and trying to sell the houses to credit challenged buyers is a very bad idea.
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What makes a criminal a criminal in this business
December 8th, 2006 at 7:57 am
Man, forget the flyers and all the funny business. Just declare bankruptcy and get it over with. Throw in the towel.
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Making Money
December 8th, 2006 at 8:01 am
Coro-plast Signs? Flyers?
C’mon Casey, are you selling houses or Herbalife?
http://www.cockeyed.com/workfr.....ome_s.html
“Gee, honey we don’t need another house, but this guy has an AWESOME flyer.”
“Yeah! I saw the sign at the stoplight by KMart!”
“Let’s give him $500K.”
“Maybe we could just pay his mortgage.”
“Like renting, but more stupid!!!”
“It’s FUN to be upside-down!!!”
“Sweet rims!”
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Jessica
December 8th, 2006 at 8:01 am
Everytime I read your blog I want to bang my head against a wall. Writing in your blog should be your LAST priority of the day. You should be doing everything else first and then setting aside time at the end of the day to write if that is what you want to do.
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Robert Coté
December 8th, 2006 at 8:05 am
Wow, who saw this coming? [raises hand]
What would my morning be without my daily Sputnik? That damn cat owes me a few keyboards; coffee, beer sprayed all over the place. Thhhhpft. Hey, I think www.dailysputnik.org is available.
Anyway, let’s play good news/bad news. Good news, your conveyance wasn’t probably legal. Bad news, lawyers cost money. Good news, the agent isn’t owed the comission. Bad news, good luck getting it back. Good news, Utah isn’t too far to drive. Bad news; uhhh Jetta. Good news; the blog has an interesting topic. Bad new, not all attention is good attention. Good news, with so many actors the pentultimate courtroom scene is liable to resemble “What’s Up Doc?” Bad news, you’ll be playing the Striesand character and the judge won’t be your daddy.
Well enough, off to “work.” Got my tea (40 bags, 99 cents Trader Joes 2 for1), got my cup (free, some healthcare client promo), got my thumbdrive ($9.99 1Gb Frys), got my new office (TuffSheds $40/sf including granite countertops), got my laughs for the day and a new story to follow. I smell a roadtrip!
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whoknows
December 8th, 2006 at 8:06 am
sputnik makes this blog worth reading. wish i liked cats.
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CM SE
December 8th, 2006 at 8:11 am
STOP calling yourself an Early Riser; you are just pissing off the rest of us. If I pay Sputnik the Cat to smack you in the head every time you do it, will you learn? Your cavalier attitude is part of the problem.
I have no sympathy for someone who blithely admits he can not accomplish his own task list and yet lies in bed until 6 AM before he arises to have a “morning run” before he works on a couple of “sweet deals”.
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Easy Living
December 8th, 2006 at 8:11 am
Casey said: “Also maybe I will print up some flyers really quick and go down to Sacramento houses and pass them around. Also I will try to track down a store where I can get some blank coro-plast signs so I can make some hand-made road-side signs. That and craigslist should give me some quick results. ”
Casey - I have to comment on the above. If you’re just trolling, or trying to fool us, then fine. But, PLEASE, don’t fool yourself that handing out flyers and posting roadside signs for overpriced, low quality houses in December is a good use of your time and money, or will produce “quick results”.
I thought you have “stuff” to do for Chris today??
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Kasey
December 8th, 2006 at 8:22 am
You can usually get 2 out of the 5 things done a day? What do you do the rest of the day. Us working folks get those 5 things done before lunch. 1-3 hours to make a good post? I could write the same post as you in 20 minutes.
“looking for sweet deals” - how are you going to borrow more money? No one in their right mind would lend you money
“making great connections for the future” Unless you’re talking to other inmates or the warden, you aren’t making any future contacts.
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Gen Yr's etc
December 8th, 2006 at 8:28 am
UncleC –
“At least you got their $40 downpayment!” — Unfortunately or hero stopped to look at a sweet deal on the way to the bank, thus incurring another $33 overdraft fee so his net on the down payment was $7.
Sweet deal!
Spaceman Spiff
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Vague Guru
December 8th, 2006 at 8:31 am
Maybe the buyers were aliens from another planet and they didn’t know that they had to make more payments (stay with me on this). They probably looked around and saw that no one else was paying their mortgages (including you) and thought that they also didn’t have to pay.
I wouldn’t be to hard on them if I were you, Case, after all everyone else is doing it so that makes it right, right?
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NoVa Sideliner
December 8th, 2006 at 8:37 am
But then again, maybe they borrowed the 40K on some credit line or borrowed against one of their houses which they DID finance 100%. Who knows.
YOU don’t know? You didn’t run a credit check on them when they first applied and again just before you “handed them your mortgage” at closing? It might have shown up there, you know. You did run a credit check on your buyers. Right? Right?
And what’s this about “against one of their houses”? They have more than one house? Do they? What, are you insane? Wrapping your own mortgage to some idiots who want to buy a bunch of houses and then end up losing a fortune as they try to flip them? Boy was that dumb. (Sorry, but true.)
By the way, when you go get your flyer material for the Sacramento house, make sure to buy a toilet brush and other cleaning supplies as well.
You certainly are a discouraging little wastrel. Sorry again, and don’t take it as hate but more as head-shaking disgust and amazement; it’s almost unbelievable how you blunder into these situations. (I’d never believe it except for the actual county records that back up your story.)
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Jack
December 8th, 2006 at 8:37 am
hey Casey, you say you are putting in hours and hours in approving posts here. why not lift the moderation so you dont have to approve each and every post? you can always delete posts that are ‘bad’ afterwards. saving time hmm?
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dumb da dum dumb
December 8th, 2006 at 8:40 am
im flabbergasted, i kind of see your point in your explanation casey
maybe this is some sort of kharmic justice
you purchased houses “creatively” then sold one ‘creatively’
and ended up getting screwed over,which is what you did originally…so your in the same boat as your orig lender?
is this some sort of guru/seminar technique you used?
maybe ill never get the RE game and willalways be a wage slave.
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cLuStEr_fK
December 8th, 2006 at 8:41 am
This is too funny. These houses sit out there, but no one has any money to pay for them. They sit as carcasses, the money sucked out of them, no one to mow their lawns. Maybe you can pay the neighbors to do that.
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John J
December 8th, 2006 at 8:42 am
Casey, you are the greatest! The greatest fool that is! You are not an investor, not a flipper. The flippers are the ones that sold you those houses. Those seminars and books that you read aren’t designed to make the person who attends or reads rich. They are designed to give a sheep courage and false hope so he can fearlessly put his finances in danger to make real investors richer.
You are that last bidder in an auction on an overpriced item who bids some astronomical amount on the item that no one else dares to challenge. You are the greatest fool! Now you are stuck with something no one will want to buy from you!
You like to read and write obviously. Why don’t you write a book instead! look at all the traffic your web site is getting! People are very interested in your life. Write a book! You can write about how you made so many bad mistakes and you will make some real money! Something you can actually be proud of! Even people that hate you will buy your book, just so they can enjoy feeling your pain. There is opportunity here, but forget about real estate, it’s not for you. Don’t waste another day, start writing, trust me, this is where the money is! It will take a good amount of time, but instead of wasting it writing this blog, you could be doing something that may actually save your ass a year from now.
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Vague Guru
December 8th, 2006 at 8:49 am
OMFG ~ “Why don’t you help them start a blog?
Iamscrewingtheguythatisfacingforeclosure.com”
BWHA! HA! HA!
Or how about iamfacingforeclosurefromtheiamfacingforclosureguy.com
Casey maybe you could turn into a pyramid,errrr I mean, MLM (multi level marketing) scheme.
Casey can’t use see the buyers are simply “Failing Forward”. They are obviously not “average” people with jobs that pay their bills.
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Robert Coté
December 8th, 2006 at 8:51 am
It was so obvious I didn’t even bother to explain previously. The Utah “buyers” were in with the agent. The agent got a few percent and the “buyers” got the rest as cash back at closing. Sweeeet. Best part is they knew the wrap wasn’t binding. They got their money, got to live there for a few months and left Casey holding a bigger bag. Hey Casey, wanna buy some sweeeet tranches from Ownit?
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Jim
December 8th, 2006 at 8:52 am
Casey, you are so, SO screwed!!! Although I’m betting on 300+ comments for this gem …
New Zealand’s looking better all the time … !
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John Polomny
December 8th, 2006 at 8:58 am
“On the other hand, if I wasn’t blogging I would not have had all the different opportunities presented to me (and still being presented). I am meeting lots of good people and making good connections into the future.”
The only reason this stupid blog is here is for adsense revenue. This is like a soap opera and you are the soap peddler. By the way your podcast was stupid. I listened to it and read the chat. i was laughing my ass off at how people were goofing on you. Go back to Uzbekistan.
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Time Will Tell (Box thinker)
December 8th, 2006 at 9:06 am
Casey Casey Casey…..
Not all out-of-the-box thinking is good. Normal In-the-box thinking would have it that cutting off your arm in a bad thing: it’s out of the box thinking. In fact MOST out-of-the-box thinking is bad.
Time to get back in the box. Set your self and everyone around you a deadline. If you have not sold ALL your homes and celared all your debt by that time, declare BK.
The only leverage you have is the threat of going BK. You got no money, got no cred, got no skills, not no buyers. All you got is debt.
Game over, man.
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Phillip
December 8th, 2006 at 9:09 am
We do not believe in wrapping, owner financing, etc. for this exact reason. You need to sell the property the proper way with conventional financing. Do not be the lender because the buyers may not be able to make the payments, and you will have no recourse.
Put yard signs up, craigslist ad, and put an ad in the local Greensheets (or the equivalent in your area). Lower the price sufficiently so you can sell it quickly. That may hurt, but that is what you’re going to have to do if you want results.
Good luck,
Phillip
www.gcproperties1.com
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walt526
December 8th, 2006 at 9:16 am
I stopped visiting this blog about two weeks ago, but stopped in real quick to see what was happening…
Wow, you’re screwed. The idea that this house was probably used as a meth house or something else illegal probably isn’t that far off. Couple of thoughts…
Are you still carrying insurance on the house? If not, you do realize that your lender can still go after you for any uninsured loss that they suffer?
You don’t have a good recourse against these buyers. You cannot compel the “buyers” to make the payments (I don’t know what sort of leverage you think you have be knowing their SS numbers). You don’t have the time or resources to go through a foreclosure process. And even if you could get it back, what then? You can’t make the loan current or service the monthly payments. And you cannot effectively market properties 10-15 miles from Roseville, let alone even Modesto. How do you expect to do anything with the one in Utah?
You’re screwed. Game over. This entire venture is a sunk cost. Walk away from the mortgages and seek bankruptcy protection. No amount of ingenuity or creativity is going to get you out of this situation (even if you actually possessed that capacity).
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Jack
December 8th, 2006 at 9:20 am
did you lift the moderation? :p or are you watching the blogposts every minute to approve them? you’d better have gone for option A, and are busy actually working.
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Sometimes, you just can’t look away. » Oh, Casey
December 8th, 2006 at 9:27 am
Kramer auto Pingback[…] This was posted in the open thread, but it is too good to miss, and anyway I need one of you to explain this to me. As best I can tell, Casey Serin just got ripped off: I found out that Utah payments are two months behind! The buyers who wrapped it were supposed to be making payments to a 3rd party servicing bank which in turn would send out the payments to my lender. Looks like they only made one payment before defaulting. The payments are two months behind with $6142 in past due amount. […]
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Spaceman Spiff
December 8th, 2006 at 9:28 am
Eureka! (that means I have found it and it is also the motto of the great State of California, governed by none other than Arnold Schwarzenegger, but I digress).
By Spaceman Spiff’s enhanced mental powers, our valiant hero has found the solution to all of young Mr. Serin’s troubles.
Stay with me on this as it involves a little math. For the sake of simplicity Spaceman Spiff may do a little rounding, but soon you will see the brilliance in our hero’s mental prowess! We’ll focus on the New Mexico estate because it is the farthest away from young Mr. Serin (you will soon see why geography is our friend).
You are in it say $510,000.00. Let us also assume that it is only worth 70% of the $497,000.00 you paid for it because: A) you needed $$$ back for Jamba Juices at closing, and B) the market sucks big time. So, that means it is worth $347,900.
OK, Spaceman Spiff figures that while you are out today get some really, really nice marketing paper (Spaceman Spiff prefers Worthington 100% cotton 50lb brilliant white - this is important - WITH a watermark). Print some fliers up that have a lovely set of photos of Stately Serin Manor (I think it’s #5), with some flowing prose about how it must be sold at an nearly unmentionable price of — ready? — $210,000.00. That’s right, no type here (’ole Spaceman spiff is a stickler for details) $210,000.00.
Now, wait until you have 3 or better yet 4 qualified buyers (make sure they write down their SSN and telephone numbers to prove they’re qualified). Here is the brilliant part: schedule the closings all for the same day at different times. Preferable you’d want to use different title companies so no one runs into each other in the lobby (wink wink).
So here is the math: 3 buyers = $630,000; 4 buyers = $840,000. Spaceman Spiff confirms this WILL net you $120,000 to $330,000. With that kind of juice (not Jamba my man) you will easily be able to pay off all of your delinquencies AND be able to celebrate at Macaroni Grill (getting a table at Christmas time can be a bitch), while toasting with Jamba Juice (go for the protein boost — you’re a MAN now baby.
If you want to swing for the fence, try to line up 5 buyers - it will mean a long day at the title companies, but you’d come out of it with a galcatical $540,000. Saaaweeeeeet!
Now, Spaceman Spiff want to illustrate why this guaranteed plan has to be structured precisely this way: 1) geography — it has to be a long way away (too bad that Texas deal isn’t around any more); 2) you have to close on the same day otherwise the recording of the deeds will show up the next day.
Because you shrewdly priced the house so reasonably, none of the buyers will want to find out why. They’ll just want to close. If anyone asks, just say that your wife ate at Taco bell, got e-coli and you have no insurance. The doctors will not save her life unless you pay up front. Got it? Good
You can’t loose!
Spaceman Spiff
PS, Hey Sputnik, do you want to come over and play with Hobbes today?
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Dan Riba
December 8th, 2006 at 9:37 am
Sure feels good to be a Paul Reiser…
Oh wait, no it doesn’t.
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HungryBear
December 8th, 2006 at 9:38 am
Lenders seem to think that people will do anything to let their primary resisdence go into foreclosure. This is a total urban myth. It only applies if buying or renting a comparable place will cost more than what they are currently paying. If (i) they can save 25 - 50% by buying or renting another house that may even be nicer than what they are in right now, and (ii) they do not expect to get any appreciation in the near future on their current home, then watch how quickly the defaults pile up EN MASSE. The only thing holding them back my be concern with ruinging their credit, but in this case not even that, since the loan is in your name not theirs. The mortgage felon is wrong with respect to primary residences being less risky than investment properties. Who would default on an investment property that truly provides positive cashflow? One would have to be an idiot. I would argue that the single biggest predictor of default is having a loan balance that exceeds the market value of the property.
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De De De
December 8th, 2006 at 9:39 am
Casey,
You’re kidding right? No one is going to buy your houses.
We all know this. They’ll be foreclosed on one by one. You know this, so why are you putting such bullsh*t on your blog
about fliers and signs?
Keep blogging, you have nothing left to “loose”
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invest3
December 8th, 2006 at 9:42 am
Casey,
You remind me of the guy walking around the casinos in Las Vegas pushing a shopping cart with all his worldly possessions. “If someone would just come thru with a small loan I know my luck would change and I’d run the tables.”
You call us haters but there are some very bright, successful, and wealthy people on this blog advising you how to get your life in order. One would be a fool not to listen.
invest3
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Easy Living
December 8th, 2006 at 9:46 am
* Phillip said: “Put yard signs up, craigslist ad, and put an ad in the local Greensheets (or the equivalent in your area). ”
Phillip - the property is in Utah and Casey lives in California.
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Why you edit???
December 8th, 2006 at 9:56 am
I think we’re gonna hit a new record for posts here.
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Jeffrey Skilling
December 8th, 2006 at 9:58 am
A reader posted:
“More than likely they know about your situation and have read your blog and they know there is jack squat you can do and they are going to just live there until they get their money back out for what they put down compared to paying rent somewhere else.”
This was the perfect crime :-)
A smarted crook stealing from a dumb crook (aka Casey).
As they say in the business, if you are going to be a crook, you better be a SMART crook.
What would be great is if the new crooks started their own blog “IStoleFromCasey.com” to see how they can avoid paying Casey. That would be priceless!
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foobeca
December 8th, 2006 at 9:58 am
Your utah house is probably your best prospect. The utah market is just about the only market in the country where prices are still going up. You might be able to sell it for more than you did the wraparound for.
Hurry up and evict them and sell the house to a real buyer.
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Unwrapped Facade
December 8th, 2006 at 10:00 am
“Why don’t you help them start a blog?
Iamscrewingtheguythatisfacingforeclosure.com”
Bwaahhahahahaahahahahahahahahahahaha
ahahahahahahahahahahahahahahaahhahaha
hahahahahahahahahahahahahahahahahahaha
hahahahahahahahahaahahahahahhahahhaahah
Damn that was funny!
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Big Cheese
December 8th, 2006 at 10:04 am
Casey,
For the wrap around mortgage, did you kbueep your title in escrow conditional upon some number of payments from the people in the house? Wouldn’t that make more sense?
I have an idea - why don’t you make an Amazon wish list and post it on your blog? I’m sure your readers (including me) will buy the books for you in exchange for your blog and entertainment value… good idea right?
-Big Cheese
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Billy Jack
December 8th, 2006 at 10:19 am
whaaaaaaaaaaaaaa
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hyperlexic
December 8th, 2006 at 10:21 am
And all the dude wanted - was his rug back.
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Jackie Treehorn
December 8th, 2006 at 10:22 am
Your wife owes money to Jackie Treehorn - that means YOU owe money to Jackie Treehorn.
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You have NO options
December 8th, 2006 at 10:25 am
Umm..
What RE Professional pay 7% real estate commission on a house sale? Is this some special thing people do when they are Facing Foreclosure?
You keep saying you want to make a career in RE Investing but it seems like just about EVERY transaction you make is a HUGE hit. The only exception is your very first condo where you bought it and held it for a year or two while fixing it up (I think you said daddy fixed it up) and this was during the biggest RE Bull Market in CA history.
You need to cut your losses and get out. Work a full time job earning as much as you can in web development because you will earn more there than anywhere else. Send all the keys back to the lenders and do deed in leiu or let them foreclose… at this point it doesn’t matter. Start the process of BK counseling and get your life in order.
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Your Ego
December 8th, 2006 at 10:33 am
I finally figured it out, your ego is preventing you from making the right decisions. I know, when I was 26 I had a successful business and hired some managers to take it to the next level. But I thought I was smarter than they and their 30 years of experience. Long story short, they left and became my competitor and buried me as my customers walked. Had I listened to these seasoned professionals, I would have built a great company. Failure was not an option as sales diminished and expenses continued. I tried in vain to hold on. The day I checked my ego and walked away, was the biggest relief for both my family and my finances. I didn’t wait until the point of bankruptcy, however. Had I listened to those that had more experience (hint hint), I would have been way ahead.
Now I am one of those drones that sits at a desk with a J O B with a fantastic company, debt free and on my way to an early retirement. Yes, some of us that actually drive into the office and work, have been successful at it.
I listened to the 2 hour interview and see there is a community that has tried in vain to help you. You acknowledge their insight, but then do nothing. Three months of blogging has not helped you move the houses. Imagine what three months of cleaning, fixing and maintenance would have done to move these? Again, notoriety and the spotlight seems to be the driving force. Next we’ll hear that you are working on a screenplay and marketing your story to hollywood.
Failure will be a good teacher to you, but your ego is keeping your from making rational decisions. Been there, done that.
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Cow_tipping
December 8th, 2006 at 10:33 am
Yes dumbass, they put 10% down and still walked away. Guess what that means. It is currently less than what they owe on it and they know it. Better to cut their losses with you on the hook than pay for it. I know of people walking away from a 25,000 deposit on a just completed house, then the builder slashes 120K off the price and they waltz back in and use their deposit and buy their same house for that 120K lower $$$ … not bad for a few months patience. This was in a Dr Horton development in Lincoln.
Cool.
Cow_tipping.
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steve
December 8th, 2006 at 10:35 am
THIS WHOLE blog is a joke, does anyone believe this kid.
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Nigel Swaby
December 8th, 2006 at 10:35 am
“Sputnik? Heeere, kitty, kitty!”
[grabs spray bottle]
“There you are!”
[Spray, spray, spray]
“Bad kitty!”
“Stop pooping in my shoes!”
[Spray]
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Casey is a Genius
December 8th, 2006 at 10:36 am
Ohhhhhh NOOOO!!! How could this happen on this sweet deal. It was a win-win situation for both. You get the house sold, they get to repair their credit. Or maybe this wasn’t creative enough so that’s why it didn’t work. And again all this shouldn’t be news, but it’s great seeing our good ol boy Casey trying to make it a big shock. Some of us are still waiting on the answer to Randy H’s question a couple months back. And I guess this is how you answer it huh??? And tell your wife, to turn you into the Feds. Maybe they’ll go easy on her because she did that. And I bet being Bubba’s Taker is starting to sound a lot easier than coming up with these win-win situations for you to keep digging that hole deeper.
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De De De
December 8th, 2006 at 10:40 am
I have no sympathy for Mrs. Casey. She started all this “investing” by watching late night television and Carlton Cheats.
So instead of buying the Carlton Cheats program for 2 bucks off Ebay, they shell out $300. Genius!
Infomercials!!! I know, Casey do an informercial!!!
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VMA131Marine
December 8th, 2006 at 10:55 am
@ Casey Serin
“3) look for sweet deals to get me out of this mess”
By my calculations, you need 7 or 8 “sweet deals” per month (assuming you gross $5k on each one you’ll net around $3k each after taxes, FICA and self-employment tax - the IRS gets really upset if you don’t pay them) just to stop from getting any further behind. If you could make that kind of income from “sweet deals” why would you even bother trying to do anything else?
Then again, in over 2 months of talking about said “sweet deals” you have yet to make one.
Face it! BK is your only way out of this.
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MG
December 8th, 2006 at 10:57 am
I hope everyone knows this site is most likely a fraud to draw thousands of daily page views and reap the ad sales that already draw in a few thousand a month. This character is a con artist. Has anyone actually checked up on these ghost properties that he talks about?
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Gordo
December 8th, 2006 at 11:00 am
Casey - do you know if they will let you continue to blog from prison? That could really boost traffic plus you could help even more people out by letting them know where they DON’T want to end up. You might also be able to use the spare time to plan your next career or teach the other inmates how to invest in real estate. As a bonus you will be able to clear your conscience and move on with life. All in all it should be a pretty positive thing.
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Don't enhale the Serin Gas
December 8th, 2006 at 11:00 am
This post made my day, I still cant believe the following:
1) there is Christmas in the Serin household
2) you still think there are “sweet deels”. Please stop using those two words together, you arent talking about a new skateboard you got. When are you going to act like an adult?
Sputnik-sorry to mis-spell your name, I am merely a looser. Please dont crap in my shoes.
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Gordo
December 8th, 2006 at 11:01 am
” millions in debt and facing foreclosure on 6, now 4 houses. ”
Shouldn’t you go ahead and cross out the 4 now and make it a 5?
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BT98
December 8th, 2006 at 11:02 am
Casey,
From your tone, you don’t seem to be too afraid. Your lack of emotion or so called thick skin does not bolt well with your situation. Even I feel sad and despare just reading today’s development. You should feel absolute horror. Maybe your feel is numb right now. But it could get much worse.
Your lack of fear is what get you to this mess. The gurus have posioned your mind as to ignore your basic instinct which is the fear–fight or flight. You are now like a robot, loosing an arm and a leg, but still fight on like nothing had happened, because you don’t feel anything.
Get your fear back along with common sense. You need to get out, foreclose, bk. Find stable job, get away from Real estate for good. Your friend Gerome has the sense to quit Real Estate even when he had been sucessful before he went to jail because it left him “a bad tast in his mouth.” He has basic instinc, human feelings, and common sense. You are lacking them all. When did you loose it, were you always like this?
Don’t be like the musician on Titanic playing ’til their death. At least they were honorable. There is no honor in fraud. Jump the sinking ship now. You are still young and there are still time to fix your life.
BT
*
Jeffrey Skilling
December 8th, 2006 at 11:03 am
Just a quick update that Jeffrey Skilling has 5 days left of freedom before he reports to Prison on the 12th for the next 24 years.
This slow turtore for Jeffrey is amazinly creative - who ever thougth of it? Jeffrey is confined to home arrest wearing an ankle bracelet just waiting and waiting for the 12th :-)
Casey, the DA will not move in on you just yet, they need a couple of years for the dust to settle first. This is normal and creative as it gives crooks a false sense of “I got away with it”.
Casey: Tic Toc, Tic Toc…
*
Kevin Mason
December 8th, 2006 at 11:06 am
Casey,
In my experience with the tech bubble of the late 90s, I believed, along with many people working around me, that the bubble was sustainable and couldn’t burst, even when the world was crashing down around us. There were quite a few dunces in my presence, but some very smart people too. There were individuals who worked hard, working successfully for decades, who got suckered into the tech crunch. Some of these people were very good at what they did, with college degrees out the wazoo. They still made errors in judgment.
After the crash, most of them recognized their mistakes and learned from them. Casey, you need to wake up and realize what is going on around you. You are in too deep for any magic deal to sweep you out of the hole you are in. I’ve been in some pretty bad financial situations myself, and I have an inkling of how you must feel. You’re waiting for that tiny, tiny window of opportunity that will allow you to escape your problems.
Unfortunately, Casey, your problems are so big that the chances of you getting away scott free are roughly the same as the chance that the earth will suddenly disappear in a giant quantum fluctuation. You need to stop getting in any deeper and consult experts (i.e., lawyers) in order to figure out how to get out of this mess without making any more deals and wasting more time.
Please take this the right way, not as an insult, but as a caring suggestion: consider Gambler’s Anonymous. Perhaps this is not the right group for you, since your situation might stem from other issues in your life. I do suspect, however, that your predilection for high-risk deals is something that you need to control.
Wishing you the best,
Kevin
*
betamax
December 8th, 2006 at 11:16 am
“I asked my wife for Christmas to buy me Getting Things Done book by David Allen. I’ve heard some good stuff about it and I think it may help me out.”
My god, that will save you! Another 2 weeks of waiting till Christmas, then a month getting around to reading it, and then you’ll discover *the secret* to getting things done.
I’m betting that “starting things in a timely manner” will be one of the tips in the book, but let’s just wait and see. No rush.
*
A_Tale_Of_Two_Bubbas
December 8th, 2006 at 11:27 am
Yes, follow the advise.
*
Blah
December 8th, 2006 at 11:32 am
The cat thing is really stupid.
Really.
*
Wondering
December 8th, 2006 at 11:39 am
casey,
was the forty thou at close a fake check? Maybe they have
also now somehow taken money out of that house (i.e. with more fraud loans) that you will be responsible for.
why else would a rational buyer take over the mortgage you already had?
could be worse than you thought
*
zek
December 8th, 2006 at 11:39 am
3) look for sweet deals to get me out of this mess
4) run an effective blog - writing a good post takes 1-3 hours
Casey, forget about #3 you cannot play investor anymore and #4 you appear to be wasting time blogging. I say appear because I don’t know how much your links bring in. I guess it also gives you something to do while you pretend to not be in trouble.
This train wreck is becoming too painful to watch.
*
Can't believe she is still there
December 8th, 2006 at 11:58 am
Hey fool, have you seen a dime of pay from Chris? I didn’t think so. How’s the 4K you borrowed lasting? How much was that jamba juice anyways?
I have a real job, get real pay, and am debt free. try it someday after you get out of prison. Maybe you can get a college degree while you are in.
*
Mr. Flipper
December 8th, 2006 at 12:01 pm
Now we’re back in my territory again…
Putting on my 20/20 hindsight glasses I have to say the only mistake here was transferring the deed. Utah may require a deed transfer? In that case, an AITD is a standard way to “wrap” notes.
However, a buyer walking away from 40K and one payment is an indication that the buyer probably borrowed the down from credit cards; bought the house; only to realize they couldn’t service 100% financing, with 27% interest being paid on their $40,000 down payment.
——————
When I finance sellers, I get around $10,000 from them up front. I use a land contract (Illinois Land Contract), and DO NOT give my buyer the deed until they finance me out of the existing mortgage(s). It works great. If my buyer fails to pay me on time, (or at all) then I just evict them. Easy. Then I resell the house for another $10,000 down and do the same thing all over. Sweet.
If I can find at least four deadbeats a year to pay me $10,000 each. That nets me about $30,000 a year after expenses. Not bad for dealing with flakey deadbeats, huh?
Casey, you’ll find somebody with 10k to bail you out on the Utah property. Just don’t give them the deed. And price? My buyers never ask about the price for some reason….so your’s won’t either I’m sure. They never plan to buy you out anyway, “So what’s the difference?”, I ask.
Email me and I’ll give you some real deal feedback on how to save the Utah situation (and maybe make a profit on it after all is said and done).
*
Wishful Thinking
December 8th, 2006 at 12:03 pm
What a moronic simpleminded meathead.
This place is a real rib tickler. I can’t stay away.
*
Hi...I'm Dolph DeRoos
December 8th, 2006 at 12:11 pm
Holy crap Casey. You want a stupid BOOK for Xmas? You can’t think for yourself can you?
I listened to the podcast. C’mon now. It was a waste.
Now I should go back to my loser 9-5 job working for myself. Booo-yah.
*
Jozsibacsi
December 8th, 2006 at 12:12 pm
From Wikipedia:
wraparound mortgage
A wraparound is a way of lowering the barriers of entry to a junior lien or subordinate mortgage; it also expedites process of purchasing a home. A junior lien or subordinate mortgage is a second mortgage that generally sits behind larger first mortgage. Here is an example of wraparound:
The seller, who has the original mortgage sells his home with the existing first mortgage in place and a second mortgage which he “carries back” from the buyer. The mortgage he takes from the buyer is for the amount of the first mortgage, plus a negotiated amount less than or up to the sales price minus the down payment and closing costs. The seller then continues to pay the first mortgage with the proceeds of the second. Once the second mortgage is satisfied, the seller is out, but this is rarely the case.
Typically, the seller also charges a “middle” on the first mortgage. For example, one has a first mortgage at 6% and sell the whole property with a rate of 8% on a wraparound mortgage. He/she make a 2% middle on the first mortgage amount, using other people’s money to make money. So, it is in the best interests of a seller to keep the wrap, rather than allow the buyer to assume the first mortgage.
There are relatively few wraparounds today because the first mortgage must be assumable, or the mortgagee must permit this type of assumption to occur on the loan. Today, only the FHA writes assumable loans, as most mortgage bankers have found that the main expenses (and profits) of a transaction occur at origination. Most mortgages have a due on sale clause to prevent the use of wraparounds.
Casey, did you ever check with the lender to see whether a wraparound was allowable? Per your recent podcast, wasn’t that an ethical responsibility to inform your lender?
Jozsibacsi
*
Mike Real Estate
December 8th, 2006 at 12:38 pm
If you would have listened, instead of dreaming, you would have realized several people warned you this happens quite often. 3rd party wraps are normally a scam.
The 3rd party trick is used quite frequently. 3rd party tells you want you want to hear, then he collects the mortgage from the “new owner” and doesn’t pay your mortgage. Yes, it’s still YOUR mortgage. Banks don’t allow wrapped mortgages. It’s called a “due on sale” clause. Now wait for the 1099 from the bank after they sell your debt for pennies on the dollar. You’ll have an unearned income statement for $$$’s in 2007. Yes, you have to pay tax on those proceeds. No way around that one.
For the 4th time, you need PROFESSIONAL help! Call a BK attorney and stop digging your hole deeper. You passed the point of no return months ago. You can’t fix this one.
*
Happy Mind - Happy Mood
December 8th, 2006 at 12:50 pm
Man Bro, I am sorry to hear that, it sucks how when you think things are getting a bit better, something comes up and smashes you right in the face. Hopefully everything will get better for you and will be able to fix things up.
http://www.happy-mind.blogspot.com
*
ward cleaver
December 8th, 2006 at 12:53 pm
Casey,
Could your helpful agents in utah, the title co, and the buyers have been in cahoots to defraud you. Was the $40K check real or just a prop used to close the deal. They might have taken more money out of the house with the help of a handy dandy loan broker/salesman and now you are on the hook for that too.
Courage
*
The Guy Next Door
December 8th, 2006 at 12:58 pm
Casey,
You do realize that when you (or your lender) finally get that Utah house back, it’s gonna be trashed. Right? Your scumbag “tenant” will probably submit a lowball bid and buy it for real.
*
JOIN THE ARMY
December 8th, 2006 at 12:59 pm
Here’s an idea. Join the Army and do something for your country. The soldiers/sailors act might prevent banks from foreclosing on your properties.
Your best option remains BK’ing. What’s the delay? You’re only making things worse.
*
OGG THE CAVEMAN
December 8th, 2006 at 1:05 pm
Casey:
Ogg not surprised about Utah cave. Buyer couldn’t get own cave loan, why you expect buyer make cave payments? Ogg only a caveman but know better. Cave maybe in bad shape now. Is caveowner’s insurance paid up?
Evict buyer. Ogg lend you club. Sell Utah cave.
Sputnik the Cat:
Ogg like cat. Ogg save meat for Sputnik. Here, kitty kitty kitty.
*
Free Advice
December 8th, 2006 at 1:16 pm
You’ll have an unearned income statement for $$$’s in 2007. Yes, you have to pay tax on those proceeds. No way around that one.
Yeah, actually there is — at least for Federal. See section 108 of the tax code. Several exclusions exist.
*
scorpion fan
December 8th, 2006 at 1:23 pm
You’d mentioned before that you would consider having someone else moderate the comments.
Email me if you’re still serious about that.
*
speechless
December 8th, 2006 at 1:29 pm
“You would think if they put 10% down they will want to keep making payments and protect their investment… right?”
Huh? Why would they want to keep making payments? You don’t seem to care whether you make payments on your loans. It wasn’t your hard-earned money, and maybe it wasn’t their own money either. Maybe they borrowed the 10% elsewhere too, just like you. Can you not see that this is a screwed-up system and that it’s only a matter of time before it all comes crashing down?
Even if you “just” borrowed the money, it’s still your debt. The money came from somewhere. Why do people like you think it’s OK to just borrow and not pay back? There is a cost to society resulting from this unethical, and yes, downright criminal behavior. This is what you don’t understand.
I am just talking to myself here. I know. I know.
*
Sac Realtor
December 8th, 2006 at 1:36 pm
Casey:
Listen to Mr. Flipper and just wrap the house again this year and gat more cash to hold you over until you can flip out in the Spring.
*
yneone
December 8th, 2006 at 1:42 pm
Casey, Just curious. What kind of support system do you have around you? You continue to be positive in light of your situation. You must have an amazing group of people shielding you from the madness. What is their take on this situation? Anyway Casey. As always, hang tough.
*
I Foreclose You Foreclose
December 8th, 2006 at 1:50 pm
Casey,
I’m Ok, you’re Ok and we all foreclose together.
I love you…you love me…
Great lesson that Real Estate is not for amatures. Unfortunately for the whole industry there are too many people holding on to real estate that don’t know what they are doing or what they’ve gotten themselves into…it’s going to get worse before it gets better.
Casey should get help from the seminar “gurus” to get out of this mess. I know they love him and will help.
*
oops
December 8th, 2006 at 1:52 pm
Out of the box thinking!!!
The only out of the box thinking you will be getting soon is when you are out in the exercise yard for your 1 hr. HA HA WHAT A PUTZ
*
Nigel Swaby
December 8th, 2006 at 2:03 pm
Casey,
Here’s a good resource for your situation: http://www.frascona.com/resource/kjr1005wrap.htm
Highlights:
It is not illegal to breach a deed of trust by selling the property without paying off the underlying mortgage (although it’s not recommended for FHA- or VA-insured loans referenced above) - it’s simply a breach of that “contract” which then allows that lender to foreclose.
It is not illegal to breach a deed of trust by selling the property without paying off the underlying mortgage (although it’s not recommended for FHA- or VA-insured loans referenced above) - it’s simply a breach of that “contract” which then allows that lender to foreclose.
Also check to make sure your third party service is performing their duties. It could be that your buyers are paying, but your escrow service isn’t. If it’s your buyers not paying, initiate foreclosure proceedings immediately.
Note to Mr. Flipper: Utah has two deeds that are recorded at closing, a warranty deed and a trust deed.
*
GRRREAT IDEA
December 8th, 2006 at 2:16 pm
Poor, clueless Casey. I really feel for you, having clearly been taken advantage of by sharpies and deadbeats. How can our economic system possibly survive if unqualified people are allowed to take out massive debts without any ability to repay, and dodgy records indicating they have had previous problems dealing with credit?
The only solution I see is to file for foreclosure as soon as possible _ and pray fervently that in the months they have owned the property (and the coming weeks they will continue to own it), they have not stripped it of the “improvements” made before they bought it. I can’t imagine the difficulties running around Utah’s pawn shops trying to recover refrigerators, furnaces, fireplace mantels, marble kitchen counters, etc. to put this house back in shape for selling once again.
*
yneone
December 8th, 2006 at 2:25 pm
Mr Flipper welcome back. You and Nigel are awesome. I always endup printing your advice for future reference.
*
Joseph Smith
December 8th, 2006 at 2:38 pm
Hello Casey,
Oh my fetch, I am so sorry. This is the utah homeowner, I just got your messages at my work, Noni Juice. ( Noni Juice freaking rules over that Jamba Juice, just kidding)
We have run into some problems here but DON”T worry. I have been working SOOOO hard on my Amway and vitamin supplement downlines. Dude, we have like the same freaking reading list…I get soo amped reading those books and focusing that energy of growin my downlines. It’s turnin baby, I can feel it.
My wife Emma is going to get a part time job starting next week mending clothes and using her seemstress abilitites. My youngest, Helen Mar at 15 ( thats my youngest wife, my youngest daughter is 11 months) will be starting house cleaning and construction clean-up for some of the contractors in the neighborhood on Saturday and that should help to add to the payments.
It is hard feeding 11 children and making a home payment on a 7 bedroom house, but we have faith and take time to hold family prayer twice a day and KNOW with every fiber of our being that the Lard will provide. We are truly joyful that the Hatch-Obama bill passed that will allow us to keep paying our tithing, even if we have to enter into BK protection. I know you will sleep better at night knowing that we will continue to be blessed financially as we continue to pay our tihing, which will in turn allow us to get caught up on our payments to you.
Casey, my wives and I know that you have such a good heart, and are such a sweet spirit. We want so much to share one of our favorite books with you, we know it will change your life and bring you closer to your maker than any other book on the face of the earth. We would love more than anything to have two representatives from The Church bring this book to your home and share it with you and your wife. Perhaps they can bring our payment with them when they come, and we can stop using that ball dropping 3rd party.
Casey, I know this wrap-around is true.
*
Free Advice
December 8th, 2006 at 2:41 pm
If my buyer fails to pay me on time, (or at all) then I just evict them. Easy.
How easy is it to evict someone in California — or does it depend on the specific county/town?
If I can find at least four deadbeats a year to pay me $10,000 each. That nets me about $30,000 a year after expenses. Not bad for dealing with flakey deadbeats, huh?
I wonder how strict you are. If someone misses a payment by one day, is that a great day at the Mr. Flipper office because you collect another $10,000? That may not be bad financially, though ethically I’m not so sure.
Casey, you’ll find somebody with 10k to bail you out on the Utah property. Just don’t give them the deed. And price? My buyers never ask about the price for some reason….so your’s won’t either I’m sure. They never plan to buy you out anyway, “So what’s the difference?”, I ask.
From the “buyer’s” standpoint, what’s the upside to doing this? I don’t mean a real upside. I mean what value do they perceive for their $10,000 if they never plan to go through with a purchase? Is there some quirky tax advantage — or is just being dumb? (Not that there’s any shortage of dumb people out there).
*
Sputnik the Cat
December 8th, 2006 at 2:42 pm
I like to poop on people
*
Spaceman Spiff
December 8th, 2006 at 2:50 pm
Sputnik?
Here kitty kitty.
Hobbes wants to play in the transmogrifier. He says if you turn it upside down it’s a time machine. Hobbes says that he want to go to next Winter and see if Casey has been indicted. He promised my he’d be back by dinner.
Please don’t crap in my shoes. Mom will get steamed.
Calvin
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This Blog is Fraud
December 8th, 2006 at 2:53 pm
Folks,
Think for a moment. Casey says he cannot pay the Banks because he is broke, yet, he has money to pay his ISP, phone and electrical bill to keep the bloggin.
What Casey is not telling you is all the money he is making from this blog from the ad clicks.
Casey if Fraud all around.
*
G-man
December 8th, 2006 at 2:54 pm
Imagine yourself as “Casey in mid-2007″ looking back at “Casey mid-December 2007″. How likely is it that continuing to market your houses is the best course of action? I’m guessing YOU HAVE NO IDEA. Tell me you at least have set a non-arbitrary timeframe: “I’ll market until… January? until foreclosure? until when?” (don’t state it here and show your hand, but please get a reasoned game plan that accounts for the time until it is unreasonable to do a DIL or other deadlines.)
You need to make a through pro/con list of the scenarios in front of you and walk through it with a professional. Anything else before you do that: like being an “early riser”, reading “self-help” books, and even more marketing for your properties, is an exercise in reckless brinksmanship.
Like others, I point to Tim’s comments and numbers. I get the impression - but PLEASE TELL ME I’M WRONG - that you and your wife don’t have solid numbers nor responses for the issues Tim raises.
Instead of your stated goals for December and the “list” (to put it politely) you give above - which is mostly minutiae (in my opinion), you should get in-depth with a professional and figure out if you should BK and/or DIL and/or shortsale and/or turn yourself in, etc.
Which combination of those choices is the best scenario for YOUR LENDERS. I’m sure you’ve spent months agonizing over these questions already but since you’ve never come to any definitive, rationally supported conclusions, you obviously need more quality, professional, outside advice(*) - a lawyer, financial advisor… somebody!? - just taking it upon yourself to come up with “creative” solutions isn’t cutting it (See how this UT deal just went from mildly “creative” to a high-risk, low probability of success mess). Are you hoping for low probability “creative”, one-in-a million scenarios like these ideas? Nuts. Find a professional that you can work with to develop a path you can -believe in- and have confidence that it’s the best of bad scenarios. That’s the ONLY thing that should be on your December “to do” list.
(*)Yes, you’ve already talked to some bankruptcy lawyers but, as you say in the podcast something like: “…they think I can declare bankruptcy but I’m not so sure because of the fraud” - THEN THAT’S A QUESTION THAT NEEDS TO BE RESOLVED! Either get the same lawyers to justify their answer legally or with examples or find someone else. Otherwise, you could be left totally blind to the best of the bad scenarios in front of you. You’ve already defaulted to the choice of continuing to market your houses - maybe you rationalize that because it helps you work on your “RE skills” for the future and you hope you can sell at a price better than the alternatives (is it realistic? - again, get -answers- or at least realistic price ranges from experienced people like Nigel, local Rich Dad, etc). Do you chose to continue to market because something like a BK would make your wife mad? If it’s true, as others have commented, that her credit is already doomed… and if, hypothetically, you had credible, quality advice that BK is the best option, she couldn’t rationally disagree could she?
*
walt526
December 8th, 2006 at 2:58 pm
“Has anyone actually checked up on these ghost properties that he talks about?”
I’ve driven by the two in Sacramento. They’re dumps with no curb appeal. Judging from the pictures, the interior isn’t much to look at either. The Burdett one in particular is in a pretty crappy neighborhood. You’d have to pay me $2000/month to live there. I can’t believe the premiums that Casey paid for those two crapholes in terrible locations.
*
yneone
December 8th, 2006 at 3:05 pm
Blah, I concur.
*
The Original Blah
December 8th, 2006 at 3:13 pm
“I also was going to finally get to my plan for this week”
IT’S FRIDAY!!!!!!
A little late to be starting on your goals for the week.
I bet you even send out belated birthday cards.
Unreal.
*
Diggleby
December 8th, 2006 at 3:24 pm
Hi Casey,
A few questions:
To me it seemed your podcast’s guest expert, Jerome, was consistently getting at the fact that you committed fraud and should go to jail for it. It also seemed that you were tiptoeing around that assertion.
What do you personally feel are the odds that you will have criminal charges filed against you? Zero? Slim to none? 50-50? Most Likely?
Also, you have mentioned that you want to get “out of” the rat race and reach financial freedom, etc. Does your disdain for the “rat race” come from a personal experience at your programming job, or was this something your parents or people you grew up with taught you? Does your wife feel the same, or does she study at school as a hedge?
Thanks in advance for answering my questions.
*
Chris Johnson
December 8th, 2006 at 3:38 pm
Unsweet deal. I guess you’ve already heard about all our frustration, including mine, for your asking for expert advice and then ignoring it because you think you know so much better. Or really because you don’t like what you’re hearing, which includes the extremely likely possibility that people will be flakey on you–you always need a plan B, and plan C.
I realize that a lot of the advice given to you on this site is wrong, but if you pay attention to the advice given by people who have actually worked in similar situations to yours and negotiated a successful result, this is advice you should be listening to, e.g. how to market properties, how to negotiate a short sale, and how to protect yourself when selling with the notorious “wrap-around.”
So I’m still hoping you’ll listen to people who know and then go and do likewise, instead of saying what frustrates so many of us: “Thanks for all your great suggestions, commenters! I’ve decided to do the deal myself, though, because I know sooooooooooooooooooo much more than the “so-called experts”, and will hopefully pull some money out for me at closing…..wait….they flaked on me? How could this happen? WAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!” I am not putting my money on you, Casey. And my feeling sorry for you will be tempered by my anger at your arrogance.
BTW, it’s pretty funny that you’ve got the same lender on the Utah and New Mexico properties! That bank can’t claim ignorance of your multiple “owner-occupied” properties.
*
Kara
December 8th, 2006 at 3:41 pm
Dont let everyone make you feel like shit….even with all your mistakes, you have accomplished more than most people will ever do in their entire lives. Yea, shit is bad but things can always be worse….way worse. HIV, dead children, lost limbs…etc.
you get the point. Good luck Casey
*
Dave C
December 8th, 2006 at 3:53 pm
Our Hero :-
>>Early Riser here, checking in after 50 minutes of approving >>a bunch of comments from last night and resetting the >>cable modem ‘cuz it keeps going out last several days.
>>I can’t believe it’s already Friday and I haven’t done much >>of anything there. Oh wait, I did update the Burdett >>property page. And I also tried put up a craigslist ad but >>they rejected it for some reason.
>>Where is all my time going and why am I not productive?
>>I asked my wife for Christmas to buy me Getting Things >>Done book by David Allen. I’ve heard some good stuff >>about it and I think it may help me out.
Okay, that’s it. I’m seriously wondering if this site is a spoof, written by a very skilled humorist. This sequence had me laughing uncontrollably for 5 minutes.If the site is a spoof, I can imagine the follow on books :-
“5 Habits of Tremendously Ineffective People”
“How To Not Win Friends And Fail To Influence People”
“Speed Your Way To Financial Failure Instantly By Spending Your Day Metaphorically Scratching Your Butt And Drinking Jumba Juice”
and Casey’s signature opus :-
“How To Waste Time”
John M
>>They had a large amount of money for closing, they didn’t >>want to get money from a bank, they made the one >>payment they made though a third party…
>>You know this was probably used as a meth house, right?
Brothel was my guess.
*
Johny Sweet Stuff
December 8th, 2006 at 4:06 pm
I love it!! You got totally screwed! The new owners are laughing their ASSES OFF!!! What can you do? Not a dam thing. You can’t forclose on them you don’t have jack! I don’t see how you went through a normal escrow when the lender won’t allow you to sell via “wrap”. You got got. Now your hole gets deeper. Face it dude you don’t make jack for money with your piddly 3 grand a month. You’ve managed to completely ruin your financial future because your a complete idiot! The new owners of the utah property are just gonna wait it out for free! The agent that you used screwed you. Oh but you don’t want to file BK hahahahahahahahahahahahahahahahah face it your a dumbshit! I love it, its so fun to watch you suffer. Please keep posting to the blog daily and keep us updated to make sure your an early riser.
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The Original Blah
December 8th, 2006 at 4:11 pm
@Blah
The cat thing is really stupid.
Really.
~~~~~~~~~~~~~~~~~~~~~~~
No, this blog and it’s contents are really stupid. The cat thing is witty and funny.
I didn’t mind when you started posting comments with Blah(since I had posted under the same), now I’m glad that I changed my “name” so as to distance myself.
*
Voice of Reason
December 8th, 2006 at 4:21 pm
WHAT?! Somebody defaulted on their loan payments? I am SHOCKED, SHOCKED!!
*
jojo
December 8th, 2006 at 4:31 pm
I’ll buy one of the $20 shirts on myebid just so you can have some Jamba Juice money this week, I know how much you need a wheat grass shot.
Enjoy!
*
Bugmaster
December 8th, 2006 at 4:33 pm
Actually, work is NOT (m x a); that’s force. Work is the product of force x distance: http://en.wikipedia.org/wiki/Mechanical_work
So, if I pick up a really heavy rock and move it 1 meter horizontally across the floor, I have expended calories, but have done very little work, because there wasn’t any force opposing me (other than minute friction). On the other hand, if I took the same rock and moved it 1 meter upwards, I’ve done a lot of work, because I was fighting against gravity.
Similarly, if I strain with all my might to lift that rock, but fail, I have burned a lot of calories but produced no work, because the distance by which the rock moved was zero.
*
DC Troll
December 8th, 2006 at 5:00 pm
Is anyone really surprised by this?
C’mon, there was no chance Mr. Ethical would inform the bank that he had transferred the title (”I wonder if they’re aware that I no longer have the deed to the property”) because as he points out it would trigger the due-on-sale clause.
This deal was put together by a couple of Realtors, and if you think Casey had a real estate attorney look it over, I’ve got four, no, five houses to sell you. An attorney would have probably told him it was a Bad Idea to attempt a wrap because he either violates the due-on-sale by transferring title, or the “buyers” risk having the house seized as Casey’s last asset if he retains title. We all know how well Casey handles advice that doesn’t make him feel good.
So even if the buyers made all their payments, this house was still coming back to haunt Casey. His only chance was if they refinanced (paying off the original mortgage) before all those deficiency judgements started coming in from his other creditors.
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Spaceman Spiff
December 8th, 2006 at 5:02 pm
Spaceman Spiff to the rescue!
To all of you who don’t understand young Mr. Serin, let me recount a talk I had with my dad one night:
Calvin: “Dad, why are old photographs black and white? Didn’t they have color film back then?”
Dad: “Of course they did. In fact, those old photographs ARE in color. It’s just that the WORLD was black and white then.
Calvin:”Really?”
Dad: “Yeah, the world didn’t turn color until sometime in the ’30s, and it was pretty grainy color for a while, too.
Calvin:”Oh.”
Dad: “Well, truth is stranger than fiction.”
Calvin: “THEN WHY ARE OLD PAINTINGS in color? If the world was black and white, wouldn’t artists have painted that way?”
Dad: “Not necessarily. A lot of great artists were insane.”
Calvin: “BUT… but how could they possibly have painted in color? Wouldn’t their paints have been in shades of gray back then?”
Dad: “Of course, but they changed color like everything else in the ’30s.
Calvin: “So why didn’t black and white photos turn color too?”
Dad: “Because they were color photographs of black and white, remember?”
So there you have it. Young Mr. Serin makes complete sense in his logical ways.
It’s just too bad he didn’t buy his houses when they were black and white.
–Calvin
PS Hobbes says he is having tuna for dinner, Sputnik
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two idiots
December 8th, 2006 at 5:25 pm
Sputnik the Cat- Please go away. NOT witty.
Stupid, very stupid.
CASEY IS A TROLL!
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Easy Living
December 8th, 2006 at 5:27 pm
Kara said: “you have accomplished more than most people will ever do in their entire lives”
ROTFLMAO - you have an incredibly unusual view of the word accomplishment!!!
Pray tell - what do you think Casey has accomplished?
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TWIT
December 8th, 2006 at 5:31 pm
Casey! This is really important! Please read it completely and slowly until you understand what to do!
OK, now that casey is looking at the next post (because he always does the opposite), I can share my idea with y’all. Most people on this blog think CS should file for BK. But, every time we suggest it, he does just to opposite and tries to use his creativity to get him out of this situation.
I suggest that we all support him and say that he should never, Never, NEVER file BK. Keep flipping, invest more money, partner with other specuvestors. Rah rah rah sis boom bah.
Now casey will think that we really want him to keep going but he will do the opposite. And that, in reality, is what we want him to do.
It works with a 4 year old, and I bet CS will fall for it to!
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Just Passing Thru
December 8th, 2006 at 5:49 pm
>>You know this was probably used as a meth house, right?
No, this house is in Utah, a typical West Jordan POS house with 7br / 2ba in s**tholeville. It would be occupied by either a “starter-upper” polygamist family of one husband, 3 wives and 5 kids, or a more typical, more “progressive” family of one husband, one pregnant wife and 8 kids - a typical Mormon “knock-her-upper”. Good luck getting any payments from them in either case.
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Lostsite
December 8th, 2006 at 5:52 pm
Casey,
I herd the recording of your interview last night and I just wanted to ask…..Where is the accent from? I herd your type of accent before and can not place it and it is driving me nuts.
Wrap around mortgages are legal I use them myself on occasion especially in a down market like we are in now. The only problem with them is that once title transfers the bank can call the loan through their acceleration clause. It usually doesn’t happen though…….???? UH Unless of course they are not getting paid. Lesson I learned a long time ago… You need to stay on top of your SH*^t. No one is going to do it for you and if you had just dropped a call once a month on this wrap around to the servicing agent you would have found out the default and maybe able to have stopped it dead in it’s tracks. Time management is what you need and prioritizing. If you are talking about then you are just making excuses for it. You are reaching for social proof. In other words the more people on board with you who either have gone through similar situations or empathize with you the better you feel. If you just started taken action you will be amazed at what you can accomplish.
There are many factors that make a good investment. From what I see you were not taught those all important factors. You trying to reach out to the so called experts is not going to help you. If they truly had the answers you would not be in the mess to begin with. You are alone and on your own and the sooner you wake up to this the sooner you can fix it.
I am not just talking out of my ass because I have made some mistakes. I lost a lot of money doing it but it was my lose and my experience. I did not put myself in any other position but bad financial decisions. So the fraud part I can not help you with because I spent a lot of extra money on lawyers making sure I did everything with in the guidelines of the law. On that part I wish you luck.
In closing all I can do is leave you with some inspirational quotes that may help guide you to a better understanding of what you need to do.
“The secret of success is to know something nobody else
knows.”
– Aristotle Onassis
“Whenever we’re afraid, it’s because we don’t know enough. If we understood enough, we would never be afraid.”
– Earl Nightingale
“He that is good for making excuses is seldom good for
anything else.”
– Benjamin Franklin
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Snidley Whiplash
December 8th, 2006 at 5:56 pm
Casey Serin will be the first person on earth that will end up in the Hospital with a case of smugness poisoning.
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(^-^)
December 8th, 2006 at 5:58 pm
Sputnik the Cat for president .
Fishy treats for all .
Poop in shoes for some .
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De De De
December 8th, 2006 at 5:58 pm
Johny Sweet Stuff,
Ahem, Casey is not screwed or stupid. We have it on the authority of yneone, that Casey has a masterplan to pull victory from defeat in this real estate saga. She says he has it going on behind the scenes.
You’ll see.
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Brown Trowt
December 8th, 2006 at 6:08 pm
Casey,
This is my first post, but I’ve been reading for a few weeks. You are in big trouble and need to be very pro-active about remedying this situation. My advice is that you get a pow-wow going with all the lenders on the properties and any other folks you owe money too. Some call this a work-out (see first scene in Tom Wolfe’s Man In Full - at library). Get a lawyer and declare all of your sins to them. I don’t know what may come of this, but it is going to happen in some way or form at some point. The longer you take to not resolve this thing the deeper you get into trouble, and its not worth it for some blog fame.
Your story is not good enough for a movie, mini-series or book. Maybe a readers digest piece. You will not profit in the future from making a fool of youself here.
You are not an investor. You are a crook. Unfortuneatley there are thousands of other so-called “investors” like you with homes that are in foreclosure. This is a huge drag on everyone. I am a real estate appraiser and my practice has recently went from typical appraisals for mortgage origination purposes to about 75% REO and retro-active reports for situations that I suspect may be very similar to yours in many cases. Many areas have rates of 30-40% lender owned properties of all total sales. For all the people are in foreclosure I feel bad for people like you the least.
Lastly, my guess is that the Utah property is trashed. If you want I can send you photos of what your house probably looks like, feces smeared on the walls in all.
Good Luck, Brown
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Mr. Flipper
December 8th, 2006 at 6:21 pm
“Free Advice” asked:
“I wonder how strict you are. If someone misses a payment by one day, is that a great day at the Mr. Flipper office because you collect another $10,000? That may not be bad financially, though ethically I’m not so sure.”
MF: I love your scenario! Fortunately (for my buyers), I’m rarely a Jack-Ass advantage-taker. After all, I’ve got time and money invested in my transactions, so I do my best to salvage the buyer’s payment/credit history with my note servicing co., so that I can get the bigger cash payouts, rather than purposely setting my clients up for failure just to make a few quick bucks.
I painted an extreme example of reselling over and over for 10k, to make a point, not because I have an intention to screw deadbeats for the sake of it. No, I just wanted to give Casey, or anyone interested, an idea of what one can do to turn a lemon into lemonade. Too much lemonade can rot one’s teeth, I suppose…
In the meantime, some of my clients will choose to try and cheat me. I’m not naive enough to believe that I’m the first person they’ve decided not to pay, huh? No siree Bob! Otherwise they wouldn’t need my financing options in the first place. Hmm?
So, I have no reluctance in protecting my fortunes from the predator/deadbeats that so often take advantage of my generous financing terms.
BTW, wouldn’t I have to be a complete idiot to offer financing to buyers without doing a credit check, and accepting such a small amount up front?
Nope. Because deadbeats usually run away from trouble. And I gently remind them of the trouble it will cause them if they continue to attempt to screw me. Is it that easy to intimidate a predadtor deadbeat one may ask? Yep. However, a professional response to the situation requires friendliness and firmness — and a little moving money helps, too.
——————-
“Nigel Swaby” wrote:
“Note to Mr. Flipper: Utah has two deeds that are recorded at closing, a warranty deed and a trust deed.”
I understand that. In CA, no one in his right mind would offer a Warranty Deed! But we certainly would use a Grant Deed along with a Trust Deed where a note is to be secured by real estate.
However, even though Warranty deeds are used in conventional RE transactions in Utah, I’m not sure that its recordation is a legal requirement in the case of using a Contract for Deed, or a Land Contract as they’re known here in CA.
If I were in Utah, I still wouldn’t allow my buyer/clients to record anything against the property until they have paid me off in full.
Meanwhile, my clients do get all of the tax and interest decuctions as owners for the period of our contract. What I’m really selling is the “right” to buy the title from me, while at the same time transferring all of the ownership benefits to my buyer in the meantime.
This structure beats an option agreement by 1,000 miles!
———————
To “Yneone”,
Thank you for the compliments! Your entries remind me to follow your lead in offering constructive feedback and support, instead of offering cheap, mindless, if not ignorant, and all too obvious “doom and gloom” rants.
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Rusty D
December 8th, 2006 at 6:29 pm
I don’t know if Casey is for real or not, it really doesn’t matter to me. Many of you seem to have a great deal of venom for real estate investors. Most of this venom is, I think, because you don’t understand the difference between investors and speculators.
Casey, if his story is true, was a speculator. A speculator is typically not knowledgeable about the transaction. An investor, however, is VERY knowledgeable about the transaction they are making. Investors buy properties that either make a positive rate of return through rental income or are priced well below their market value. Speculators don’t worry about either, they trust the market to give them value.
I have read many posts here that claim investors (you really mean speculators) have ruined the real estate market. This is a ridiculous statement. Did the day traders who made terrible buys on momentum plays in the market without any basic knowledge of how to value stocks ruin the stock market? Speculation at its peak in the hottest markets in the country could only account for perhaps one or two percent of the total market. The people who buy houses at any price because they think houses are an investment (think the average homeowner) are the reason for the bubble not speculation. Speculators taught by their gurus are only guilty of trying to take advantage of homeowners thinking they are investing when they pay market price for a house.
I INVEST in property. It often takes me two or three months to find a suitable property. I NEVER pay more than 70% of the current market value of a home. I nearly always buy a basket case property. Typically these houses are around fifty to sixty percent of fair market value and I often can increase that value by adding additional bedrooms or by rearranging baths to eliminate functional obsolescence (if you don’t know what this term means you can’t be an investor).
An investor will make a profit because they do not take risks, they do, in fact, make their money when the buy a property. I typically own a property for about five to six months. I do ALL the improvement work to each house myself. I can almost never do more than four or five properties a year because there simply aren’t that many good deals out there. Most of my properties are foreclosures that many people are afraid to touch because of minor structural or drainage issues that I consider opportunities.
Anyone who buys a property without the ability do do the repairs themselves (you don’t necessarily do them but you need the knowledge) or a concrete plan to maximize the value of the property with smart improvements is simply speculating. You can survive this as long as the market is HOT HOT HOT but as we see in Casey’s story when the market turns you are in trouble. I am not a guru. I don’t have a website or book. I have however been buying and selling properties for ten years. I have certainly made mistakes and will continue but I take issue with the people who say investors have caused the real estate bubble. Have you bought a new house within the last four years? Did you buy it through the MLS, use a realtor? If so you contributed to the “bubble” as much as Casey did.
As of today mortgage rates are under six percent and unemployment is 4.5 percent. These are not conditions that support the idea that there is a coming crash in the real estate market. Yes prices have moderated and yes loose lending over the last few years have caused a rise in default but the market will correct itself as builder inventories come down and prices stabilize.
Anyone who still thinks buying a house at market price is a great investment lets do a project. My mother and father in law purchased their home in 1969 for nineteen thousand dollars. Their current value is 330,000. Sounds like a great investment right. Well with interest they actually paid just under 52,000. 278,000 more than they paid thirty seven years later = 7500 per year. But wait there is roof replacement, painting, repairs, remodeling, taxes, and the list goes on. Now consider the same people do their homework find an under priced stock like say WAL MART and pour ten thousand dollars of their hard earned money into the RISKY stock market by buying WAL MART. Ten thousand dollars invested in the mart in 1980 is today worth 5.2 million. If you want to buy and hold get a good stock, If you want to be a real estate investor find a house at a real discount you can add some value to by making smart improvements then sell it so you can move on to the next deal.
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De De De
December 8th, 2006 at 6:39 pm
Does anyone else find it ironic that some people continue to give Casy advice? It’s not like an exercise in futility or anything.
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Easy Living
December 8th, 2006 at 6:44 pm
How dare anyone else do a “Casey” to Casey!
The pure unmitigated gall of them to not even call their lender (Casey) and inform him they weren’t going to make their payments! They must be waiting for the RE fairy to sprinkle pixie dust all the way over in Utah - not a chance, Casey has first dibs on the magic dust, and has been waiting a lot longer!
(Wondering if they’re cleaning the toilet bowl and taking out the trash …)
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Mr. Flipper
December 8th, 2006 at 6:52 pm
To “Free Advice”,
I forgot to respond to your question about what benefits there are to the buyer if they have no intention of paying me off….
You asked, “From the “buyer’s” standpoint, what’s the upside to doing this? I don’t mean a real upside. I mean what value do they perceive for their $10,000 if they never plan to go through with a purchase? Is there some quirky tax advantage — or is just being dumb? (Not that there’s any shortage of dumb people out there).”
—————
Well, my buyer/client’s tax deductions are greater than the down payments they give me. They actually get more back from their tax refunds over the contract period than they paid me up front.
You’d think I’d charge more up front. That’s one of my selling points.
However, some are smart enough to consider that the house will increase in value with their TLC. Other realize, that with my help, that they will be able to qualify for a loan with cheaper interest rates than what I offer. Also, families always want a peice of the rock to call their own.
Over 95% of the buyers in my market can’t qualify for median priced home, or ANY loan without the terms I offer. So, I ask, “Who else is willing and capable of selling them a decent (sometimes brand new) home with no credit check, a modest down payment, AND affordable payments?”
After a little effort looking around, they realize that I’m the ONLY guy in town they can deal with! I have an absolutely unsurpassable marketing advantage. But my goal is getting my average $65,000 in profits out of the deal a.s.a.p.
This does mean sometimes patiently negotiating and navigating a deal with honest buyers who are otherwise on the crispy edge financially.
Those are the major benefits of buying my way.
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DC Troll
December 8th, 2006 at 6:57 pm
Because the warranty and trust deed transactions are recorded in the Utah County land records, the buyers apparently do have the title right now.
The address listed in the land records does not match the one Casey has on the site, but no big deal, it is clearly the same house based on other info.
Since Casey no longer has the title, things will get interesting once the bank attempts to start the foreclosure process. At what point will they discover that Casey is not the legal owner?
Conceivably the bank could paint this as a fraudulent conveyance where Casey and the buyers are in cahoots to “launder” the title, this would tie right in with the way Casey bought all of these houses, and would look awful in court.
The guides to “wrap” mortgages that have been posted here state that if you do this, you must be capable of making your payments for at least a few months if the buyer doesn’t make theirs, so you have a chance to foreclose.
Once again, more drama for the blog - after all, holding down a j.o.b. and going to the houses to do fix-up work wouldn’t make an exciting story, now would it? Just imagine… “Today was a very long day at work, but my wife vacuumed the Burdett house again, picked up litter from the yard, and watered the lawn. My neighbor in NM says the house there is okay and nothing interesting has come in the mail. Tomorrow I have more time, and I will work on bathroom tile at the Larchmont house after work. Saturday and Sunday I will scrape and paint the trim on the Modesto house after cleaning out the gutters. On Monday the asking price of each house will drop by another $10,000 as they do every week, hopefully someone will make a serious offer!”
Yawn, I’m surprised I stayed awake to type that. Much better to keep the legal actions, financial woes, marital stress, and shady -oops, I meant Sweet deals at a boil, lest the readers wander off.
Hey Casey, if you can get the title back before the bank finds out, you will have another Sweet Deal to market! Does Savvy Chris know this house might be available?
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scorpion fan
December 8th, 2006 at 6:59 pm
Casey, why are you letting the Mormon hate through? I saw much less offensive stuff get deleted during the nonmoderated experiment a couple weeks ago.
Mainstream Mormons are *not* polygamous, and this has been the case for well over a century now (it’s banned by the Church). It’s practiced by only a tiny subset of splinter factions, who wouldn’t be living in your average suburb anyway, for obvious reasons.
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VMA131Marine
December 8th, 2006 at 7:10 pm
@ Join the Army
“Here’s an idea. Join the Army and do something for your country. The soldiers/sailors act might prevent banks from foreclosing on your properties.”
Casey’s debt actually disqualifies him from joining any of the US Armed Forces
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Dont enhale the Serin Gas
December 8th, 2006 at 7:12 pm
Kara, yes casey has accomplished something…he has gotten us all to believe that this is real. I know its fake, but its too sweeeeet to put down!!!!
aaack thwit…I here that damn cat again!!!
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De De De
December 8th, 2006 at 7:22 pm
Casey! Sweet deal!!!
If you want more ad revenues, you really need to improve the moderation time. You are “loosing” 90% of the traffic because it’s just stale, like there is no free flow exchange of ideas.
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T.White
December 8th, 2006 at 7:28 pm
@Richard Roma:
Newton’s second law of motion states that work=mass X acceleration, or F=ma. If acceleration=0, then F(or work)=0.
@Bugmaster:
Actually, work is NOT (m x a); that’s force. Work is the product of force x distance:
I’m not much chop at physics (Monterey Tim would eat my lunch) but for a real world example:
If Casey’s wife was to kick his ass to the curb, would her kick not only have to overpower the force of gravity but also the distance from the dumpster to the curb?
Two more formulas:
P(momentum)=mass X velocity
and v(velocity)=distance/time.
So Casey, if you wish to maintain (attain) momentum with your Re exploits, by the irrefutable laws of science you must:
MOVE YOUR PHYSICAL MASS THE GREATEST PHYSICAL DISTANCE IN THE SHORTEST POSSIBLE TIME!
Will the jetta make it to Tierra del Fuego?
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Nigel Swaby
December 8th, 2006 at 7:31 pm
yneone
Mr Flipper welcome back. You and Nigel are awesome. I always endup printing your advice for future reference.
Thanks yneone. I feel the same way about Mr. Flipper. I too have saved his posts.
Mr. Flipper
I’ve got two questions about Casey’s latest conundrum with the Utah property. First of all, what’s the best way Casey can handle this situation? It seems to me that if his buyers did default, his lender is going to foreclose before he can. Real estate values have continued to go up in Utah and the county this property is in saw big gains in the third quarter. Additionally, this house is in a very upscale area of the State. Could Casey find himself in the scenario where his buyers could come after him for any gains on the sheriffs sale if it sells for more than is owed? They’re on title and technically they own the property.
What if it’s the 3rd party payer that didn’t make the payments? Would the buyers have recourse against Casey and the 3rd party service?
Finally, if a person, say me, wanted to help Casey and buy this property - assuming of course the other legal issues were resolved and the defaulted buyers had moved out - what would be the best/cheapest way to do it? My initial thought would be to pay the arrears and do another wrap. But knowing his situation and knowing he could BK or be foreclosed on anytime if my payments weren’t applied, I think it would be risky. Even if we structured it with a 2nd against title, I wouldn’t feel protected. Is there a way to buy this property, other than at a sheriff’s sale that would help Casey and protect my investment?
What if his “buyers” don’t move out easily? Obviously Casey doesn’t have the resources to fight this legally. Is there a way someone could help him without losing all their money trying to evict?
Finally, one of my favorite quotes from this site involved you. Someone said, and I’m paraphrasing:
Regarding Mr. Flipper, my asshole meter goes off, but my B.S. meter does not.
Considering all the negativity on this site, I suppose that’s a compliment.
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Les
December 8th, 2006 at 7:37 pm
Casey – how did you “qualify” these buyers?
Your statement “I did collect their social security numbers, work location and contact info. Maybe I can use that for some kind of leverage.”
Collecting their information does not “qualify” buyers. Did you run a credit check? Did you call their place of employment and request a letter confirming their employment, salary, etc? I have rental properties and do the following:
• See and photo copy of their driver’s license and/or passport
• Perform a credit check
• Verify employment – doing this by calling the general number of the employer and asking for the HR department – then I request a letter from the employer verifying employment and salary
• Run a criminal background check
• Talk to their current landlords
• Get three non-family references
Once I’ve completed the above activities, I have “qualified” the prospective tenant. Sure, it is a lot of work, however, I have few worries about deadbeats.
Now I ask you, what do you mean, “leverage”??? That information gives you no leverage, unless, of course, you plan to call them at their place of business and harass them about non-payment of the mortgage. Then again, there is a law about telephone harassment. There, I’ve said it. Now you know. Do not “harass” these people by calling them multiple times at their office(s). Harassment is illegal.
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Cutie Pie
December 8th, 2006 at 7:45 pm
This is the funniest material I’ve read in months. LMAO!!!
We haters should start a blog:
watchingtheguyfacingforeclosure.com
hatingtheguyfacingforeclosure.com
lovingtheguyfacingforeclosure.com
Better yet, some of the “haters” should get together, go on a road trip with lap tops - squat at one of Casey’s houses (they are, afterall vacant) and start writing a book. They should incorporate, create some nifty television ads and an infomercial and become gurus………
I hope Sputnik starts his own blog… I would click any advertiser there…..
Hey, I’d pay $59 to just meet Sputnik…… I would bring him cream and let him sleep on my lap…… and my shoes would stay on my feet.
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BadjerJim
December 8th, 2006 at 7:50 pm
I’m amazed again at all this negative energy. Seems only 2 days since I last posted, and everything hits the fan about how Casey ‘engineered’ this wrap-around mortgage on the Utah property.
First of all, Casey has played this perfectly. He did all the right forms, and went through a Title Company, and he got a lot of cash (’skin’) up front.
Next, he used awesome Realtors in the area of the house. They were paid well - nearly $30K. Out of that was $24K+, and I’m sure that Casey has a good rapport with them. I know that Casey can call on them at any time to check on the condition of the house, and what the tenant/buyers are up to. No worries there.
Most important: with Casey’s masterful wrap-around mortgage… he was not only able to keep the $12K cash at ‘closing’ - he was able to pay for the staging and minor renovations that made this whole deal possible.
Many have commented, but those folks are also ignorant of the Utah Code and Constitution (UCC) section 7-7-35: “Sale of real estate securities — Dealing with buyer — Liability of original borrower.” This section of Utah State Law entirely shields Casey from obligation in his particular situation.
Casey’s on the right track. Yes, at time, he may feign ignorance and fear… but I know that he has done great research into the underlying legal ramifications of each and every deal. Do any of you think, for a moment, that the ‘forclosure’ on the Texas property was an accident? Far from it. That act was Step One of Casey’s master plan to salvage - and profit from - his remaining properties. Texas state law, and its punitive relation to Mortgage Lenders - opened the door for the ways that Casey can turn a startling profit from his remaining properties.
A nod and a wink to you Casey - you are a master beyond your years. Myself, and my fellow investors have been taking notes. Play the ‘blog game, do podcasts, bounce on the blue ball. Trust me: in 10 years, all of the nay-sayers will be asking themselves: ‘why wasn’t I SMART enough to do that?”
Oh, and the podcast? Brilliant. Get a convicted Felon to chat with you, and cast a deep doubt on your future success? Even suggest that you cop to the FBI that you’ve done wrong? Brilliant.
Even if you’re hauled in for questioning… your masterful turn of events in Utah make YOU the victim. A victim beyond reproach, per UCC. YOU took a big hit in time, money, and effort in trying to ‘make things right.’ You paid an obscene commission to your expert Realtors, in your efforts to dispose of the property in question. No doubt about it: You are the Victim.
With all the cards you’re yet holding in your hand… I look forward to how you play them out. From the strategies you have at your disposal… you’ll come out at least $500K ahead. And probably much better than that.
Hang in there, man. I’m watching every day!
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Howdy
December 8th, 2006 at 7:53 pm
I have another idea for you!!
Buy a bunch of coin operated condom machines.
Place one in every bathroom at Starbucks, Macaroni Grill and any other trendy flipper type establishment and place your picture on it. Place a nice heading at the top that says do not let this happen to you, See what type of offspring unprotected sex can produce!! Dude that would be a sweet deal!!
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Richard Hatch
December 8th, 2006 at 7:59 pm
Hi Casey:
Just heard about your problems. Man, I know the pain you’re in. I, myself, am in jail for tax fraud. Don’t know if you remember, but I’m the “big fat naked guy” from survior season one. Well, I didn’t pay taxes on my winnings (I had a sweet deal from CBS saying they’d pay the taxes). Later, I had a radio program and didn’t pay my taxes on those earnings either - I figured, “hey, everybody’s doing it.” Turns out CBS didn’t pay the taxes and I got caught. No worries - jail isn’t too bad and my attorney is working on the appeal.
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Jerry
December 8th, 2006 at 8:08 pm
Casey, ignore all those haters. Your optimism reminds me very much of George W. Bush. He, too, has blown a lot of other people’s money without much to show for it. He, too, has a lot of haters - possibly way more than you. But he keeps right on ticking and doing whatever he pleases, and he has a lot of lovers out there too, mostly in these large rectangular states. You don’t see him getting up early and being an early riser just to prove a point. So go back to your old habits - why mistreat youself?
Remember, we are a nation of laws, and in the eyes of the law, you’re innocent until a jury of your peers says otherwise.
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UncleC
December 8th, 2006 at 8:53 pm
@Casey: Above, someone wrote “could be worse than you thought.” I really like this “further fraud” angle! Some fun possibilities are: Your buyer may have rented it out and is keeping the rent; your buyer has “optioned” it for 5-10 gs or so to a wholesaler; your buyer gave someone a sweet deal and sold it for $250k cash!
But perhaps, as mentioned above by others, your buyer simply decided to cut his losses and bail. Hmm…. can you imagine the scenes going on now with your RE agent and the title firm? The RE agent will swear on a stack of mormon bibles that you told him your lender approved the wrap!
Gotta love it — interstate fraud, wire fraud, a Federal rap. Add the little detail that you found out about this from your lender who also is your Albuquerque lender! Yep, looks like a high probability of Federal time coming up….. Good luck with getting a sweet deal by copping a plea.
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The Serin Budget - Post BK
December 8th, 2006 at 9:13 pm
This is a look into the Serin Family - December 2007
Income:
Casey - Job 1: Programming - wage job for $18 p/hour (annual income - $37K p/year - monthly gross $3,120) This is the 9-5 job M-F
This is the best job Casey can get - no degree, sketchy work history, blog history and poor judgment reflected on his credit report turned the stomach of many potential tech companies… he works for a non-profit.
Casey - Job 2: Pizza delivery guy - minimum wage but the $2 buck tips are helpful.. makes great use of the Jetta. This job is from 6 - 10 six days a week.
Mrs. Casey (yes - she’s still with him):
Job 1: Starbucks - minimum wage, but she gets free coffee which she shares with Casey - this job is M-F from 6:30 a.m. to 1:00 p.m. (6 hour shift - 30 min “non-paid meal” break)
Job 2: Waitress at Macaroni Grill - minimum wage, but the tips are great and she gets to take home doggy bags. This job is from 4 - 10 M-F.
What’s she doing from 1 - 4???? Going to school, taking two classes a semester. She’s had to change her major - is now studying to be a nurse.
Reported Income (Gross):
Programming job: $3,120
Pizza Delivery job: $ 576
Starbucks job: $ 720
Macaroni Grill job: $ 720
Total Income (Gross): $5,136
Combined Monthly Income (Net after taxes): $3903
(Tips are considered “icing on the cake” and used to pay for Mrs. Casey tuition)
Budget:
Rent: $500 (still living with family)
Utilities: $80 (share for electric, gas, water, sewer, garbage)
Phone: $45 (basic land line - no frills)
Gas: $55
Insurance:
$77 (auto)
$25 (renters)
$50 (life)
Cell: $ 0
Internet: $0 (WiFi at Starbucks is free)
Cable: $0 (not needed no time for television)
Entertainment: $0
Eating Out: $0
Food: $250
Sundries: $50 (tooth paste, deoderant, shampoo, etc.)
Total Monthly Budget: $1,112
Debt Payments - ordered by BK court: $2,700 (Structured repayment plan of $2,700 p/month for 360 months) These payments are required because, as Jerome explained, debt resulting from fraud or other criminal activity is not forgiven by the BK court…. Restitution is the word described by the court.
Casey and Mrs. Casey will have paid off the debt from their “flipping” adventure in 2037 - when they are 55 years old. Once the payments are complete, they can begin saving for retirement.
Debt Payment: Legal fees from RE “learning experience” $50 p/month - payment plan for 240 months
“Reserve Money” - $46 p/mo (for clothing, medical and dental appointment co-pays, and emergencies)
Favorite “Freebie” - Library Card
Favorite Store: The Dollar Store
Second Favorite Store: Big Lots
Best learning experience - changing the oil on the Jetta (no more trips to Jiffy Lube)
Worst Experience: Having the BK judge and federal goverment make Mr./Mrs. Serin to have no dealings in any RE business, ventures or purchases. They are prohibited by law as part of the settlement agreement and to avoid jail.
What happened to the Iamfacingforeclosure.com website? It was purchsed by Sputnik The Cat for $1,000 (money used to retain lawyers). Sputnik is using the site to educate others on the foreclosure process…. haters get pooped on.
Anyone else want to take a look into the Serin family future?????
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z.
December 8th, 2006 at 9:24 pm
I found the perfect x-mas gift for Casey! The Ball Chair Deluxe http://megafitness.com/wen0105.html
For the RE mogul that cares about his posture.
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sk
December 8th, 2006 at 9:25 pm
Hahahahahahaha ! As somebody else said.. A smart crook takes down a dumb crook. Casey reminds me of the erstwhile hero in the British TV series in the late 60s called Budgie played by onetime pop star Adam Faith : http://www.retrotogo.com/2006/.....s_bud.html
here’s some background:
“Ronald “Budgie” Bird, ex-jailbird and eternal optimist, always on the look out for a quick earner - and always guaranteed to make a complete mess of it and end up in serious trouble, often with occasional boss and full-time Soho villain Charlie Endell”
In one o-so-funny episode, Budgie actually scores a con for once. to the tune of 500 quid. Of course he has to blog ( I mean blab ) about it doesn’t it. In an excruciatingly embarassing series of events, he gets scammed by all and sundry and his 500 gets whittled down, down down. Down to his last tenner, 2 am in the morning he goes off to a late night fish ‘n’ chips van ( think roach coach) gets his meal, hands over his tenner and gets back change.. of what’s left of just ONE QUID !
Hahahahahahaahahaha ! Truly, Casey, give it up. you can’t even scam well - all your schemes are just that - scams and not even good ones at that - Here’s hoping the judge sees it that way too and keeps you out of jail.
-K
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RE.Agent
December 8th, 2006 at 9:41 pm
It’s a new paradigm, and everybody who doesn’t buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase.
Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.
This asset bubble is different than all of the others - it will never slow down, or pop. The gains are permanent.
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yneone
December 8th, 2006 at 10:01 pm
The Original Blah,
So we’ve taken ownership of blog names now, huh? You cannot be serious? Grow-up.
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Blah
December 8th, 2006 at 10:43 pm
I see you’ve done nothing at AbleBuyer.com and I can’t find any ads regarding your houses on Craigslist.
What have you managed to check off of your list this week?
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Time Will Tell (truth parser)
December 8th, 2006 at 10:49 pm
@ Rusty D
December 8th, 2006 at 6:29 pm
you don’t understand the difference between investors and speculators.
Of course most people posting here understand the difference between an investor and a speculator/flipper. The problem is that most of the speculators don’t understand the difference! How many undereducated wannabes took advantage of rising markets and easy money to allow them selves to become trapped by this sea change in the markets? These idiots called themselves investors. “I’m a 24 yr old real estate investor from Sacramento CA. After going to a few seminars I bought 8 houses in 8 months.” Now exactly who said that.
Did the day traders who made terrible buys on momentum plays in the market without any basic knowledge of how to value stocks ruin the stock market?
What a silly question! Yes they did…not all by themselves, but they sure had a big hand in creating the momentum, just like the speculators and self-proclaimed investors have done to this market. Ifd they were not there, the outcome would have been different. The Dow, adjusted for inflation is down 15% to 20% from 2000. Nasdaq is not even 1/2 of it’s highs. Expect the same or worse for housing.
Sputnic, go poop in his shoe, please.
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Big Cheese
December 8th, 2006 at 11:18 pm
Casey,
Since those wrap-around guys are screwing you now, do you think they can at least extend you the courtesy of a reach-around?
-Big Cheese
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Lostsite
December 8th, 2006 at 11:39 pm
Rusty D
All I have to say is truer words were never spoken. I am also an investor not a speculator and I could not have said it better myself.
Second I read somewhere that the fact the Utah house was not titled to Casey anymore that this was fraud. As long as the land trust was done right this is not the case. You can title the property to whoever you want and the mortgage can be in someone else’s name entirely. Some states even have it in there statues to allow this specifically. The banks main weapon in all this is they still have the first lean on the property. By having this lean it gives them the right to foreclose period. The name on the title has no relevance at all. Having that lean means there is no clear title to the property therefore any transfer will always have that lean and limit your ability to do anything with the property until the lean is removed (paid off). In actual terms the risk always lies with the buyer if the contract for deed is not structured right. If the underlying mortgage is not paid and you have been paying the seller who still holds the mortgage the bank can still foreclose and you are SOL. Then the buyer would have a legitimate criminal complaint to file against the seller but that is a whole other issue.
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Tim, from Monterey Bay area
December 8th, 2006 at 11:53 pm
“Oh, what tangled webs we weave, When we first practice to deceive.”
Walter Scott’s line is as apt today as it was in his time. Casey has used so many “shady deals” in his own real estate scams, er, schemes, that it’s hard to know who is scamming whom.
It may be that the Utah buyers have already done a “sweet deal,” a short sale, with some Nigerians who only need a property to secure the inheritance from the King of Nigeria.
Or this could be a set-up for NBC’s new drama, “My Name is Casey,” where a scamster named Casey Serin devotes each episode to “making things right” and “giving back every dirty penny I made my victims loose.”
It is deeply moronic, er, I meant “ironic,” that Casey is now facing the situation of his Utah wrap-around buyers now doing to him what he has done to 5 of his own lenders.
Casey, look for your Utah buyers at the West Jordan Jamba Juice. You’ll see them bouncing on blue balls, making sweet deals with PRLINKBIZ.
(Apologies for deviating from my normal cold analysis, but this is getting to be too much. Only the comedic tragedy is left.)
–Tim, from Monterey
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About foreclosure
December 9th, 2006 at 12:05 am
links from Technorati Original post: Utah House Unwrapped Back to Foreclosure by at Google Blog Search: about foreclosure
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Jacks
December 9th, 2006 at 12:31 am
I guess this is what happens when you turn around and use the same Shady ( unethical? illegal?) practices you used to buy your houses to then sell the houses……
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fromqueens
December 9th, 2006 at 12:36 am
is this for real?
i feel more like this site is more like the www.onion.com
everyday
ridiculous…
i have a job and a newborn and i just want to find a decent apt in nyc
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Steve McGarret
December 9th, 2006 at 12:43 am
Kill the blog. Although it is amusing to us spectators, it is a waste of your time.
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Michael
December 9th, 2006 at 2:11 am
Casey.
A person I know in Utah claims he is sitting on a 70k gain from one year ago. Has this house appreciated at all?
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Hi...I'm Dolph DeRoos
December 9th, 2006 at 2:24 am
LOL Lostsite:
Casey thinks not working a 9-5 job is smart
Casey hates the idea of long work days
Casey thinks the world owes him something since he wants the easy way to riches
Casey thinks new age-y b.s. motivational techniques work on lazy people like him (yeah right - it’s called denial my boy)
Casey’s follow-through is lackluster at best (more like ADHD)
Casey thinks reading a motivational book is going to solve his problems when he should be out working those “sweet deals” he bought and finding buyers
Casey thinks taking money back from his home loans is smart business when in fact it’s pure greed. Where is the money Casey? 6 homes x $50-100K in cash back on each should have kept ANYBODY solvent for awhile. What did you do with all the money? Yep, you sure know a sweet deal, eh Casey?
Oh and before you lump me in with the so-called haters, you need to understand I don’t hate you and to be a hater means I’d have to be jealous of you somehow. I make over 100K a year and work my freaking butt off for it…When I take a few days off, I have the freedom to unwind and go anywhere I want. I don’t go very far but I do like to drive or fly someplace new and relaxing. That is truly treating oneself when I work over 12 hours a day w/ time to kick back on weekends (minus business trips a few weekends and the occasional client meeting for lunch on Saturday).
Yep, I didn’t make tons of money until I was 28. It took time to gain the respect of my peers, clients and bosses (before I work for myself) but guess what? I learned and saved my money, YET, I still treated myself.
You Gen Y’ers crack me up. It’s all about the bling right? All about owning what you cannot afford. No patience, no understanding of what it takes to succeed. Sure, there are the rare examples who succeed, but c’mon.
You blew a 30K profit on what you said were vacations and dates with your wife. Why? You weren’t happy with building wealth one home at a time like all fledgling investors…no. You fell in love with the concept of an upfront profit (cash back) and didn’t even use it to build your “business.” Wow.
I want to empathize. I even want to help, but guess what? After listening to you babble on your podcast, I am of the belief you reap what you sew and you sure deserve everything you have done to yourself. Saddest yet…I can’t tell if your wife is in on this or just the innocent bystander you claim she is, but whatever it is, you screwed her life up too.
Oh well right? I guess I am a hater. I guess you will even not approve this message for the board, eh? I am just tired of reading the constant f**k ups and hand wringing and early riser crap from a child that doesn’t seem to want to grow up and be a man.
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Big Cheese
December 9th, 2006 at 2:31 am
Actually, work is NOT (m x a); that’s force. Work is the product of force x distance: http://en.wikipedia.org/wiki/Mechanical_work
So, if I pick up a really heavy rock and move it 1 meter horizontally across the floor, I have expended calories, but have done very little work, because there wasn’t any force opposing me (other than minute friction). On the other hand, if I took the same rock and moved it 1 meter upwards, I’ve done a lot of work, because I was fighting against gravity.
Similarly, if I strain with all my might to lift that rock, but fail, I have burned a lot of calories but produced no work, because the distance by which the rock moved was zero.
————–
Bugmeister, how could you have burned calories but not have done any work? Ever hear of conversation of energy?
Actually you are doing work but in your muscles. When muscles contract, the fibers slide against each other to produce force. Now the rock didn’t move but you are doing work inside your muscles which in turn generate heat, hence calories are burned. This is the same principle on how you can get a ‘work out’ doing Tai Chi by using opposing muscle groups simultaneously. Contract your biceps and triceps at the same time- your arm doesn’t move (besides shaking a bit) but do this enough and both muscle groups will be sore.
Normally I don’t care to explain this but since you got pedantic I thought I’d set you straight.
-Big Cheese
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Big Cheese
December 9th, 2006 at 2:37 am
Spaceman spiff,
Your post on the black & white vs color was hilarous.
Keep it up!
Big Cheese
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Big Cheese
December 9th, 2006 at 2:41 am
I herd the recording of your interview last night and I just wanted to ask…..Where is the accent from? I herd your type of accent before and can not place it and it is driving me nuts.
———-
Lost site, his accent is clearly Californian. I’d guess from So Cal (Bakersfield area). Notice the low tones, relaxed speech and a bit of mumbling. There are plenty of worse places in the US to pick up an accent.
-Big Cheese
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philippo
December 9th, 2006 at 2:43 am
To Rusty D and Mr. Flipper:
Thankyou for taking the time and trouble to share your hard earned experience. There’s so much negativity here it’s like a breath of fresh air to hear sensible advice! Please post more. Your efforts are appreciated.
Can you recommend any online resources?
Philippo
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Same sh$t different day
December 9th, 2006 at 3:26 am
Here it goes. phttt.
The ramifications of your behavior and people like you, are far and wide for lenders.
A Merryl Lynch stock company “Own-it Mortgage”, who serviced loans for the “uncredit worthy”, had SUDDENLY closed their doors Wednesday and dismantled their websites. They have run out of funds due to all the defauts on their loans. Employees were told at 5:55 on Wednesday to clean out their desks and to expect to not get paid. Own-it is required to buy back the loans they packaged and sold to the secondary market, but they are bankrupt from defaulted liar loans. JP MORGAN CHASE Bank sub-prime lender , another swindler and owner of Own-it Mortgage Co, is next in line to pull out of the secondary lending market. Anyone for Dominoes?
This is only the beginning.
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Aaron
December 9th, 2006 at 3:40 am
To scorpion fan:
The founder of the Mormon faith claimed that an angel visited him and threatened him with a flaming sword, and so forced him to adopt polygamy, presumably against his will. When a religion is based on claims like that, it’s only reasonable that people make certain assumptions.
To T.White:
Sorry, but the momentum analogy doesn’t work for me. Momentum is conserved in a closed system, and thus there’s nothing Casey can do to change his own momentum. He requires external forces to act on him and push him around if he needs to get more momentum.
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dumb da dum dumb
December 9th, 2006 at 3:42 am
casey i noticed you mentioned somewhere in your listing, i cant find it now, but i know you mentioned it…EQUITY…
the definition is
Equity: the value that the owner has in real estate over and above the debts against the property.
do you define equity as the perceived overvaluation of the property? you described a property as having equity for the buyer?
imconfused,maybe ill always be a raving renter / wage slave?
how does a buyer get equity at purchase? by definition if you purcashed a house for %20 down thats equity, right? or if you paid 150Kof a 200K mortgage, thats equity/value/ownership vs. balance/debt/remaining mortgage
maybe someone else can answer this for me since you never seem to answer direct questions,
(but i do give you credit for your explantion of the wrapped/unwrapped utah property)
(by the way theres lots of posts ofmine you never approve and its not inapproriate content…your a slick one casey)
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lol
December 9th, 2006 at 3:47 am
“Casey’s debt actually disqualifies him from joining any of the US Armed Forces”
Don’t forget the felonies.
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dumb da dum dumb
December 9th, 2006 at 3:54 am
heres some obvious basics casey…..
You cannot guarantee that your home will appreciate in value.
Even if you work hard to improve and maintain your home, you cannot guarantee that your house will increase in value. The value of a house is affected by the value and growth of the neighborhood and other economic factors. Before you buy, you want to be sure you choose a desirable neighborhood with a promising future.
You may encounter financial hardship.
If you suffer financial setbacks, such as the loss of a job, you may not be able to keep up with your mortgage payments. If the mortgage is not paid, you can lose your house to foreclosure. That means you could lose your home and any equity you’ve built up. When you rent, however, you can always move to a more modest apartment to reduce your expenses.
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Jack
December 9th, 2006 at 5:39 am
now let’s see if he sticks to his ‘early rising’ on saturdays as well… ive browsed through the pictures of some of the houses. for some youve put notes here and there about ‘things to do’. you dont have to be bored today Casey!
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Germany
December 9th, 2006 at 6:04 am
Yo man… after carefully analyzing your situation and all the available options, your best bet is to move to iraq right now before its too late
DO NOT under all circumstances disclose your financial situation to them
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Unbelievable
December 9th, 2006 at 6:31 am
I saw this and thought of you Casey
http://tinyurl.com/wwkjh
When are you going to admit that the ship has sunk ?
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Buuba_The_Cat
December 9th, 2006 at 6:42 am
We need more posts from people telling us all about adsense.
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jonny quest
December 9th, 2006 at 6:55 am
Mr. Flipper - I know you mean well, but helping Casey right now use creative financing to worm his way out of his current mess is like helping an addict get his next fix. He needs to hit bottom before he can start back up. He calls himself a RE investor, but he spends more time blogging and picking up adsense change than he does searching for and trying ‘real’ remedies to his problems.
Hey Casey, when you got word of the problems in UT, you drove over there to check out the situation asap, right? Face it, you’re just the lazy slacker type, allegeric to real work, who gives your generation a bad name.
Yneone - I hear Dr. Scholl’s is going to use real people for their next series of ‘gellin’ commercials. I suggest you and hubby try out.
I don’t want to be totally negative here, so after you brush yourself off and pick yourself back up, if you’ve still got the real estate bug Casey, try trailers, they cost a lot less…
http://www.creonline.com/mobile-homes/index.html
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Spaceman Spiff
December 9th, 2006 at 7:07 am
Good morning! It’s great to be an early riser! I just got back from my jog (it wasn’t as much fun in the rain) and it gave a good time to clear my head and make plans for the day.
Yesterday, the traffic was so heavy on the blog that it took nearly 5 hours just to read through the messages and weed out the posts from the haters. So much negativity here in the middle of Christmas. Then it took another 2.5 hours just to compose my updates. I really have to get to the bottom of what is ailing my cable modem. That is job 1 for today. I spen so much time on the blog yesterday I forgot to go to work, so I owe Chris my hours today!
On my run I came up with my list for today:
1. Get cable modem working (I’m going to die when I get my cell bill — too much bandwith)
2. Gas. The Jetta is getting low
3. Go to the mailbox (It’s been almost 3 weeks now. I don’t know how I could overlook something so simple! I’ll be we have lots of Christmas cards)
4. Call Chris and explain why I was a no-show yesterday
5. (Time permitting) Get to Office Max for supplies to start my mega marketing efforts.
Now, about the marketing. I found a very helpful step-by-step guide for real estate professionals at the NAR (National Association of Realtors) website for “saturation marketing”. It is a concept developed by a nationally regarded Top Producer from the Chicago suburb area, to “quickly, efficiently and PROFITABLY bring maximum exposure and quick offers from ‘nominally placed’ properties”. That is just what I need for Brudett.
Also, because it is raining today, I will drive to the Modesto property at lunch and see how the roof is holding up (if you recall, I bought it in th espring and there was no roof inspection). If the roof is fine I will contemplate the next steps for this property. One added benefit of the rain is that I no longer have to worry about watering the landscaping for a few more months. I haven’t seen a utility bill for Modesto ro Burdett - doesn’t the City automatically switch the utility bills when you purchase?
Oh well. It is Christmas and my heart is full of Cheer. Today is THE day. I strongly feel it.
Spaceman Spiff
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Sputnik_the_Cat
December 9th, 2006 at 7:13 am
How did I get so popular all of a sudden?
aack!
I’m just a hater…only here to prove that even a cat with a brain the size of a walnut is smarter than Casey.
Thhppt!
S_t_C
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Cara
December 9th, 2006 at 7:23 am
Oh, the irony. You thought they were highly qualified and that they’d make their payments. Gee, I wonder if they lied to you?
Maybe they planned to fix the place up and sell it quickly. Failing that, they probably figured a big shot like you with houses in four states could handle the loss if they defaulted.
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Unbelievable
December 9th, 2006 at 7:34 am
I am guessing that Sercasey has overslept this morning
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Ethical Realtor in DC
December 9th, 2006 at 7:51 am
This is too funny. I just love karma.
Ummmmm - people who need seller financing in this low interest rate market need it because banks wont lend them $$ - ergo, a high risk of default. I hope your lender locks you up for doing this without their permission. Why did we stop having debtors’ prisons???
And as for “… if I wasn’t blogging I would not have had all the different opportunities presented to me (and still being presented). I am meeting lots of good people and making good connections into the future.” Please show me ONE good thing that has come from all the scamsters who connect with you because they see a sucker who is looking for gurus, mentors, miracles and jambajuice. A few people pretended to help but just tried to profit from your public failure. You have a $3000/m income from one, but that is scary because it is someone who perpetuates your delusion that there are “Sweet deals” still out there.
Some TRUTHS:
1. There are no sweet deals
2. Even if there were, you would not qualify for them
3. Blogging is an enormous waste of time - just post updates, accept no emails or comments on the board and that way we can keep wathcing the train wreck happen and you can spend some time doing productive things
4. Getting out of this mess would require either:
- finding a way to rent the properties out for enough to cover most of the mortgage and working hard to make up the difference
- selling the homes for whatever you can get
- declaring bankruptcy
I think people who declare bankruptcy are usually a bit irresponsible because they did not plan for life’s bad things - not enough insurance, savings, etc. But people such as you who declare it because of stupidity and illegal dealings annoy the heck out of me, but I still think it is you only option. If you declare it now, it’ll be off you credit record before you’re 32.
Quit blogging, declare bankruptcy, get a real job, get a real education from real experts*, and at age 32 get back into the market with knowledge, savings, a clean slate and a level head. You can still be a multimillionaire by age 40.
*e.g. William J Poorvu - prof of RE at Harvard Business School who wrote one of the best real estate investment books for folks like you and me “The Real Estate Game”
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Robert Coté
December 9th, 2006 at 8:17 am
Ahhh, early morning start of Weeeek (almost rhymes with sweeeet) 2 and 8:00AM and no morning flood o’replies released for our amusement and consideration. Perhaps a “sleep in reward” for almost managing to wake up consistently for a full week? Perhaps another problem w/cable. Most likely a late night “doing stuff.” No chores fer me tho. I’m in Vegas for a real honest to goodness Vegas wedding. Should be fun. Vegas looks like a great place to invest. Construction everywhere. The look to be running out of places to build things so they are building up. Gods, the “energy” is just sooo uplifting. Forget those muddy backwaters, Utah, Sacto, NM. The place for deals is here. Pardon, my omlet has arrived. Mmmmmm. I’ve savedsome bacon and smoked salmon for Sputnik. Last time I forgot and he shredded my barcalounger.
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John M
December 9th, 2006 at 8:24 am
So, I guess Casey has officially given up on the whole early riser thing.
I almost feel bad for him. Well, as bad as I can feel for a criminal. I mean, there is not one thing he has done that I am aware of that he hasn’t failed at in some sort of spectacular fashion.
I think that might even be what drives his reckless behavior, one of these days he thinks something is going to work in his favor, he feels the world owes him something for all the times he has failed, and he has failed so many times and so badly that he thinks when he finally succeeds at something the payout is going to be huge. But he fails to realize that all his failures are his own fault. It’s not the world failing him, it’s him failing himself.
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SpaceMonkey
December 9th, 2006 at 9:06 am
Casey, did you wake up early today? We’re dying to know. Or did your “cable modem” “break.”
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Fister Hiney
December 9th, 2006 at 9:11 am
Come on Casey its like 11 am here, got to be 9 am there. Get up and post some updates, the suspence is killing me. I need to hear from spudnuts the cat. Don’t let these loosers get you down. Tell us more, please!!!
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Buzz Saw
December 9th, 2006 at 10:20 am
Have you been to the house lately Punkinhaid? Did they strip the appliances, copper and fixtures out of the house? Will you get a “sweet deal” from the lender when they foreclose? You you go BK? Will you go to jail? These are things we must know. Stay tuned tommorrow, same bat time, same bat channel.
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Klingon Battlecruiser
December 9th, 2006 at 10:22 am
Kara, it’s true. I have never incurred $400,000 in debt. Sadly, I have never ruined my wife’s credit. In fact, I will probably never even achieve a mere bankruptcy during my wasted life. I am truly ashamed. I feel like such a looser. I WILL go out and do something stupid today. I WILL find a sweet deal to loose money on.
Casey, why do you have to read a book to figure out how to do everything? You fancy yourself an entrepreneur, yet you can’t even figure out how to get things done? Shouldn’t that be a natural skill for a successful businessman?
I like the cat. All you cat haters should take your negativity elsewhere. Cats have feelings too, you know. I have notified the ASPCA, so Blah, expect a subpoena sometime next week.
Typo of the day:
“The Lard will provide.”
Praise the Lard!
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Positive Vibes
December 9th, 2006 at 10:29 am
Don’t worry Casey. Even at this very moment, your Utah buyers are waking up at 5:45 AM, fasting, reading books on Gittin’r'Done, opening emails, running effective blogs, and looking for sweet deals. They will come up with the money in no time. You have nothing to worry about.
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John
December 9th, 2006 at 10:46 am
Hi Casey,
I just wanted to write and say I enjoy reading your blog story. Keep up the good work. I like the way you integrate pics, videos, and the overall story of someone trying to overcome something and learn from it as well. Take a look at our site when you have a second: http://www.investmentpropertiesinfo.com/
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Santa
December 9th, 2006 at 11:08 am
What with all of you crazy kids “blogging” your “posts” on the “internetweb” and whatnot, I figured maybe it’s high time I learned to use the computer box and post some of my “blogs”.
Here’ a small section of this year’s list. I haven’t checked it twice yet though.
Katey Arbuckle: (nice) Bicycle
John Sedgewick: (naughty) Lump of coal, VW Jetta
Casey Serin: (delusional) Subpoena, orange jumpsuit, cat poop
Betty Mitchell: (nice) Barbie Cosmetic Surgery Playset
Jerry Feinstein: (nice) Sony PSP
[Casey’s wife]: (nice) Purple heart, new husband
Thomas Petrosky: (nice) Skateboard
Lisa Gonzalez: (naughty) Hepatitis C
Sputnik Cat: (amusingly naughty) Fishy treats
Bubba: (naughty) Casey Serin
Well that’s all I’ve got time for right now! I’ve got to get on a conference call with my accountanting department. We outsourced the toy-making to India this year and sold the elves to a pharmaceutical testing lab.
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Vague Guru
December 9th, 2006 at 11:13 am
Hey Casey, maybe your “deadbeat” buyers want to pay their mortgage, but don’t know how. Maybe you could send them a self-help book about paying your mortgage.
I would recommend “HEY ROOSER, PAY BILLS NOW” by Chinese GRQ Guru and author Hu Nu.
And if there’s room on your Christmas wish list, I would add some of Nu’s other books to your list. Such as:
“BUY ROW, SELL HIGH, YOU STUPID MOLON!”
“GET LICH QRICK, YOU RAZY BASTARD!”
And
“I’M FRIPPER, HE FRIPPER, SHE FRIPPER, WOULDN”T YOU RIKE BE FRIPPER TOO?!”
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speechless
December 9th, 2006 at 11:24 am
don’t sleep in too late this weekend, Casey, or that 5:55 on Monday will come even earlier.
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Sprezzatura
December 9th, 2006 at 11:28 am
I called it — I gave him about a week on that Early Riser thing. Looks like I was right.
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Vague Guru
December 9th, 2006 at 11:34 am
Badger Jim – “Even if you’re hauled in for questioning… your masterful turn of events in Utah make YOU the victim. A victim beyond reproach, per UCC. YOU took a big hit in time, money, and effort in trying to ‘make things right.’ You paid an obscene commission to your expert Realtors, in your efforts to dispose of the property in question. No doubt about it: You are the Victim.”
That’s some funny sh*t right there. Casey’s a victim in Utah so he’s absolved of all his other crimes. BWA, HA, HA!
At first I thought you were serious, then I realized you are just another RE troll trying to sponge off Casey and get traffic to his sh*tty ass web page. Well done, Badger Jim!
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YNEONE'S NEMESIS
December 9th, 2006 at 11:36 am
More wisdom from YNEONE:
“The Original Blah,
So we’ve taken ownership of blog names now, huh? You cannot be serious? Grow-up”
YNEONE, Unless you have something intelligent to say, why don’t you refrain from making comments on Casey’s blog ? OH SNAP ! We’d never hear from you again !
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Haters Have More Fun
December 9th, 2006 at 11:48 am
Yes, Tim from Monterey, come over to the dark side….
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Free Advice
December 9th, 2006 at 12:00 pm
Ifd they were not there, the outcome would have been different. The Dow, adjusted for inflation is down 15% to 20% from 2000. Nasdaq is not even 1/2 of it’s highs. Expect the same or worse for housing.
Time will tell:
Your comment addressed the idea of a market being “ruined” by speculators. How so? How would the market be different? Would it be 15% higher today than 2000?
As for housing, who cares? The price of a share of stock as well as the price of a house will be as it should be.
Now, *you* may have an opinion of what the price of a house should be — but that doesn’t mean crap unless it’s your house or a house you want to own.
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Rob P
December 9th, 2006 at 12:07 pm
Wake up, wake up, you sleepy head
Get up, get out of bed.
Punkinhead; Sercasey; Sunshine–the nicknames are great. I like Young Fella. It implies a naive, good-intentioned eager beaver, a fine young soul whose heart is really in the right place, one unafraid of working hard to get ahead, one sincerely interested in righting past wrongs.
Kinda like Casey, y’know?
Hey Young Fella: would you please update your site with some NEW train wreck? I am already really bored with the “unwrapped” entry. Please: NOT another interview with some real estate hack or convicted criminal. I remember when you told us about a month ago, breathlessly, of a “major development” coming. It ended up being the Kiyosaki fiasco.
Seriously, over on Housing Panic, there’s a troll who periodically issues posts that you have been arrested; your computers seized; that a warrant is out for your wife, etc. Now that’s show business! That may happen–the equivalent of a metaphoric multi-car pileup on the interstate that kills 11 people–but in the meantime, can you put something up that has some freaking substance?
zzzzzzzzzzz…………..
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Aww
December 9th, 2006 at 12:10 pm
Bad news guys, I just saw it on CNN…
Casey backed over Sputnik with the Jetta.
:(
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Free Advice
December 9th, 2006 at 12:11 pm
December 9th, 2006 at 3:54 am heres some obvious basics casey…..
You cannot guarantee that your home will appreciate in value.
Even if you work hard to improve and maintain your home, you cannot guarantee that your house will increase in value. The value of a house is affected by the value and growth of the neighborhood and other economic factors. Before you buy, you want to be sure you choose a desirable neighborhood with a promising future.
You may encounter financial hardship.
If you suffer financial setbacks, such as the loss of a job, you may not be able to keep up with your mortgage payments. If the mortgage is not paid, you can lose your house to foreclosure. That means you could lose your home and any equity you’ve built up. When you rent, however, you can always move to a more modest apartment to reduce your expenses.
dumb da dum dumb:
Not so. If you’re foreclosed upon, you’ll get any remaining equity once all lienholders are paid.
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yneone
December 9th, 2006 at 12:12 pm
De De De, helpful and constructive advice is not futile. Some people are still interested in what others have to say. Me for one.
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Fister Hiney
December 9th, 2006 at 12:32 pm
I still think that there is a way out of this mess in utah. Get about 5 gals of gasoline. Pour gas thruout the house. Buy a small can of tuna or some sort of fishy flavored cat food. You will also need one pack of matches or a Bic lighter. Throw food in house and light spudnuts the cats tail on fire and tell kitty kitty to go get his food. Oh crap I forgot, Make shure the insurance is paid up first. And watch that baby burn. This could be repeated as needed on the other 4 but you will have to find somemore a$$liking cats for the others.
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Mr. Flipper
December 9th, 2006 at 12:50 pm
“philippo” asked:
“To Rusty D and Mr. Flipper:
Thankyou for taking the time and trouble to share your hard earned experience…Can you recommend any online resources?”
Mr. Flipper: Your welcome! You might check out reiclub.com, and look for John Locke’s material on “subject to”. I’m not sure he sells his stuff anymore, but he’s the absolute best source for what I outlined for Casey’s Utah house.
—————-
“jonny quest” wrote:
“Mr. Flipper - I know you mean well, but helping Casey right now use creative financing to worm his way out of his current mess is like helping an addict get his next fix. He needs to hit bottom before he can start back up.”
Mr Flipper: I would disagree for several reasons. First Casey’s got a problem that involves several players. Whether he’s “worming” his way out of his current mess, as you put it, or simply trying to reduce the damage to his credit; he has more than himself to protect financially.
Either way he doesn’t need to “hit bottom” just so he can again start back up.
No, that would be like telling a driver who accidently ran over a pedestrian, to back up and roll over him twice, just to make sure he knows what he did was wrong the first time.
No, this Utah deal is the fluke of flukes. Casey did a completely conventional A.I.T.D. transaction. The buyer put up a decent down payment, the seller wrapped the first mortgage along with the (if any) equity into one mortgage note, recorded a “Trust” Deed, and waited to be cashed out. A boring, legal transaction.
The difference being that I don’t ever recommend AITD’s because the seller loses control of the situation as soon as the deed is transferred.
Yes, my advice to Casey will help him AVOID the pitfalls of seller financing in the future. And if my advice seems like I’m just enabling an addict, as you infer, then all I’m going to say to anyone here is, “Roll up your sleeves!”
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J. Whittimer Lightning
December 9th, 2006 at 12:52 pm
Young Caseys problem with the Utah house does not lie solely in the fact that he did a wrap around mortgage. As many knowledgeble posters have pointed out, his wrap around mortgage would be a breech of contract and is not something which is criminal, in and of itself.
The problem that Casey is facing is the ponzi scheme pattern of behaviour that he has shown. Did Casey disclose to the Utah buyers that he had 7 other properties that were facing foreclosure and there was a very real risk of the Utah home being taken by the banks, for his failure to pay, and for the overwhelming deficiencies on the other homes.
Like his letter to his email contacts promising 24% returns backed with real estate, he is showing a pattern of putting other people into financially risky situations in order to use money from one deal to keep the others afloat. The biggest problem is that Casey does not provide all players involved with all of the information, or even truthful information with which they need to make proper decisions. Kind of like his loan applications. The Utah buyers had a right to know ( as did the lender) what really was going on. The Utah buyers had a right to know that they were playing in Caseys falling house of cards, and stood to lose their $40,000 down payment when the banks came after Casey for the other deficiencies.
On a positive note Casey, the Utah Attorney Generals Office is one of the most incompetent organizations I have ever had dealings with. They barely have a relationship with the U.S.Attorneys Office due to their general incompetence. I would go so far as to say that your real estate skills probably surpass thir legal skills and ability to competently investigate and put together a case. So Merry Christmas on that point.
As to the poster who believes that yesterdays poster, “Joseh Smith(s)” use of the word “Lard” for “Lord” was a typo, must never have been to Utah. In Utah, we pronounce “Lord” as “Lard”. We also use the far right lane as our passing lane and drive very slow in the left lane. We do have excellent sking and our real estate market is still on the rise.
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Casey Serin
December 9th, 2006 at 1:17 pm
No early risin’ today
Sorry for lack of update this morning. Yes I DID sleep in today about 2 hours. No early riser checkmark. That’s OK. That will give me a reason to kick myself in the butt and keep the discipline going for the rest of the 30 days (29 out of 30 is not bad).
Took my private lender to the hospital
The reason I was not around this morning though is that I had to take one of my private lenders to the hospital. He is the friend who gave me the $3000. (No interest and no pyaments, just 10% fee upon repayment. I already paid back $1100, $2200 still left). He is getting older and his health hasn’t been doing so good lately.
Did no marketing
Unfortunately I did not do any marketing of the houses yesterday like I planned. I feel a little bit frustrated because I set aside this whole week for that but I didn’t get to it because of other things I had to do. Today I’m not going to get to it either because I need to pack for the trip. I’m going to be gone for a week sunday to sunday.
Another private loan for something big
What took me up most of the work day yesterday is meeting and eating with another private lender. I borrowed $4500 at 36% APR plus 10% fee upon repayment. Payments are interest only with a balloon in 6 months.
It’s a bridge loan for something I want to do that has a good chance to get me out of this mess. I don’t want to talk about it just yet because my last private loan was meant to get me out of trouble too but it didn’t quite work out. I ended up using the money for living expenses and pay my wife’s minimum payments. So this time I’m not going to speak until it looks more solid.
The other $4000 private loan. You might remember the other $4000 private loan I briefly mentioned a couple of days ago. That loan is actually connected to a bigger loan for something else. I just had 4,000 left over so I can continue living and saving my wife’s credit.
How much private debt do I have?
I need to count it all up and put together a “money” page along with all my other accounts. I will work on that in the next couple of weeks. I have “organize accounting” scheduled for the 3rd week of Dec I think but I may try to it up sooner. Tim and others keeps asking me to get all the numbers up here so I’ll try not to disappoint. Maybe I can put together a debt clock and a foreclosure count-down timer like you guys asked. We’ll see…
Still on track
My intention is still to stop foreclosure, avoid bankruptcy and repay every dirty penny! I am having many set backs but I believe I’m still on track.
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jojo
December 9th, 2006 at 1:18 pm
Don’t forget to uncross #4 on the good old foreclosure list
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Me
December 9th, 2006 at 1:31 pm
“there’s nothing Casey can do to change his own momentum. He requires external forces to act on him and push him around”
Don’t worry!
Guido and Sargeant Friday are on the way!
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Unbelievable
December 9th, 2006 at 1:34 pm
Why do you use the expression “every DIRTY penny”? What does that mean ?
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digerati
December 9th, 2006 at 1:41 pm
Why are you writing comments that long instead of posts?
Successful Personal Finance
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Dont enhale the Serin Gas
December 9th, 2006 at 1:43 pm
36% interest, 10% extra repayment fee, this to me sounds like a sweeeeeeet deal.
yneone, I am waiting for your next post, I can see it already
“I know you are but what am I???”
Spaceman Spiff/Sputnick in 08, I’d vote for that
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Jack
December 9th, 2006 at 1:43 pm
yes Casey, grab a spade and continu digging! you may be the first to dig your way through the centre of the world and into China! one hell of an escape….
you actually got yourself a loan with 36% of interest? oh and plus a payback fee? of 10%…. hell if I thought you were even a tiny bit solvent I would be handing out loans like that to suckers like you every month!
but… you are NOT solvent. get out of there Casey, game’s over. you will be lucky to keep all your limbs & organs, let alone wife, car, freedom, uhmm houses…
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John M
December 9th, 2006 at 1:47 pm
Words absolutely fail me. I have been sitting here about 10 minutes trying to figure out a response to this, but there is none.
Either you are trolling us or you are absolutely beyond hope.
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KevBo
December 9th, 2006 at 1:51 pm
36% Interest? You call yourself a businessman and Investor. Did you honestly explain your situation to this person or did they not care? For your situation, I guess 36% could be worth the risk. But I don’t see how it gets repaid. Especially in the six month timeframe. If you can show me how you can repay that, you can drop me a line and maybe I’ll be a hard money lender for you too.
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Miguel
December 9th, 2006 at 1:52 pm
“I need to count it all up and put together a “money” page along with all my other accounts. I will work on that in the next couple of weeks.”
Er… why haven’t you made this your first priority, and why wasn’t this done weeks ago? If you don’t even know how much you owe, how on earth can you devise a workable plan for paying it off?
“My intention is still to stop foreclosure, avoid bankruptcy and repay every dirty penny!”
In which case, perhaps you could finally write a detailed response to the figures that Tim’s been setting out. Because his argument seems inescapable, so unless he’s wrong, how exactly are you going to avoid bankruptcy? In fact, why would you want to avoid it, since it’s just about the only realistic way of getting out of this mess?
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Blah
December 9th, 2006 at 1:56 pm
Let me guess, you are going to the December College in Scottsdale?
Classic MLM scheme, someone suckered you into signing up (earning them 50% commision on the ‘tuition’) and they will teach you how you can sign people up.
BTW, I think it’s appalling that you have taken advantage of an elderly gentleman who is in poor health. Are you hoping he dies before the rest of the loan comes due?
Keep swindling people and harping about your ‘faith’ and ‘doing the right thing’. It will catch up with you in the end.
P.S. I know you don’t have the balls to post this because even you know that these seminars are nothing but get rich quick schemes.
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Rusty D
December 9th, 2006 at 2:06 pm
Time Will Tell:
Do you really think that anyone will take you seriously when you compare todays market trading at about 13 to 17 times earnings on an after inflation basis with the tech heavy market that traded at 30 to 40 times earnings in 2000. Of course the market collapsed it was severely overbought. Some lost their shirts. Guess I’m lucky I buy stock on fundamentals instead of momentum. I still stand on my point that those day traders didn’t cause the market to fall, they were only trying to play the trends. The market fell because it was full of unknowledgeable stock buyers who “had to be in tech no matter what the cost” sounds familiar doesn’t it.
You see day traders, like real estate speculators are people who play trends. Those who get in early and can read the signs well will generally be OK. Those who get to the party late or can’t see the forest for the trees get hurt. In neither case are they responsible for the rising prices they are just trying to profit off the trend.
Oh by the way the dow is only about thirty points off its all time high. The Russell 2000 is at an all time high. The Only indices still hurting are the tech heavy ones and they have simply returned to reasonable valuations.
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Sprezzatura
December 9th, 2006 at 2:06 pm
OMGWTF?!?!?! More debt?
and at 36% interest, this time?
Seriously, Casey, seek help.
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Spaceman Spiff
December 9th, 2006 at 2:13 pm
OK,
Well he did most of my plan. I think his wife is Suzy Derkins. That’s why he got nothing done last week. He was hiding out.
My recommendation: join my club: G.R.O.S.S — Get Rid Of Slimy girlS. Me and hobbes think its way cool. Dad says someday I’ll like girls. I donn’t know about dad. I’m stilll trying to fugure out that Black and White thing.
I think that maybe Stupendous Man better get here quick to help Casey or Captain Napalm may ruin is efforts. I think Bubba_the_Cat knows Moe. I think he is mean.
I had another talk with my dad last night about the sun:
Calvin: “Dad, why does the sky turn red as the sun sets?”
Dad: “That’s all the oxygen in the atmosphere catching fire.”
Calvin: “Where does the sun GO when it sets?”
Dad: “The sun sets in the west. In Arizona. Near Fagstaff, actually.”
Calvin: “Oh…”
Dad: “That’s why th erocks there are so red.”
Calvin: “Don’t the people there get burned up?”
Dad: “No. The sun goes out as it sets. That’s why it is dark at night.”
Calvin: “Doesn’t the sun crush the whole state when it lands?”
Dad (holding his hand at arms length and squinting at a quarter between his fingers): “Ha ha. Of course not. Hold a quarter up. See? It’s just about hte same size as the sun.”
Calvin: “I thought I read that the sun was really big.”
Dad: “Well, you can’t beleive everything you read, I’m afraid.”
Calvin: “So how does the sun rise in the east if it sets in Flagstaff every night?”
Dad: “Sorry son, it’s getting late. I think it’s time for bed now. We’ll talk about this some other time.”
My dad is almost as smart as Casey. I hope I can grow up to be that smart too.
Spaceman Spiff.
PS. Hobbes is bummed because Sputnik never came by to play in the Transmogrifier.
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Bugmaster
December 9th, 2006 at 2:18 pm
@Big Cheese:
> Actually you are doing work but in your muscles. When
> muscles contract, the fibers slide against each other to
> produce force. Now the rock didn’t move but you are
> doing work inside your muscles which in turn generate
> heat, hence calories are burned
Absolutely true. I should’ve said that you’ve done no work on the rock, as opposed to doing no work “globally”.
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De De De
December 9th, 2006 at 2:25 pm
Yep still on track! Casey your property tax is due 12-10, well maybe 12-11 here in California. What’s that $7500 or so?
10% penalty for being one day late.
It looks to me you’re probably $60,000 deeper in the hole than when you started this blog. Good thing you’re getting such sweet rates on your “private loans” .
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Tim, from Monterey Bay area
December 9th, 2006 at 2:35 pm
“How much private debt do I have?
I need to count it all up and put together a “money” page along with all my other accounts. I will work on that in the next couple of weeks. I have “organize accounting” scheduled for the 3rd week of Dec I think but I may try to it up sooner. Tim and others keeps asking me to get all the numbers up here so I’ll try not to disappoint. Maybe I can put together a debt clock and a foreclosure count-down timer like you guys asked. We’ll see…”
First, I don’t think you should do a “money” page so that you can satisfy the morbid interests of some here–a “debt clock” is a bit much!
Second, you should do a SPREADSHEET for your OWN use. (I have recommended this at least several times. If you have never used a spreadsheet, spend a few hours learning the basics, with some simple rows and columns, then work on a sheet summarizing your various properties. And you don’t need a “top of the line” spreadsheet like Microsoft Excel (which can easily cost $400, though your wife can probably use a student discount at Sierra CC to get it for $100 or so). There are several “open source” spreadsheets which use the Excel macros and are basically compatible with Excel…I used the actual Excel, for my Mac, so I haven’t kept current on the Sun and other free or open source packages. Check around…you should be able to download a usable spreadsheet for free.)
Third, you really need to get a “Big Picture” handle on your financial situation. Way too much of your time is spent on relatively “small potatoes” short-term items, almost as if you are nearsighted. While I am not encouraging you to spend money you don’t have on restaurants, Jamba Juice, etc., the fact is that these relatively minor daily expenses are TRIVIAL compared to your really scary, really massive DAILY BURN RATE.
(I’ve been keeping a mental spreadsheet in my head of your properties, your outstanding loans, the loan servicing amounts per month, and your own admissions about credit card balances, and the numbers are truly frightening to contemplate. I have a lot of money by most people’s standards, but my monthly mortgage of $2100 (paying off a mortgage in 15 years, with about 9 years to go on this refinance for a better APR) is quite enough, thank you. Having $20,000 a month in debt service, with various balloons coming due, would be truly oppressive.)
Fourth, forget this nonsense about “marketing” your houses. Sure, you need to sell them, do a deed in lieu, or whatever is best, but you are NOT going to be able to “market” them with Kinko’s-printed fliers, or Craig’s List ads. This is what your real estate agents are ostensibly professionals at doing. If your properties are not selling, nor even getting any interest, then DROP THE PRICES SUBSTANTIALLY.
You are just fooling yourself (your specialty, it seems) with jabber about “creatively marketing” these houses.
Fifth, the mental spreadsheet I have for you tells me the most important thing: You are so far underwater on this set of 5 houses (counting Utah, which apparently is yours to sell again) and your various private loans and your $140K (and rising, due to compounding of the balance) debts that IT IS NEARLY IMPOSSIBLE FOR YOU TO RECOVER.
Any “sweet deals” must add up to about $25K per month after taxes (about $40K per month, pre-tax–remember, taxes are due…you can delay by some months, with some penalties and interest, but you need to figure this in as what you need per month on “sweet deals”) just for you to SERVICE the existing debt. Not even to pay it down.
(I suggest you consider your lack of “sweet deals” in the months since you started this blog as persuasive evidence that there AREN’T going to be enough of these $40K (pre-tax) sweet deals to make your “vig” each month. Do the math.)
Sixth, I can’t speak about whatever this mysterious new deal you have planned is about. You say above ” I borrowed $4500 at 36% APR plus 10% fee upon repayment” for this special deal. I assume this is a typo and you meant to say “45,000″, as this was the amount you were talking about a week or two ago.
(36% APR is an extremely high APR, though! You’d better be damned careful about being able to pay it back, unless you can swim with concrete boots on.)
Seventh, and last, there is much wisdom in the old cliche about not being able to borrow your way out of debt. For the past month or two you have borrowed from friends, borrowed from high-APR lenders, and now are about to borrow again.
Can you really make a dent in your $20-25K per month existing debt servicing cost by borrowing $45K at such a high APR? (Again, I’m assuming you meant $45,000 and not $4500.)
Or will we be hearing in January that the $45K you borrowed only brought your loans current by 2 months and you’re still facing foreclosure in the upcoming month?
That $45K had better be part of some way to miraculously unload all of your underwater properties, at a loss, else you’ll just be where you are today, except with the 36% APR guy knocking on your door with two of his enforcers by his side.
–Tim from Monterey
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laughing my a$$ off
December 9th, 2006 at 2:36 pm
I think everyone is missing one very important point.
Casey said he is going on a trip for a week.
Does that mean no Casey for that entire time ?!?!?!?!?!? What am we to do?!?!?!!??
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Easy Living
December 9th, 2006 at 2:44 pm
“private lender” means “loan shark”, right?
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HungryBear
December 9th, 2006 at 2:44 pm
Wow. When I saw the words “private lender” and “hospital” in the same sentence I was starting to get worried… until I read more closely.
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De De De
December 9th, 2006 at 2:47 pm
A vacation or more sweet deals?
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Free Advice
December 9th, 2006 at 2:48 pm
Did Casey disclose to the Utah buyers that he had 7 other properties that were facing foreclosure and there was a very real risk of the Utah home being taken by the banks, for his failure to pay, and for the overwhelming deficiencies on the other homes.
J. Whittimer Lightning:
Why would this be an issue for the Utah buyer? If the Utah property lenders are getting their checks on a regular basis, why would they foreclose?
If I own two properties in Utah with two different lenders, and one of them is foreclosed, does that mean my *other* lender can foreclose on my *other* property if the payments are current?
How odd.
If Utah does have a disclosure requirement for an AITD, then I’m sure there’s a form for it.
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Easy Living
December 9th, 2006 at 2:50 pm
Your posts no longer have much of an emotional impact on me. Your actions, comments and attitudes are too far removed from any objective adult reality that I recognize.
And that’s the key word: “adult”
The only way I can any longer ‘connect’ with your posts is by seeing you as a spoiled, arrogant, impulsive 14 year-old trying to impress his friends.
And that act has gone beyond tiresome for me. Like a TV series where the writers have run out of ideas, but there’s still an audience, so the writing starts to get really, really bad and unbelievable. “Jump the shark” indeed!
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Unbelievable
December 9th, 2006 at 2:52 pm
Casey,
I wish you would stop being so vague. You spend a lot of time here but you never manage to say much. Why not just let us know what your specific plans are to extricate yourself from this huge mess ? Is it because you have no plan ?
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Otis R. Needleman
December 9th, 2006 at 2:55 pm
Reading this, I believe this whole thing MUST be an elaborate troll. Anyone who does the crap Casey supposedly does is just too stupid to live in the real world.
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Spaceman Spiff
December 9th, 2006 at 3:09 pm
For the next week, I propose we visit the Adventures of Stupendous Man!
Here is a synopsis of my latest adventure:
Calvin (sittin doing homework): Mild mannered Calvin is stuck inside doing math homework on a beautiful Sunday.
“Hmm, No one is watching…I’ll just dash into my closet… This is a job for STUPENDOUS MAN!”
“Yes, that’s right. Stupendous Man. Defender of Freedom, Advocate of Liberty”
Suddenly, a bright crimson streak flashes across the sky, blasting through the atmosphere. At His apogee, Stupendous Man turns and accelerates toward earth.
Gaining momentum, Stupendous Man strikes the earth at an acute angle with stupendous force.
Unable to counter Stupendous Man’s kinetic energy, the Earth begins to succumb. It’s rotation slows, and finally stops.
Pushing with all his might, Stupendous Man is now turning the Earth BACKWARDS! The sun rises in the west and sets in the east! Time is going backward! It is no longer Sunday afternoon, It’s Saturday morning! The whoe weekend awaits our valiant hero!
Stupendous Man has found a wa to reverse time!
Now all of you readers,
What do you want, a wek back in time so Casey can continue his posts until he suddenly traverses timeand re-appears seamlessly, or…
Should Stupendous Man let the earth rotate backwards long enough so that the Young Lad never has a chance to buy his first house?
Spaceman Spiff
Next installment: My dad explains how ATM’s work. It’s pretty cool.
PS. I don’t think Hobbes likes Sputnik any more.
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Gustavia
December 9th, 2006 at 3:10 pm
Casey said: Today I’m not going to get to it either because I need to pack for the trip. I’m going to be gone for a week sunday to sunday.
From his “plan”
Week 2: 10-16
College (Seminar)
- continue marketing, returning calls on breaks
So, are you borrowing money at 36% interest to attend another seminar?
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tester
December 9th, 2006 at 3:30 pm
TEST
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Voice of Reason
December 9th, 2006 at 3:50 pm
@scorpion fan
> Mainstream Mormons are *not* polygamous, and this has been the case for well over a century now (it’s banned by the Church).
Yes, the Mormon church “banned” polygamy (wink wink) only because the Federal government refused to admit Utah into the Union until they banned the practice. Consequently the practice of polygamy just moved underground after that with the church’s full knowledge and tacit approval. The fundamental tenets of the Mormon faith *require* polygamy as well as excessive proliferation of their members.
If the Federal government one day lifts the ban on polygamy, you can be absolutely certain the Mormon church will lift its “ban” minutes later.
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Jackie Treehorn
December 9th, 2006 at 4:04 pm
New technology permits is to do very exciting things in interactive and erotic software. The wave of the future dude.
Your roll, dude.
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ilyka
December 9th, 2006 at 4:06 pm
I borrowed $4500 at 36% APR plus 10% fee upon repayment.
Dude. Dude! DUDE. That’s it. You have blown my mind. I’ve been catching up on your archives since yesterday, alternately smacking myself in the forehead while asking, “Is he really this cuckoo? Am I really wasting my time reading this lunacy?” and, yeah, feeling damned sorry for you, but even sorrier, I mean many many orders of magnitude sorrier, for your wife and your parents and what few friends you have left.
But, dude. That’s THIRTY-SIX PERCENT INTEREST. And one thing’s been made very plain to me from perusing this site:
You don’t have the first clue how money works. I literally know seven-year-old children on $5/week allowances who have a better understanding of how money works.
You don’t know the difference between an asset and a liability, revenues and expenses, profit and loss, debits and credits–look, Casey, I am an uneducated woman and I have done my share of foolish things, like racking up $25,000 in debt. A drop in the bucket compared to your situation, of course, but whether it’s $25,000 or $2,200,000,000, the principles of money remain the same and the same laws apply. One of those laws is that if you cannot keep current with the interest you cannot ever hope to pay down the principal.
Christ, do you even know what “principal” and “interest” are? I’m thinking maybe not, because otherwise you’d know that $4000 at 36% (how’s it compounded, by the way? How’s the average daily balance calculated? Anyone?) equals a great gory ass-raping.
Here. You need this. And when you go to jail, which you certainly will, I will cry some. Hell, I may even write to you. But the first book you need to check out from the prison library is a freshman accounting textbook, if you can get one. If you can’t, maybe you should run down to the public library now, while you are still a free man, and see what they’ve got. If you are going to play with money you need to learn something about money first. It’s like you’re running right onto the field at the World Cup and trying to play Calvinball. And then you wonder why you’re being beat on by soccer hooligans. Good NIGHT.
Oh, one more thing: PUT DOWN RICH DAD, POOR DAD, and do not ever buy such worthless crap from any such huckster ever again. No one who is actually rich to begin with will ever, ever, EVER bother wasting their valuable time writing books teaching you or any other member of the proletariat how to make as much money as they do. Why in God’s name would they do that when they could be doing something they actually enjoy with their time, perhaps something more profitable?
The rich do not publish their secrets because the rich know that no working stiff wants to hear about boring old stuff like “Work hard” (my recently deceased grandfather died owning a bank, which I now have a teensy-tiny share in, but he worked three jobs–three, Casey–to get to that point) and despair-inducing stuff like “Be born to a wealthy father” (one of my uncles by marriage is in those lucky shoes). Luck favors the hard worker. Luck may occasionally smile on the scam artist, but the hard worker can get by even when luck’s off claiming a headache and giving him the cold shoulder.
Everyone who has ever commented here has said some version of this before, I know, but I just cannot sit back and not say it all over again, because 36% interest! Christ! I love futility!
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wtf
December 9th, 2006 at 4:19 pm
What the hell is with all the stupid Spaceman and cat posts? Are you guys serious? Maybe you could take your stupid baby talk somewhere else, you sound f$%king retarded.
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TSAM
December 9th, 2006 at 4:33 pm
What does the little wifey think of the loans and seminar travel?
You did tell her, didn’t you?
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Easy Living
December 9th, 2006 at 4:55 pm
Otis R. Needleman - your comment “…too stupid to live in the real world” is quite correct. That’s why I can no longer even fathom his ‘thinking” - he inhabits a plane of reality different than other sapient beings.
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Mak
December 9th, 2006 at 4:58 pm
@Tim
Any “sweet deals” must add up to about $25K per month after taxes (about $40K per month, pre-tax–remember, taxes are due…you can delay by some months, with some penalties and interest, but you need to figure this in as what you need per month on “sweet deals”) just for you to SERVICE the existing debt. Not even to pay it down.
While the situation is of course virtually hopeless, I think you overlook that he is operating a Schedule C business not simple Schedule E rentals, he was/is a “dealer” in properties, and therefore his massive losses to date (all expenses paid, even with borrowed money) are fully deductible. There is no limitation of $25,000 per year from “passive” activity, because his activities are fully active. Therefore his losses hugely outweigh any income he could make from a job or venture initially, and most likely his income tax will be zero. If he were to walk into a $50,000 windfall, for example, his losses would more than wipe that out and he would owe no tax. Further, losses from active activity such as this may be carried forward (and backward) to subsequent tax years so it doesn’t matter if he lost all the money in 2006 and makes it back in 2007. Fat chance, I know, but the technical correction stands.
@Free Advice
Why would this be an issue for the Utah buyer? If the Utah property lenders are getting their checks on a regular basis, why would they foreclose?
The issue is not the lender foreclosing voluntarily if they are paid, but that in bankruptcy the debt would still be in Casey’s name and would be listed on the petition and subject to being discharged from Casey’s responsibility. The bank would be notified, and would be faced with having no other debtor to replace him with, like a loan with no guarantor, only the property collateral to back it up. The bank would call the loan due and force the new owners to refinance, which they may not be able to do.
The other issue of course is that the house itself was an asset of Casey’s and transferred, and if there is any equity there the BK court could call the conveyance fraudulent (against the other creditors), set it aside, and the buyers on the wrap would be faced with having to go to court to defend their ownership right in the house, that it was purchased for a fair price and was not a preferential sale. The buyers would be dragged into Casey’s affairs, it would be a huge mess, unless they could refi.
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Easy Living
December 9th, 2006 at 5:00 pm
Unbelievable - your comment about Casey: “… a lot of time here but you never manage to say much” is quite accurate.
I think his mind is likely a whirling dervish of malformed and disconnected thoughts. But he is good at manipulation - I’m absolutely certain that we’ll see a post in a couple of days about his “class” that will be designed to provoke us and therefore elicit as much traffic (ad $) as possible.
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Howie Feltersnatch
December 9th, 2006 at 5:00 pm
Casey: “I’d like to borrow some money from you, Mr. Burns.”
Mr. Burns: “Casey, are you familiar with this state’s extensive usury laws?”
Casey: “Usury? What’s that.”
Mr. Burns: “Oh, nothing; it seems to be a word I just made up. How does 36% interest sound?”
Casey: “Sweet!”
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Unbelievable
December 9th, 2006 at 5:07 pm
How many posts will there be on this thread ? My guess is 350 (unless Casey starts a new and improved thread)
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wallace
December 9th, 2006 at 5:14 pm
Casey -
Where are you going for a week? You said in a previous post a “college seminar.” Which one? How much are you paying for it?
Don’t you think you should be focusing on marketing your houses and trying to sell them instead of spending a week away?
After all, you planning on doing some serious marketing this week but accomplished absolutely nothing.
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Free Advice
December 9th, 2006 at 5:17 pm
The rich do not publish their secrets because the rich know that no working stiff wants to hear about boring old stuff like “Work hard”
Plenty of rich people publish their “secrets,” and plenty of rich people are more than happy to help others.
But the secret is that there’s no one secret — and they’re really aren’t that many of them.
For example, I could train someone in my specific methodology for trading stocks. But it’s just a methodology. It’s not a formal mathematical system a monkey could do; it requires interpretation. That means it may work for me fine, but may not work for you if you can’t grasp the underlying ideas.
Yet my secret is out there. Anyone can find it.
Yet many people are intellectually lazy. They’ll work plenty hard, but they won’t THINK plenty hard. A lot of people think working hard is the answer. That’s part of it, but the real goal is to work LESS hard.
For example, you might find gold by working hard and digging holes. But if you know WHERE to dig, you can either dig fewer holes, or if you want to, you can dig the same number of holes but find a lot more gold.
None of this guarantees success, but it’s a whole lot more likely. Luck plays a big role in life, but you can set yourself up to be luckier if you play in the right casino.
It’s interesting. It is said that 90% of newbie traders fail. Why? Because they try to make money.
One futures broker I know posed this thought experiment.
What if you told a new trader this: “Your goal is to trade my account and lose as much money as you can. I won’t give you any of the profits. Profits are evil. The more money you lose, the more money I’ll pay you. Always bear this in mind - successful people are losers.”
What would happen? That trader would probably make a pile of money.
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damn_the_torpedos
December 9th, 2006 at 5:18 pm
George W. Bush: “Stay the course”.
Casey Serin: “Still on track”.
Errr… Casey don’t tell me you’re taking your cues from that f@!cking retard! Have you ever looked at his track record of success at _anything_ he’s done since he was your age?
You need better role models dude.
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star
December 9th, 2006 at 5:24 pm
Casey, I hope that a year from now you can look back and realize that many here were right. You’re an idot.
Loan @ 36%+10%. A week of non-productive stupid scam seminar?
You seem to be creating new problems to avoid dealing with the current problems.
One thing I can assure you, this can’t continue much longer. I give it another 6-8 weeks at most before reality smacks you in the face.
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Vague Guru
December 9th, 2006 at 5:30 pm
Casey, you should be a politician.
You have proven yourself adept at lying and spending other people’s money. You are more than qualified.
Casey in 2008!
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Less than zero
December 9th, 2006 at 5:30 pm
You’re wife won’t be there when you get back from your “seminar”
Bookmark this comment.
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NoVa Sideliner
December 9th, 2006 at 5:36 pm
Casey, Ilyka notes this: You don’t know the difference between an asset and a liability, revenues and expenses, profit and loss, debits and credits
And she’s right. That’s what listening to Robert Kiyosaki does to your brain. My accountant wife hooted and laughed and almost fell out of her chair when she heard RK’s descriptions of those terms on a recent PBS fundraiser. I reckon she has a better sense of humor about it than a banker or IRS agent hearing your explanations would, though.
Last year, I’d have told you throw the RK material in the dumpster where it belongs, or at least at the back of the bookshelf, and get a decent accounting book before you started. Now, it’s too late. Your best bet is to let the professionals tell you what to do. Unfortunately, that requires you to actually pick a professional accountant (and/or lawyer), and your choices of advisors has so far been so terrible that even a retarded monkey would do better. Even Sputnik would do better, and he’s just a cat.
So as I sigh yet again and expect that you’d make a hash out of that as well, I figure it’s kind of pointless. Especially when you’re off to “college” this coming week. Pray tell, what is this seminar going to teach you? Maybe accounting! Ha ha, fat chance of that! And too late anyway. Unless it’s a how-to-file-bankruptcy-fast seminar, it will likely be a complete waste of time and money.
I’d really like to give you some reasonable advice here, but so many others have done so already and been ignored, so I don’t know what to tell you that you’d actually listen to. (Hint: Skip seminar. File bankruptcy. Chapter 7. Meet the lawyer Monday. Use your 36% loan money to pay him up front.)
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De De De
December 9th, 2006 at 5:36 pm
YNEONE
Are you retarded?
“De De De, helpful and constructive advice is not futile. Some people are still interested in what others have to say. Me for one.”
The point is, Casey does not take constructive advice.
Therefore, it’s futile to keep sharing it with him. Most posters have figured this out after a few days.
So please, until you have something intelligent to post, STFU
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Rob P
December 9th, 2006 at 5:48 pm
Give Casey a break, huh? 36% interest, with a 10% fee? Sweeeeettttt!!! I think his sole remaining option is the Gambinos.
BTW, Sputnik is a great addition to the blog. He sure beats the 485 consecutive, well written and thought out messages by serious, well-intentioned people who know what they’re talking about about housing–messages that Casey obviously doesn’t take into account. I mean, Casey is on another planet, folks.
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GC
December 9th, 2006 at 5:49 pm
Casey, my man…..
Some folks have the Midas Touch.
You have the Fecal Finger - everything you touch turns to crap.
Not bein a hater - just sharing an observation. As Rich Dad might say “find your inner talent and follow it.” It appears you think your major talent is up your rear end, and you removed your finger only to insert your head!
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JLIN
December 9th, 2006 at 6:00 pm
quote Big Cheese
Casey,
Since those wrap-around guys are screwing you now, do you think they can at least extend you the courtesy of a reach-around?
-Big Cheese
=================
LOL
I’ll be watching you, Private Casey!
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Homey Da Clown
December 9th, 2006 at 6:22 pm
http://www.bloglines.com/public/sercasey
I see you already deleted alot from this site.
TOO late.. It’s been copied.
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Absoludicrous
December 9th, 2006 at 6:56 pm
36%??? Are you making this up?? I’m currently taking a finance course and the compound interest tables I have don’t even go that high.
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36%, 1000%, same thing
December 9th, 2006 at 7:03 pm
Ilyka is getting upset over the 36% interest number. She hasn’t figured out that these things don’t matter. What matters is cash, and Casey got some. Everything else is in the future, and who knows what will happen in the future? The number could be 36%, it could be 1000%, it doesn’t matter, because that “loan” is in effect a gift and it’s not getting repaid (unless the private lender’s name is Guido and he carries a baseball bat in his trunk).
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J. Whittimer Lightning
December 9th, 2006 at 7:10 pm
No free Advise, if you own two properties in Utah and you are behind on payments on one house, it does not mean that the lender can foreclose on the other house. I never implied anything such as that, but if you thought I was, I can understand why you would think it was absurd.
What I am implying is this. In the midst of defrauding lenders and taking cash back on different house deals as well as incurring debt to the IRS ( which we have not yet established if Casey has any tax liability at this point) there will come a time when either lenders, private individuals or the IRS begin to file lawsuits against Casey whereby they will seek judgements to make up for the deficiencys. Those judgements, depending on the jurisdiction of the courts that they are granted in, will have the right to go after any of Caseys remaining assets. ( and once again this will depend on what court the suits where filed in, either local or federal, etc.)
From looking at all that Casey claims ownership of, the only thing that stands a remote possibility of having any equity ( asset) is the Utah home. The Utah market is still moving forward and this particular house does have some possibilities in terms of fixing it up and getting more than the $360,000 - $399,000 that Casey owes.
When these groups ( especially the IRS that will have no problem going after any of Caseys assets or properties in any State and placing a lien on it) find this one remaining property they will file their judgements as liens on the property and can move to have the home sold to pay for the judgement. Since Casey does not live in the home as his personal residence, he will have no protection using the homestead exemption, which I believe is $40,000 in the State of Utah. So the Utah home could be sold ( if the sale will would yield enough money to pay off the original motgage) and any amounts over that would go to pay off the creditors that were able to file their judgements on the property. Note: there will be creditors or those with judgements that will not be entitled to go after the Utah property. ie. I do not believe that a judgement from a small claims court in California can be attached to any property owned outside the jurisdiction of that court.
I do not think Casey will have any blanket protection from BK due to the fraud and I do believe that some of his creditors will be able to prevail in courts that will allow them the right to go after the Utah property. Especially the IRS. I also do not believe that Casey structured his wrap around in a manner that will protect him or the buyers from judgements.
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scorpion fan
December 9th, 2006 at 7:13 pm
Voice of Reason says:
“Yes, the Mormon church “banned” polygamy (wink wink) only because the Federal government refused to admit Utah into the Union until they banned the practice. Consequently the practice of polygamy just moved underground after that with the church’s full knowledge and tacit approval. The fundamental tenets of the Mormon faith *require* polygamy as well as excessive proliferation of their members.
If the Federal government one day lifts the ban on polygamy, you can be absolutely certain the Mormon church will lift its “ban” minutes later. ”
The fundamental tenets of many religions are quite different from what is actually practiced. Consider mainstream Christianity, which is based on Old Testament law yet no longer abides by these tenets (even mainstream Judaism disavows some of them). The Roman Catholic Church considers its popes infallible, yet has apologized for some historic popes’ actions.
I don’t know that the Mormons require “excessive proliferation.” They certainly encourage “proliferation,” but excessively? Caucasian-American birth rates are at below replacement levels now, Mormons being one of the few subsets that actually have enough kids to increase their numbers. The other major groups with high birth rates include, of course, immigrants. There are major demographic shifts on the horizon, due in large part to such “reasonable” attitudes toward having children as yours.
The contemporary Mormon Church does not tolerate polygamy at all, nor does its followers. There certainly was an adjustment period after the church banned the practice (and yes, they did so because of government pressure). But it’s simply an historical fact now, and not at all representative of attitudes or practices today.
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Tony Soprano
December 9th, 2006 at 7:29 pm
Hey, stop by the “Bing” and see Christopher. He’ll help you out. 36%? sheesh! Come on, we’re friends!
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CK
December 9th, 2006 at 7:45 pm
Casey,
I think your only hope is to borrow about $50,000 and buy a nice two-year old horse. When he turn three in January, gear him towards winning the KYDerby, Preakness and Belmont (each of those races will net you about $600K each) Then you will get the VISA bonus for winning the triple crown–a cool $5 million at that.
Give Uncle Sam, about 1/2 for taxes and you are left with $2.8 million….figure in about 300K for more expenses and Jamba juice and you’ll have $2.5 million in one year….
You can retire the horse immediately and then charge about $200,000 stud fee and the horse can do it about 200/year and live for another 20 years….That is about $40Million a year in breeding fees….you could even sell the horse to a syndicate if you feel like cashing out early.
That’s a SWEET DEAL and you will never have to work another day in your life……
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z.
December 9th, 2006 at 8:06 pm
Casey! Apparently I’ve learnt more than you from this site. “I just had 4,000 left over so I can continue living and saving my wife’s credit.” You can’t save your wife’s credit. She has a foreclosure already, her credit score is shit now and it’s just going to get worse. Just forget about paying everybody and declare BK.
And I’ll give you advice (for free!). A nun gave it to me at school: “Believe in god, but swim to the shore” So just start swimming to the shore Casey.
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Time Will Tell (late riser & nap taker)
December 9th, 2006 at 8:49 pm
“Maybe you could take your stupid baby talk somewhere else, you sound f$%king retarded.”
You might as well be speaking to Casey. WTF, wtf, such negative energy. Personally, I like negative energy. It counteracts the posite crap that Casey and that ilk spin.
WTF Casey? You are the most complete numbskull I could ever imagine. You can’t even see that you are circling the bowl. You are borrowing ever smaller amounts of money at ever increasing interest rates. Soon it will cost you $2.00 cash to get a dollar.
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BJ
December 9th, 2006 at 8:52 pm
Ok.. Interesting development on the Utah property.. but things may not be as bad as many people think.
First Mortages are non-recourse. They are also (should be) listed as a lien against the property on the title (also why you do a title search when buying). If there is no second that he (Casey) has, that he is also handling within the wrap, then he is clear of the Utah property. It might get a bit messy (legally) for a bit, but otherwise he is financially clear on it. It looks like a ‘greater fool’ bought it and its liabilities.
What can happen next is:
*Bank forecloses on property. No recourse for the bank on any damages or deficit on the recovered amount from foreclosure.
*May be a investigation on money path for payment (the 3rd party payer is wierd). This might have to be initiated by the buyer(greater fool) though.
*Bank may end up wanting paperwork to verify that Casey did not pull a scam on the sale.. and defraud the bank if the bank has to foreclose. Hope there is more than ‘arms length’ on the Realtor considering the commission vs amount bank got to get current.
*If the bank does not know about the transfer, Casey may get another ‘ding’ of foreclosure on his credit score. I hope the bank was aware of the sale/transfer. His credit score though, is largely trash… and it looks like, so is his wife’s. One more might not make much of a diff.
*Dealing with the bank on remaining loans may get more difficult because the bank will probably get screwed on the Utah place foreclosure.
Depending on how he wants the bank to look at it.. he could notify the bank on the Utah property that he is no longer the owner and to show the paperwork.. and explain to the bank that part of the structure was to allow the loan to be made current. Bank may want to have a copy of the paperwork. There will probably be many hard questions, but provided that the other participants in the transfer were ‘arms length’(or greater).. might not be too bad. Interesting thing here is that this could trigger a Due on Sale, followed by foreclosure.. and allow the bank to hasten the proceedings..?!? It would be interesting on who owes on the ‘Due on Sale’, but considering a first is non-recourse…
This still does leave the mortgage fraud issue w/ the statements on the apps… but there is probably no way to get away from that one. Just try to minimize the amount that sticks on him..
I do wonder though, if this whole thing is a put on.. because Spaceman Spiff sounded so much like Casey on his December 9th, 2006 at 7:07 am post… and Spaceman Spiff has also signed comments titled under different ‘names’.
Not much in terms of addspace.. harvesting EMails to sell to SPAMvertisers??
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ilyka
December 9th, 2006 at 9:07 pm
Ilyka is getting upset over the 36% interest number. She hasn’t figured out that these things don’t matter.
This is true, because I believe in the dream, the glorious dream, the one in which Casey comes to his senses, files for bankruptcy, and maybe doesn’t even spend too long in jail.
Not the other dream, though, the one he’s having, the one in which he borrows at 36% to gamble with. That dream I don’t have. I have limits.
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yneone
December 9th, 2006 at 9:49 pm
Mr. Flipper and Nigel, do you have your own blog or website? Please include with your next post.
Okay keep in mind that while my husband and I own our home, I really don’t know much about real estate. Here’s my question. Why would anyone “trash” a home after leaving it? Someone said, “feces smearings” I think.
We’re considering buying a bigger house and renting this one, but now we’re not so sure. Please advise.
Casey, you needed that rest. Your last post was much more polished than previous. Please give updates on the Utah property. Thanks.
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LMAO
December 9th, 2006 at 10:01 pm
GC, you owe me a new monitor. LOL I read your post and spewed pop all over it. Fecal Touch……that is just awesome!
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WINEX
December 9th, 2006 at 10:18 pm
@BJ
If you look at http://iamfacingforeclosure.co.....ghland-ut/ , you will see that he has a second mortgage on the Utah property.
1st: 288,000 @ 9.0% = 2,160/mo
30yr fixed. Interest-only first 4 years til 2009, then Principal + Interest
2nd: 72,000 @ 13.625% = 831.78/mo
ARM: Principal+Interest. Due in 15 yrs (2021)
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Mr. Flipper
December 9th, 2006 at 10:34 pm
To “Nigel Swaby” who asked:
“Mr. Flipper,
I’ve got two questions about Casey’s latest conundrum with the Utah property.
First of all, what’s the best way Casey can handle this situation?”
———————
MF: Here’s some fast answers that cover all your questions I hope…
1) I would buy the AITD/note/loan from Casey, and immediately start working to get the deed to the house..
2) I would immediately begin foreclosure proceedings on the buyer in Utah, that I’ll refer to as “Mr. Utah”.
3) I would inform Mr. Utah that I’m a reasonable guy, and that in the event that he agrees to deed his house to me, vacates the property, accepts my very small moving allowance, and left the property in clean condition, he can avoid the following:
a. Seven years of living hell I’ll create with his foreclosure.
b. Or the ten years of complete and utter living hell I’ll create by forcing him into bankruptcy to get every last dime he owes me.
c. Or he can just imagine what else I’ll do after suggesting what I’ve done to other deadbeats that I’ve come across.
4) After Mr. Utah realizes what a generous person I really am; knows how serious I am about screwing his life over in the event that he rejects my generous offers; he accepts my terms and moves on to screw yet another seller financier, but I get my title, and a vacant, marketable house.
5) Once Mr. Utah vacates the property, I immediately cure the default, record my deed, take out a landlord’s insurance policy, and begin marketing the house for the highest down payment I can get in 30 days.
6) I advertise NO CREDIT CHECK, small down, immediate occupancy to all the “Mr. D. Credit” prospects.
7) Mr. D. Credit loves the house, my terms and agrees to sign up for my land contract deal.
8) Mr. D. Credit makes payments to my note servicing company, and I wait while my mortgage broker helps Mr. D. Credit get me financed out of the deal a.s.a.p.
9) Mr. D. Credit finally finances me out, and I hand him the deed that I’ve been holding since we first met.
As an aside, if Casey, or Mr. Utah, were to BK anytime after I purchased the AITD, and was granted a deed by Mr. Utah, it would have zero effect on my transaction with either of them.
———————–
NS: “It seems to me that if his buyers did default, his lender is going to foreclose before he can.”
MF: YEP, GOTTA WORK FAST!
NS: “What if it’s the 3rd party payer that didn’t make the payments?”
MF: As an aside, let me say that Casey has the right to pursue foreclosure action forthwith, and can execute the sale well before the original lender gets its act together.
The third party note service co. is most likely licensed and bonded in the State of Utah. Casey and his Utah buyer would be the only persons interested in the property in the event the note “servicer” just blew it.
In order to save themselves from a foreclosure action because of the note servicer, they would have to bring the loan current, and contact the Utah State licensing board, if not the Utah A.G. for further help and action. States boards are “death” on this type of thing. They live for situations like this.
I would doubt that the Utah buyer would take action against Casey. Casey isn’t the culprit.
It would still be a mess to clean up. However, the bank would hold off for a time, on a foreclosure, if they felt something constructive was happening regarding the recovery of monies paid to the third party note payer.
I hope I answered all your questions at least indirectly.
BTW, I laughed, too after I read the “ass-hole meter” thing.
I think I was biting a bit too hard on those crank bloggers.
Thank you for your nice words earlier. Haven’t I seen you on SDCIA? Great stuff.
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Nigel Swaby
December 9th, 2006 at 10:46 pm
Lightening, BJ and others,
The key to this Utah property is Casey no longer owns it. Title has been transferred to someone else. The tax bill goes to someone else. The only recourse the lender has is to sue Casey for the deficiency through the due on sale clause. John T. Reed has a good explanation of these clauses here.
Casey, I spoke with someone very experienced with wraps tonight. You need to foreclose on your buyers or have them deed the title back to you. I was thinking of driving to Highland tomorrow to photograph the home. I’ll post them on my blog if anyone’s interested.
Yneone,
I don’t mean to talk down to you, but every post I’ve ever made on this board has a link to my blog…either within the post or in my name…sometimes both.
Casey also made several links to my site when I published my interview with him.
And yes, I’ve got a lot of great info there for first time home buyers and real estate investors and a ton of resources for the Salt Lake City real estate market.
*
Free Advice
December 9th, 2006 at 11:09 pm
The fundamental tenets of many religions are quite different from what is actually practiced. Consider mainstream Christianity, which is based on Old Testament law yet no longer abides by these tenets (even mainstream Judaism disavows some of them).
I wonder if this one is actually practiced:
Deuteronomy 23:1 (King James Version)
He that is wounded in the stones, or hath his privy member cut off, shall not enter into the congregation of the LORD.
*
Mr. Flipper
December 9th, 2006 at 11:45 pm
To “yneone” who wrote:
“Mr. Flipper and Nigel, do you have your own blog or website? Please include with your next post.
Okay keep in mind that while my husband and I own our home, I really don’t know much about real estate. Here’s my question.
Why would anyone “trash” a home after leaving it?
(Someone said, “feces smearings” I think.
We’re considering buying a bigger house and renting this one, but now we’re not so sure.)
Please advise.”
——————
No blogsite. But I love this one. There’s NO other sight like it anywhere.
—————-
You asked, “Why would anyone trash a home after leaving it?”
Because 1) the owner didn’t screen his tenants well enough, and 2) the renter didn’t have enough to lose by vandalizing the house.
When renters have credit, deposits, and/or co-signers on the line, they don’t mess with the guy’s house, if they want to protect their credit, recover their deposit, and or protect the relationship with their co-signer(s).
I have never rented to somebody in the last 30 years that smeared feces anywhere on my property. However, I’ve had to scoop crap off carpets from every living animal known to mankind. Does that count?
You’ll do fine renting out your house. Interview your renter in person and fill out the application for them. Get a copy of their drivers’ licenses, and social security numbers. Do a fee-based credit/background check through a professional screener. Rent only to those who have stable residence histories; at least four years at their last place. Call the next to the last landlord for an accruate appraisal of the prospect. The current landlord will lie to get them out, or lie to keep them. Either way, they lie. So, go back one landlord further. Get the biggest deposit the law allows. Contact the Apartment Assc. in your county for contracts, credit check referrals, and misc. support. They’re very cheap for the help you get.
Go for it Yneone!
Be sure you don’t fall in love with any house, otherwise you won’t be able to beat up the seller on price. Remember, we’re experiencing a 2 percent drop in value every month right now. That’s a 24% annual depreciation probably through to 2008. Think 2002 prices when you buy, and you’ll do fine.
Use this statistic to your advantage when talking with the agent. You’re no dummy! Get tough. Get pre-qualified. Get going, and remember, “Its a BUYER’S market.”
*
Free Advice
December 9th, 2006 at 11:50 pm
yneone:
We’re considering buying a bigger house and renting this one, but now we’re not so sure. Please advise.
If you have a mortgage on your house and you can’t handle the payments for at least three or four months with no rent coming in, RUN, do not walk, from the idea of being a landlord.
I really don’t know much about real estate.
And you might want to solve that problem. I’ll bet every community college has an introductory real estate course.
If you don’t take the course, just find out what book they use and read it.
*
Miguel
December 10th, 2006 at 12:45 am
“Should Stupendous Man let the earth rotate backwards long enough so that the Young Lad never has a chance to buy his first house?”
NO, DON’T! Unlike Casey, I’ve had a very good year, and I don’t want to have to do it all over again!
(Clue: it involved hard work, and lots of it)
*
Unbelievable
December 10th, 2006 at 5:47 am
YNEONE asks:
“Why would anyone “trash” a home after leaving it? Someone said, “feces smearings” I think”
I handled insurance claims for 26 years and over that time, I handled a lot of claims involving “vandalism by tenant”. This generally doesn’t happen unless the tenant is going through an eviction process and wishes to retaliate. Bottom line, screen your prospective tenants well and require a fairly large security deposit.
*
Big Cheese
December 10th, 2006 at 6:19 am
Tim,
I have to ask you why are you paying a mortgage at this time? And why would you re-fi later? I’m assuming you have a net worth between $3 - 12 million given that you are retired on a self sustaining income. Myself, I would need a net worth of $5 million to retire. Since I myself am in a J.O.B. and since I started my net worth from zero (no rich dad or inheritance for me) this goal will take me some time. I am only 15% of the way there… however I already own my place with no mortgage.
Hence my original question to you.
-Big Cheese
*
yneone associate
December 10th, 2006 at 7:52 am
Hi Nigel! I was hanging out with yneone and we’re wondering what your last name is. If you have one, please post it.
Now a quick real estate question. If I rent to an artist, and he smears poop all over my rental property, is that vandalism or art? Thanks.
*
Free Advice
December 10th, 2006 at 9:50 am
Debt Payments - ordered by BK court: $2,700 (Structured repayment plan of $2,700 p/month for 360 months) These payments are required because, as Jerome explained, debt resulting from fraud or other criminal activity is not forgiven by the BK court…. Restitution is the word described by the court.
Incorrect.
BK judges either discharge debts or they don’t. If they are not discharged, Casey’s lenders can sue him in another court.
If there’s a judgement in another civil court, wages are subject to garnishment. In California, garnishment is limited to 25%.
*
Free Advice
December 10th, 2006 at 9:56 am
Regarding Mr. Flipper, my asshole meter goes off, but my B.S. meter does not.
That was me. I think it was the first MF post, which I think you’ll find has a tone that differs from his subsequent posts.
Even so, it was meant to communicate that while he came across as a know-it-all jerk at the time, he really *did* seem to know his stuff and that it was worth paying attention to.
Now I realize that Mr. Flipper’s business model calls for sometimes speaking softly and carrying a big metaphorical stick, while at other times speaking loudly and carrying an big genuine stick. I imagine it’s not always easy to go back and forth between the two.
Anyway, Mr. Flipper, I apologize because you’re one of the few people around here who seems to know what he’s doing.
*
Homey Da Clown
December 10th, 2006 at 10:00 am
Casey,
I see that you ONLY had the balls to make public my one post AFTER you went back and tried to cover your ass. Funny thing about being a con artist. You can never cover all of your tracks. In this case, there are too many innocent people involved. Like your brother, sister, friends, etc. They all will not go down with you.
Don’t worry. It has ALL been copied and forwarded to SEVERAL people.
What happened to you “coming clean” and being “totally honest?” Gee. for someone that quotes scripture, you sure act like a crook.
BECAUSE YOU ARE.
Do YOU want to post what you deleted, or do I have to and ruin your traffic count by exposing you for the crook that your are? Are YOU going to tell people that you log their IP address and sell them? The choice is yours.
Enough of your BS. It’s OVER.
Time to tell the truth for ONCE in your miserable life.
You won’t post this anyway. You are a coward.
No matter. I know the truth and so do MANY, MANY others.
*
Tim, from Monterey Bay area
December 10th, 2006 at 11:42 am
“Tim,
I have to ask you why are you paying a mortgage at this time? And why would you re-fi later? I’m assuming you have a net worth between $3 - 12 million given that you are retired on a self sustaining income. Myself, I would need a net worth of $5 million to retire. Since I myself am in a J.O.B. and since I started my net worth from zero (no rich dad or inheritance for me) this goal will take me some time. I am only 15% of the way there… however I already own my place with no mortgage.”
When I bought my current home in 1995, I had less money than I have now. And most of my assets were in various stocks. Selling enough to pay cash for my house would have “cost me” a lot. I would’ve had to sell about $525K worth of stock to pay the capital gains taxes (Federal and California) to buy the $365K house for cash.
A lot easier to just do a conventional 30-year mortgage, with payments that are deductible. (Congress passed these tax laws to penalize capital gains and reward mortgage holders. Not what I would recommend, but there you go.)
About 6 years ago I got a very good deal on a 15-year, fixed-rate mortgage. A slight increase in my monthly payments, but will be paid off in 9 more years.
And the interest is deductible, courtesy of our tax laws.
Meanwhile, I did not have to sell that $525K chunk of stock, which was good, because no big tax haircut was owed AND the various stocks went up sharply in the late 90s. (Even though most of them corrected after the tech bubble, they are still higher on average now than they were in 1999, and much hgher on average than they were in 1995.)
(My house has probably increased in value to about $800K, I figure. Even in the current soft market. It sits on top of a hill, with a view of the Monterey Bay. Spanish-style. Big enough for me, and I have no desire nor any plans to move. Certainly not to a more expensive house just to participate in the real estate “boom” (ha!).)
The fact is that many folks are in my situation: their money/assets/whatever is tied up and heavy taxes are incurred to get the money into other forms, like for purchasing a house. (And before anyone asks, there are no “sweet” ways to “swap” stock for real estate without reporting the transaction….unreported swaps are treated as tax evasion….I hope some of the speculations here that Casey got the Burdett Way house in such an unreported swap is not the reality of the situation.)
Lastly, I’m not sure that if someone just handed me five million in cash, all taxes already paid, that I would necessarily pay cash for a house to live in. Real estate mortgages are some of the very best loans (for the loanee) to get, and by not putting cash into a house this leaves the cash able to be used for other investments.
–Tim, from Monterey Bay area
*
Voice of Reason
December 10th, 2006 at 12:26 pm
@scorpion fan:
“The fundamental tenets of many religions are quite different from what is actually practiced. Consider mainstream Christianity, which is based on Old Testament law yet no longer abides by these tenets (even mainstream Judaism disavows some of them). The Roman Catholic Church considers its popes infallible, yet has apologized for some historic popes’ actions.”
Only one reason why religion, in general, is tenuous, shakey and hokey, at best, while its followers often treat it as absolute truth. The Mormon faith is just more so than most.
“I don’t know that the Mormons require “excessive proliferation.” They certainly encourage “proliferation,” but excessively?
Oh? You don’t consider 8, 11 or 14 kids excessive? I do, and so does most of the civilized world, let alone any enlightened and progressive society in the civilized world, such as America (by most accounts anyway). I personally consider anything in excess of 3 kids excessive. The root of almost all human ills is overpopulation.
“Caucasian-American birth rates are at below replacement levels now, Mormons being one of the few subsets that actually have enough kids to increase their numbers. The other major groups with high birth rates include, of course, immigrants. There are major demographic shifts on the horizon, due in large part to such “reasonable” attitudes toward having children as yours.”
The demographic shift on this continent started in 1492 and never stopped. It has gone in many, many different directions. You just happen to be catching a short snapshot of it that happens to coincide with your lifetime. What’s your point? The highest bith rate in the immigrant groups that you speak of, by the way, is also driven by a set of religious tenets, those of Catholics, slightly lower in vigor than those of Mormons.
“The contemporary Mormon Church does not tolerate polygamy at all, nor does its followers. There certainly was an adjustment period after the church banned the practice (and yes, they did so because of government pressure). But it’s simply an historical fact now, and not at all representative of attitudes or practices today.”
If the Federal government had never made the ban on polygamy a condition for joining the Union, ALL Mormons would be polygamists today, some just more than others. And I stand by my original statement: if the Federal government one day lifts the ban on polygamy, you can be sure the Mormon church will immediately lift its ban and return to its “true” tenets.
*
Nigel Swaby
December 10th, 2006 at 12:30 pm
Casey,
“1) I would buy the AITD/note/loan from Casey, and immediately start working to get the deed to the house..”
How much would you sell this note for? Will you email me a copy so I know what the terms are?
Nigel
*
Big Cheese
December 10th, 2006 at 1:33 pm
quoted from yneone associate:
Hi Nigel! I was hanging out with yneone and we’re wondering what your last name is. If you have one, please post it.
Now a quick real estate question. If I rent to an artist, and he smears poop all over my rental property, is that vandalism or art? Thanks.
———————–
Now that is just too funny- well done! This is a brilliant post.
-Big Cheese.
*
Big Cheese
December 10th, 2006 at 1:41 pm
Tim,
Thanks for your detailed response. I suppose my situation is a bit different as since my property is overseas I can’t deduct interest on a mortgage. Also loan rates outside the US are quite high and are limited to 50% of the appraised value of the property (at least in Thailand). Not 115% with cash back. Imagine that!
However, you imply another good point- that is one about risk and reward. I suppose I’m too risk averse by storing too much in cash in fixed deposits, etc. but I’m waiting for a good opportunity before investing.
Cheers,
Big Cheese
*
Tim, from Monterey Bay area
December 10th, 2006 at 3:24 pm
mormonsfacingforeclosure.com
Blessings!
We are a family of 4 adults and 9 children, all righteous in the ways of LDS, now facing foreclosure on our home here in beautiful Highland, Utah. My husband is a good provider to all of us, and to the children as well. Though we have had to make compromises in this 7-bedroom house, what will the prayer room and the shrine room leaving only 5 bedrooms for us to live in, but we feel we are doing the Angel Moroni’s work.
My husband is the brains, I am just handling the blogging for mormonsfacingforeclosure.com. That’s a picture on me on the blue prayer ball!
Marybeth is doing the accounting, studying in night school at Moroni Community College, and Emma Smith is…well, her full time job is doing the Lord’s work–she is expecting in February.
Please help us! We don’t want to have to move in to the caves at Timpanogoss Park, though if the Lord says this is our mission, we will do so happily. My husband is praying on whether the foreclosure mail is a Sign.
He also says we are doing all the right things we learned about in the seminars last summer:
– we are not opening any of our mail, even the ones labeled “Registered” and “Urgent–Open Immediately”
– like the books said, we used “creative financing” so that we wouldn’t have to put any money down (not putting money down means more wives for us)
– Ezekial–that’s my husband!–says that people like us should not be doing “cube jobs.” I don’t know what cubes are, ‘ceptin’ sugar cubes, but he says they’re the Devil’s work! (Ezekial’s moms say that “no sweet deals ever came out of any kind of cubes”…I guess they don’t know about sugar cubes!)
– Sweet!
– some of the older children are passing out fliers in the neighborhood, looking for interested investors who can help us out by letting us do something Ezekial calls a “short sale”–he plans to offer the seller, a nice young man from California, half of us what we promised to pay, but only if he’ll build a new addition for us (for the little ones due soon) and make sure our credit rating is restored back to 820.
– we’ve set up a “tip jar,” though we are calling it a “tithing jar,” for the righteous to donate. And something called “MormonSense,” which gives us filthy money for everytime someone clicks on Moroni’s flaming sword. Please click!
– we can’t consume the Devil’s Brew, c*ffee or C*ca C*la, so Ezekial is checking to see if the “Jamba Juice” the tapes recommend has c*affeine in it
So, please help. We want to repay every dirty penny we never actually put down when we said we did (I guess that’s why the tapes call it “creative financing”) but we are also determined not to be evicted.
We want to make this work! We want this to be a “win-win-win,” a win for us, a win for the seller, and a win for the Almighty. There are no loosers when the Almighty wins!
Ezekial says that if we can “flip” this house, using creative financing, out of the box thinking, wrap-arounds, and reach-arounds, we can get more sweet deals.
Please help. Blessings!
– Sarah Smith
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LOL!
December 10th, 2006 at 6:07 pm
hahashahahahhaah
mormonsfacingforeclosure.com
lol hahahahaha
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Mr. Flipper
December 10th, 2006 at 7:05 pm
To “Free Advice” that wrote:
“Regarding Mr. Flipper, my asshole meter goes off, but my B.S. meter does not.
That was me. …I apologize…”
MF: I wasn’t offended. That probably reflects my character and insensitivity…,but I accept and appreciate your sentiments, and have no bad feelings!
I would say that after Casey temporarily lifted the moderation on this blog two weeks ago, that the “A-hole” meter has been damaged beyond all repair.
However, I believe the BS meter is still calibrated and working beautifully from my perspective!
*
so sorry sarah
December 10th, 2006 at 8:11 pm
I just cannot respond, it is too, too efing funny
*
The Haters
December 10th, 2006 at 8:30 pm
Ha ha! Good one, Tim. We knew you would come around. Welcome to the club. By the way, your membership pin is in the mail.
I think you’ll find that bashing on Casey will prevent you from bashing your head into your keyboard after reading Casey’s ridiculous posts and seeing that he ignored all of your good advice.
Big Cheese, you’re next. Join us……..
*
Big Cheese
December 11th, 2006 at 4:25 am
Luke, feel the power of the dark side….
——-
Casey: I’ve got a new idea for a creative mortgage idea. It’s a sweet deal.
Bubba: (cracking knuckles) What’s that?
C: I call it a reach-around(TM) mortgage. You see the buyers are short on ca$h but are desperate to buy- they are tired of renting and loosing theyre money.
B: Uh-huh
C: So I can help them by getting within reach of that home with the reach-around(TM) mortgage. Sure I’ll get screwed in the end but with the reach-around it’s a win-win deal. Sweeeeeeeet! (Smiles and bounces on blue ball 3 times clapping wildly)
B: Well I think it’s bullshit, Casey. And you can forget about the Scratch Back ™ scheme as well.
(loud popping noises ensue)
-Big Cheese (now another hater)
*
Big Cheese
December 11th, 2006 at 4:45 am
Clarification,
Line should have read: “Scratch Back(TM) at closing.”
Big Cheese
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Silicon Valley Blog About Money, Finance, Geek Culture and Cyberspace
December 11th, 2006 at 8:58 am
links from Technoratiwith the performance of our portfolio this year. Interestingly, what’s missing are representation and exposure in some additional real estate apart from our main residence, which we can remedy either by buying REITs or moving some money into depressed real estate properties for investment purposes. However, we’re quite convinced it’s not the right time to buy into real estate as of yet, but when the time comes, it will definitely be a strong consideration for us to mull over.
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Silicon Valley Blog About Money, Finance, Geek Culture and Cyberspace
December 11th, 2006 at 8:58 am
links from Technoratiwith the performance of our portfolio this year. Interestingly, what’s missing are representation and exposure in some additional real estate apart from our main residence, which we can remedy either by buying REITs or moving some money into depressed real estate properties for investment purposes. However, we’re quite convinced it’s not the right time to buy into real estate as of yet, but when the time comes, it will definitely be a strong consideration for us to mull over.
*
John B
December 11th, 2006 at 11:50 pm
“Another private loan for something big
What took me up most of the work day yesterday is meeting and eating with another private lender. I borrowed $4500 at 36% APR plus 10% fee upon repayment. Payments are interest only with a balloon in 6 months”
Is this legal in the USA?? 36% + 10% for a 6 month loan?? I figure this would be called a “loan shark” loan.
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