… or that’s how it feels at least.
I woke up this morning later than planned but it’s OK because I woke up motivated for once ready to take on life and start organizing/reassessing my mess.
Then I login to my Wells Fargo personal checking account and see a debit of $1,099 pending. I don’t recognize the description so I call to see what is going on.
I find out that because my WF credit line is 83 days past due they made an “offset” from my personal account to catchup the credit line.
“You are allowed to do that?” I asked. They said yes according to the terms of the loan that I signed.
“But I need that money to live on! My landlord is going cash the check today and it will bounce now. Can’t we reverse the offset or appeal it somehow??” I asked. The rep checked with the supervisor and said they cannot reverse it.
That’s just great! I knew I should have closed the account to prevent autodrafts and stuff like this from draining the little money we had.
I know I don’t have much ground to complain since I owe WF over $65K $83,702.01 but can’t I have a little control over my own account? I need to pay rent and buy groceries before I can make loan payments.
I am very frustrated. Going down to the branch right now to close my account and take out any cash I have left. I am not going to let WF or anyone to just take out money as they please.
Merry Christmas
Holiday Pictures
303 Comments
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bo bo
December 27th, 2006 at 4:02 pm
hey casey, no problem. I’m sure your adsense revenue should cover it.
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triple T
December 27th, 2006 at 4:05 pm
how dare they steal that money!!!! they can’t do that. it’s illegal !!!!
these financial institutions are making tons of money already. they don’t need to take the little bit of seed money you have left. besides, they’ll ask the govt to bail them out in the future.
Casey, this really pisses me off. they can’t legally do this without proper notice.
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Tim from Monterey Bay Area
December 27th, 2006 at 4:06 pm
1099
This is too coincidentally ironic not to comment on.
But you probably are now at the the point where all transactions need to be in cash, or paid with money orders bought with cash. Bank accounts will be subject to seizures and freezes.
I don’t wish this on anyone, but this is what happens when debt levels reach monstrous levels.
–Tim
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okioso
December 27th, 2006 at 4:07 pm
Casey,
Do you realize you may not be able to open another account at a different bank because of CHEX systems?
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Sandra Vaughn
December 27th, 2006 at 4:07 pm
Perhaps this is your payback. You basically stole money and now your dirty deed as boomeranged. Casey, you have plenty of money, you shouldn’t worry about this at all.
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Aaron
December 27th, 2006 at 4:09 pm
ummm casey. I think you will find that they may not let you close the account before settling the 65k you owe. I think you signed a loan agreement with them. Since they took over a grand to make up for back payments…if you attempt to close they may just apply your balance to what you owe them since they won’t be able to get it otherwise.
At any rate i doubt you can close the account. The condition of getting the loan from them was dependent on your checking account. At least it works that way at most places.
You had no business doing what you did b/c you don’t even know the basics of personal finance. You’re clueless!
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Gordon
December 27th, 2006 at 4:09 pm
7 steps to becoming debt-free in ‘07
1. Live below your means. You cannot become debt-free if you spend more than you earn. It’s that simple! Financial stress relief is called “money in the bank” or “positive cash flow.”
2. Decide where you want to spend your money. Don’t let others decide for you. Know how much money you are bringing in, how much goes out and to where it goes. If you are not satisfied with the answers you get from this exercise, now is the time to change your spending habits. You (and your significant other) are ultimately responsible for how your money is spent.
3. Pay your bills on time, every time. Managing monthly bills is an essential part of staying debt free and maintaining a good credit rating. If you find this difficult, come up with a system to ensure that bills are not paid late.
4. Set financial goals, both short- and long-term. Having goals in place makes it easier to make the necessary spending cuts to get what you really want. Without reasons to cut spending and save, you will constantly be under pressure to spend money you don’t have for things you don’t need.
5. Use credit only as a tool and with a plan. Figure out how and when you will pay the balance. Imagine building a house without a plan or blueprints. That’s what your financial house will look like, too, without a plan. Your goal should be to pay for credit card purchases within three months. Remember, unlike wine, cheese or my wife, debts do not improve with age.
6. Have an adequate emergency savings fund. Life will throw curveballs at you, ranging from the need to replace a worn-out washing machine to a temporary job loss. Three to six months’ worth of bare-bones living expenses should shield you from most of these problems. Can’t do three months’ worth? Start with three days’ worth and watch it grow as saving becomes a habit.
7. Learn how to invest your savings. Your money has to earn more money to keep you out of debt, especially in your later years. Take a class, find a referral to a great adviser or just start reading. Do it your way, but do it; and start now!
So there it is, my seven for ‘07. May you have a debt-free New Year!
The Debt Adviser, Steve Bucci
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triple T
December 27th, 2006 at 4:10 pm
just a side note thinking aloud.
Casey got into the IT at it’s peak.
Casey got into RE at it’s peak.
hmmmm
ok everybody, let’s all short Jamba Juice’s stock. it;s bound to crash now that Casey is buying it.
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WF
December 27th, 2006 at 4:13 pm
What “Stole”???
Casey you stole money from the bank $65K, and we only get $1K??
You stole our money!
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WTF?
December 27th, 2006 at 4:13 pm
LOL!!!!
You should write for sitcoms.
BTW, did you delete a blog post?
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Austerity
December 27th, 2006 at 4:14 pm
Dah
It’s called “sweeping.”
Which is why the sharp debtors don’t
keep deposits @ the same institution
they are in arrears with.
If you had filed for bankruptcy they might
have been prevented from doing this.
Besides, Casey, how many thousands of
dollars have you stolen from your creditors
and will never pay back?
Sure, they were as dumb as a rock for extending
you credit, and certainly deserve the loss, but
you still took the money, agreed to pay it
back, and have not kept your end of the
bargain.
I can hear the people at Wells Fargo,
“Casey stole $XXXXX from us !!”
Goes around
Comes around
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Fred Rogers
December 27th, 2006 at 4:14 pm
Tough break.
This is probably a sign from God Casey. The walls seem to really be closing in on you. Get this bankruptcy thing underway so you can start 07 with a clean slate.
The way you are living isn’t a way to live.
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the noose is
December 27th, 2006 at 4:16 pm
tightening eh there Casey? Wait until you have absolutely no control over any of your finances. That should be happening oh in a month or so at most. You’re being squeezed. squeezed like the turd that you are!! :) )
reap the whirlwind…it’s gonna be one heck of a tornado bud.
please, PLEASE keep blogging even when you are indicted, foreclosed on the rest of your properties and file BK.
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Goku
December 27th, 2006 at 4:17 pm
The comment level on this will be over NINE THOUSAND.
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Casey is a Genius
December 27th, 2006 at 4:17 pm
HAHAHAHAHAHAHAHA!!!!! SUCKA!!!!! Well there is 109,900 dirty pennies less you don’t have to worry about paying back. Good to see that someone is getting paid from Casey the Leech. I wonder if your friend that loaned you $3000 really thinks that he’s gonna get his money back from you. HAHAHAHAHAHAHA!!!! SUCKA!!!! Come on and get him on this blog. I would like to know what he thinks about your situation.
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You have NO options
December 27th, 2006 at 4:19 pm
WOW!
I can understand you are frustrated, but wow. You need a reality check.
If you owe Wells Fargo over $60K and you are over 80 days behind in payments don’t you think they are going to do whatever they can to get at least some of their money back? $60K is a lot of money to owe them, and they are scared (rightly so) that you aren’t going to be able to pay it back.
Before you get angry about Wells Fargo “Stealing” from you or one of your mortgage holders “Playing Hardball” and not comming down as much as you would like for a Short Sale, think about how much all the various lenders are out because of you…. You aparently owe about $2.2 MILLION and even if they liquidated all of your assets they probably wouldn’t get more than $1.5 MILLION… that’s a pretty heavy hit.
It’s a good thing you live with wife’s family and don’t have to pay rent (I know you should, but what are they going to do)… now time to start eating top ramen and less Jamba Juice and nice restaurants.
You ready to start facing REALITY yet?
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Coyote Investor
December 27th, 2006 at 4:21 pm
I am not going to let WF or anyone to just take out money as they please.
But you are Casey. Hello? The debts are real. All of this is just the beginning. Being in debt means you lose control of “your” money. You thought the $1000 was yours, heck you were only 83 days in arrears.
Get used to it.
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clue phone!
December 27th, 2006 at 4:27 pm
Hello? Wells Fargo isn’t “stealing” your money, they’re calling in their loan because you haven’t made the payments on your credit line. And yes, it’s all there in the loan documents.
Hey, it’s just business. I think WF stinks for many reasons, which is why I don’t bank with them anymore.
What you “feel” has diddly squat to do with reality.
They’re not going to give back “your” money. You’re insane.
I feel really, really sorry for you because this is just the beginning of a long and drawn out demise. I’d take that Border’s gift card and buy the following Nolo Press books:
“How to file for Divorce in California”
and
“The New Bankruptcy.”
www.nolo.com
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jonny quest
December 27th, 2006 at 4:29 pm
Ah, just when I was about to give up on you, the comedy has returned! Keep ‘em coming kiddo, this post is a classic, right up there with your bank statement one.
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tjh
December 27th, 2006 at 4:29 pm
hey everyone digg this story http://digg.com/offbeat_news/C.....ro_to_Some
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BK attorney
December 27th, 2006 at 4:31 pm
Casey,
All your money in the bank will be freeze soon….
Take all money out and put into my account, you’ll be save..
Yes, I’ll save it for you in case ur in jail
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Unbelievable
December 27th, 2006 at 4:31 pm
Someone here told you months ago that you should open a new checking account at another bank……………maybe you should start following some of the advice you receive here.
Do I feel sorry for you ? Um, no. Not one little bit !
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Casey Serin
December 27th, 2006 at 4:36 pm
Before going to WF I stopped by here across the street at a Starbucks to get on the Hotspot. I just finished logging into to WF and downloading all the statements so that entering them into the accounting software will be easier. Too bad they only let me download the last 90 days of records. I guess I will have to dig up those paper statements and do a lot of manual data entry to complete the year..
Now I just got done downloading (I’m glad my laptop actually booted this time, my hard drive is about to crash and only works sometimes).
I’m about to go to WF and close my account, but before I do I figure why not post a screen shot…
…give me a sec.
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BK attorney
December 27th, 2006 at 4:37 pm
Yes, Casey,
Put a screen shot of you in jail…
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tjh
December 27th, 2006 at 4:38 pm
” triple T
December 27th, 2006 at 4:10 pm
just a side note thinking aloud.
Casey got into the IT at it’s peak.
Casey got into RE at it’s peak.”
You are 100% wright about this, Casey clearly just jumps into whatevers hot at the time. 1st IT and web stuff, 2nd RE, now blogging. The next big thing Casey will bw there
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Nadia Belemi
December 27th, 2006 at 4:38 pm
That’s just outrageous!! Imagine, Wells Fargo expecting you to repay your loan? What were they thinking? And when your rent check bounces, I bet there will be some overdraft fine also. Those rat b*st*rds!
I don’t suppose you’d want to share with us how much you spent on that RE Course you took last week? What with tuition, room, meals, and transportation I’m thinking it was easily $2,000. That money might sure come in handy now.
Okay, maybe you can somehow make lemonade out of this lemon. Maybe this will be the wakeup call that just about everyone who has been reading your blog has been hoping you’d finally have. Maybe you’ll start unloading your properties at a loss to stop the hemorrhaging. Maybe you’ll stop talking about seeing lawyers about declaring bankruptcy and HIRE one to actually FILE for bankruptcy for you. Maybe you’ll go out and get SOME kind of job just to get some money coming in for stuff like food, rent, gasoline, etc…
Those of us who come off as “haters” are mostly just incredibly frustrated at your unwillingness to face reality and DO something about it.
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Siggy
December 27th, 2006 at 4:39 pm
So you have frittered away $65,000 of their money and are upset that they have recovered $1,099 of it.
Sadly, you will probably find that Bankruptcy will actually resolve most of your problems straight away and the rest within 7 years or so. I am sad about this because you have so obviously not learned a single (worthwhile) lesson from this experience.
Just in case that is because you were not aware of those lessons, here are a few of them (in no particular order);
1. The point of retiring at 65 or so is to give you time to earn enough to allow you to live comfortably in retirement. The only way for most people to retire younger is for them to inherit from their parents. Most people would prefer to delay this as long as possible. It is basic math… how much are your annual living costs ? How long will it take you to obtain that amount of money ? That’s when you can retire.
2. Exchanging Time for Money is the most practical way for most people to obtain money. It’s easier and better paid than digging the money out of the ground (farming or mining) and few people have the financial resources to allow them to genuinely invest capital (which is what you claim to be trying to do). A few people get rich by inventing something wonderful, but they are very few and far between.
3. If your mentors were actually capable of doing what they claim, they would have retired and not be writing books, running seminars or promoting amazing wealth building opportunities. If it were as easy as they claim, everyone would be rich.
4. There is a word in the German language that has no real translation in English… Schadenfreude. That is the reason for the popularity of this blog.
5. See a doctor. You have a mental disease comparable to Compulsive Gambling (I blew through $30K in a year before I got help and I recognize the symptoms). The doctor may be able to prescribe something to help you. Even if they cannot, their testimony may help in the fraud trial. You should attend at least a few GA meetings and see if they help you understand yourself.
6. You have no follow-through. You start with something and then a shiny new idea comes into sight and you are drawn to it magnetically until the next new thing glitters in your peripheral vision. You are not unusual in that respect, but you seem to think that it is not a problem. It is. The best way to achieve anything is to start on it and work on it and finish it. As Mao said, “A journey of a 1,000 miles starts with a single step”, but he kinda expected the second step to be broadly in the same direction as the first one.
7. What goes up has to come down. In general, over any extended period of time property prices, stock prices, gold prices all rise along with inflation. The only thing that changes this is if dramatically more or less people want that item than in the past. The stock market has exceeded inflation because more people have retirement accounts invested in the stock market than in the past. They will drop for a prolonged period in the next 20 years as baby boomers retire and sell Stocks in favor of Bonds. Property prices in wonderful locations will always rise simply because of the limited space available, but normal houses will increase for a period and then fall as the neighborhood slumps and people move to the next burb. You do not understand the basic economics of the situation and think that you can “fix and flip” with no skills, no resources and no capital. A rising market will raise all the boats, but a decent entrepreneur would be able to make a profit in a down market also because they would be looking for the small, reliable wins rather than the big, spectacular ones that you crave.
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Vague Guru
December 27th, 2006 at 4:39 pm
How dare Wells Fargo take money that was owed them?
The nerve of them. I would take a toy gun along with you when you visit branch, to ensure that they show you a modicum of respect befitting someone of your stature.
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Robber Kiyosaki
December 27th, 2006 at 4:42 pm
We don;t use bank, we’re the bank, haaaa
A guru.
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Robber Kiyosaki
December 27th, 2006 at 4:45 pm
Casey,
pls change your name to “Robber Serin”
It’s much more like you
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Craven Moorehead
December 27th, 2006 at 4:45 pm
“I am not going to let WF or anyone to just take out money as they please.”
Man, if this post doesn’t generate 350+ posts, nothing will.
““You are allowed to do that?” I asked. They said yes according to the terms of the loan that I signed.”
I know you have never read a book or picked up a dictionary but maybe you should read what you’re signing.
Protect that stockpile of cash you’re sitting on and keep the great comments coming my man!
Have I told you today that I think you’re retarded?
Love ya, mean it.
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Nadia Belemi
December 27th, 2006 at 4:46 pm
It’s 4:36 pm and you’re going to upload some graphics before you go to the bank to close your account. What time do banks close on Wednesdays in Sacramento?
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Barbara
December 27th, 2006 at 4:47 pm
I have never posted before but read daily. As one of the families hurt by people like you, who make over $95000 and may still never afford a house, all I can say IS……………HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!
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WTF1
December 27th, 2006 at 4:47 pm
You really need to stop blogging. You are totally delusional and high on all the comments coming to your site. It’s the only thing you have going and sadly it’s not what you need going b/c it’s keeping you from seeing reality as you live in this online fantasy world. When you goto jail you will suffer extreme withdraw not to mention a sore mouth and very sore bunghole.
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JWR
December 27th, 2006 at 4:51 pm
Hey TJH,
You have got to be kidding, right? Are you really that slow on the draw huckleberry? Crasey Nires - Casey Serin. The site is a joke intended to lure morons like you who don’t already spend enough time humiliating Casey, no matter how entertaining that may be. It absolutely boggles the mind how many dupes like you thought that site was the real thing.
And you think Casey is dumb . . .
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Close the Account
December 27th, 2006 at 4:52 pm
Good luck Casey. Please keep us informed of what transpired down at your local branch of Wells Fargo.
And who are you paying rent to anyway? Hell, you’ve got a few thousand square feet of living space in Sacramento you could live in for free.
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doitcasey
December 27th, 2006 at 4:53 pm
lol……
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Tim from Monterey Bay Area
December 27th, 2006 at 5:00 pm
I’ll get the usual flak from the “haters” about how I am stating the obvious, but:
“I just finished logging into to WF and downloading all the statements so that entering them into the accounting software will be easier. Too bad they only let me download the last 90 days of records. I guess I will have to dig up those paper statements and do a lot of manual data entry to complete the year..”
You need to start with the Big Picture, the Rough Draft, before worrying about getting absolutely detailed monthly statements from Wells Fargo or anyone else.
After all, you know from a bunch of bills and statements:
– what you paid for each of your properties
(Hint: if you don’t already have a completely separate folder, a la Pendaflex or the equivalent, for each one, make them right now. Then put statements, bills, property tax items, etc. into these folders. Stick Post-It notes to the inner cover any time you think of something related to the property…the cost, maintenance charges, etc. Even if these are redundant, you can factor them out later.)
– what your monthly payments are (already in the summary on your blog…if the numbers need correcting, do so)
– major monthly expenses, estimated
– from there, the other rows and columns in a spreadsheet can be done in a “first pass” way
Thinking you need detailed Wells Fargo statements going back more than 90 days tells me that you’re focussing on the wrong things. These detailed statements may be needed in a detailed audit, but not in a “Big Picture” snapshot of where you are.
Remember, we have a pretty darned good idea of where you are just from the stated loan amounts, the likely current asking price of these properties, the past due amounts, and your stated credit card debt. To first order (a technical term meaning “rough estimate,” more or less), you need to get yourself this snapshot that we seem to have just by adding things up mentally. I don’t doubt that we are off by some tens of thousands of dollars, that we are missing details of your hotel and restaurant bills, but the “bottom line” (a term from balance sheets, actually) is that your debts are as several of us have stated, and not getting any better. This is what you need to have a one-page summary of, to show your lawyer and anyone else who may be trying to help you.
–Tim from Monterey Bay Area
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Absolutely Amazing Attitude
December 27th, 2006 at 5:03 pm
You’re reaping the consequences of your actions and inactions. Since you can’t manage your money, WF will do so for you per your contract with them.
And, as usual, you’re jumping off into yet another story thread (though a good one!) leaving all sort of unfinished threads:
- Utah situation?
- Job with Chris?
- Car repairs?
- Mail?
- Corporate credit?
- Properties?
- Advertising?
- December plan?
- Spreadsheet?
- Wife starting job?
- $2200 loan balance to friend?
- BK attorney conversations?
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Ruh Roh
December 27th, 2006 at 5:28 pm
First the Google money, now the credit line….I almost feel sorry for you.
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** Ego **
December 27th, 2006 at 5:28 pm
good one…
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Tell the Police!
December 27th, 2006 at 5:33 pm
and while you are there…turn yourself in
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star
December 27th, 2006 at 5:35 pm
Casey, you’ve hit a new low.
One, you should have known Wells-Fargo would do this in your situation. This is common practice for all banks. Once again you failed to grasp the basic fundamentals of doing business.
Secondly, it’s ridiculous for you to cry theft. In the end I’m sure you’ll end up stealing many times more from them in the form of defaulted accounts.
Lastly, get used to these things happening. With any luck your creditors and tax collectors will be garnishing your accounts and wages for many years to come.
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Dman
December 27th, 2006 at 5:35 pm
Uh oh, could this be the first drop of sweet reality before the whole thing starts pouring down?
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Anon
December 27th, 2006 at 5:37 pm
Casey it looks like you have competition
http://foreclosureboy18.blogsp.....7438083161
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Casey Serin
December 27th, 2006 at 5:38 pm
Sorry guys, the laptop crashed and I didn’t have time to post screen shots. I didn’t want the bank to close on me.
I just walked out of WF. Success! Checking and savings closed. Cash in hand.
Now I am at another bank waiting to be seen by a banker to open an account. I don’t have any credit lines here so I should be OK.
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star
December 27th, 2006 at 5:38 pm
re: “Casey, this really pisses me off. they can’t legally do this without proper notice.”
You and Casey need to read the fine print. It’s all there and it’s all legal. You were given notice when you opened the account.
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Ruh Roh
December 27th, 2006 at 5:40 pm
But, but, but what about the cashcall draft? Are you sure your checking account is really closed?
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star
December 27th, 2006 at 5:45 pm
re: “I don’t have any credit lines here so I should be OK.”
Most banks nowadays run a credit check even for checking, savings and mm accounts. In addition, almost all of them will run your info through Chex or Tele-Chek. If you get another account, consider yourself lucky.
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Sharp as a Blunt Knife!
December 27th, 2006 at 6:02 pm
This story is spinning out of control as Casey’s finances have already and his focus.
I am having some bazaar sense of fun reading this stuff but there is a person who is behind this and one who will be suffering for a long time to come. I’m not sure what it’s called when someone revels in the suffering of someone else…does anyone here have a name for it…
Casey…none of what you do now will really matter since there is nothing you can do do prevent what is about to happen. Smart to move any cash you have out of the banks…of course they’ll go after it. What were you thinking. But short of trivial actions the only thing that will happen is exactly what this website in named after…foreclosure. Maybe it’s best to foreclose on all property (not something you’ll be doing but will be done for you) and then go BK…other than that, what this has really become is a story about someone with a loaded gun who didn’t know it was pointed at his own head and pulled the trigger…maybe you did know it was loaded…a little Russian Roulette, perhaps?
All kidding aside, I do feel for you. Don’t like to see anyone suffer…or do I?
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jonny quest
December 27th, 2006 at 6:04 pm
Casey, Forget putting your money in banks. I’m currently rereading “Papillion” and would suggest using a ‘plan’ instead of a bank. From the book, here’s the definition of ‘plan’…
“A metal cylinder for holding money which the convict carries in his lower intestine to safeguard it from frisking or theft. Probably from ‘plan’ as in ‘plan d’evasion,’ meaning plan of escape…”
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Noel
December 27th, 2006 at 6:04 pm
Casey,
Hang in there brother… How about adding a link to your site where people can donate money to you to help you pay your bills. I for one would be happy to send some money your way. Your blog is very entertaining! I’m sure some people here would be happy to send you a few bucks for coffee or web hosting.
Noel
–
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Coyote Investor
December 27th, 2006 at 6:08 pm
What money? What are you talking about? Savings? Huh? 83 days in arrears and you have a savings account? Please get help, the ground approaches and then this entertaining blog will go away….
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MillionDollarJourney.com
December 27th, 2006 at 6:09 pm
Casey,
You mentioned that you are more motivated to take action. What is your plan moving forward? Do you have any leads? You need to come up with a feasible plan and execute. Otherwise, you should consider starting over and declaring bankruptcy.
Regards,
FT
http://www.MillionDollarJourney.com
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Absolutely Amazing Attitude
December 27th, 2006 at 6:13 pm
* Sharp as a blunt knife: the word is schadenfreude.
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Lou Minatti
December 27th, 2006 at 6:18 pm
Casey, it’s “catch up,” not “catchup.” Every time you write “catchup” I think of that red stuff made from tomatoes and vinegar and sugar.
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Nadia Belemi
December 27th, 2006 at 6:18 pm
Noel, there already is a link for people to send Casey money. Look for the “tip jar”.
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Lou Minatti
December 27th, 2006 at 6:25 pm
“Before going to WF I stopped by here across the street at a Starbucks to get on the Hotspot.”
While you were at Starbucks surfing the web, I was at work. Please get an honest, straightforward job, Casey. It doesn’t matter what it is at this point.
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PVC
December 27th, 2006 at 6:27 pm
Home Depot is hiring!
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sisb (sean)
December 27th, 2006 at 6:31 pm
You’re lucky they only took out a grand.
Imagine if you had $5k in there and were just about to make a Sweet Deal and they decided to take that.
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I still can't figure it out
December 27th, 2006 at 6:33 pm
Ok, I just spent 3 days catching up with this site and spent an unbelivable amount of time on it. I still can’t figure out if its real or not. But if it is, Casey has to be the singularly worst business-minded person I’ve ever heard of. How do you immediately blow money on a car when you come into money like that. I’m mean thats just the first thing that comes to mind. I’m completely speechless. I just bought my first house. A starter for $145 and I’m just looking at it as a big savings account. I’m not expecting to make any money quickly. I just get to live for free (I will eventually get most of my money back hopefully). This is just unbelievable; there is no way. He has to be just inciting with some of his posts. Anyway, found the link on msn and I’m hooked now. I’m gonna finish it one way or another.
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Absolutely Amazing Attitude
December 27th, 2006 at 6:42 pm
* Noel - note the Tip Jar on main page. If you want to p**s away your money, that’s where you can do it.
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Absolutely Amazing Attitude
December 27th, 2006 at 6:47 pm
Casey - exactly why are you opening up another account? It is nice of you to keep your money in a place that makes it easier for your lenders and courts to attach/freeze.
But, of course, the fact that people have advised you to keep your cash in hand means you’ll do the exact opposite. And it means that we can look forward to another “where’s my money?!” post from you in the near future.
Thanks for making another bad decision so that we’ll have some drama to look forward to!
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Absolutely Amazing Attitude
December 27th, 2006 at 6:49 pm
Let’s see,
1. Your landlord is your sister-in-law, IIRC. So, what’s the worry?
2. You have an empty house on Burdett Way you could live in. So, why don’t you?
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Steven
December 27th, 2006 at 6:51 pm
If you had filed for BK awhile ago, the bankruptcy court would have place a ’stay’ on collection activity - which would have stopped WF at least temporarily.
You’re beyond hope. You get tons of good advice here, but seem determined to self-destruct.
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In The Endgame
December 27th, 2006 at 6:52 pm
It’s 7pm in CA now - did you get an account?
(If so, why - oh why?)
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Phillip
December 27th, 2006 at 6:57 pm
Does anyone want to make $53,000?
Here is what this blog is all about. This is not our ideal deal (does that count as a pun?), but it has a high enough internal rate of return.
The problem with it is that it has a very low cash flow (but with $53,000 in equity, it’s almost like - who cares).
This property is an example of what Casey should NOT do when first starting out because it doesn’t cash flow very positively. It’s probably more for intermediate investors.
Remember, it’s all about the cash flow. Not the capital gains.
retirein6years.gcproperties1.com
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Well Fargo Says Hello.
December 27th, 2006 at 7:15 pm
“Now I am at another bank waiting to be seen by a banker to open an account. I don’t have any credit lines here so I should be OK.
”
This might conflict with your statement that you WANT TO PAY EVERYONE BACK.
Meet the real Casey Serin: Casey can take but God forbid any fianancial instituion attempt to recover their monies.
I think you should issue a new statement that would accurately reflect your true intentions:
“I want to pay everyone back so long as I, Casey Serin, do not have to work for it, or exhaust any money out of my pocket.”
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Honestly Wondering
December 27th, 2006 at 7:16 pm
Oh for the love of God. This one is just too funny for words.
By the way, folks - that Starbucks Hotspot service Casey’s using to check in with costs about $30-40/month.
Casey: Is your “landlord” still your sister-in-law, or did she finally kick you guys out to the curb? Maybe I missed an entry.. did you and your wife sign a new lease sometime since September? If so, why?
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Tim from the Monterey Bay Area
December 27th, 2006 at 7:16 pm
“Hang in there brother… How about adding a link to your site where people can donate money to you to help you pay your bills. I for one would be happy to send some money your way. ”
There’s already one of those obnoxious “Tip Jars” on the front page. Feel free to donate.
–Tim from Monterey
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JLIN
December 27th, 2006 at 7:17 pm
*hugs*
This is definitely a new low. Don’t take any more breaks, get your shit together now.
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Mrobvious
December 27th, 2006 at 7:18 pm
Casey -
You seem to regard money loaned to you as abstract and not-quite-real, but when it’s the other way around you have an unwarranted sense of entitlement.
Frankly, you’re lucky that your creditors have let you get away with your financial sheninagans as long as they have, you’re not qualified in any way to criticize WF in this case.
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big crybaby
December 27th, 2006 at 7:21 pm
Obivously the easiest way is to walk into your local branch with a gun and ask for it back. Might as well end your lazy life of crime in glory.
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In The Endgame
December 27th, 2006 at 7:22 pm
I was searching for an old post and ran across this post (excerpted below) by Granite Counter Flop on October 19. As true today as it was 2+ months ago.
” … If you were that strapped for cash, you would be renting these properties. You could get $1000 a month for each pretty easy, perhaps $1500. I pay more than $1000 and I have a 1 bedroom apartment in a complex. That would give you $5000 a month(at least) and a little time to stall your foreclosure. You act desperate, but your actions aren’t that of a desperate man. You refuse to get a job because you like “easy money” and don’t want to work for it. You don’t care you can barely provide food for your wife, you’d rather sit on your ass writing a blog all day. … “
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In The Endgame
December 27th, 2006 at 7:26 pm
The end is near.
Bad news sits in piles of unopened mail near Casey’s bedstand whilst he sleeps late, willingly oblivious…
Casey - for the sake of your loyal audience, please keep posting as long as you can.
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Hater
December 27th, 2006 at 7:27 pm
Yeah right, I am not buying this.
What happened with the $1099? They kept it or gave it back? And how is it that you are sitting in a bank at 5:30pm waiting to speak with someone about opening an account?
I’m not stupid enough to believe this whole thing is a lie, because most of us have seen the truth (online public records, etc.). But I really think sometimes you just exagerate to get more people to tune in.
Whatever the case, you deserve what happens. I really enjoyed the perp watch last week when you went ‘missing’. I truly hope it goes down like that, with unconfirmed ‘frog walks’ on the news and people monitoring every Sacramento area news source.
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Timmy the dying boy
December 27th, 2006 at 7:30 pm
Schadenfreude is a malicious satisfaction obtained from the misfortunes of others.
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itrusted
December 27th, 2006 at 7:33 pm
“I need to pay rent and buy groceries…”
That is exactly why people get on their knees and thank God in gratitude when they can find a 9 to 5 job. Especially immigrants.
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REALITY CHECK
December 27th, 2006 at 7:42 pm
Casey you are Psychopath, realize who you are, unfortunatly there’s no cure for you. I pity your wife !
Psychopaths often come across as arrogant, shameless braggarts — self-assured, opinionated, domineering, and cocky. They love to have power and control over others and seem unable to believe that other people have valid opinions different from theirs. They appear charismatic or “electrifying” to some people.
Psychopaths are seldom embarrassed about their legal, financial, or personal problems. Rather, they see them as temporary setbacks, the results of bad luck, unfaithful friends, or an unfair and incompetent system.
http://www.pbs.org/wgbh/pages/.....ofile.html
http://www.hare.org/links/saturday.html
http://www.bellaonline.com/articles/art12361.asp
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Dan Riba
December 27th, 2006 at 7:46 pm
Last time I bankrupted ($80K credit card runup, before the new laws), my “bank” was a fireproof lockbox. After the BR, I dribbled part of that cash back into my bank accounts over 12 months and spent the rest for daily expenses. Actually, I’m still spending it - and I have fairly good credit again! FICO 750, and a pocketfull of high-balance cards if BR should again prove worthwhile.
You must learn to protect yourself from attached accounts if you are lucky enough to avoid prosecution. Hide that cash for now! And for heaven’s sake, file for bankruptcy if you can, as soon as possible. I want to see you get out of this. I enjoy stories in which the bad guy wins - such as Altman’s THE PLAYER.
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John
December 27th, 2006 at 7:58 pm
You wanna be an expert on what happens when it all falls apart? Well you’re gonna be. And here it is. Yes, if you want to “battle” and postpone your inevitable bankrupcy, doing further damage to everyone involved, then you’d better put all your cash in your freezer and get used to living off the books. WAKE UP AND DECLARE BANKRUPCY. FAILURE HAPPENS AND DENYING IT CAUSES MORE HARM.
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Mr. Flipper
December 27th, 2006 at 7:59 pm
Where is Ogg the Caveman?
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invest3
December 27th, 2006 at 8:02 pm
I think you should reward yourself and Mrs. Casey with a Macaroni Grill dinner b/c WF only took $1,090 instead of accelerating the loan and filing suit against you for the full $83k balance plus court costs.
BTW, have you ever been dumpster diving?
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CASHCALL drafts
December 27th, 2006 at 8:22 pm
This was mentioned before several times — CASHCALL will issue debits to the closed WF DDA and the sh#t will then hit the fan. You must inform CC the acct is closed — but you won’t, of course. As I predicted before, this is the one that brings the Sheriff to your door. Good luck with that……
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In The Endgame
December 27th, 2006 at 8:30 pm
You are out of control - you thought you owed WF $65K, then (a couple of hours later?) discover/realize it’s $83K.
Open your mail, build a spreadsheet, have your wife the accountant do it.
How can anyone be this out of control ?????
You really, honestly, truly don’t realize how bad it is, do you? You’re not learning from your mistakes, are you?
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In The Endgame
December 27th, 2006 at 8:35 pm
How hard is it to spend $100 on a notebook hard-drive, save your files on a USB stick or CD/DVD-R, install the drive, install OS and apps, restore files?
You are backing up your files aren’t you? Although, since you don’t keep records, do you have much that needs to be backed up? (Email could still be on ISP server, blog online, and photos on Flickr.)
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T
December 27th, 2006 at 8:38 pm
I’m not donating one dirty penny to this swindler. He needs to get his lazy ass out of bed in the morning and find a friggen job.
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TRANSITIONING FROM HATER TO INTENSE LOATHER
December 27th, 2006 at 8:44 pm
Welcome to your new world, a consequence of three months of dithering and delay. The haters on this blog have been warning you there would be consequences of not dealing with your problems quickly, and you are now tasting some of them. I’ll give you some advice that could buy you and your wife some time but probably not solve your problems: instead of delighting us all with your weekly agonies, put yourself out of your miseries by hiring a BK attorney soonest.
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In The Endgame
December 27th, 2006 at 8:44 pm
You’re shocked that WF can use you checking acct to backup a late/non-payment on another account?
Banks do that ALL THE TIME and even advertise it as a service - “we’ll transfer your money from savings to checking to cover an overdraft; that way you don’t bounce a check.”
You know all the RE lingo from your scam seminars, and can talk a good BS-ing talk for an hour during an interview, but you have no real world experience or common sense.
And, no - I’m not a “hater”. I love my 20-something children, but have used similar blunt words in the past to protect them from themselves.
Where are your parents and in-laws voices in all of this? Surely they know? Have you asked? Have they tried? Do you ignore them like us? Have they also given up on you?
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In The Endgame
December 27th, 2006 at 9:01 pm
Casey - you just HAVE TO figure out how upside down you are financially. The $65K to $83K WF increase in a matter of minutes/hours proves to me you don’t have a clue.
Tim has given you good advise - for once in your life, follow it!
Once of my favorite sayings in presenting a summary / briefing paper is “one side of one piece of paper”. I think Tim is saying the same thing in his own words.
It is absolutely unimportant at this point to get the cents correctly entered in a $100 transaction that happened 3 months ago. You can spends days and days working hard and giving yourself the illusion of value-added activity and progress by doing this, but it’s just another way to escape reality. As I think Tim said, get to the nearest $10K or so - are you upside down $400K? 450? 500?
I suspect you’ll exceed $500K - sounds like NM may contribute up to $150K by itself, $150K in personal and lines of credit - you’re already at $300K before adding in the other properties, 1099s and tax liabilities.
I’m obviously getting something therapeutic from writing all these words. I honestly don’t know what it is, but I DO NOT believe that I have ANY illusion that you will listen and be helped.
I hope you will, but don’t believe at this point in your emotional development you are capable.
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In The Endgame
December 27th, 2006 at 9:12 pm
Hey - I see on WF’s blog their latest post says
“Casey Serin Stole $83K From Us”
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Alex Becker
December 27th, 2006 at 10:36 pm
Wow, things are just getting worse for you. Makes me glad I am to lazy to make investments.
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Fellow Uzbekistan Investor
December 27th, 2006 at 10:43 pm
Schadenfreude - a German word meaning “pleasure taken from someone else’s misfortune.”
http://en.wikipedia.org/wiki/Schadenfreude
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Dumbfounded
December 27th, 2006 at 10:59 pm
Stole from you? You’ve got to be kidding me! You are one to talk after swindling banks out of $2.2 Million.
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Marshall
December 27th, 2006 at 11:01 pm
Sharp as a blunt knife :
“I’m not sure what it’s called when someone revels in the suffering of someone else…does anyone here have a name for it…”
I think someone mentioned earlier, the word is: Schadenfreude
http://dictionary.reference.co.....adenfreude
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Casey Serin
December 27th, 2006 at 11:17 pm
I made it just in time (before 6pm) and opened a personal checking account in the new bank. Put $100 into it. The rest of the money (about $900) in my pocket so I can give most of it to Ms. Landlord when I get home. We’re behind on rent and utilities and I gave her what I can for now. She has been very patient.
Only made $500 from consulting for Chris this month because of traveling and not being very focused. Will be talking to him tomorrow about consulting plans for next month to see if I can count on about $3500k/month as my “base income”.
I just got $2,000 from a friend who owes me $8,000 from earlier this year. He is finally starting to pay the loan back. What sucks is that only a few days after he put the 2k in my account, WF took out 1K. (I had a feeling that I should withdraw that 2k right away!!)
I know I know, I owe that money to WF. They are entitled to it. But again, I’m a little bit angry that they simply reach into my pocket and take it!!
Other updates or lack thereof:
* Wife is not pursuing CPA anymore. She is going for a different degree though. She started before we got married then after the wedding she took a 2.5 year break mostly because of financial reasons. Now she is determined to finish one way or another. If she quits school now who knows if she will ever finish.
* Still owe $2,200 to my older friend who I borrowed the “3K to launch a comeback” from (the comeback which is taking a bit longer I guess)
* Still owe about 2K to in-laws.
* Still owe $4500 hi-interest loan I got from another private party so I can put it to use for the corporate credit thing (I’m in the process of setting up my corporation as we speak, will update you on progress as stuff happens)
* There is also another large private loan that I haven’t mentioned yet.
* Aside from all that there are the unsecured credit lines and credit cards that make up the $150K that I started this blog with.
* And of course there are all the foreclosures… I actually got some news on the Larchmont short sale. Will report in a separate blog post probably tomorrow.
* That’s all the updates for now… as I remember stuff about any other looose ends I will throw it in the comments or make a separate post if something major develops.
(sorry for any spelling mistakes, I’m at my parents’ house getting some food and they don’t have a google toolbar that lets me do a quick spell check)
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mejustme
December 27th, 2006 at 11:18 pm
This post is just mind-blowing.
First off, you’re lucky they didn’t take every last “dirty penny” you had on their books.
Second, are you really telling us you had just written a check to your “landlord” (a family member, right?) or was that just something you said to the bank to try and gain sympathy? Because not only would it be odd to pay someone rent on the 26th or 27th of the month, but I just don’t believe you intend on “wasting” your money on rent when you can put it toward sweet deals and seminars.
I notice you didn’t mention any frantic calls to the “landlord” asking them to hold off depositing the alleged check, nor did you transfer any money out of the savings account you now admit to having to cover the alleged check, so I’m going to assume there never was a check. No rent paid yet again, despite the fact you had more than $1,100 in the bank.
And you used the hotspot at Starbucks to try and download your bank statements? Why? Don’t you open the statements they send you in the mail? And if your Starbucks are like the ones near me, they don’t offer free WiFi. You’re paying to download something you got in the mail free. You either had to pay $5 or so for a one-time use or you have an account you’re paying something like $20-30/mo for.
Either way, that is wasteful. You must learn to live frugally. I can afford $20-$30/mo for WiFi but I choose not to because I know it’s a luxury and right now I’d rather save my money. If you are paying for that, you should cancel it right now, and if you must use WiFi, only go to the free ones.
Also cancel your credit reporting subscription (you mentioned once before) and anything you don’t need — that’s NEED — to survive. Gone is cable TV, cell phone, etc. You either use the cheapest landline there is, a prepaid phone, or you just start writing letters or practicing telepathy.
And lose the credit cards. Shred them. Cancel overdraft protection (unless it deducts from a savings account). From now on you either use cash or a debit card.
I’ve been broke before and got by on about $5/week. I went to the bagel shop and bought a bag of 5 or 6 day-old bagels for $1.50. I bought a half-pound or so of thinly sliced turkey at the deli. I bought a tomato. That made me a sandwich a day, and I survived (bagels are quite filling).
You are in serious denial. Snap out of it.
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FuturesTrader
December 27th, 2006 at 11:24 pm
Dude, that corporate credit thing is not going to work because the leader of the company (you) has the worst credit in the world. So many people have told you this, but you still don’t listen.
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Honestly Wondering
December 27th, 2006 at 11:28 pm
@mrobvious: “You seem to regard money loaned to you as abstract and not-quite-real, but when it’s the other way around you have an unwarranted sense of entitlement.”
I’ve said it several times already, and I’m sure I’ll say it several times again before this is all over: this is how someone with Narcissistic Personality Disorder (NPD) operates. In their world, the only things that are “real” are those which have a direct and immediate bearing on the afflicted’s fragile self-image - and “real” only to the degree that it can’t be bent or manipulated into an ego-pleasing shape. They are more than just self-absorbed. They simply have no concept of any reality outside of their own skulls.
Someone with NPD is not someone you want to be around. Other people are stage props to these guys. They lie. They manipulate. Nearly sociopathic, they possess no sense of empathy whatsoever - zero. They constantly position themselves as either a guru or a victim, so long as they remain the center of attention. They use and destroy people shamelessly, without thinking even once about it. They blame everyone else for their own failures. And, as you say here about Casey, they see a massive reality difference between the pain they inflict and the pain they receive. It’s not real until it’s happening to them - and then, it’s the end of the world.
Someone with NPD has all the classic symptoms of a chronic alcoholic or a drughead, only instead of substance addiction, it’s self-addiction. You can’t trust a word they say, because they literally will say or do anything to feed the monkey. Venture near at your own risk.
Don’t believe me? Watch it roll from this point forward. It’s been the Casey MO from day one.
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Marc
December 27th, 2006 at 11:34 pm
Maybe hedge your bets for recovery? If someone bets on you actually making it back at least they will get a 200 to 1 return. Contact a hedge fund manager… or maybe ask someone who got a $60 million bonus at Goldman Sachs to give a little charitable contribution.
You are like Martha Stewart vs. Ken Lay… submitted to shame for being public about a little $ 2 million, while those greedy bastards in hedge funds and investment bankers get money out of sweatshops and gutting the country’s production base.
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beezer
December 27th, 2006 at 11:40 pm
Seriously, I’m totally curious - how do you burn through this much cash? The “small” loans you list here, aside from the “large” one you haven’t posted about, add up to $10,000. And if I’m not mistaken, that’s… gone.
What in the world did you spend $10,000 on in like, a month? Two? You’re not even paying your bills anymore. What happened to the money?
Someone (I think Tim) was asking in the other thread how you’d managed to just spend what appears to be somewhere between $250,000 and $500,000 in a year and… seriously, Casey, where is the cash going? How do you burn through money this fast? I’m completely serious and completely curious.
I could understand if you were paying the mortgages, or had large bills you were paying, but you’re not. Where did you spend the small loans of $10,000 that you’ve gotten in the past 4-6 weeks? That’s about $2,000 a week. What the heck are you spending it on?!
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Moler
December 27th, 2006 at 11:43 pm
Sorry guys, I lived in a communist country for 18 years and I can recognize a deception when I see one. This guy and his blog are just a figment of someone’s imagination. It is old truth that the bigger the lie more people are ready to believe it. Frankly I can’t believe anyone buys any of this!!!???
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Casey-What would you do if you know you could not Fail,,,
December 28th, 2006 at 12:02 am
How to Positive Cash Flowing when facing foreclose
I finally managed to have a $750 positive cash flow a month once I stopped making these silly Margate payments and having the tenant handing me all the money, foreclose is not that terrible.
Plus being $37,000 maxd out in credit card debt is all right, whatever, I got to the point where ,I don’t fell much about ,,, But I was able to negation my minimum monthly payment to a $1 a month for each card which comes up to be $8 per month, and im gone go for that corporate credit thing… Casey, I say -What would you do if you know you could not Fail,,,, Chris from Chicago
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Tony Soprano
December 28th, 2006 at 12:22 am
Wow, I don’t even know where to begin. First things first I guess.
You made $500 for the WHOLE F@#$ING MONTH OF DECEMBER? I spent more than that on ammo at the range. Really….Next time your in Jamba Juice AND Starbucks, get job apps. Figure $350/week at each = $700 /week X 4 + 2800 in your pocket.
Let me get this straight. You’re pissed because someone took something that was theirs from you? Man, I’d have taken a lot more than $1000 dollars from you my friend.
The reason the wife isn’t persuing the CPA job anymore is because she CAN’T! She is facked with the upcoming BK and knows it. Trust me my friend, she is packing her bags. Maybe not physically, but you had better believe that she is getting her sh!t together.
I’d keep that other loan on the down low. I’m betting you can’t even cover the vig. Trust me…or else you’re going to be down low. Way low…
Someone owes YOU money? Man, coffee all over the keyboard on that one. If they pay it, they are nuts…
Sh!t like this is gonna get a LOT worse until you start the BK process. But we know you, you won’t until you finally have zero control. Just for grins, I’ll send a link to this blog to a friend I have over at WF so they can get a good laugh.
This is gonna go way over 500. Too bad no adsense for you.
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Casey Serin
December 28th, 2006 at 1:16 am
After I finish organizing the books for the year of 2006 I will know exactly where all the money went. I have a general idea but I want to get to the facts. (Yes Tim, I still plan to put together a rough “birds-eye” view assessment first which shouldn’t take as much time.)
As for the check to my “Ms. Landlord” that I told the bank about - I was not lying. I really did write a check yesterday and gave it to her. What I had to do today is as soon as I found out that a grand just disappeared from my account is send a text message to her and tell her not to deposit it. I told her I will pay her what I can with cash tonight. And I did.
And no I’m not going to go live in one of my houses that are about to get foreclosed on. What, you want me to spend money/time moving over there, then spending more money/time moving out a month later when it sells or the bank takes it? Moving back-n-forth is not as easy as it seems.
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Casey Serin
December 28th, 2006 at 1:22 am
“Casey-What would you do if you know you could not Fail ?”
I am already doing it. I already know I can’t fail. What people see as “failure” is really a stepping stone to success… but only if I actually learn from it and turn in into something positive. “Failing Forward” type of a thing. Gotta take them risks. And yes sometimes it’s better to take smart risks. Unfortunately I’ve taken some dumb risks this year. But I didn’t know they were dumb until I took the risks.
It’s all good!
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Hater
December 28th, 2006 at 1:26 am
Okay, now I am convinced that you are just making stuff up to get hits. That’s the only logical explantion. No one is this stupid.
You know what will generate 300+ posts, so you leave out huge details like the name of the ‘college’ and where/how you spend your money, yet you take the time to mention the little things that will tick people off ($5 drinks, ’sweet deals’, etc.).
And I am thoroughly convinced that you have no intention at all of paying back even a single dirty penny. As some one else said, even if you got a check for $2+ million to bring you back to zero you would still manage to screw something up and end up in worse shape than before.
If what you write is true, then these are the marks of a desperate man. When all this comes crashing down next year I wouldn’t be surprised if you take your own life. Sad.
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John
December 28th, 2006 at 2:14 am
Casey, realistically, how long do you think you have before your landlord forces you out? Better start getting ready for your next school of hard knocks lesson; it’s coming.
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BlueHippoOven
December 28th, 2006 at 2:16 am
I’ve visited this site on and off for about 3 weeks, and with this latest posting from the alleged Mr Serin, I’ve decided to settle upon two probables:
1. Serin is mentally handicapped or autistic, yet for some reason is walking around undiagnosed. If he is some sort of Slavic immigrant, he could have escaped being classified as “retarded” or “autistic” early. The American public and private school systems tend to catch nearly all the retards before they reach the age of majority. Slavic nations may not be so thorough. Hence, banks and so on might be unwittingly allowing an unidentified retard to sign legal documents.
2. Serin is scamming us all with carefully crafted stories. He could be doing this as some university project. We’re just part of his project or experiment.
I figure a clean 50% chance of either. I think that it’s particularly telling that no matter what people say, Serin keeps beating the same drum as if nothing substantive was ever said by the posters. Literally, I’m thinking that you could post a valid warning to him (example: “Casey, my name is Special Agent B.; I work in your local FBI office, and they’re coming to arrest you tomorrow morning!”) yet he’ll still blissfully post about his laptop problems, hitherto unmentioned loan deals, and Starbucks visits. He may as well just be talking about buying his underwear at K-Mart.
Like I said, he’s either mentally handicapped or he’s writing a lot of fiction.
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Miguel
December 28th, 2006 at 2:58 am
“Unfortunately I’ve taken some dumb risks this year. But I didn’t know they were dumb until I took the risks.”
Classic Casey.
Did it never occur to you that if you sat down BEFORE taking the risks and worked out the likely outcomes based on the available figures, their dumbness might have been obvious from the get-go?
What’s truly tragic about this is that even when you announce in advance what you’re about to do - this “corporate credit thing”, for instance - and EVERY SINGLE PERSON who demonstrates any actual knowledge of the process says “No, don’t do it, it’s a really stupid idea, and it won’t work because (insert umpteen paragraphs of extremely detailed and evidence-backed reasoning)”, you still go ahead and do it.
And then it crashes and burns, as everyone predicted, and you come back here and say “Waaah! Why didn’t anyone warn me?”
And then we laugh. Sorry for the callousness and all, but there really is no other rational response to this.
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keith
December 28th, 2006 at 3:06 am
Casey
Keith at HP here. I’ve never offered you advice but now it’s time.
FILE FOR BANKRUPTCY - AND DO IT NOW!
You cannot dig yourself out of this hole. It’s almost 2007 - get on with your life. The longer you wait, the worse it will be. With 100% certainty you will have to file one day, might as well get it over with.
BK is the easy way out, and your whole situation is a fraud and a mess. But go ahead and file, get ready for some jail time, offer to turn states evidence against the people who helped you defraud the banks, and move on. Better now than later. Clean up the mess, then cash in on your fame with that book and speaking tour.
Good luck out there kid.
Keith
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Hi...I'm Dolph DeRoos
December 28th, 2006 at 3:36 am
LOL…you write all these “sweet” motivational comments just to milk more comments from us “haters” right?
C’mon with all the new age mumbo jumbo. You are basically George W Bush’s long-lost cousin EXCEPT you don’t have a rich daddy to bail you out :(
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alifesublime
December 28th, 2006 at 3:45 am
hey casey
i agree with you - i lost a hell of a lot of money this year myself! not quite in your stakes but still around 40k of my own cash (and a house)
i had my credit cards cancelled and defaults against my name -was told i would be foreclosed on after a tenant trashed a house a left it un-inhabitable (nasty cow)
aaah but its all good now - i just lurve waiting tables but you gotta do what you gotta do hon
here is a little story about “the don”
By 1990, the effects of recession left Trump unable to meet loan payments. Trump financed the construction of his third casino, the $1 billion Taj Mahal, primarily with high-interest junk bonds. That put him at a disadvantage with competitors who used more of their own money to finance their projects, industry experts have said. Things were so bleak for Trump at this time that in the August 21, 1990 edition of the Jersey Record, columnist Mike Kelly wrote “If we still had debtors’ prisons, Trump would be in the dungeon.” Kelly added that “Donald Trump is a Third World Nation.” Although he shored up his businesses with additional loans and postponed interest payments, by 1991 increasing debt brought Trump to business bankruptcy and the brink of personal bankruptcy. Banks and bond holders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid the risk of losing more money in court. The Taj Mahal re-emerged from bankruptcy on Oct 5, 1991, with Trump ceding 50% ownership in the casino to the original bondholders in exchange for lowered interest rates on the debt and more time to pay it off. [4]
On Nov 2, 1992, the Trump Plaza Hotel was forced to file a prepackaged Chapter 11 Bankruptcy protection plan after being unable to make its debt payments. Under the plan, Trump agreed to give up a 49 percent stake in the luxury hotel to Citibank and five other lenders. In return Trump would receive more favorable terms on the remaining $550+ million owed to the lenders and retain his position as chief executive, though he would not be paid and would not have a role in day-to-day operations.
By 1994, Trump had eliminated a large portion of his $900 million personal debt and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. Chase Manhattan Bank, which lent Trump the money to buy the West Side yards, his biggest Manhattan parcel, forced the sale of a parcel to Asian developers. According to former members of the Trump Organization, Trump did not retain any ownership of the site’s real estate - the owners merely promised to give him about 30 percent of the profits once the site was completely developed or sold. Until that time, the owners wanted to keep Trump on to do what he did best: build things. They gave him a modest construction fee and a management fee to oversee the development. The new owners also allowed him to put his name on the buildings that eventually rose on the yards because his well-known moniker allowed them to charge a premium for their condos.
In 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Wall Street drove its stock above $35 in 1996, but by 1998 it had fallen into single digits as the company remained profitless and struggled to pay just the interest on its nearly $2 billion in debt. Under such financial pressure, the properties were unable to make the improvements necessary for keeping up with their flashier competitors.
Problems loomed for Trump’s casino resorts. In a May 28, 2004, Wall Street Journal article, Trump said the specter of bankruptcy bothered him “from a psychological standpoint,” but added, “it really wouldn’t matter that much.” A number of his bondholders disagreed. In the same article, Meyer Marvald, a Florida retiree who said he owned about $44,000 of the bonds, claimed “[Trump] has the Sword of Damocles hanging over our heads.” On October 21, 2004, Trump Hotels & Casino Resorts announced a restructuring of its debt. The plan called for Trump’s individual ownership to be reduced from 56 percent to 27 percent, with bondholders receiving stock in exchange for surrendering part of the debt. Since then, Trump Hotels has been forced to seek voluntary bankruptcy protection to stay afloat. After the company applied for Chapter 11 Protection in November, 2004, Trump relinquished his CEO position but retained a role as Chairman of the Board. In May, 2005 [8] the company re-emerged from bankruptcy as Trump Entertainment Resorts Holdings. [9]
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Fred Fry
December 28th, 2006 at 4:34 am
“Only made $500 from consulting for Chris this month”
Come on. Did you only work one day/week?
You are not falling forward. You are standing behind yourself and pushing yourself right into the ground.
So many people work and have a business on the side. How is it that you can manage neither?
You have to give us some reason not to want you to fail. Try working full time for starters. You need the structure and rigidity of working for someone else. Otherwise you get fired.
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Austerity
December 28th, 2006 at 4:49 am
“…I’m at my parents’ house getting some food…”
and blogging.
Words fail me
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Ruh Roh
December 28th, 2006 at 4:53 am
Casey, you are delusional, “gotta take those risks, it’s all good”.
I know it’s a waste of effort to type this, since you never take advice, but put some ads on your blog. Maybe you can feed yourself.
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TK
December 28th, 2006 at 4:58 am
Casey, It’s not all good. Failures are great lessons for the future, but they do not always result in successes. Only the most successful people say their failures were stepping stones. For losers, failures were stepping stones to loserdom. Smart risks create winners. Gamblers take dumb ones and more often than not, find themselves in a position similar to yours.
If I ever hear that you PLAN to do something again, I’m going to scream Casey. It’s the New Year, DO something, don’t PLAN to do it.
Sit down and blog about what you actually did, not what you PLAN to do. BTW paying your landlady what you could in cash is an example of DOING and not PLANNING. DO that with the rest of your life.
DO go BK and get out of this financial mess
DO fix your marriage and your wife’s credit
DO get a PR Whore criminal defense lawyer who will take your case pro-bono
DO offer to blow the whistle on every one of these money-grubbing gurus and RE “Colleges” that steal your money in a manner far more despicable than WF ever did
DO blow the whistle on the entire crooked system which you thought could make you financially independent and ruined you.
Then and ONLY then will your failures become stepping stones to success.
Good luck Casey.
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Sharp as a Blunt Knife!
December 28th, 2006 at 5:10 am
The only risks one should take are smart risks…calculated risks…not throwing darts at the dart board in the dark.
There is no hope here…
Schadenfreude is what it’s called…thanks
Casey, there is no success here…none. Actually, you’ve been successful at letting the world know exactly who you are, which is a dilussional individual that bought the dream of easy money and let it take your freedom in the process.
You may have taught people that all this seminar stuff is designed to take your money and nothing more.
Yes you are a major success at failure…and comedy.
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69mandingo
December 28th, 2006 at 5:26 am
‘I am already doing it. I already know I can’t fail. What people see as “failure” is really a stepping stone to success… but only if I actually learn from it and turn in into something positive. “Failing Forward” type of a thing. Gotta take them risks. And yes sometimes it’s better to take smart risks. Unfortunately I’ve taken some dumb risks this year. But I didn’t know they were dumb until I took the risks. ”
I DONT THINK CASEY IS WRITING THIS ANYMORE. HIS WRITING STYLE HAS CHANGED MARKEDLY IN THIS POST. CASEY WHAT IS GOING ON HERE? IS THIS SITE ALL JUST SOME SORT OF FROMT FOR THE IMMIGRINT MAFIA?
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Aaron
December 28th, 2006 at 5:37 am
casey, moving is easy and doesnt cost money. rent a truck van. thats it. I recall last time you hired folks to help you. this is your problem. you think you dont have to work for anything. your attempted flipping….you hired everything done. putting flowers down etc you could have done(you hired this done you said too). it requires no skills.
you are the laziest POS I have ever heard about. YOU WILL NEVER AMOUNT TO MUCH WITH YOUR drive(lack of it bigtime).
stupid idea BTW to open another checking account. the folks you owe money can go after any assets you may have. My brother had a similar issue. He went to an all cash basis because of it. you should as well. of course your creditors are going to come after you furiously as they see that you are a scumbag liar.
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DJ
December 28th, 2006 at 5:50 am
“I just spent 3 days catching up with this site and spent an unbelivable amount of time on it. I still can’t figure out if its real or not. ”
It is not real - but you guys sure are biting on this. NO ONE is this incompetent …NO ONE.
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Craven Moorehead
December 28th, 2006 at 6:17 am
“sorry for any spelling mistakes, I’m at my parents’ house getting some food and they don’t have a google toolbar that lets me do a quick spell check)”
Spell check = Dictionary
Casey = Retard
Crasey Nires = Serin spelled backwards.
Enough of “gotta take risks” crap. I want to hear about all of your continued failures. The rest of that “positive thinking” stuff is just boring and will never happen (for you).
Love ya, mean it
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Bubbers
December 28th, 2006 at 6:18 am
Seriously, what is the point of opening a $100 checking account? Another day wasted.
I’m starting to wonder if Casey has a high-priced drug habit that he is financing with his loans. Where else could the money have gone? Or maybe he is an actual gambling addict and he is literally gambling his money away.
A clue is the dark eye circles in the latest photo despite the recent “Late Riser” habit. Perhaps his “business meetings” that last until 2 a.m. are really online gambling jags.
Casey, you need ____________ Anonymous (fill in the blank).
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jonny quest
December 28th, 2006 at 6:19 am
Good morning sunshine! Keep up those comments, they’re GRRRREAT!
Don’t you just love this one Caseynation? “…And no I’m not going to go live in one of my houses that are about to get foreclosed on. What, you want me to spend money/time moving over there, then spending more money/time moving out a month later when it sells or the bank takes it? Moving back-n-forth is not as easy as it seems.”
Our ‘future enterpriser’ here must require an Atlas van to get all his and wifey’s stuff from place to place. So pray tell, how many 1,000’s of sq. ft. is your current abode?
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Max
December 28th, 2006 at 6:24 am
i’ve just finished reading some of the posts but can’t read anymore since it’s too painful (because i can’t beleive somebody can actually be this….clueless, to put it politely) and aggravating to read everything.
casey, i feel so sorry for you. i can’t fault you for your spirit but dude, you need to know when to throw in the towel. you need to GROW UP. you said ” Unfortunately I’ve taken some dumb risks this year. But I didn’t know they were dumb until I took the risks.” the thing is, from what i read on this blog, you keep taking the SAME DUMB RISKS. the people here have given you sound advise but it just seems to fly over your head.
whatever, dude - self-destruct if you want to. as much as i feel sorry for you, i feel more for your wife because she has to put up with you. God bless her because i know a lot of women in her shoes would have left you a long time ago.
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SmallBall
December 28th, 2006 at 6:42 am
What’s the story on the Utah house and the missing $70k?
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Tom Sizemore
December 28th, 2006 at 7:00 am
“I am already doing it. I already know I can’t fail. What people see as “failure” is really a stepping stone to success…”
You might possibly be the most delusional person to ever walk this earth. You do realize that there is no coming back from the mess you’re in now, right? Do you really think that you can keep robbing Peter to pay Paul while not paying John is going to last? Seriously, you are going to lose all of your houses, what little credit you have left, and will probably end up in prison getting a Greyhound bus parked in your a$$ each night.
Please get this through your head - the risks you took were so retarded that not even Chris Burke would consider them as viable. Seriously, where do you think you’re going to go from here? The real estate game is over with and there is no way in hell that you’ll ever make a dime from it. Did you ever stop to think that most of the gurus you paid to see don’t actually own deal in real estate anymore? There’s obviously a reason.
You really are delusional. I hope you enjoy getting your colon smashed in prison.
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invest3
December 28th, 2006 at 7:01 am
Move into one of the bank’s houses and then do a Chapter 7. It will take them 6 months to a year to evict you. Once they get close to the auction (say the day before), have the wife BK and then the dog. Might as well keep the scam going as long as possible. “It’s all good!”
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In The Endgame
December 28th, 2006 at 7:08 am
Casey said: “And no I’m not going to go live in one of my houses that are about to get foreclosed on. What, you want me to spend money/time moving over there, then spending more money/time moving out a month later when it sells or the bank takes it? Moving back-n-forth is not as easy as it seems. ”
You’ve not been listening to people who say living in a house in CA significantly lengthens the f/c process - letting you keep it longer, and maybe saving one house out of your holdings.
And, no, I don’t want you to spend time/money to move — I really don’t care what you do.
Although you have nothing but time, and could borrow a pickup truck. I’ll bet I’ve moved a LOT more in my lifetime than you have - and moving (presumably a relatively small amount of stuff) at your age is no big deal, unless you’re lazy (which you are).
You have an excuse for EVERYTHING!
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Joey Bobo
December 28th, 2006 at 7:08 am
I would love to have a camera crew shadow Casey, take out the audio, speed up the video, and add some Benny Hill music to it.
Casey running to the ATM, stomping his feet at finding the missing $1099, then running to Starbucks to blog, then to the bank pleading and begging for the rest of his cash, then jumping for joy at getting his $900, then stopping off at Starbucks to blog, then running to the next bank, pleading to open an account, jumping for joy at getting a new ATM and complimentary credit card, then running to Jamba Juice to celebrate, then going to starbucks to blog, then calling the wife on his cellphone, then getting in the Jetta to pick her up, then going to Macoroni Grill to celebrate, then going to Starbucks to blog…
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Sippin on Jin and Jamba Juice
December 28th, 2006 at 7:09 am
Certainly nothing wrong with failing, so long as you can afford to make those failues and recover from them. But being as deep in the hole as you are you don’t have the luxury anymore to continue slipping further down and calling it a “success in disguise”.
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FuturesTrader
December 28th, 2006 at 7:16 am
Look genius, … the reason they are tellling you to move into one of your houses is because when you declare bankruptcy, they can’t take that particular house away from you. You’ll have a place to live. With your credit so bad, you will never find another apartment again.
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George Castanza
December 28th, 2006 at 7:30 am
Does anyone understand why Chris would actually pay Casey to consult. On what basis has Casey proven himself to be a viable consultant worthy of being paid. This is something I just don’t understand. This is no different then Isiah Thomas being hired as the GM of the Knicks. He was a proven loser in Toranto and then bankrupted the CBA only to be offered GM of the Knicks afterwards.
Somebody please make sense of this to me.
Casey, you need to start cutting down your expenese and move in with family until you can get yourself back on your feet. The money you will save by doing this you should pay off your friends and family first because you owe so much to the lenders who gives a crap if you pay them $1,000 at this point. Help get your family and friends out of the debacle you brought them into.
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dumberer and dumerest
December 28th, 2006 at 7:33 am
who is your landlord?
have you moved from your in-laws?
how much do you pay your inlaws “RENT” when you actually own homes?
you cant move into one of your houses?
WHY?
whats the cost of moving a hefty bag of clothes and a deflated blue bouncyball?
where do you store your STUFF? are you paying for storage?
are you too lazy to rent a uhual and move it yourself?
are you saying that you & your wife would need furniture & need to “decorate”?
get an cheap twin size airmattress for your wife, and you casey get to sleep on the floor you lunatic!
CASEY!!!!
since you actually seem to throw reality to the wind and ignore real advice, WHY WHY WHY would you think that living in your own home facing forclosure is a problem….
move in and find a sweet deal to keep a ONE primary residence….
oh yeah, most people who have ever faced liens, bank account freezes KNOW and LEARN the HARD WAY,
you dont keep $$$ in the bank or use direct deposit if you OWE money
WHO owes you $8000 and WHY?
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Cara
December 28th, 2006 at 7:40 am
Answer my question, please.
What have you done in your lifetime that YOU consider to be “hard work”?
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Sandra Rose
December 28th, 2006 at 7:48 am
Casey,
How many months has it been since you stop making payments on the mortgages? I am curious, because I would of thought the banks would of foreclosed by now?
So how long does it take for a foreclosure? (average time)
SR
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Renton
December 28th, 2006 at 7:53 am
So WF did the old “all your money belong to us” scheme? Well boo hoo. You had it coming!
I love this script, this keeps getting better and better.
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Dumbfounded
December 28th, 2006 at 7:54 am
“’Casey-What would you do if you know you could not Fail ?’
I am already doing it. I already know I can’t fail…..”
Are you really that stupid? Can idiocy be a valid criminal defense? If so, you’ve got it made.
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Wishful Thinker
December 28th, 2006 at 7:55 am
Casey is a real-life Cosmo Kramer
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Jobu
December 28th, 2006 at 7:57 am
Hahaha. This takes the cake. What did your wife do for the 2.5 years she was ‘on break’? Sometimes it’s better to take smart risks? Sometimes? How do you plan to learn from your failures? People have been giving you good advice for months now and you have yet to learn from any of it or use any of it.
I know, it’s all good.
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Landlord
December 28th, 2006 at 8:04 am
“And no I’m not going to go live in one of my houses that are about to get foreclosed on. What, you want me to spend money/time moving over there, then spending more money/time moving out a month later when it sells or the bank takes it? Moving back-n-forth is not as easy as it seems.”
The reason everyone is telling you to move into one of your Sacramento homes is that homes are “protected” in the event of a bankruptcy. Unfortunately that won’t help you very much.
According to California law, certain secured loans are protected from bankruptcy (like a house or a car). But to protect these you must “reaffirm” the loan which bring it’s payments current (probably from refinancing). However a married couple in California can only protect up to $75,000 in home equity (the rest they have to extract in the refinancing and use to settle debts).
In other words, living in a Sacramento home before you declare bankrupcty would be a great idea if you had equity in it. You could save that equity from being lost by the foreclosures on your other homes (and the credit card companies).
Why everyone keeps bringing this up is because many notable real estate gurus have had their house of cards collapse under them and have filed for bankruptcy from the safety of their $2 million dollar homes (mostly paid for by the loans taken for other properties). Florida, by the way, doesn’t cap the amount of equity you can save during bankruptcy (which is why so many gurus live there).
Since you appear to be underwater on all of your properties, the best thing you could do is move back in with either your parents or your in-laws and stop paying rent. File for bankruptcy and start putting your lives back together. Your credit is already ruined, there’s nothing left to save.
Of course, if you actually did so you would end this tragic drama that has kept me enthralled for the past several months.
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Bob Ross
December 28th, 2006 at 8:07 am
There went the money you needed for a bankruptcy attorney. As was mentioned before, you are unlikely to find one that will really be able to help you for less than around $5 grand. Anyone who charges less than that is probably just going to be helping you fill out the paperwork to get your case started. You need a whole lot more than just that.
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Horatio
December 28th, 2006 at 8:11 am
GO TO BED! WHY WERE YOU UP AT 1:22AM? HOW WILL YOU EVER GET AT 5:%%AM? GO TO BED!
NEXT GET A JOB! Better do it before you’re unemployable because of your bad credit. Many employers are not hiring people who have been irresponsible with their credit. GET A JOB IN HAND NOW! STAY WITH IT!
H
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Aelfscine
December 28th, 2006 at 8:30 am
scrap the denial already
You have failed, it’s not ‘all good,’ now deal with it!!!
It’s OK that you screwed up, you made bad decisions and you are f*cked. Admit to yourself that nothing you’ve tried since you got into this mess has worked. NOTHING.
Making bad decisions is normal, natural, human. But seriously, this is enough. Continuing to make bad decisions, the same bad decisions, like this corporate credit nonsense, is inhuman. Computers get locked in infinite loops, unable to change course, wasps and bugs have programmed responses to things they can’t deviate from, and you’re acting a hell of a lot more like them than a human being.
You can begin to recover from this if you can admit your failures and take a different course. If you can’t do that, well, you could probably get a job with the Bush administration.
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Chris
December 28th, 2006 at 8:31 am
Bet you’re regretting all those Jamba Juice purchases *now* huh? >_
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Stephanie J.
December 28th, 2006 at 8:34 am
Oh my God…
You cannot *possibly* be this obtuse. This addictive, deluded behaviour is almost impossible to believe as real.
ENOUGH WITH THE GOD DAMNED ‘GURU’ CREATED BUZZ WORDS! Failing forward… WHAT A CROCK! Your world is starting to crumble, and you’re spouting crappy dogma?
Christ on a Crutch!
Ring Ring– Hello? This is REALITY CALLING… is Casey there?
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DrifterBee
December 28th, 2006 at 8:43 am
Casey,
You owe WFB a lot of money. I’m amazed you can even open any accounts with anyone. If you don’t file BK — banks/bill collectors will simply forclose on ALL your assets.
What’s to say WFB couldn’t get get a judgement against you for non-payment and seize whatever they can get their hands on? What recourse would you have? No bankruptcy protection, for sure.
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Sam Sys
December 28th, 2006 at 8:49 am
Ouch, that DOES sound frustrating, hope everything turns out alright my friend.
Regards.
http://allfinancials.blogspot.com
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eddiemegetty
December 28th, 2006 at 8:54 am
I”m expecting 400 comments here, too bad you got killed by google on the adsense.
See the writing on the wall, going corporate won’t work. Your wasting your time and money. You fail to go the sensible route in filing for BK. By this time you would have had a book deal in place if you had the foresight of filing around October or even September.
3 things to do come 2007
1. File BK
2. Get a job
3. Live frugally
All of this can be done in 1 month, at least 2 of them anyway. Its amazing how you wasted 4 months of great financial advice. Its beyond comprehension!
I for one may not earn much, but I finally paid off Bank of America’s stupid $2300 and I have gotten the save/pay in cash mentality. I live in a house with my parents who are paying a mortgage payment of $2,645 (the rent covers whole thing and its 30yr fixed). With my low rent and the money saved I’ll do some investing, but not in real estate. I don’t think that’s too bad for someone who’s in the rat race.
Grow up and get your act together.
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Ozzie Tim
December 28th, 2006 at 8:55 am
G’day mates!
Ozzie Tim here.
Fair suck of the sav! I’ll give you the drum, the cook’s fixin to bolt. and while you’re cryin in your beer, the hoon from the 36% loan is going to lob in on you for the quid. Some of the ‘haters think you’re a no-hoper, me, I’m beginning to think you’re an Ocker.
I just don’t get your mental state. One day you’re grinning like a shot fox and the next you’re cactus! Don’t you see any fartehr than the end of your face? You came to the US a refo, got pulled up by your bootstraps and now you’re back to living with the rellies while you’ve got 2 houses nearby. Sleep on the floor. Get a cot (used!) you are starting to come to the raw prawn, me bucko.
Here’s some good oil: Talk to that Chris bloke. Go in early, stay late. Stay away from the milk bar, take your own sanger (maybe a dog’s eye for a treat). Not to skite this one but it been said six ways to Sunday already.
Watch your back. Those banks might shut you off at any moment.
Good on ya mate, just nut out a way to see sunsine again.
Tha’t good oil.
(figjam!)
Hoodo, Ozzie Tim
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father_JACK
December 28th, 2006 at 9:10 am
@ Tim from Monterey :
I assume that the PayPal tip jar is linked to the (closed) WF account?
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BT98
December 28th, 2006 at 9:10 am
==Schadenfreude is a malicious satisfaction obtained from the misfortunes of others.
The word in English is Haha - (Simpson version)
Seriously, there is only so much haha we can take. The humor/joke is getting old. Why don’t you fake some good news for a change. You know mix tears with laughter occationally to keep this movie going.
Sorry for not feel much sympathy about you latest misfortune. Since you are losing 700-1500 every day in interest and penalty and captical losses, I figure you are getting use to it by now. What’s another 1099?
Tell us honestly, when you were going through the process of buying 8 properties, have you never fear something like this might happen to you? How did you concer your fear and find your inner peace. Oh wait, I got it. You lied to youself for you are a liar and gullible person in it. Like Tim from MBA said you pull a pyramid scheme on youself. Just like committing a financial suicide, only difference is you have a lot of collateral damage than just yourself.
BT
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Miguel
December 28th, 2006 at 9:16 am
Personally, I find it very difficult to hate Casey, because I genuinely don’t think he has a hateful bone in his body.
His tragedy is that he’s supremely ignorant, naive and gullible, which when allied to a self-belief that simply doesn’t match up to the available evidence, makes him an authentically tragic figure.
In fact, I realised who he reminded me of when picking a DVD off my shelves last night - a man named Edward D. Wood, Jr.
He’s best known today for being the subject of Tim Burton’s marvellous 1994 biopic ED WOOD, but he was a real person, and aside from the fact that he was an aspiring moviemaker as opposed to a real estate developer, the parallels are pretty much exact.
Like Casey, Wood had massive ambitions to make it legendarily big in his chosen field. Like Casey, he was a young, good-looking guy who had the ability to charm the pants off anyone. And, like Casey, he was possessed of boundless self-confidence and self-belief, refusing to regard even pretty hefty knockbacks as anything more than temporary blips on his path to fame and fortune. He even had a famous Kiyosaki-style mentor in the form of Hollywood star Bela Lugosi.
But he also - and here the parallels with Casey get rather more telling - had next to zero talent. And, also like Casey, he had next to zero awareness that it was this that would permanently hobble his ambitions and ensure that he stood next to no chance of making it big.
In Burton’s film, there’s a wonderful moment when his backers visit the set of one of Wood’s films and react with undisguised horror at the appalling amateurism of what they’ve financed. They corral Wood and fire lots of tough, pertinent questions at him. In response, Wood makes this gloriously deluded speech about how moviemaking isn’t about the little details, it’s about the big picture!
It sounds great the way he (or rather Johnny Depp) delivers it - the only problem being that it’s 180 degrees wrong.
And Casey, too, thinks that the big picture is all that matters - the little details will sort themselves out. The tragedy is, Wood would have been just as wrong if he’d been talking about real estate, another field where it’s vital to get on top of hundreds if not thousands of little details.
Unfortunately, I’m not sure whether I can recommend Burton’s movie to Casey - partly because he shouldn’t be spending other people’s money on such fripperies, but also because Burton goes for a fantasy “happy ending” which Casey would doubtless swallow hook, line and sinker.
In reality, Wood died penniless, destitute and alone - because while he never lost sight of the big picture, the little details finally caught up with him. And by then there were too many to ignore.
Casey, you desperately, desperately need to get on top of the little details. Otherwise they’ll get on top of you - and while one might seem easy to ignore, once they add up to thousands you simply won’t be able to keep afloat.
And you also need to do what Wood never did, which is to be brutally honest about your lack of knowledge and talent in your chosen field - and either get out of it altogether (which I would seriously recommend) or give yourself a proper education in the basics of business, economics, and personal finance - in short, everything that you should have known long before you got into your present mess. Otherwise, even if by some miracle you manage to climb out of the hole you’re in, you’ll just reach for the nearest shovel and do it all over again.
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Seinfeld
December 28th, 2006 at 9:17 am
Timmy The Dying Boy - Are you the same TTDB from FC? If so, YAF,R?
Oh i miss that site. These posters and comments bring me back.
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Don't enhale the Serin Gas
December 28th, 2006 at 9:24 am
Been a while Casey, I was really starting to get bored and then you just reel us all back in with this. I have run the gammit(sp) of emotions with this blog(disbelief, anger, empathy). You are unreal, I hope that WF catchesup(hehe) to you and hauls you off by the balls. That is of course if this is even real, as I am know back to believing it is fake. You got me, I am totally hooked. This is better than 24, and it is just as unbelievable(sp).
Mr Flip, I miss Ogg too, and Sputnik
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Failure and Risks
December 28th, 2006 at 9:29 am
It’s all good!
No, no it’s not. You owe, minimum 2.2 million dollars as of September. The values of your properties are falling. You’re taking on MORE debt. You’re not even covering your living expenses.
It’s not good, Casey. It’s bad. You have no idea what your financial position is. You’re in denial.
I do agree with you, that failure isn’t failure if you learn. But what have you learned? From your post today I am not seeing any lessons that you’ve learned since you started this blog.
From the comments I’ve read here you have a lot of successful entrepreneurs giving you advice on how to be successful. You’re not listening to any of them. You’re continually pretending everything is OK and you’re not deeply in debt.
You are. You are financially unable to pay for your living expenses, even outside the mortgages.
Look, I’ve been there. A few years ago I started a business. Both my partner and I had been laid off during the dotbomb and we needed to do something to bring in income. The first 2 or 3 years were quite painful. There were months we borrowed money to pay for our living expenses. But we had a business plan and we had a life plan. We had “get out” triggers, we had backup plans, we had thought about our long term goals. We weren’t waiting for it to happen to us.
As painful as it was, I paid attention to the credit card statements that came in. I looked at how much we owed and how much we were making at least monthly. While I didn’t have a written budget, I had a mental budget and knew how much we could spend at any one time. You have no idea of your monthly burn rate. You have no idea how much money you have. You don’t even have any idea what the contracts you’ve signed say!
It’s not easy to be an independent business person, despite what your gurus tell you. It’s a lot of work, it’s a lot of energy, a lot of sleepless nights, and a lot of what-if thinking. None of that is evident in your postings here.
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Don't enhale the Serin Gas
December 28th, 2006 at 9:29 am
new question, how is wife paying for school? She cant possibly be getting approved for student loans?
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The Man
December 28th, 2006 at 9:32 am
What time did you get up today? It’s hard to get up at 5:30 am when you are up at 1:22 am blogging. But thanks for the entertainment in any case.
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The Man
December 28th, 2006 at 9:34 am
I guess I should ask one more question. A previous poster noted that you might have a problem with CHEX. Did you have any issue with this? You seem to indicate that you were able to open a new account without too many problems. This would be good information for others if you could expand on it.
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Honestly Wondering
December 28th, 2006 at 9:38 am
@Casey: “I already know I can’t fail. What people see as “failure” is really a stepping stone to success… but only if I actually learn from it and turn in into something positive. “Failing Forward” type of a thing.”
Actually, you’ve been “failing forward” for several years now, not just this one. By your own admission, the only “sweet deal” that worked out was the original condo sale that netted you $30K. Everything else since then has been one long story of “failing forward”, spinning a new and bigger risk to make up the cash on a bad deal. Each step of the way you compounded the previous problem by trying to “creatively” turn it positive.
It’s called the Martingale betting system. You place a bet, spin the wheel. If you lose, you double the next bet - that way if you win, you make up what you previously lost. The idea is that Fate will eventually cut you a break, you’ll win when it counts, and that all those losses are just setting you up for the big payoff later.
This system historically has been very popular with intuitive gamblers, because it plays into how a gambler thinks (i.e., long loss streaks are impossible). But mathematically, the system is a loser. You may win a few here and there, but over the long term you will lose money.. and eventually, you will get cleaned out. It’s a mathematical certainty.
The problem you have now is that you can no longer double your bet. You’ve been cleaned - one more victim of basic math, with nowhere forward left to fall. So face it: you’ve just plain failed.
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Julie
December 28th, 2006 at 9:42 am
http://www.kontera.com/?id=41 Check this out. This is In-Text Advertising: Online Interactive Product Placement. You can find it being used on www.youngentrepreneur.com and www.joomlaspan.com.
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BT98
December 28th, 2006 at 9:46 am
–I am already doing it. I already know I can’t fail.
There, there, that’s is attitude my man. Cheers!
–She is going for a different degree though.
What degree is that?
–There is also another large private loan that I haven’t mentioned yet.
How much, what rate and when, who and why?
–Moving back-n-forth is not as easy as it seems.
You got that right mister. More importantly if you moved out. You might not able to move back with you in-laws anymore.
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dumberer and dumerest
December 28th, 2006 at 9:50 am
Casey, someone is cyber squatting one of those silly search/link referral pop up sites based on a misspelling of your site.
http:// iamfacingforclsoure .com/
your now famous…congrats
casey what kind of pda/phone do you have?
hows that VDubs doing?
what did you BUY / BORROW / BEG /OVERDRAFT for xmas gifts?
how much do you pay for cell phone / data / internet service?
have you treated yourself to JAMBA JUICE?
how have you creatively marketed your houses?
what kind of stuff can you sell on ebay to get cash?
how much have you donated to charity?
do you envision retirement /passive income as a way of being on the beach all day or do you plan on doing something noble with your life? like volunteering? saving stray cats? helping the homeless?
is sloth & greed & vanity the whole point of your RE goals? greed?
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Astro Zombie
December 28th, 2006 at 9:50 am
“I already know I can’t fail” - Sorry bud, but you have failed and just haven’t admitted it yet. You still have time to fix your life, but your RE career is the literal definition of a failure.
Why is it that people with little to no experience / education think they can just jump into an industry and cut “Sweet deals”.
FWIW - I sold my house last week. I made only 6% YOY on it because I am not in a boomer state.
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Tim from Monterey Bay Area
December 28th, 2006 at 10:12 am
“Dude, that corporate credit thing is not going to work because the leader of the company (you) has the worst credit in the world. So many people have told you this, but you still don’t listen.”
Several people have also told Casey that getting a corporate line of credit does NOT mean that his personal debts and his wife’s credit card bills and varous other obligations can simply be “paid off” by (or transferred to) the new corporation he has created.
This kind of commingling of assets is usually treated as fraud and is grounds for lifting or “piercing the corporate veil,” the one that usually protects the shareholders in a corporation from being obligated to pay the debts of a corporation. If the corporation acquires the debts of a person, the protection will likely be removed in a court action (the piercing).
There’s a huge amount of law on all of this, and I’ve only sketched the basic concept. A lawyer may know little details which fine-tune this basic concept. But the basic point is that Casey is delusional if he thinks he can file paperwork to create a corporation, transfer his $150K or more in personal debts, his various property debts (back payments, taxes, and the “underwater” deficits for any short sales or foreclosures), and then have his personal finances safely protected.
In a nutshell, this would be precisely the kind of behavior that would lift or pierce the corporate veil. As the Wikipedia summarizes it:
http://en.wikipedia.org/wiki/P.....orate_veil
Factors for Court to Consider
So grossly undercapitalized that fraud is likely
Failure to observe corporate formalities
Intermingling of assets of the corporation and of the shareholder
Treatment by an individual of the assets of corporation as his/her own
Failure to pay dividends
Siphoning of corporate funds by the dominant shareholder(s)
Non-functioning corporate officers and/or directors
Concealment or misrepresentation of members
Absence of corporate records
Was the corporation being used as a “façade” for dominant shareholder(s) personal dealings
Failure to maintain arm’s length relationships with related entities
Manipulation of assets or liabilities to concentrate the assets or liabilities
Other factors the court finds relevant
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Rob P
December 28th, 2006 at 10:17 am
@ Dan Riba
How did you get through the BK process (I assume a Chapter 7 complete discharge) with your strongbox of cash intact? It was an asset that had to be declared and used to satisfy your debts. Did you fraudulently fail to disclose it to the BK court and the trustee, or did you disclose it and make some other accommodation?
I tend to play by the legal rules in these sorts of things and am interested in how people get around them.
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sisb
December 28th, 2006 at 10:18 am
“I’m in the process of setting up my corporation as we speak, will update you on progress as stuff happens”
Why? I usually don’t laugh at the misfortunate of others but this quote made me giggle a whole hell of a lot.
Good lord, man
-sean
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sisb
December 28th, 2006 at 10:22 am
I also read that your wife is pursuing a different degree. In what?
This is a good time for her to quit school (for now) and regroup by going to work. If she doesn’t know what she wants to do now, she won’t find it in school.
She doesn’t really have the choice to sit around all day and study, does she? She has to buck up and help keep the ole Serin boat afloat.
You know this, but you allow her to persue her dreams because if you don’t, then the marriage is likely to fail. It will be the straw that broke the camel’s back. So, the marriage is based on a false premise anyhow. She made her marriage vows (for better or for worse) yet won’t stick it out when the going gets real tough (and its getting tougher every day).
Nice manipulative move by letting her stay in school.
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Sam
December 28th, 2006 at 10:28 am
have you gotten out of bed today, december 28, 2006???
have you done anything productive yet today????
maybe like get a JOB????
do you receive foodstamps???
why won’t you let Homey Da Clown post here????
BRING BACK HOMEY!
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Sprezzatura
December 28th, 2006 at 10:29 am
What people see as “failure” is really a stepping stone to success… but only if I actually learn from it and turn in into something positive.
Given that your goal is to earn enough money so that you can retire sooner rather than later, how exactly has the least year helped in in any concrete way towards that goal? Yes, you’ve learned what NOT to do, but you’re also millions of dollars further away from your goal line than you were when you started, plus your opportunities are now significantly constrained thanks to your “successes” to date.
How is that not an unmitigated failure?
Look, there is NOTHING wrong with failing. We all do it. But refusing to admit a failure is just stupid, because it prevents you from accepting reality and moving onward.
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sisb
December 28th, 2006 at 10:32 am
” already know I can’t fail. What people see as “failure” is really a stepping stone to success… but only if I actually learn from it and turn in into something positive. “Failing Forward” type of a thing. Gotta take them risks.”
You have to take measured, calculated risks.
You’ve been brainwashed by all of these bullshit books and seminars, quoting them like a cultist. The only result will be a compromised ability to assess probabilities. That’s sad.
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Crashlander
December 28th, 2006 at 10:36 am
“All your bank are belong to us!”
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Kevin
December 28th, 2006 at 10:58 am
Stephanie J -
I think I love you….
*siggggh*…
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WELLS ACCOUNT
December 28th, 2006 at 11:11 am
You can get even with that nasty Wells Fargo — just keep using your debit card where you can! You can also keep writing checks — buy a new laptop. And don’t notify CASHCALL the WFB DDA is closed (this is just like writing a bad check or using the debit card, so you might as well do all three of these things)!
Good luck with that,
UncleC
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Tim from Monterey Bay Area
December 28th, 2006 at 11:15 am
Casey, you could make a good start on updating your financials by…by…by updating your financials! Duh!
I mean the financials you have on your home page, the summaries for your various properties. Most of them have information that was last updated in September. Something like this:
“Your Cost:
$322,649 my existing loan balance
$8,836 to bring loans current (as of 09/18/06)
$1,600 approx. settlement/title costs
$8,997 to agent/brokers ($249 + 2.5%*)
$7,567 for my equity”
You should be updating these summaries monthly, if not more often.
(But take out the crap about how much you’d “like” to get, what you think a property “might” be worth, and all language about “for my equity.” Nobody looking to buy is going to pay more to “catch up my loans” or “for my equity.” Just include your asking price, references to appraisals, comparables, and, of course, your real estate agent’s contact information.)
By the way, how is that properties which were 3 months delinquent in September, and so are 6 months delinquent this month, have not been foreclosed upon? You haven’t mentioned to us anything about the Certified Mail letters you said used to be arriving regularly. While you are not obliged to tell us everything, it seems odd that you have not mentioned how it is that 4 properties which are about 6 months in arrears have not triggered foreclosure activity.
So just by spending 10 minutes on each of these, updating the “bring loans current” from 9/18/06 to 12/18/06 (oops, we’re almost into January, so better make it 1/18/07, a nice round 7 months in arrears, gulp!), you could help clarify your situation.
And since your credit card/personal loans debt seems to be about $150-170,000 at this point, you could include it as if it were another item on your financials sheet.
This is not as well-designed as it could be, but it sure beats flying blind.
–Tim from Monterey Bay
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Monty Burns
December 28th, 2006 at 11:15 am
That’s it. This is just bating. None of this happened. The fact that this is presented in the most self-absorbed way in order to get a rise out of everyone is just too obvious.
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Dan Riba
December 28th, 2006 at 11:17 am
To Rob P, re:
[i]How did you get through the BK process (I assume a Chapter 7 complete discharge) with your strongbox of cash intact?[/i]
I said I spent it. The BR court was so crowded the judge was just shuffling people through every minute or so. My total time involvement for the BR process was an hour and a half to fill out the simple paperwork, $700 for the lawyer, and the court appearance.
Why did I do it? The office for which I worked had been shuttered about a year before, and 150 employees were stiffed for the last two weeks paychecks, and the retirement funds had disappeared along with the business owner who has yet to be found. So I was broke and the BR gave me an out. I worked a minimum wage job for a while but it didn’t pay for my medical bills and ongoing treatment. Somebody had to pay, so why not the banks. I got it squared away now and finally got another job for which I am degreed, thank goodness. I had to keep comprehensive records and track everything to make it all work smoothly, though.
There was some spiteful activity taken by a couple of credit card comapnies. They refused to list bankrupted accounts properly, preventing my credit rebuilding. Six months of daily effort finally caused them to yield, and I’m good to go again. With any luck, I’ve seen the last of BR court, but it pays to keep several escape options open, especially when your health isn’t the best and you’re in the USA.
The post of of mine to which you refer seems to have vanished. It’s musical censorshop again…
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Dan Riba
December 28th, 2006 at 11:19 am
After I posted, my previous post reappeared. Who knows what’s going on. Ignore the censorship comment.
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Hater
December 28th, 2006 at 11:25 am
I thought you got $1500 from Chris like the Friday after Thanksgiving?
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Hater
December 28th, 2006 at 11:29 am
sisb, Casey is making his wife get a job in January, he stated this earlier.
Sometimes this is what it takes for a woman to realize that she can take care of herself and move on. I hope it doesn’t take her long.
I bet he forced her to apply at Starbuck’s or Jamba Juice, so he can leech off of her employee discount. Or maybe he’ll have her waiting tables at Macaroni Grill?
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invest3
December 28th, 2006 at 11:31 am
Hi Casey,
Could you consult me on how to hock all my paid for assets to become a leveraged RE mogul too? Sign me up for those “sweeeet deals.” I want to be a playa and have my bank and brokerage accounts vacuumed out as well. Maybe you could show me how to sell naked options on margin. I’ve always wanted to experience a margin call. A solvent life without much debt is just not exciting like yours…
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T
December 28th, 2006 at 11:42 am
dumberer and dumerest said: “do you envision retirement /passive income as a way of being on the beach all day or do you plan on doing something noble with your life? like volunteering? saving stray cats? helping the homeless?”
I’d also like to know the answer to this question. What, pray tell, would our Casey want to do with the rest of his life if he were able to retire at 24?
And someone asked what Casey’s wife did during the 2.5 years she took off from school at the beginning of their marriage. I think that was when Casey was sitting on $30k from the condo he sold and he was pretending to be a cash-rich, high-rollin, real estate playa.
I think that’s also how he’s keeping his wife right now……with the promise of a future easy-peasy/lazy-crazy lifestyle once he makes that next “sweet deal” that’ll turn this all around.
Casey’s prolly sweet-talking the cr@p out of that poor woman….dangling the good life in front of her like the proverbial carrot on a stick and pointing to their initial 2.5 years of marriage as a reminder of how things were and how they could be again once he gets back on his feet.
I bet they took long walks to Jamba Juice, ate romantic Macaroni Grill meals, breakfasted on oversized muffins and venti nonfat lattes at Starbucks during those initial years….sleeping in every day and waking up to shower and get dressed around 3 pm each afternoon.
Those crazy kids!!
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LostCause
December 28th, 2006 at 11:46 am
You are a cash generating machine, Casey. Why are you having such a tough time adjusting to your role? BTW it is a booming economy for foreclosure services. You should capitalize your vast knowledge of this industry and start an eviction service or something. http://www.denverpost.com/business/ci_4900525
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BT98
December 28th, 2006 at 11:52 am
Casey remember what RK said:
– Mistakes are only sins when not admitted.
You made some mistakes, but since you admitted it, you have not sinned. Way to go!
– You are so brave for talking about it
Indeed you are truly brave and fearless.
– You cannot let this thing beat you, if it beats you then you are finished.
So keep drag it on as long as possible
– Screw the critics
Yeah don’t ever take no advice from this blog. It’s full of haters
– Five years from now, you richer than all the haters
Yeah screw the haters! (waving the finger)
– You might go to jail and become some one’s girlfriend
Oops! I don’t know why this particular line jump to my mind, but RK did say it.
– This is an example of greater fool
Too bad, if only you could start three years earlier.
– here is my gift to you, two books
have you finished reading RK’s books? Did you receive it from the contract lady?
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Miguel
December 28th, 2006 at 11:54 am
“I am not going to let WF or anyone to just take out money as they please.”
If you genuinely believe that WF has stolen your money, what’s to stop you suing them?
But I’m willing to bet:
(a) that the small print of the contract that you signed with them clearly states that in the event of you defaulting on agreed payments, they can obtain part payment by other means;
(b) that somewhere in that vast pile of unopened mail is a letter from WF saying that if you don’t pay by Christmas, they’ll deduct $1,000 anyway.
And please can you respond in detail to Monterey Tim’s last post? Many people have tried to explain to you why this corporate credit scam (for such it is) simply won’t work, but Tim’s post nails the exact reasons with such succinctness that they’re hard to answer.
And if you’re still going ahead with it, can you please explain why these reasons don’t apply to you?
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bo bo
December 28th, 2006 at 12:04 pm
has anyone verified whether casey serin is real or not? wouldn’t the Texas foreclosure be in the public records?
let’s see if this comment makes it through or not…
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Joe Bloe
December 28th, 2006 at 12:09 pm
Casey,
You need to read up on risk, my friend. You’d have been better off taking your money to Vegas.
http://www.justfindthis.com/entry/Risk.html
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Sac Realtor
December 28th, 2006 at 12:19 pm
Casey:
It sounds like you don’t have what it takes to be a real filpper.
If you want to go out with a bang you can get as much as you can from tenants and lease your homes for as much as you can with long term leases.
You will screw Wells Fargo out of more than they took when they forclose and can not get rid of a tenant who has a five year lease paid in advance…
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LostCause
December 28th, 2006 at 12:23 pm
You should really get used to paying cash for everything, Casey. Banks are robbers these days, it’s true, but it is legal, and you have a choice. You took the bait, and now you are on the hook. ‘Buyer beware’ comes from the latin Caveat emptor. This stuff has been going on for a long time. Besides, by the time that you are finished with this debacle, you won’t even be able to get a cheacking account.
Cash will give you a better chance to conserve your money. You will be able to at least answer the question “How much money do I have in my pocket?” Once you control that amount, you can work on your net worth and monthly interest expense.
Perhaps you should consider Debtor’s Anonymous. You need more than blogging strangers. You need self help. You will work with others in the same boat. You will get better direction there.
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Sputnik_the_Cat
December 28th, 2006 at 12:25 pm
SPUTNIK_the_CAT thinks you should start making KASEY KAT FOOD!!!
aaack!! But maybe that’s because I’m starving. If I don’t eat, I’ll have nothing to poop out. And all of Caseyland knows I’m a lot more fun when I’m pooping…
$500 dollars from Chris! That’s not a lot of KASEY KAT FOOD!!! Good thing the neighborhood clowns are still bringing me treats: Fishyums!
S_t_C
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Buzz Saw
December 28th, 2006 at 12:26 pm
To all you dimwits out there: Hello? Is anyone home? You are wasting your breath on Casey, he doesn’t want your advice, he wants your comments and publicity. In case you haven’t figured it out he is trolling the ‘net for publicity, nothing else. Quit with the advice. Are you all really that stupid? Just type in gagaga… It means as much to him. Casey, you are a maddening mf. Don’t forget to ask for the “reach around”. Don’t worry, they’ll know what it means.
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Jake
December 28th, 2006 at 12:26 pm
Casey:
I think you are giving up on your dreams too easily.
What you need is the time tested approach of a good mentoring program. Someone who can walk you through the darkness to find the dawn of your dreams in real estate.
This is America and Real Estate is YOUR future.
You are born for it. Don’t give up because of these minor set backs!
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69mandingo
December 28th, 2006 at 12:31 pm
casey
as a lawyer, i think you might want to consider filign suit against WF for pilferring $$ from your account. legally you have no case. but as a MANUEVER this may be highly effective in preventing WF or any other lenders from moving against you on the [much larger] $$ that YOU owe THEM. this could buy you some time as you wait for the market to turn or buy you some breathing room in which to turn new sweet deals and bail out the old sweet deals. think about it, dude
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Tim from Monterey Bay Area
December 28th, 2006 at 12:43 pm
You are at least $400,000 underwater, and still sinking, and yet you are still thinking you can borrow from Peter to pay Paul:
“* Still owe $4500 hi-interest loan I got from another private party so I can put it to use for the corporate credit thing (I’m in the process of setting up my corporation as we speak, will update you on progress as stuff happens)
* There is also another large private loan that I haven’t mentioned yet.”
The only way loans work out well is if there is a concrete, solid, good ROI business plan. A business _plan_, not a “business hope,” not a “failing forward” fantasy. While not all business ventures succeed, at least they need some reasonable expectation of success.
Anything else is just foolish gambling.
The $4500 “very high interest rate” loan to get yourself a corporation is a waste of money: you won’t have any capitalization with which to then launch any kind of business. (I dealt with the issue of using some corporate shell to pay off your various credit card debts. Not only is no bank going to lend you money with your “plan” being “pay off my $400K debts,” but intermingling corporate and personal accounts is fraud and “pierces the corporate veil.” The various guys now in prison for doing just this intermingling ought to tell you what you need to know.)
Fact is, you are so deeply insolvent, with a negative net worth of the aforementioned $400K, and with no apparent earning power at this point (*), that any “plan” to somehow come out positive is wishful thinking.
(* $500 for December, which doesn’t surprise me, given the time you spent doing other things besides working for Chris, what with jaunts to Phoenix for more seminars, blogging here, and “time spent with family.” It seems you are now _hoping_ for $3500/month from Chris, but you’ll have to be doing some serious work. And with your burn rate of $15-20K a month, this will still leave you sinking deeper.)
It is not hopeless in a total sense, just hopeless for your fantasy of the past few years that you can somehow get rich quick. You won’t be able to, not with a negative net worth of $400K and no ability to finance some kind of business.
About the best thing you can do now is to try to minimize further debts and to do what you can to avoid prosecution for fraud of various kinds. At least a hundred people here have said much the same thing.
Personally, I don’t think bankruptcy is as easy as some here seem to think. There are many, many exclusions, especially for debt run up based on fraud, for debt that has been intermingled for personal living expenses, etc. (Namely, when the court sees that you and your wife were basically living on loans arranged fraudulently, and were even getting new loans long after you knew just how bad things were, then the courts will not be likely to grant you a “debt forgiveness” on these debts. Basically, any loans of any kind that you got after about June 2006 are suspect, as your financial state was apparent by then. Certainly any loans obtained after you began this blog, in September, are probably going to be held to a very level of scrutiny by a bankruptcy judge.)
The reason I’ve kept emphasizing the importance of a balance sheet is this: YOU NEED TO BE HIT OVER THE HEAD BY THE SHEER MAGNITUDE OF YOUR NEGATIVE NET WORTH.
I think I understand now why your wife has never done this (3 years in a 2-year community college, and now she is dropping plans to be an accountant…sounds like she’s either disinterested or not very bright…just my opinion from the bits and pieces we’ve seen here).
But why has your _family_ not stepped in and said “ENOUGH!”
As so many people have said, “Stop digging!” There is no conceivable new business opportunity that you can get into that can make a big enough dent in your $400K negative net worth to solve your problems. (I am not saying that money should be thrown away, that you should not try to find a real job, just that when your “sinking rate” (burn rate) is $15-20K a month, and no plausible job or realistic business venture can come close to matching this, then the FIRST AND ONLY priority needs to be getting out of this sinking fast situation as quickly as possible.
You got this advice from a bunch of us months ago. And yet you keep playing with varoius screwball ideas–raffles, tip jars, new seminars, incorporation….
Someone in your family–your FATHER, for example–needs to sit you down and say “Son, cut out the bullshit. Do what needs to be done.”
–Tim from Monterey Bay Area
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Stephanie J.
December 28th, 2006 at 12:51 pm
Casey, it’s astounding how you can perceive the bank’s actions as a trespass upon *you*. You actually see yourself as a victim!!! ::pauses to rub her temples::
Why don’t you get a big wooden cross and drag it around the room a few times; and we can all venerate you for your martyrdom?
These are consequences you bring onto yourself! You have received sound advice for months, and yet you continue to go your own way, and whine that things aren’t working out. Why are you bothering with this? You call anyone with good advice or who is frustrated with you for crappy decisions a hater… learn nothing from what people have to say… my conclusion is that you are doing this only to secure assistance–and in a vain hope that someone will pluck you from danger after being overcome with sympathy for your plight.
Get real, it isn’t going to happen.
—————————————
@ Kevin
?…? I suppose a woman about to have a Casey-induced aneurysm floats your proverbial boat, huh?
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Fred Knott
December 28th, 2006 at 12:58 pm
Last month:
Casey’s wife: Stop blogging and get us out of this mess!
Casey: But I’m bringing in $1000 a month with Google Adsense
Casey’s wife: Ok, fine, as long as it’s bringing in some money.
This month:
Casey’s wife: Stop blogging and get us out of this mess!
Casey: But … umm …
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For Your Wife
December 28th, 2006 at 1:01 pm
Mrs. Serin:
At this juncture, you may be considering divorce. An alternate option would be annulment. This would render the marriage void - as if it never happened.
In California, nullity of marriage is dependent upon one of the following factors:
Incest: incest means the spouses or registered partner are close blood relatives.
Bigamy: bigamy means a spouse or partner was knowingly married or registered to another person at the time of marriage or at the time of registration of domestic partnership.
Underage: underage means a spouse or partner was below age 18 years at the time of marriage or registration of domestic partnership and did not obtain parental consent or a court order permitting the marriage.
Prior Existing Marriage or Prior Existing Domestic Partnership: prior existing marriage or prior existing domestic partnership means a spouse married or a partner registered on the mistaken belief that his or her previous marriage or partnership had ended in the death of the other spouse or partner, who in fact was still living.
Unsound Mind: unsound mind means a spouse or partner could not and has not formed the intent to marry or registered due to a mental condition.
Fraud: fraud means deception regarding a significant matter that led to the marriage or the partnership and continued until the breakup.
Force: force means threats or acts of harm were used to force one spouse or partner into the marriage or domestic partnership.
Incapacity: incapacity means a spouse or partner was and continues to be physically unable to consummate the marriage or partnership.
Given your young age at the time of the marriage (19), an attorney may be able to argue that either (a) Casey committed fraud (posing as a successful real estate investor, capable and able of supporting you and your education, or (b) “unsound mind” - from which his blog illustrates mood swings, impulsive purchases, ADHD, etc.
In seeking an attorney you could determine if your credit card reslting during the marriage to Casey was part of his fraud or mental instability, it could be that your debts are transferred and become Casey’s sole responsibility.
Talk to a good attorney. This could be a way for you to exit this nightmare and start over.
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Bank Accounts
December 28th, 2006 at 1:10 pm
Does this new bank know of your debit card overdrafts for Jamba Juice, Starbucks, etc.??
For a $100 checking, what are the monthly fees? How much will the check printing charges be? What will there overdraft fee be?
You also realize that by closing your WF account that they will be increasing the interest rate on your debts, right? (That too was in the fine print of the documents.)
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Jdelagado
December 28th, 2006 at 1:17 pm
Casey,
Get you money out and then cool out….. use money orders….
Don’t fall into that trap of “Get good grades, get a SAFE, secure job with benefits, 401k, invest for the long term- diversify, diversify, divesify”
This is what the haters on your site do well at and are jealous of you. At least you took some chances….
Jdelagado
*
stephanie J
December 28th, 2006 at 1:19 pm
Kevin-
I think i hate you….
*yuck*…
*
Robber Kamikaze
December 28th, 2006 at 1:24 pm
Casey - you have to be one of the LAZIEST son of a bitches I’ve ever met.
RK
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Kasey
December 28th, 2006 at 1:47 pm
Casey, I have a client who’s trying sell her 4.2 mill property. Interested in buying it? Current market approach shows the property would be worth 5.8 if developed property. Pretty sweet deal if you ask me
*
TIME TO FILE! TIME TO FILE!
December 28th, 2006 at 1:56 pm
If you would’ve filed bankruptcy, you wouldn’t have to have dealt with the bank this week. These folks are really smart here, Casey. You can hang on to the Sacto. house if you move into it. I don’t mean this to sound mean, but you desperately needs meds for ADD. They help you to focus on reality and to think clearer. You can probably find a free counseling center in your area, and they’ll in turn give you free samples. Please consider. It will help you in 2007.
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PRODUCT OF THE LEFTIST AGENDA
December 28th, 2006 at 1:56 pm
” already know I can’t fail. What people see as “failure” is really a stepping stone to success… but only if I actually learn from it and turn in into something positive. “Failing Forward” type of a thing. Gotta take them risks.”
Typical modern liberal indocrination - There are no “losers” - everyone is a winner - no one needs a blow to their self confidence, trying is all that counts - blah, blah, blah….wake up and welcome to reality kook!
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TWIT
December 28th, 2006 at 2:04 pm
@CS What people see as “failure” is really a stepping stone to success…
If this is true, you are going to be one of the biggest successes of the decade.
C’mon! There are no simple answers to complex questions. Platitudes might feel good while you are saying them, but the reality is that they are trite and have no real meaning.
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Underwear Model
December 28th, 2006 at 2:19 pm
Stop being a burden to your in-laws or whoever you live with. Move into one of your houses. If it forecloses, move to another one. It is your mess, you should suffer for it, not your in-laws. This will save you from paying rent. $1000 per month can go a long way when you are desperate for money.
Moving over and over is a lot easier than owing $2.2 million. STOP TAKING THE EASY ROUTE. You are living proof that the easy route sometimes turns out to be the hard route.
Besides, and read this carefully, if you live in one of your houses, when the long arm of the law comes-a-knockin’, you will only be guilty of fraud on 4 houses instead of 5. That could mean 20 years in jail.
That would be enough to make me move if I was as selfish as you. Forget the burden you are on everyone around you. Move into one of your houses helps Casey.
Am I wrong?
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Jacks
December 28th, 2006 at 2:22 pm
This is pretty common when you bank at a place where you also have debts. Somewhat common sense, I thought.
It’s probably better to not even have any money in banks when you are in default because there is always a possibility of having a default judgment without knowing about it and being wiped out the blink of an eye.
Think of how much easier it is when you actually have your account at the same place where you are delinquent.
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Rob P
December 28th, 2006 at 2:48 pm
Uh, folks–does anyone see anything unusual in WFB grabbing exactly $1,099 from Casey? After everyone advising him what the banks will do with reporting forgiveness of indebtedness income on short sales?
Our boy has a good sense of humor. He lacks integrity and any grounding in reality, but one out of three ain’t bad. In fact, one out of three is sweet!
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BRANDON
December 28th, 2006 at 2:55 pm
I hope you go to jail for awhile. You need to learn the world is real, not caseys playland.
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HN
December 28th, 2006 at 3:00 pm
Very funny … ha ha … I should not laugh at someone’s misfortune heh. Just don’t know whose misforture this is, you or the bank.
One month and nothing changed; still 6 houses unsold. Just a waste of time. Yours and mine. Mine for checking back to see if something change.
Many rooters still cheering you on for the whole damn month … ha ha … this is hilarious.
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Miguel
December 28th, 2006 at 3:04 pm
“You also realize that by closing your WF account that they will be increasing the interest rate on your debts, right? (That too was in the fine print of the documents.)”
Of course Casey knows that - what, do you think he didn’t read the fine print or something?
Actually, I’d be very curious as to whether Casey has ever read any fine print in his entire life. His various shenanigans in connection with this corporate credit scam (which appears more and more demented the more I think about it) would appear to suggest not.
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Back to Reality
December 28th, 2006 at 3:08 pm
@ bo bo
I have posted the link to Casey’s Texas foreclosure deed several times, but Casey has moderated those comments out (the deed contains Casey wife’s name, which he *promised* her he wouldn’t reveal in the blog). If you really want to see it, you can find it online fairly easily. I would tell you exactly how to get there, but then again, like my other posts, moderation would kill it before it made it into the comments.
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doitcasey
December 28th, 2006 at 3:10 pm
* Wife is not pursuing CPA anymore. She is going for a different degree though. She started before we got married then after the wedding she took a 2.5 year break mostly because of financial reasons. Now she is determined to finish one way or another. If she quits school now who knows if she will ever finish.
There you have it, I see that the financial problems started with her right after you married her. What’d you do, swindle her out of her tuition money? She has as much chance of finishing college as you do of finishing anything you start. Is she not going after a CPA degree suddenly because you have pretty much made it pointless for her to do so? Another life that you have ruined.
* Still owe $2,200 to my older friend who I borrowed the “3K to launch a comeback” from (the comeback which is taking a bit longer I guess)
I notice you forget to mention that the only reason you owe him 2200 instead of 3300 is because you paid him back 1100 of his own money. You didn’t work a dime or that money to pay him backm and you obviously haven’t since. That is your problem in a nutshell, you THINK you are showing him good faith by paying him back money when you really aren’t (that’s also why it was easy to do it back then, since it wasn’t YOUR money) and why it’s so hard for you right now, cause GOD forbid Casey Serin has to forego jamba juice, more real estate seminars, trips and macaroni grill!
* Still owe about 2K to in-laws.
Is anyone really surprised here? And we all KNOW it’s a little bit higher.
* Still owe $4500 hi-interest loan I got from another private party so I can put it to use for the corporate credit thing (I’m in the process of setting up my corporation as we speak, will update you on progress as stuff happens)
Geez, might as well wipe your ass with that money…didn’t you ever read or hear that if you are giving someone money to get more money it’s a scam? No..of course you didn’t…
* There is also another large private loan that I haven’t mentioned yet.
Yeah this ought to be good, probably as legit as your corporation loan scam thingy.
* Aside from all that there are the unsecured credit lines and credit cards that make up the $150K that I started this blog with.
Actually it’s higher, tack on your interest and late fees, as well as being over your credit line fees geniues, like that $37 you spent at jamba juice for a snotgrass drink.
* And of course there are all the foreclosures… I actually got some news on the Larchmont short sale. Will report in a separate blog post probably tomorrow.
More than likely it will be foreclosed on, just like all the others.
* That’s all the updates for now… as I remember stuff about any other looose ends I will throw it in the comments or make a separate post if something major develops.
(sorry for any spelling mistakes, I’m at my parents’ house getting some food and they don’t have a google toolbar that lets me do a quick spell check)
So you are already mooching off your rents? At least you are learning to be frugal, incidentally, a spell checker doesn’t help if you are are typing in a legitamate word, like lose and loose..then again, that explains a lot.
Keep dreaming Casey…
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Back to Reality
December 28th, 2006 at 3:14 pm
Also, if/when Casey files for bankruptcy protection, his petition will be public record. Therefore, we will all be able to pull his bankruptcy and see exactly what his debts are and his current income and his income for the two years preceding his bankruptcy filing (he is required to disclose all, not that his track record shows he actually does what is required).
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Turn Your Self In
December 28th, 2006 at 3:15 pm
Casey, when are you turning yourself INTO the FBI as Jerome suggested you do?
The longer you wait, the more it is costing us tax payers.
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Desiree
December 28th, 2006 at 3:17 pm
You must be freaking kidding me. Not Wells Fargo, YOU. You signed a legally binding contract, whose terms and conditions you apparently ignored, and are now upset that they took the right to offset on your account? Do you have any financial knowledge at all? The right to offset is not only 100% legal but also written into all major bank and credit union loans. When Wells Fargo comes looking for their money and destroys your credit score because of your absolutely disgusting lack of understanding or competance it will be entirely your fault.
Bottom line, you owe them the money and they have a right to get it any way they can. You signed the contract. You don’t get to borrow money and then not pay it back, what kind of idiot are you?
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Perfect scam
December 28th, 2006 at 3:17 pm
First guy buys 8 houses then hires an immigrant who will do fake loans and buy the houses from the first guy 1 month later at 115% value with no cash down.
First guys pais the immigrant 5K for his trouble and then with the cash difference buys himself a home with 100% money down…
Win-win = Sweet deal!
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Stephanie J.
December 28th, 2006 at 3:19 pm
@ impostor stephanie J…
Now, now… I’m no hater.
Only Casey and his cheerleading squad think so.
I often wonder if they’d be standing at the foot of the 40 story building, cheering for him to jump.
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GZA
December 28th, 2006 at 3:19 pm
More unsolicited advice from the peanut gallery:
1. Move into one of your houses.
2. Start selling cocaine.
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Sassy
December 28th, 2006 at 3:22 pm
Bipolar mania anyone?
Overspending, (to the freaking hilt!)
Distractibility
Indiscretion (excessive pleasure activities)
Grandiosity
Flight of ideas
Activity increased
Delusionall thinking
Tendency to make grand and unattainable plans
Tendency to show poor judgment, such as deciding to quit a job
Inflated self-esteem or grandiosity — unrealistic beliefs in one’s ability, intelligence, and powers; may be delusional
Increased reckless behaviors (such as lavish spending sprees, impulsive sexual indiscretions, abuse of alcohol or drugs or ill-advised business decisions)
Sound like anyone we know?
Casey it’s time for a sitdown with a psychiatrist, a script for Lithium and then a sitdown with a lawyer to file for banruptcy.
I cannot believe this guy! Sixteen years ago, we bought our house on a loan assumption. We owed close to 50k in medical bills. (no qualifying assumption) Our income was 55k a year. I paid off the 50k in two years. While raising 4 kids.
Get the f*** off your ass. Pay your bills. Get a life.
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Michigan Guy
December 28th, 2006 at 3:23 pm
At first I thought Casey was for real. Then I thought, no, it can’t be. Nobody is this stupid. Maybe Casey did buy the houses and but all the rest is made up. Then I thought it was all made up. Now I’m starting to wonder again, is he really this stupid? Or am I stupid for believing him?
I am glad I have those pedestrian habits (getting up in the morning, going to work, providing for my family) that Casey finds so boring. We’ll have to see how Casey turns out…
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Crasey
December 28th, 2006 at 3:43 pm
Crasey is, as Crasey does
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DD
December 28th, 2006 at 3:52 pm
Ah, I get it now. After reading your comment about opening a new account at a new bank I now know the blog is a fake.
I’ve worked in the banking/financial industry for years, including being a manager at WF, and know that no other bank or credit union would have opened a new checking account for you with a history like what you claim to have. You say that you went to a financial institution where you had no outstanding loans, so everything went just fine. You forgot to research in your blog of lies that credit checks are run in conjunction with credit reporting agency checks now in order to open a checking account. Once the right to offset was excersized by WF they would have reported you immediately to a system like Chexsystems. “Getting an incident reported to ChexSystems is the Kiss Of Death for your financial future. Most banks now say: “Our bank policy is that we will not open a checking account for you if you have one or more incidents reported to ChexSystems.” per www.creditinfocenter.com
You are a fake and a liar. Good job getting all this mad web traffic loser.
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hungaro
December 28th, 2006 at 3:54 pm
This is not for real - this guy is making all this up, and not too well. His ADD is coming through writing this blog.
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LB
December 28th, 2006 at 4:07 pm
Casey blogging is the most important thing he can do. Blogging will lead to fame. Fame will lead to jail. Going to jail is important to Caseys’ future success. Without it his book has no hook. Without the book there will be no movie. I can’t wait for the movie. If you people really believe at this point he has no lawyer guiding his failure like a well planned crash - well you are just stupid. This blog is NOT fake. It is being directed.
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ck
December 28th, 2006 at 4:12 pm
Jeeez! Did they go after the $1.90 I sent you yesterday via PayPal?
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DrifterBee
December 28th, 2006 at 4:18 pm
Did I read you had a tenant with a 5 yr lease? Did I read that right?
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HELP!! I'm laughing too hard and I can't get up!!!
December 28th, 2006 at 4:26 pm
“I am very frustrated. Going down to the branch right now to close my account and take out any cash I have left. I am not going to let WF or anyone to just take out money as they please.”
HOLY SHI*T Casey! ROTF LMAO!!! Words fail me right at this moment… thanks for the belly laugh of the day. When I get up off the floor I’ll post another comment…. meanwhile… please don’t end this blog.
- damn_the_torpedos
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LostCause
December 28th, 2006 at 4:31 pm
Do you have a spell mangler? Remember, Casey, BK protect the CREDITORS. It may postpone the day of reckoning somewhat. The filing fee is $300. The honorable thing is to pay everybody. However, you have already forfeited your honor by lying. Are you interested in any forclosure scams? You might be aware that there are tons of suckers that fall for them. Maybe you can turn the tables somehow. Go to the library, Casey. http://www.saclibrarycatalog.org/search~s37/a?a
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Attorney
December 28th, 2006 at 4:41 pm
Why your house in New Mexico have so many people in there?? It seems they have big party there…
neighbor
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La Faux Vertias
December 28th, 2006 at 4:48 pm
Young Man,
I told you a couple of months back that you will learn how to work. Now you can get a job, earn a living and be miserable your whole life as you “slave” away working for the man, or you can accept the reality of your situation, challenge yourself in some endevour and enjoy your life working and saving for a future. Millions of us do it every day. It’s just a matter of when you finally accept this truth.
*
Interested Bystander
December 28th, 2006 at 4:55 pm
Create a vlog and you will double your hits!
spearheadmedia.com
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Bonkers
December 28th, 2006 at 4:56 pm
Has anyone searched the tax records/County Appraiser’s office to see if Casey is for real?
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(the original) Voice of Reason
December 28th, 2006 at 5:09 pm
“I know I don’t have much ground to complain since I owe WF over $65K $83,702.01 but can’t I have a little control over my own account? I need to pay rent and buy groceries before I can make loan payments.
I am very frustrated. Going down to the branch right now to close my account and take out any cash I have left. I am not going to let WF or anyone to just take out money as they please. ”
Damn right! You march in there and claim what is rightfully yours (in your mind anyway, regardless of the $65K, or $84K or whatever it is that is actually theirs and not being paid back to them AS PROMISED BY YOU WHEN YOU SIGNED OFF ON THE CREDIT TERMS OF THE ACCOUNT).
WF has some nerve taking money for grossly overdue payments on a measly $65K, or $84K or whatever it is, give or take $20K. The nerve of them to even expect you to know exactly how much it is you owe them! Don’t they know high-roller VIPs like you can’t be bothered with petty crap like this?! You’ve got sweet deals to make, interviews to give and guru kollej seminars to attend.
Someone really needs to educate these banks on how to properly deal with high-flying real estate moguls like you, if they want to keep your business (and I mean really high). I hope you gave that bank manager a good talking to. That’ll teach him to do something that makes you personally go down to the branch, taking valuable time out of your busy schedule that you could otherwise be spending at Jamba Juice, or making sweet deals.
Now that they’ve lost your valuable business they’ll think twice about pulling a stunt like trying to collect an overdue debt, from a VIP no less.
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Rob P
December 28th, 2006 at 5:12 pm
@ Dan Riba
Thanks for your response, but it didn’t really answer my question.
My question really was: did you have the “strongbox of cash” at the time you filed for BK? I am aware that you “spent it”. Did you have it at any time that you were subject to the jurisdiction of the bankruptcy court?
This is wholly aside from whether you had, in your judgment, good reason to keep it to yourself. I don’t doubt that you had tough times. I wondered whether you were A) legally required to disclose it, i.e. if you had it at the time you filed (if you “spent it” entirely before you filed, that’s a different matter, although creditors might want to know about any dissipation of assets shortly before a filing) and B) if A) is “yes”, then did you also work an accommodation with the trustee? Such an accommodation might have been that the strongbox was your only source of support for basic living expenses over the coming six months, for example, so it was exempted from the assets subject to liquidation.
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yneone
December 28th, 2006 at 5:59 pm
Casey, I hate to even ask this question because you know how I feel about bankruptcy. Casey, what is stopping you from filing bankruptcy at this point? You attempted to address this issue a few blogs back but there hasnt been any response yet. I know that you saw a bankruptcy attorney a few months ago. What was his recommendation? Can you even file bankruptcy (with all the new laws governing bankruptcy). I don’t have to say I am very concerned. You are in my thoughts.
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Sigh
December 28th, 2006 at 6:11 pm
Casey feel free to edit out any personal info but this might help show that not everything in the blog is puffs of smoke.
For those who asked about proof of Dallas foreclosure, this is publicly available information on ownership at Dallas CAD:
Pre November:
SERIN CASEY K
140 331
1420 E ROSEVILLE PKWY
ROSEVILLE, CALIFORNIA 956613078
Deed Transfer Date: 5/12/2006
Post November:
EQUABLE INV CORP
5910 LONDON CT
DALLAS, CALIFORNIA 75252
Deed Transfer Date: 11/15/2006
No telling who the holding company is but the property has indeed changed hands.
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Kevin
December 28th, 2006 at 6:15 pm
Gosh Casey,
You gave $4500 to those “corporate credit” scammers? I’m trying not to feel bad for you, but it isn’t easy. You seem so self-destructive. It is such a shame.
I think you are working under the assumption that you can grab whatever loans you want now because you won’t have to pay them back when/if you file for bankruptcy. However, you may find these last few “Hail Mary” passes comming back to haunt you.
Couldn’t you have set up a corporation for far less than the $4500? Have they given you your (minimum) $50,000 line of credit yet?
I do feel sorry for you Casey. I really do. :-(
–Kevin
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Rocketpropelled
December 28th, 2006 at 6:37 pm
You can run but you can’t hide!
Except in Iraq, I am telling you… thats where you need to be! Investment property there is cheap, if not free for the taking.
Leave while the feds still don’t have you on a no fly or most wanted list. See you gotta think ahead, once you can no longer take flights to iraq you’ll have to settle for swimming there or go on a boat.
There is no way out, once the noose tightens you’ll wish you were in iraq!
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Seeking The Truth
December 28th, 2006 at 6:46 pm
I hate it when I find you in a lie - but you’ve done it again! Casey - what is the truth? There are so many lies by your own words and statments that anything you say becomes suspect.
For the benefit of the readers - here are a few examples:
—————————————————————–
Rent Payments
December 3 Posting:
We had to borrow 4K to pay basic bills including my wife’s minimum credit card payments which jumped from 1,000 to 2,500 because of late fees and going over credit limit.
November 21 Posting:
The left over amount was supposed to fix the problems with the car. But instead we had to use the money to pay rent and to live on
Reality (from December 27 11:17 p.m. posting)
We’re behind on rent and utilities and I gave her what I can for now. She has been very patient
What is the TRUTH here Casey – did you or did you not pay rent in November and December?
—————————————————————–
Wife’s Education:
September 9 Posting:
My wife is a full time student.
December 3 Posting:
She also expected for me to pay for college so she can finish her 4-year degree. Her parents were paying for it before but stopped as soon as she got married. I told her not to worry about it. I have it under control.
December 27 (11:17 posting)
After the wedding she took a 2.5 year break mostly because of financial reasons. Now she is determined to finish one way or another. If she quits school now who knows if she will ever finish.
You’ve said she took this term/semester off and was going to start a job in January… What is the truth here? What did your wife do during her 2.5 years off? What has she been doing for the past three months?
—————————————————————–
I’m not a hater, but believe you need to become honest and remain honest. You go beyond the “boy who cried wolf.”
Please be honest with us Casey.
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Austerity
December 28th, 2006 at 6:51 pm
All this “Casey” Stuff is starting to get
boring (Yawn.)
I want to know the answer to the BIG question:
Will stephanie J & Kevin ever get together ???
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MaxedOutMama
December 28th, 2006 at 7:06 pm
links from TechnoratiThe carnage in the funny money capitals is just beginning. This will be historic. If you need a good laugh after that, Casey Serin just discovered that a bank might offset overdue payments on a credit line with funds in his checking account…. He’s outraged! The bank picked his pocket!
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Tesla
December 28th, 2006 at 7:07 pm
I’ve lurked here for a while, never commented. You seem oblivious to good advice, but maybe extreme repetition will help.
You can’t get out of this hole that you’ve dug for yourself. $2M in debt? A lot of people don’t make this amount of money in their entire life.
GIVE IT UP
Seriously, you’d pretty much have to pull off the “sweetest deal” ever to escape from this free and clear. The best that you can hope for is to take the plunge and go bankrupt. Start making blog postings about how sorry you are for your fraud; the judge in your future trial will go easier on you. Going BK would probably ease the strain on your marriage, too. Get a real job, live modestly, and quit trying to get rick quick.
Just a little food for thought.
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Catlady
December 28th, 2006 at 7:23 pm
LMAO! Everybody take a couple deep breaths & reread the post just above by “BuzzSaw”…..he is trying to save you some unnecessary aggravation & indignance.
This site is now based on fictional tales by a troll. Oh, there’s a Casey Serin, alright, and he perpetrated major fraud that enabled him to buy 6 properties on the same date, but that’s where the “newsworthiness” ended. Think about it…..if the debt on any of these properties has not been serviced in 6 months or more, I guarantee you the lenders took action long ago to protect their interests. If Serin never serviced any of the debt, he no longer “owns” any of these properties. Thus, all the tales about being “creative” and making a “comeback” are just that…..tales intended to enthrall & infuriate the reader, increase traffic to his site, AND generate some spending money via Google Adsense.
Note: If Serin doesn’t soon replace Adsense with some other revenue-generating gimmick, this site won’t be breathing long…..he’ll lose all interest if it’s not providing any more spending money…..so I guess you should enjoy while you can.
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Vague Guru
December 28th, 2006 at 7:57 pm
Some call it Schadenfreude, Some call it Karma, I call it justice.
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W.C. Varones
December 28th, 2006 at 8:06 pm
Sac Realtor had the best idea.
Give people discounted rent for 5- or 10- year leases and have them pay cash up front. You get cash, they get a cheap place to live, and the banks get screwed.
Hell, I’d rent from you if you had a place in a neighborhood I wanted to live in. Beats buying a house in a declining market.
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Editor
December 28th, 2006 at 8:50 pm
Utah status?
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Editor
December 28th, 2006 at 8:51 pm
Are you opening your mail?
… didn’t think so.
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TAX MAN
December 28th, 2006 at 9:00 pm
Don’t worry about the BANK worry about tax season. Buying and selling all those homes is going to kill you come April.
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Mycroft
December 28th, 2006 at 9:01 pm
@Tim from Monterey Bay Area
“By the way, how is that properties which were 3 months delinquent in September, and so are 6 months delinquent this month, have not been foreclosed upon? You haven’t mentioned to us anything about the Certified Mail letters you said used to be arriving regularly. While you are not obliged to tell us everything, it seems odd that you have not mentioned how it is that 4 properties which are about 6 months in arrears have not triggered foreclosure activity.”
I just searched the Sacremento County Recorder website and found 2 Notices of Defaults - one appears to have been recorded 11/2/06 and the other 11/16/06. Clock is ticking fast, Casey. Under California law, the foreclosure sale can be held approximately 4 months from the NOD. That means your looking at 2 probable foreclosures in March.
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(the original) Voice of Reason
December 28th, 2006 at 9:11 pm
Meet the Press Interview with Dick Cheney
Tim Russert: This week we have Vice President Dick Cheney to tell us about Casey Serin’s situation. Good morning Mr. Vice President and thank you for being with us today.
Cheney: Good morning Tim.
Russert: What is your current assessment of Casey’s situation?
Cheney: Well Tim, I believe Casey’s war against foreclosure is going quite well. He’s been making some great progress, as you know. He has a plan in place for some creative deals, and the Haters are in their “last throes”, if you will.
Russert: This is quite a contrast from what we’ve been hearing in the media, which franky suggest he has made no progress, and in fact has gotten even deeper into debt.
Cheney: There are many in the media who have their own agenda and I woudn’t put too much stock in what they have to say against Casey.
Russert: Just this morning there were credible reports that his Wells Fargo account took a heavy hit. That doesn’t sound like progress to me.
Cheney: People need to understand, Tim, that in every war there are occasional setbacks and that one needs to look at the Big Picture. The Wells Fargo incident is but a minor setback, if you can even call it a setback, in the overall picture. He’s making great strides on many other fronts.
Russert: Can you point to some of those strides?
Cheney: Christmas with his family and the inlaws was a big success. He was able to take some much needed downtime and purge his mind of tiresome and annoying minutia like keeping track of bank debts, credit card debts, personal debts, wrap-arounds and what have you. Armed with Borders and Jamba Juice gift cards, Casey is now refreshed and ready to get back to making sweet deals.
Russert: Some would say Christmas with the inlaws is great, but how does that help his foreclosure situation?
Cheney: Those would be the Haters, Tim, and those who wish him failure. But as you know, the Haters are now in their last throes.
Russert: At the begining of December Casey announced a list of goals, and that was the last anyone heard anything about the status of those goals. Can you comment on that?
Cheney: Those goals were set as part of Casey’s Overall Plan and are of a highly sensitive nature. But we now live in a post-9/11 world. In the interest of national security I won’t be able to give any specific status. That would be precisely what his Haters would want us to do.
Russert: With the Wells Fargo incident Casey must now be more cash-strapped than ever before. How will he be able to meet his and his wife’s day-to-day needs, nevermind servicing any debts?
Cheney: Tim, Casey has provisions in his Overall Plan for that sort of detail, but again, I’m not at liberty to discuss anything specific in regard to those details.
Russert: More personal loans?
Cheney: Not at liberty to discuss.
Russert: Sell the sweet Jetta?
Cheney: Never.
Russert: Get a job?
Cheney: F%ck no! And frankly I’m offended that you’d even suggest that, Tim. As Casey has repeatedly stated, jobs are for “Loosers”. Only Haters and Loosers would suggest that as a strategy for winning the war. And as we all know Tim, the Haters are now in their last throes.
Russert: But Mr. Vice President, with all due respect, Casey’s problem is hardley related in any way, shape or form to anything the Haters do or say, wouldn’t you agree?
Cheney: Ah f%ck you Tim. This interview is over.
Russert: Casey’s war against foreclosure, the President’s war in Iraq: which one has any chance of succeeding?
Cheney: They both stand the same chance.
Russert: Thank you Mr. Vice President, and that’s all the time we have for this week’s edition of Meet the Press. We’ll be back next Sunday when our guest will be Mrs. Serin. And remember, if it’s Sunday, it’s Meet the Press.
*
Something Is Wrong
December 28th, 2006 at 9:38 pm
I know this is unsolicited and likely unwelcome.
I genuinely believe that if you are being at all honest in your writing you may very well be bipolar and (as many have mentioned) likely suffer from ADHD as well. This is not intended as a criticism, in fact it helps to explain your behavior in a way that mitigates your responsibility. Actions that many would characterize as reprehensible, selfish, and simply ridiculous are in fact symptoms of your bigger problems: delusions of grandeur, mood lability, belief that you are aware of a hidden plan for you or the world and are somehow above the concerns or normal mortals, uncontrolled addictive behavior (such as spending money you do not have and compulsive online surfing of your website comments), inability to consistently tell the truth, inability to meet crucual deadlines, and so on.
I know that this may sound harsh and condescending but truly that is not my intention. If you are indeed a real person and not simply milking this website for publicity then you are really in trouble. Statistically you WILL go on to hurt your family and wife far far more than you have thus far. If you seek treatment now you could use your mental health status to ease your financial and legal problems. And hopefully save yourself the inevitable crash which can lead to suicide or even spousal murder/suicide. Just because you have never been that low does not mean it will never happen. Manic phases can last for years but eventually descend into the valley of despair. As young as you are you are likely at the beginning of your illness and have not experienced the entire cycle that is manic depression.
You love your wife, if you cannot face reality for yourself perhaps you can do so for her. If you can get well you could help others by speaking out about your experience. You say these are your core values, is NOW the time to demonstate this by taking real action?
Just a thought, sorry for the sermon.
*
Sac Realtor
December 28th, 2006 at 9:40 pm
Kasey has “a client who’s trying sell her 4.2 mill property that would be worth 5.8 if developed”.
Sounds like a sweet chance to pick up some “instant equity”…
One or two easy flips and Casey will be back on top with Wells Fargo begging for him to come back.
*
Mycroft
December 28th, 2006 at 9:55 pm
@ bo bo
“has anyone verified whether casey serin is real or not? wouldn’t the Texas foreclosure be in the public records?”
I just checked the Dalla County Clerk’s records. Yep, the Trustee’s Deed was recorded 11/15.
*
Robber Sukiyaki
December 28th, 2006 at 10:15 pm
Casey, I love you,
your love, Richest Boyfriend
*
TRANSITIONING FROM HATER TO INTENSE LOATHER
December 28th, 2006 at 10:59 pm
Looks like you are taking down the price of the Larchmont Drive property at the pace of $10,000 a week, and still no buyers at $229,000 for a property you paid $330,000 to purchase just eight months ago.
http://www.capitalcityre.com/mls/60100568
Wow, talk about the bubble bursting. It sold at $170,000 in 2003, and pretty soon you will be near that price. If I were you, this is definitely not the direction I would take to make millions and retire before I’m 40. But then that’s one man’s opinion.
*
MAIL STACK PICS, PLEEZE
December 29th, 2006 at 12:56 am
Show us the piles, pretty pleeze with sugar on top! It would be great if you would nicely arrange them like last time, so we could see all the certifieds with their return address logos. I really liked the ReconTrust ones. Checked out their web site. They are nasty and you are their meat and potatoes.
*
SidFinster
December 29th, 2006 at 2:04 am
How is the “early riser” crap coming along?
*
Bad Dog
December 29th, 2006 at 2:13 am
This is all so sad. I’m beginning to think alot of this is fabricated. Bad borrower. Bad. Stomach hurts from reading this, like so many others who felt sick half way down the page. Is this real? What are the addresses of the properties again Casey so we can check and see if you are on title to them? Can anyone verify that any of this is true? It’s all so sad. I can’t believe alot of it.
*
Daniel (foreign)
December 29th, 2006 at 5:04 am
OZZIE WRITE:
“G’day mates!
Ozzie Tim here.
Fair suck of the sav! I’ll give you the drum, the cook’s fixin to bolt. and while you’re cryin in your beer, the hoon from the 36% loan i…”
WHAT IS THIS! SPEAK ENGLISH !
These things make me feel…. the Empire is falling quickly
hear them retarded, Empire is falling…
see them retarded, Empire is falling…
*
Splat
December 29th, 2006 at 6:20 am
For the question about public records on the forclosure in Dallas, here is the answer:
http://www.dallascad.org/AcctH.....2898000000
And Casey, good luck. I am glad I am not in your shoes.
*
Well Fargo Says Hello.
December 29th, 2006 at 7:04 am
“Mrs. Serin:
At this juncture, you may be considering divorce. An alternate option would be annulment. This would render the marriage void - as if it never happened. ”
Casey has allowed this post but has in the past altered/deleted posts relating to monies he is receiving from this site, information about him or “real Dad”, etc…
I suspect this blog has absolutely nothing to do with Casey Serin, or his wife for that matter.
The only posts deleted have been ones that relate to:
1) Casey’s history.
2) Players real names involved.
3) Return ($) on this blog.
*
Kasey
December 29th, 2006 at 7:24 am
Instead of trying to get more sweet deals, concentrate on the lottery. You hit a million dollar jackpot and you’re in the clear. You have better odds of winning the lottery than becoming a successful real estate player too.
$1 is all it takes to make a quick mill. Go for it!
*
Zeus
December 29th, 2006 at 7:34 am
This is getting boring. I’m only checking in every couple of days and only for a second.
*
Casey's Friends
December 29th, 2006 at 8:40 am
RSVP,
We work so hard so let’s have a New Year’s party at Casey’s modesto house, From 4pm-2am, bring your own food and beer and wine. tailgate party is ok too.
Everyone will get a Casey’s Tshirt free.
*
Sharp as a Blunt Knife!
December 29th, 2006 at 8:48 am
Casey
Teach us how to deal with foreclosure…isn’t that what this was about?
Tell us what you are doing with the lending institutions to cooperate.
Tell us what someone should do if they find themselves in your shoes.
Isn’t this what your intention was/is with this blog?
What does someone do with their mail when it comes in? Should we be following your actions?
So far I’m glad I’m not facing foreclosure because even though I had a sense it would not be fun, you have made it very clear that if we follow/learn from you, it’s really going to be a hopeless situation.
I don’t believe I’ve learned anything other than just ignore the problems (5 in your case) and let the chips fall where they may, since the outcome will be the same. Foreclosure!
Sorry it’s come to this…but really…If there is nothing for you to gain in all this I believe you’ll not care one iota about someone going through your situation. I’m not against self interest…just deception.
Outside of adsense and some delusion about a story deal there isn’t anything left to gain for you…and your story is starting to become sad and uninteresting. I don’t see it selling for more than a few jamba juice gift cards.
*
P2
December 29th, 2006 at 9:10 am
This is pure comedy. As a little New Years edumacation for ya, look up the history of Debtor’s Prison. Instead of hanging out at Starbucks pissing away mommy/daddy’s money, think of your future toiling away in some back alley sweatshop in Shanghai as this will be the future you face. Working for 10 cents/hour to pay off your debt.
*
ItsGForMe
December 29th, 2006 at 9:16 am
Why declare bankruptcy?
Bankruptcy is there to help people who have something to protect. Our dear Casey has nothing to protect.
If I remember correctly, many (all?) debts are forgiven after seven years of inactivity. Sure, it looks terrible on your credit report, but so does a bankruptcy. So, just get an unlisted phone number (which I’m sure Casey has done) and ignore the calls. Yeah, collection agencies will periodically hound you, but Casey seems adept at handling that.
Just don’t ever fall into the trap of making a small “good faith” payment on any of the debts. That will reset the clock.
*
the toothfairy
December 29th, 2006 at 9:30 am
Two words: BOOK DEAL! Hey, it almost worked for O.J. and I would sell lots of advertising on your web page. Home Deport is also an option.
*
the toothfairy
December 29th, 2006 at 9:31 am
by the way, don’t feel bad. only 87 more “payments” to go! (better get that “book deal” fast).
*
LALAW
December 29th, 2006 at 9:56 am
Homey Da Clown has called on Casey to swear under penalty of perjury that what he has out on this blog is truthful.
It finally hit me today WHY he won’t do that.. it is because most of this is fabricated. It is not for fear of prosecution on alleged fraudulent loans. It is for fear of prosecution for perpetuation of a fraudulent blog.
Face it boys and girls, Casey is making this crap up. Please, the sudden “new” loans not revealed. Just when he runs out of money, more appears by “chance”. Each weak, a new twist and subplot emerges. It is pure satire. This blog was soley for the purpose of driving clicks and Adsense revenue. Make no mistake, he isn’t done. There will be another scam to make “sweet deal” money shortly.
UNTIL he attests under penalty of perjury that this entire crock of a blogsite is 100% true, I raise the BS flag.
I commend Homey and others on their tenacity and I hope others join in calling for Casey to finally attest once and for all under penalty of perjury to the truthfullness of ALL of his statements.
*
THIS IS A SCAM
December 29th, 2006 at 10:00 am
This whole Casey Serin thing is a joke. I think it’s all being run by a lawyer and Hollywood agent. I think they are using the blog to attract attention and they are using the comments to write the screenplay. He already has an out. That’s why he keeps playing stupid. He has to go to jail to make a hook for the story. Anybody who believes otherwise is just falling for the joke. Stop feeding the joke.
*
BB
December 29th, 2006 at 11:13 am
Casey,
You should find out if you can blog from jail. That way we can keep up on you and your new boyfriend.
*
John
December 29th, 2006 at 11:31 am
Good morning, early riser!
Getting your thousand bucks is what Wells Fargo refers to as a “sweet deal”. But don’t worry, it’s a win-win for everyone; they get back some of the money you stole- I mean borrowed- and you get to be a little responsible for once. Awesome!
*
Ruh Roh
December 29th, 2006 at 12:38 pm
VHAT? No updates?
*
Fistful_Of_Bubbas
December 29th, 2006 at 12:48 pm
Yes, bating. Also, the other writer is correct someone should check to see if he is for real.
*
RedSpiral
December 29th, 2006 at 1:26 pm
Hi all. I am new to this board. I stumbled upon it on 12/26. Fascinating stuff and completely pertinent to what I’m going through.
I lost my job recently: am 2 months behind on mortgage and seeking a forbearance…awaiting response. Needless to say I was scared shitless. I CAN’T PAY!!!
I have only 1 home and I am considering selling. This is where my thanks to Casey and his posters come in. I was just like Casey, fearful of opening my mail and such. In fact I had simply stopped going to the damed mailbox.
I was frustrated beyond belief. It is not that I didn’t WANT to do anything rather, I was in shock and seemed to have preferred reacting rather than being proactive.
I have $49 in the bank. I’m ok on property taxes now but what about in the next 6months? I bit the bullet. You guys motivated me TO ACT. Put my student loans on forbearance. Got an extension on the 2nd mortgage awaiting decision on the primary.
My home is in livable condition but not pristine enough to ask full price which would be about 300k. I don’t want to go into foreclosure so I called in one of those investors who buy houses…he is willing to pay 230k of course I’m losing out on 70k if I take that deal but because I bought the home for 160k, I still walk away with 70k in my pocket.
Should I take the deal or wait for the forbearance response? Help! The posters here are amazing, full of knowledge and funny as shit. Can’t wait for your replies.
*
Why Are So Stupid?
December 29th, 2006 at 2:53 pm
Did you even finish high school? You have the worst grammar that I have ever seen.
Also, you get an F for common sense. My advice to you is to better educate yourself, both formally and streetwise.
You have no useful skills for society to benefit. You are just another punk drone sucking your family and friends dry.
*
DrifterBee
December 29th, 2006 at 3:31 pm
Casey,
You should allow us to contribute directly to a bankruptcy attorney. The money can’t go to you. Rather a professional who can partially right your situation.. You’re probably still going to jail for fraud.
*
Ruh Roh
December 29th, 2006 at 3:42 pm
Casey, vhats up?
“Your comment is awaiting moderation.”
Did you get a job?
Inlaws kick you out?
Creditor beat you up?
*
Ruh Roh
December 29th, 2006 at 3:43 pm
Did you loose your life preserver?
*
Catherine
December 29th, 2006 at 3:55 pm
Yes, unfortunately they do have the right to take the money, just like the IRS can freeze all your bank accounts for back taxes WITHOUT notifying you.
Casey, I’d go see The Persuit of Happyness if you can afford it… Chris Gardner had to learn some hard life lessons for not handling his responsibilities in a timely manner. It is a terrific testimony to turning your life around by facing your problems head on.
Catherine
*
ROOTING FOR CASEY
December 29th, 2006 at 4:47 pm
“It appears we’ve hit bottom,’’ David Lereah, chief economist of the National Association of Realtors, said at a briefing in Washington this week. He said the collapse in RE prices have resulted in the market responding with new buyers. “The price drops are necessary to stir sales. It is working,’’ he said.
There, doesn’t that make you feel better. You didn’t give in to the nattering nabobs of negativism, but held on until the market turned and the house-buying boom resumed.
Attaboy, Casey.
*
Darren
December 29th, 2006 at 11:07 pm
I am absolutely convinced your a friggin nutter..really stop the business talk..your no more a business man than i am a real estate guru..start the business talk when your actually successful…not some lazy hair brained dreamer …really Casey..get a life ..open your eyes to the train wreck youve created and all the people that have and are suffering because of your bullshit…i still cant believe at this stage how your still trying to sponge your way along…youve become the worse kind of leach casey…recognize it and deal with it
*
Darren
December 29th, 2006 at 11:13 pm
you call a 2.2 mil debt…falling forward…you are truly friggin delusional…just like all your gurus
*
Darren
December 29th, 2006 at 11:23 pm
Casey ..i hear the hottest new item for gurus like you is Vaporware..it runs on all o/s’s is bug free and fully scalable and guarantees big returns
*
gecko girl
December 30th, 2006 at 12:37 am
Um, he-l-l-l-o! Why are u surprised w/this turn of events? I’m mean seriously, you f*cked over a bunch of banks, want everyone to feel sorry for you & somehow have a bunch of yahoos telling you it’s illegal for them to freeze your acct and/or empty your acct - you committed errgregious acts of mortgage fraud & don’t appear very remorseful. If you really wanted to sell the properties, get it done & quit whining.
And for all the idiots that support this douchebag, wake up & smell the coffee. Guys like Casey, a self-professed “investor” (right, you have to be able to buy, take care of and PAY for the assets to be even considered one) have help contribute to the BILLIONS of dollars our economy is losing this year from mortgage fraud. It’s now deemed the fastest growing white-collar crime in the U.S. — say goodbye to those 5% rates! Great job!
*
Ryan
December 30th, 2006 at 2:35 am
Hey man - just watched your video with Robert - it looks like you are making progress and I wish the best to you. I, too, have been in a similar situation - I had multiple properties and a terrible lender (fyi - stay away from Drew Dapkus in the SF bay area). I ended up with multi year lock-ins, 5 figure penalties and terrible rates. I finally got out last year and have been slowly making new investments. My advice is take your time and always manage your risk. There will always be another good deal - if it doesn’t feel right - stay away. Best of luck and peace!
*
Early Riser
December 30th, 2006 at 5:55 am
It’s 5:55 a.m.
I’m up - regardless of the fact that this is a Saturday morning of a holiday weekend.
Where are you? What’s your plan for the day?
*
KC
December 30th, 2006 at 8:06 am
I was going to post, but austerity beat me to it. These guys were fools for loaning you the money, but it was a _loan_ not a grant. They want it back per terms of the agreement.
If you filed bankruptcy you could possibly negotiate some payment plan, but it sounds like you need liquidation and a ‘clean’ slate that goes with it.
*
Nigel Swaby
December 30th, 2006 at 11:56 am
RedSpiral,
In response to your question about what to do with your home:
Seek the forebearance first.
If that doesn’t work, try to sell the home.
Then go to your investor. $70k is a lot to lose for a few months back payments don’t you think?
See my articles on handling foreclosure and what to expect during the foreclosure process.
*
jojo
December 30th, 2006 at 8:08 pm
about 8 more comments and we’ll hit 300 comments I think it would be a record
*
Mark
December 31st, 2006 at 6:55 am
you don’t know about Offset? No wonder you are in trouble. Know the rules of the game before you try to play it.
As for them stealing $1,099 from you… how much did you steal from them?
*
Youaretostupidtobelieve
December 31st, 2006 at 8:38 am
I just stumbled on your blog and I cannot believe what I’m reading. You must be the most idiotic person in the world. You claim to be some real estate “guru” but yet you have no sense of business whatsoever. I think that your a bit delusional, to think that a bank would not deduct the money you owe them from your personal account..you signed a personal guarantee when you signed those loan docs or did you not notice?
People like you see bankruptcy as an easy way out. Believe this..once you file bankruptcy know that even after the seven years lots of banks will not touch loaning you any money with a BK on your record. You have totally screwed yourself. You should just get a job and payback what you have borrowed, but that may be to much of a responsible task for you to handle.
Also, please give your wife my sincerest apologies, because once everything catches up to you her sole communication with you will be through some plexiglas on a phone. Be prepared to ask her for lots of soap-on-a-roap, because I’m sure you’ll look awful pretty to all the men in jail.
*
Hoovooloo
January 1st, 2007 at 1:43 pm
Ya know, Casey, I think I finally figured out your problem. At the beginning, I really repected you for your motivation- you worked hard to get things done. However, I have found the difference between you and me- I am motivated when I have to be, but you are only motivated only for things you want. Thus, while I would be working up a storm to avoid prison, you worked equally hard to buy 6 houses in 1 day. Now, however, you don’t *want* to deal with reality, so you have barely done any work on changing it.
On a side note- Even if you don’t want to listen to advice from your blog, don’t listen to gurus either. Why not ask financial advice from your in-laws/family? They are in a good financial situation, own a home, and will probably retire at a good age. They would probably have been able to help you with financial problems like with WF- warning you in advance, offering their experience, ect. This is coming from a 17 year old, the age group that never listens to adults. Stop getting your financial ideas from “guru” scammers and get practical advice from the family and friends that keep bailing you out with money/living areas. What are they doing right that you are not?
*
Ethical Realtor in DC
January 1st, 2007 at 5:10 pm
Unbelievable.
1. You don’t have money to take yout. They should have taken every penny as they are owed it.
2. Why open a bank account when every penny you have should be going to repay debt?
3. Why pay rent when you own empty houses?
4. How about you send the landlord your gift certificates from Christmas.
Some days you amuse me, some days you disgust me.
*
Cheaprock
January 2nd, 2007 at 1:40 pm
Once again, people, there is no such thing as a “CPA degree”. A CPA is not an academic degree, it is a professional certification. You get an accounting degree, then you get a CPA by passing the uniform CPA exam and then working under the supervision of a CPA firm for a couple of years. You can take courses termed a “CPA track” to be sure you qualify to take the exam, but your degree is NOT a CPA. (Mrs. Casey would never be able to be hired by a CPA firm that foreclosure on her record, thus it is wise for her to abandon a “CPA track”).
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Youaretostupidtobelieve
January 2nd, 2007 at 10:51 pm
The more I read this site the more I really want to slap you in the face and give you a reality check. Who are these idiots that believe bankruptcy will take away all your problems? Loosers.. Maybe you should take responsibility for your life and pay back all money you owe to various people/banks. Maybe if you do that, you may realize what the value of money is.
Also, please tell me your wife is a bit slow or has AHAD. How could she possibly fall in love with someone so stupid? I know there is no way in hell she’d ever be a CPA. You guys can’t even handle your own finances. Why in gods name would anyone trust her to handle theirs?
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FCinSF
January 3rd, 2007 at 12:58 pm
Just want to help you reach 300 postings here. Sorry for all you troubles but you know you’ve done this to yourself. They can take your financial freedom but not your life.
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FCinSF
January 3rd, 2007 at 7:35 pm
OK…here we go…300
*
Kenny Rogers
January 3rd, 2007 at 9:00 pm
Do you secretly gamble or play online poker or blackjack or something? C’mon, fess up.
*
Mr. Flipper
January 4th, 2007 at 4:49 pm
Cheaprock,
You are so completely full of bull s–t about not being able to get a job as a CPA because one has a foreclosure on their record.
Further, a bankruptcy has no impact either. There are so many reasons, other than bad judgment, for a person to have this kind of problem.
The only thing that would interfere would be a felony conviction of fraud, embezzlement, or some other related professional misconduct.
Even those conditions cannot keep a person from performing accounting or some other professionally related work as an independent contractor in the meantime.
Yes, it’s a “buyer beware” situation for clients of course, but not necessarily a damnation of a career choice.
So get real, and stop misinforming us with your ignorance, and pseudo-intellectual expertise.
(I promised not to set off the “ars-hole meter” but this is an exception, but Cheaprock just needed a “b–tch slap!”.)
*
BelowTheCrowd
January 4th, 2007 at 4:50 pm
Casey,
You do realize that:
1) A corporation in California will face a minimum tax of $800 per year. Even if it earns nothing. Keep that in mind.
2) Unless the corporate documents are in order, AND you act in accordance with those documents, the courts are likely to conclude that the whole thing was a fraud. (Documents should include articles of incorporation, organizational minutes, minutes of annual meetings and any other board meetings/decisions, and an employment contract between the corporation and yourself.) You can probably find “generic” versions of these documents online and appropriate them for yourself, but it’s always better to have a lawyer review them. You can’t afford a lawyer any more than you can afford the minimum tax.
3) Re-empahsize what I said above about living within the rules you establish when the corporation is set up. If you treat it as your own personal money to do with as you please, the courts will also presume that it is your personal money and not afford you any of the normal protections of corporate ownership.
4) Nobody’s going to give a startup corporation any credit without somebody signing for it personally. And you are not in a position to sign for anything.
5) You can’t move your personal debt into a corporation.
6) You might be able to move business-related debt into a corporation, along with the related assets, but would probably require a lender’s approval and probably would have to personally guarantee it anyway.
7) It won’t help you to set up the corp in Nevada if you manage all your business from California. California and Bankruptcy courts will consider it to be a “psuedo California corp and toss out any of the extra protections Nevada offers, not that any of them matter to you anyway.
Anybody telling you otherwise is clueless.
-btc
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