A quick update on my California properties.
I hired my realtor to do the short sale on Burdett property because she has been doing such a great job with Larchmont.
If you remember, I already have a verbal approval from the lender to short sale at 248. An investor who I was working with directly negotiated that with the bank but then backed out because the bank wasn’t willing to go down to 200 like he wanted. After attempting to wholesale the property he ended up just turning it back to me.
Since then I tried to do some For Sale By Owner No Banks Needed type of marketing with signs on the property. That actually is working to generate some calls.
I probably have had 5-10 people inquire about it. However, most people don’t have the cash to catchup my payments (17-20K) or they can’t afford to take over my payment of $2500/mo. I am still working with a couple of potential buyers so maybe this will still pan out.
The problem is… qualifying, taking calls and showing the home takes a lot of time/effort. Since I am not making any money on the wrap / lease option, there is no financial incentive for me. That’s why it’s hard to justify sinking a lot of time or money into it. I need to start focusing more on moving forward instead of trying to save a bunch of sinking ships.
Outsourcing the sale of this house and moving it off my plate is already feeling better. I’ll probably continue doing some more For Sale By Owner marketing at the same time just-in-case. If I find a buyer myself I will build-in a $500-1000 fee into the down-payment to compensate the realtor for her hard work and expenses.
It’s great to have her on my team. As some people will tell you, there are not too many real estate agents who are willing to work this hard.
Our original buyers (who where going to offer 220) backed out. They already bought another house. That’s the problem with short sales. It takes a very long time for banks to get back to you and you can lose (sp!) buyers. However, now the listing is flagged as “short sale approved” and she said there is more activity.
Countrywide actually gave us until Jan 19th to close and reserved the right to charge the seller (me) a per-diem rate after that. And of course, the other stipulation was the $50,000 promissory note I signed to make up some of the money the lender is losing on a short sale.
If the short sale doesn’t work, I hope the note is contingent on the short sale and not just a trick Countrywide pulled on me to where even after they foreclose I will still owe it. I guess I should have checked into that before signing.
My bankruptcy attorney actually advised me to rescind that note immediately in order to prevent issues if I choose to go for Chapter 7 bankruptcy - because it’s new debt. For now I am choosing to stay away from the bankruptcy route though, so I am staying put.
Almost forgot about Muncy… only 6 days left?
Man, I’ve been really neglecting this property lately because of the distance and because I have been slow in opening my usual sea of mail the foreclosure auction on January 24th caught me by surprise.
Since the property is an 1.5 hour drive away ($$), I haven’t been doing very much with it aside from my original Very Honest For Sale By Owner Sign (which I later removed) and listing with a flat-fee broker at $350,000 several months ago (not ONE call!).
I have also been doing some light For Sale By Owner No Banks type of marketing with catchy flyers (updated), newspaper ads, and craigslist ads (with tracking) 
to attract credit-challenged buyers who have money but no credit and are willing to catch-up my loan and take over payments via a lease option or a wrap-around contract. That did generate some calls and I had a couple of buyers who loved the house and could afford the payments but were short on the down-payment.
Last minute Short Sale…
When I found out about the foreclosure auction (through one of the comments) I kind of just wanted to give up on it and let it foreclose. I was even planning to go down to the auction and video tape it and post it her for educational value.
But then my Sacrament Realtor referred me to a Realtor in Modesto who is experienced with short sales. She urged me to not give up on the property without a fight.
I contact Larry, the Modesto short sale realtor, and find out he actually has a buyer who is looking for a home like this. I gave them the lockbox code and the buyer viewed the property right away.
Without wasting any time they sent me a purchase contract for $270,000 and a checklist of documents. I spend several hours yesterday putting together the short sale packet, updating my financial statement and my clean hardship letter.
Now the short sale packet is in Larry’s hands and I’m just going to wait and see what happens next…
Why bother with a Short Sale?
From what I understand, in California, I can just let the houses go to foreclose and the lender has no recourse against me. That means aside from taking my property they can’t sue me and get a deficiency judgment to cover their losses - as long as it’s a purchase money loan (never refinanced) and as as long as the lender is doing the more common and fast trustee sale (auction) versus the rare judicial foreclosure. So why bother with a short sale?
Plus if I do a short sale won’t the lender send me you a 1099 and I will be responsible to pay taxes on forgiven debt?
My Reasons to go Short and Avoid Foreclosure:
1) Instead of just throwing in the towel and letting all those houses go to foreclosure I am trying to do everything I can to pay back as much of the money back to my lenders as possible. I feel that’s the responsible thing to do, especially since I used liar loans.
2) After talking to my CPA last week and giving him some rough numbers from 2006, he doesn’t think I made enough income last year to worry about paying taxes on forgiven debt. So I should be OK with a 1099 if the lender even sends one to me - I hear sometimes they don’t.
3) A short sale looks much better on my credit report than foreclosure, I am told. This is probably the main reason people who are facing foreclosure on an over-leveraged house are advised to do short sales. (The next best option is a Deed-in-Lieu of Foreclosure according to mortgage broker Nigel Swaby and other people I’ve talked to).
The only thing is… what if I can’t save one of the homes and I will get a foreclosure on my record. Is one foreclosure just as bad as 4 foreclosures or is it worth the fight to minimize the number of foreclosures on my credit report?
I asked a couple of mortgage people and I received a mixed response… Feedback?
338 Comments
January 18th, 2007 at 6:44 pm
Nicely done.
You’re still in a really crappy spot, but at least it sounds like you’re expanding your efforts beyond “cleaning the office.”
Keep it up.
January 18th, 2007 at 6:57 pm
Isn;t that the agent who ask you to sign the $50,000 Note???
Want to sign more note???
poor mom
January 18th, 2007 at 7:03 pm
Re Larchmont:
“Countrywide actually gave us until Jan 19th to close …”
Uhh … that’s TOMORROW. Wow - how sweet for you.
“If the short sale doesn’t work, I hope the note is contingent on the short sale and not just a trick Countrywide pulled on me to where even after they foreclose I will still owe it. I guess I should have checked into that before signing.”
How can you NOT know the answer to that by now?
“My bankruptcy attorney actually advised me to rescind that note immediately in order to prevent issues if I choose to go for Chapter 7 bankruptcy - because it’s new debt. For now I am choosing to stay away from the bankruptcy route though, so I am staying put. ”
Good for you - ignore his advice; he’s just an attorney and you’re WAY smarter than he is!
January 18th, 2007 at 7:06 pm
Why didn’t you start doing these things back in September ?
Always a day late and many many dollars short !
January 18th, 2007 at 7:14 pm
So, the Realtor who got you to sign a promissory note- that will manage to simultanously screw up, then survive your impending BK- with an imputed rate of over 7% has referred you to a “short sale specialist” for another of your properties?
You’ll be lucky not to end up strapped to a plank after this guy gets through with you.
January 18th, 2007 at 7:15 pm
If you were kidding about thanking me to remind you to take out the trash, here’s a cyber touse to your flaxen, towhead mop (as Stephanie so poetically put it).
If you were serious, well all I can say is OMG!
January 18th, 2007 at 7:19 pm
I can’t believe you didn’t listen to the attorney. You are out of your mind.
January 18th, 2007 at 7:22 pm
Nothing says “professional” and “in control” like handwritten For Sale by Owner signs and classified ads next to the “Lost Cats” section.
Why rely on a professional when you’ve got an idiot (you) to do the job?
You may, however, encounter a REAL, functioning RE investor by going this route. Take special note of anyone who is prompt, makes sense, performs due diligence and employs actual negotiation skills in dealing with you.
That’s the person you wanted to be.
January 18th, 2007 at 7:23 pm
I wanted to ask why you have such contempt for higher education? I watched the video of you at Kiyosaki’s, and you seem to echo his position. Obviously you do not speak from experience as you have no education.
Also, it is sad to see what you pass for “educational material”. The stuff from the seminars – obviously you do not realize that these uneducated (mostly) hacks prey on people without education and any real prospects.
You don’t get an education just for the paper, but (among other factors) for the education itself. A good understanding of finance would have prevented you from making these errors in your business; a basic understanding of legal principals would have prevented you from signing the note to Countrywide. With an education you don’t have to go bankrupt, you don’t have to sign a note to see what it’s about – you can learn about these things before you do them. Also, well thought out enterprise with proper risk management can thrive – you don’t need to go through the experience of bankruptcy to succeed later. An education is a better stepping stone to success than a failure. Also, a failed business is not necessarily a stepping stone to success, it can easily be stepping stone to further failures (unless you can learn).
Nowadays it is quants and CFAs at hedge funds who make the highest salaries and bonuses, not real estate speculators.
Kiyosaki called people in corporate careers (I think he used the example of Xerox SVPs) losers – but it is the people in higher corporate positions who take home a disproportionately high portion of the economy’s cash as their salary.
Also, try to get to a book about ADHD, especially one with a self-test. You seem to be displaying symptoms of ADHD; a proper diagnosis and treatment might save your life. Think about it, Dr. Amen has great books on that subject, look him up on Amazon.
January 18th, 2007 at 7:24 pm
Re Larchmont (redux):
So, how many $/day can Countrywide start charging you on the 20th?
If they can, you know they will, so add that new debt to your spreadsheet.
They saw you coming, didn’t they?
January 18th, 2007 at 7:27 pm
“Why didn’t you start doing these things back in September ?
Always a day late and many many dollars short !”
Yeah, no kidding! And you could have rented out any of these properties to stauch the blood loss. Instead he’s been bled white, and is only now moving taking action…
Casey here might wanna read up on tourniquets and why it’s so important to apply them as soon as possible.
Bravo Casey, at least you’re doing *something* even if it’s at the eleventh hour. You might just scrape through this by the skin of your teeth.
January 18th, 2007 at 7:27 pm
Now I am not a California RE lawyer, nor do I play one on TV (nor on a blog for that matter) but a little bird told me that the anti-deficiency statute applies only to purchase money loans if the realty is used as the borrower’s primary residence.
And I believe that Texas, Utah and New Mexico all allow deficiency judgments. Could be wrong there, too. Not a Utah, NM nor a Texas RE lawyer either.
January 18th, 2007 at 7:44 pm
how can you not know the deal about that promissory note….havent you read it over and over and over again by now???
“I hope the note is contingent on the short sale and not just a trick Countrywide pulled on me to where even after they foreclose I will still owe it. I guess I should have checked into that before signing.”
uumm casey, ok you signed it but have you READ IT?
how about you post the whole contract and we will read it for you?
January 18th, 2007 at 7:57 pm
What Ogg do now?
January 18th, 2007 at 8:00 pm
Your credit score is 109 points too high, but I’m sure it’ll adjust soon enough.
Holy crap!! I felt my own score drop 10 points just by looking at yours!
January 18th, 2007 at 8:14 pm
By signing that promissory note you’re handing your balls over to CW to put on the chopping block. Don’t do it. Fair warning.
- Axe Man
January 18th, 2007 at 8:19 pm
that was 459 in november2006…
im thinking of a number…its between 350* and 850…
can you guess what it is?
its my credit score….
(*note…your credit score can actually be lower than 350 if your name is casey serin)
casey maybe you can call one of those ‘improve your credit score’ businesses,,, im sure they are all reputable and wont charge you upfront for promises they cant deliver???!!??!!
maybe you can even provide links and tell us what swell guys they are and what a sweet deal you got…
dont forget to enter my special code: casey123 and credit-fixer-company.com will give you $500 off their credit repair special
January 18th, 2007 at 8:25 pm
Casey is insolvent, the 1099’s for whatever debt forgiveness probably don’t matter. This has been stated umpteen times.
However, if you lie to obtain a loan, it is a criminal offense.
It is a criminal (felony offense) even if the banking institution did not incur a loss.
Since he lied, I’m just guessing , but the usual “loan is secured by the property rules do not apply.
The Modesto property is not in a good area. I cannot imagine it’s worth $175,000.
January 18th, 2007 at 8:26 pm
Casey,
You have more than once written about the 1099 possibly not being sent by the lender and seem to think that would let you off the hook from any tax consequences. That is, you apparently think that:
No 1099 shows up in the mail = no tax repercussions
But that’s not how it works. Regardless of whether the lender sends the form, you’re still responsible for filing your taxes correctly.
Or maybe you already know this. Instead, maybe you think:
No 1099 = No way IRS can figure out the tax repercussions
and therefore you’re going to not worry about it?
See, the first example would be ignorance, the second example would be dishonest. Which one is it??
January 18th, 2007 at 8:30 pm
Houses aren’t wholesaled.
Wholesale works when you distribute for a
manufacturer and transport to retail level sales.
January 18th, 2007 at 8:38 pm
“I hope the note is contingent on the short sale and not just a trick Countrywide pulled on me to where even after they foreclose I will still owe it. I guess I should have checked into that before signing.”
Hoping and praying. Your M.O. and the sum total of your business plan. You and yneone should go into a real estate business together.
From what I see in the picture you’ve posted, there is no mention of contingency on any sale. But that’s just the part visible in the picture. Read the note, start to finish, including the fine print. If your don’t understand it show it to an attorney (other than the BK attorney who already told you not to sign, for different reasons).
My guess is the note is unconditional and without contingencies. If you don’t rescind they’ll own you. But by now you must already be past the right of recission period (3 days) since you signed.
January 18th, 2007 at 8:42 pm
Once a forclosure STARTS, it shows on your credit report as “Foreclosure/Repossion/Voluntary Surrender.” Not sure how to get that off of there.
Is that CW $50k note attached to a sale offer? Well, there is nothing to worry about then, sounds like, as long as the sale did not proceed.
Good luck in the coming days. I hope that you can buy groceries.
January 18th, 2007 at 8:43 pm
Casey,
After much thoughtful analysis, I believe I have found the solution to your current dire predicament. It’s a solution that goes beyond the cogent, sensible counsel given to you thus far. I know that the previous advice such as declaring bankruptcy, getting a job, and living below your means won’t fly with you. So here’s my advice. Clone yourself Casey Serin. Yes, clone yourself. Then legally transfer the mountain of back breaking debt and that subterranean FICO score on to the Casey clone. This while you change your name and assume a new identity. With a new identity you can start over from scratch. You’re back baby! Flipping, Jamba juicing, early rising, and being the bad a** entrepreneur self that you are.
Now is this cloning for real? Can it be done? Yes it can be done and it’s all explained in the documentary “The Island”. This is the true life story of how the rich and famous, people like the one and only Robert T. Kiyosaki, make clones of themselves to be used later for the sole purpose of organ harvesting. Luckily you are young and healthy and have no need for body organs, which I may add is mostly due to your clean, vegan lifestyle. Kudos for that by the way.
Now this all sounds good, but how much will this all cost, you say. I’m going to be honest with you, because you deserve that. It will cost several hundreds of thousands of dollars to do this. Cloning is not an inexpensive technology after all. However, you can just get a CashCall loan for this I’m sure and then just dump that nut on the Casey clone. Man that Casey clone is going to be so pissed.
Cloning is becoming more and more common place. Did you know that our own Governor has been cloned? Twice! The first time was back in the 80s when you were just a gleam in a drunken Russian man’s eye. It’s all described in the story “Twins”. Did you even know that Danny Devito is a twin clone of Governor Arnold Schwartzenegger? I didn’t. Usually twin clones look alike but apparently this need not be. The second time the Governor was cloned was back in the year 2000 before he even became our great Governor. All this is described in his autobiographical hit “6 Days”. Look it up as our friend Anon would say!
Is cloning legal? If our own Governor can be cloned then it must be. I should know. I voted for the man twice, but not before thoughtfully considering all the other alternatives: Stallone, Van Damme, Seagal. Of all the possible choices Schwartzenegger was the best. But I digress. All kidding aside here, one serious aspect that we haven’t considered is what if the Casey clone realizes he is a clone and is being used by you, the real Casey. He is not going to like it and may decide to turn the tables on you. This is what happened in the “The Island”! You are going to have to kill the Casey clone before he kills you. As they say, dead clones can’t talk and as a bonus banks can’t get money from a dead clone either. Ha! Ha!
What? Your moral compass won’t allow you to murder your own clone. At this point in time, clones don’t have any rights, including the right to life, so this should allay any of your concerns about getting involved in any gray area issues. However all this may change as the Democrats just took over the congress and are always granting new rights. After all if they are willing to let dudes marry dudes, then it’s only a matter of time before clones have rights. You’ll have to act fast on this one my friend, but I know you will do the right thing.
PS: Don’t forget to take out the trash.
Chopper
January 18th, 2007 at 8:45 pm
I personally settled with Chase last year on a credit card. Never got a 1099, but 6 months later the IRS sent me a bill including interest. Trust me, you’ll need to pay it. Usually taxes don’t get knocked off in bankruptcy either.
I’d go into bankruptcy immediately. Your credit will actually be improved, and at least you can worry about getting a job and some money instead of signing notes you have no way of paying.
January 18th, 2007 at 8:51 pm
Once and for all, you morons, 1099’s for debt forgiveness are NOT taxable to an insolvent taxpayer.
Can I state that in any simpler format?
January 18th, 2007 at 8:52 pm
My bankruptcy attorney actually advised me to rescind that note immediately
That’s it! Just rescind ALL your deals. Maybe if you can manage to hack back up that Jamba Juice you can get the bank to reverse the overdraft charge.
From what I understand, in California, I can just let the houses go to foreclose and the lender has no recourse against me.
What you think you understand has no bearing. Speaking as no expert or offering “advise” the single mortgage holder of a delinquent note can either go for payment or reposses but not both in cases with no fraud and no refinancing. Ooops.
What you don’t know about your own situation could fill a book. Ohhh wait, in California there’s that other law about profiting from the sale of criminal exploit stories.
January 18th, 2007 at 8:53 pm
Ok, I’m asking y’all because god knows asking Casey is useless five different ways - can the cash back at closing he took count as income? It’s loans, right? I dunno how a personal loan from an institution works on taxes.
Casey,
I enjoy how an hour and a half is too far (and now you add in expensive) to go to do any work on the property, but not too far or expensive to go to watch them auction it off for kicks. Brilliant.
Also, your realtor is a trained professional, which god knows you’re not. Have the TINIEST bit of respect and pretend to be a professional for six seconds and do not describe her as ‘cute.’ You’re really… gross. And I think those idiotic “semi-vegan” and “cheese-free [fast food] hamburger” were aimed at me, and yes, they make me want to hit you with your own, I’m sure leather, because you don’t even have the whiff of a clue, shoes.
January 18th, 2007 at 8:54 pm
As far as I know, the first TD is considered purchase money, as long as it wasn’t refinanced after the property was bought. In California, that lender normally doesn’t have recourse against a borrower if the property goes at a trustee’s sale for less than the amount owed. On the other hand, I’m not so sure about the 2nd Deeds of Trust on Muncy and Larchmont. Even if they were taken out in the same purchase transaction as the 1st, I don’t thinkk that they are considered purchase money. *Especially* since Casey got cash back at closing. I’m not a lawyer, but if I were a lawyer for the lenders, that’s what I’d argue to the judge. And, since the loans were fraudulantly obtained, I’d contest them being discharged in bankruptcy. Casey, you may want to talk to your BK attorney about this.
January 18th, 2007 at 9:18 pm
The business is picking up now.
We have multiple offers for the houses in bay area again. My listing got 4 offers right after the new year holiday. Other agents report multiple offers too on their listings.
Of course, we counter “as is” sales back.
There are lots pendings status today on our MLS.
Sorry Casey,,, you might have to wait for a while to buy houses again.
January 18th, 2007 at 9:18 pm
Looks like you have one day to make a deal by the 19th. Why not offer to throw in the Blue Ball to make the sale…
January 18th, 2007 at 9:20 pm
Ask Amy if:
1. She went to Brite Smile
2. She uses Crest White Strips
3. She just used Photoshop
January 18th, 2007 at 9:25 pm
Got a question about the mortgage fraud thing……
If he has committed fraud, then by using the fed system to fund the loan….that’s wire fraud.
If he received anything concerning the deal in the mail….that’s mail fraud.
If he talked to anyone about the deal prior to purchasing……that’s conspiracy to defraud.
How many houses did you buy? Formula is:
Number of houses X each offense = number of offenses
Number of offenses X penalty per offense = prison term
Did I get anything wrong?
January 18th, 2007 at 9:27 pm
Well, Casey, “saving sinking ships” is what you will have to do to move forward at this point. You’re in real deep water right now, and you’re going to have to swim to shore before you’ve got your feet on solid ground again.
And there is PLENTY of financial incentive at this point. How about reducing/eliminating your liabilities? Well, here is a GREAT place to start. Now go do it, and get it all over with.
January 18th, 2007 at 9:38 pm
Two things Casey:
First, congrats on getting a “sponsor” for the site. Hopefully this will pay for your server costs so that you can maintain the blogg.
Second - Please cut up the credit cards. Do it now.
January 18th, 2007 at 9:46 pm
Yeah, now that I think about it, whether they send 1099 or not doesn’t matter, if debt was forgiven it was forgiven. For example if I don’t send a 1099 to a contractor whom I paid 10K, does that mean the contractor is not responsible for taxes on that money just because they didn’t receive the 1099. Sure maybe the IRS will not be able to track it but if the contractor is being honest then the taxes are due no matter what. Am I thinking correctly here?
Now what about the insolvent issue? I forgot to ask my CPA dude about that to see what qualifies as that… need to write that down for next visit on Feb 2nd. That’s when I’m going to bring him all my stuff so he can do his magic.
January 18th, 2007 at 9:46 pm
Doesn’t sound like Casey ever did any of these, but pay-option ARMs are becoming a big story.
January 18th, 2007 at 9:58 pm
It looks like the housing market bottomed last month. I have been reading reports and all of them are showing real estate picking up right where it left off before the crash.
The home lenders and builders stock are all up and housing is showing a big rebound.
The realtor up above in these comments is seeing the same thing.
If you can hold on to the remaining couple properties long enough, you might make money on them. I wouldn’t give up hope and you are showing progress by cleaning up 2 of the 4 left.
I think the housing market is due for a big bounce, we may be seeing it now. Then will get back to the historical appreciation we’ve been having for the last few years. 20% year over year or more. People will be screaming to get in when they realized they missed the boat.
You need to buy low and sell high. It is low now but going up and people can’t see it. Some can and they are piling into real estate. They are smart.
Kiyosaki always talks about buying after the crash. He’s probably buying everything he can now. Once again, he will make money sitting on the beach while the haters are stuck with their cube job because they didn’t understand how markets work. I hate to be harsh but reality is harsh.
January 18th, 2007 at 9:59 pm
And no, I’m not “partnering” with you on any “sweet” deals.
Here’s what NOT getting greedy gets you.
I bought a 2Br/2Ba condo in North County San Diego in early 2003 for $220k, 20% down. It’s 1.5 miles from the beach.
It had been sitting on the market for over 6 months because the owner was too greedy. They originally wanted $232k.
We offered $216k, based on the most recent comps.
They counter offered with $229k.
We offered $220k, take it or leave it.
The owners had paid $110k, so I think they did OK.
The seller’s agent was apoplectic. She apparently screamed abuse over the phone to our agent; but her client accepted our offer because it had been on the market for so long and they wanted to do a 1031 exchange.
My mortgage + property taxes = $1,176
My HOA = $214 (includes insurance, water & garbage)
My condo insurance = $250 per year
I rent out the other room and bathroom to help with the mortgage payment — $550 to $600 per month, which includes all utilities, including basic cable and wireless internet. Yes, I report my income which allows me to take some deductions.
Basically, my net cost (once I factor in the tax deductions) is less than renting. And, in the three years I’ve lived here, I’ve never gone without a roommate — I work hard and carefully screen my applicants and I’ve never missed a mortgage payment. And I know how to fix a toilet and trash disposal, if necessary.
Yeah, I’m building equity. And though the market is taking a steep downturn, I think over the very long term, my rate of return will be decent. But that’s not the point. I bought when I was ready and only for homes in my price range and that I knew I could afford given my income and the rental market. I actually thought about what I was doing.
I bought knowing I would be here for the long haul, as even if I were to sell at some point in the near future a) I would be priced out, b) it wouldn’t be financially worth it in terms of upkeep to buy up and c) the increase in property tax would wouldn’t be worth it.
Besides, what would I and my cat do if I could afford a 2400 square foot house? 1,000 square feet, plus a parking spot and an oversized single car garage will do nicely for me. I’m near a major transit hub, so I take mass transit to work. that in and of itself saves me at least $1,000 per year.
In about five years, I should be able to afford the house payments without a roommate. But I figure I’ll probably rent out the room and bath as long as I can find a suitable person.
Or not. Either way I’ll have the option, since I have a good job with OK pay but very good benefits.
Now, my poor neighbor, she bought at the peak of the market in mid 2006– exact same unit in my building (with some upgrades) for $350k. She’s definitely underwater. A unit in my complex, a bank owned foreclosure, was listed for $280k.
Maybe you should partner with her and buy it.
Cecelia
January 18th, 2007 at 10:06 pm
Casey,
If you FSBO a house you have listed with a realtor, you still have to pay the 6% commission at the time of sale. Read your listing contract. You can’t just “build in a $500-1000 fee.”
A really smart idea would be to clean up your properties a week before the auctions. Cut the grass, clean up any trash, clean the bathrooms and kitchen. None of this stuff costs you money, but it could help get a higher auction price. Of course, it takes work, so you won’t do it.
January 18th, 2007 at 10:14 pm
Great jorb… I already cleared this up with Amy. She is allowing me to do my own marketing and if I bring my own buyer she will just cancel the listing and I will give her a separate fee. But you’re right, normally you are bound by the listing contract and will have to pay 6% (or whatever you agreed to) no matter who sells it as long as the listing contract is active.
January 18th, 2007 at 10:16 pm
Casey, I just saw on antoher web site that NR real estate University where you spent a week in Arizona for “college classes” charges $18,000 for a week long class and is a multi level marketing. can you comment? Are you breaking your resolution already about No Lying (For Sure!)? I thought you said you spent like $5,000 of that low interest loan on your week of class. If it was $18,000 it must be like $20,000 including travel and lodging. That’s alot of Jamba Juice!! And yah why did you sign that countrywide loan for more debt. I think your getting scammed on again.
January 18th, 2007 at 10:20 pm
Wow Casey, you’re in the s–t up to your eyeballs, but you’re actually making more sense than you have in a while. Sure, it doesn’t SEEM like much sense to some of us, but compared to where you were recently, your making progress. Sadly, it’s months too late. But anyway…
Some asked:
- can the cash back at closing he took count as income? It’s loans, right? I dunno how a personal loan from an institution works on taxes.
No, it does not count as income until and unless the bank writes off the debt. So if he did the deal in 2006, but it gets written off and “forgiven” in 2007, then he’d have income in 2007. Except for the insolvency thing, which he obviously is, so he really won’t owe ANY taxes on that. Yes, it’s amazing, Casey actually gets a break.
Anyway Casey, to cheer you up: A “friend of a friend” of mine did have a foreclosure on his record a few years back. He was actually able to buy a primary residence with a mortgage within four years. That’s the good news. Means you and the missus can at least have a hope of a place of your own and a modest (key word, modest) home life eventually.
The bad news is that the bloke I know won’t tell anyone the (probably very unfavorable) points/interest terms on his mortgage, so he might well be paying through the nose. One of my uni roomies does that business now, charging 5 points and 9% interest to people wanting a house. Ouch.
And a loan for a second home or investment property? No way, not at any reasonable interest rate, and he’s learned his lesson there. Well, he can go back in three years or so after he’s shown he can pay ONE mortgage every month on time on the place he lives in, and maybe get a fair deal. He has kept up paying on time, so far, for a couple of years, so he’ll be on his way again eventually. And no bankruptcy for him — but he was never in so deep as you are.
Which, by the way, maybe you’re doing the right thing avoiding bankruptcy for this year and maybe next, so that all this mess you’ve made won’t look so bad as if you declare BK right now, so soon after getting the cash-backs. Sure, you’ll suffer from now till you eventually have to do it, but… we’ll see how it goes.
There’s hope for you, if you can (1) be lucky enough to stay out of jail, and (2) keep away from any more impulsive, bad deals, and (3) avoid those damned seminars. Seriously. Those seminars and fake colleges are the undoing of a lot of people. Light on info, high on encouraging crazy risk.
P.S. Thanks for keeping the blog up. It’s an addiction, you know. You can’t help but chase “sweet deals”, I can’t help but read yer blog!
January 18th, 2007 at 10:23 pm
Casey,
The answer to your question:
Is one foreclosure just as bad as 4 foreclosures or is it worth the fight to minimize the number of foreclosures on my credit report?
In the declarations page of the loan application if you check “yes” for bankruptcy, foreclosure or deed in lieu will bar you from obtaining automatic underwriting.
This means any future application will be reviewed by a human underwriter and you’ll have to explain the foreclosure(s). I think one is going to be much easier to explain than four.
Another factor in an underwriting decision would be the time passed between the negative activity and the current purchase. Essentially, the longer ago the negative activity is, the less it’s considered in the underwriting decision.
I think you’ll have a better future with one bankruptcy in the past than four foreclosures.
Take care,
Nigel
January 18th, 2007 at 10:34 pm
Realtors are such a joke. This market is insane with greed.
In El Segundo, CA there are these so called “artist’s lofts” condos starting at $800,000.00+ Plus HOA does. Bill Ruane (pronounced “ruin”) is the realtor. These are located at 1225 East Grand, El Segundo, CA 90245. They are less than ½ mile from the sights, sounds, and smells of:
1) LAX (24/7 noise, jet fuel exhaust and shaking walls.)
2) Boc Gases. They synthesize Xenon, Krypton, Neon and You DON’T even want to know what else.
3) Chevron Oil refinery. I love artificial clouds. Nothing like the smell of burnt tar from your friendly neighborhood smokestacks.
4) LA Sewage treatment plant. How many people live in Los Angeles again?
This is just the start. Your “backyard” is next to a Metal Grinder company. Buzz. Buzz. Grind. Alarm clocks are so overrated.
Really cramped weird layout. No view up to the 2nd or third floors. Fake oriental interior theme with granite counter tops and a 1970’s “new” living room style. There is no loft at all. JUST A MISSING WALL between the garage and my new living room “office”. When I said I wanted a wall in the garage the Realtor said:
“The missing wall in the garage is what makes it a loft”
Huh? A missing wall in the garage is a loft? Go figure. “well I want a wall in the garage”. To this they shrugged their shoulders and said:
“Well you can always change it.” and “You can install the wall yourself”.
Whoa! Why would anyone grossly over pay for this white elephant in the first place AND THEN have to make an instant expensive installation change after the fact? The arrogance to even suggest such a thing. Nothing new from standard Realtor attitude though. I guess if you have to ask then you can’t afford it.
Basically these “artists lofts” are beyond a complete joke. Even at half the price. They have a huge SOLD sign outside of one of these units. So you better snatch the rest. These lofts are hot. Oh by the way - guess what?
IT HAS NOT EVEN BEEN SOLD.
That’s right. Fake real Estate. Casey this is a nice lady but if you want to sell you better call Remax asap.
January 18th, 2007 at 10:58 pm
I’m impressed he placed ads in the penny saver but for a boy who doesnt have a pot to piss in, where did the money come from?
January 18th, 2007 at 11:01 pm
Hello Nasty…
The University actually was the best deal out of all of the different “seminars” I have gone to in the past. When I first started learning to invest I paid 15K for only 3 Russ Whitney classes (Robert Allan is similarly priced).
For about the same cost The University gives you over 30 investing classes that are higher quality and you get a year to take them (week-long college sessions are offered 4 times a year) and another year to retake classes for free, oh and you get to bring a partner for free.
The same deal would cost about 70K with Russ Whitney and some classes are not even offered. Nothing against Russ Whitney, it was a good deal when I was doing it because that’s all I knew about, plus I made 30K on my first RE flip (Calla Way into Burdett Ave) so I was able to pay-off my educational investment.
All gurus have something good to teach. Some are just better value than others. (And unlike your average “seminar”, The University has a credit recommendation from the American Counsel of Education so the classes are actually transferable to traditional schools.)
There are a bunch of other benefits with The University, like access to a private website with cash-flowing turn-key properties across the nation, mentoring/coaching, a local community of investors for support and ability to make referral commission.
The college sessions are held at resorts in Scottsdale, AZ right now because the company is still pretty young but there is talk about having actual campuses with dedicated buildings in a year or two. They are trying to become sort of like The University of Phoenix of Real Estate Investing Education. I heard Univ of Phoenix actually started in a hotel.
And no, its not multi-level like the critics claim, but rather a straight one-level commission (you give up your first two sales as training sales). Similar to the insurance industry. People are quick to criticize without first doing due diligence. Those same people are usually promoting their own product - look and you will see.
The area developer position (sales) is optional and it’s great for those who want to make some extra money helping expand The University to local markets across the nation. The extra income is great for paying off the tuition, and actually encourages SMART investing because now you have money for down payments for real estate deals (they actually discourage doing zero-down deals)
Before going to the December session I had some high expectations since I have already spend over 30K on seminars and gurus over the last year and a half. Some were good, some were fluff and everything in between.
All I can say is that I was impressed… check out my post The Real Estate Investing College to read my full review of the program.
I don’t talk about The University on this blog too much because I was asked not to mention the school by name on this blog because my story has a lot of negative publicity (and all the critics here who are quick to judge).
I’m not sure what you mean when you said that I lied about using the 5K loan for The University. I never disclosed how I paid for it. The 5K loan is actually for the shelf corp. Perhaps I wasn’t very clear when I mentioned it before. Knowing the level of criticism on this blog I didn’t want to get into too many specifics on new loans that I am taking out for business purposes because many people here are ready to blow things out of proportion not knowing my full intent.
And yes, its true that I am involved in expanding the local investing community associated with The University as one of my income streams (now that I’ve experienced the quality). And no the income stream hasn’t really kicked-in yet.
However, I don’t plan to use this blog to promote The University in the near future. I talked about it in one post just to share my experience after coming back from college.
This blog is about sharing my story of what NOT to do in RE and eventually helping other people who are facing foreclosure. I don’t want to make this blog too commercial in nature.
If I do take on a sponsor (I am trying one out as you can see in the side bar) they will have to be a quality, reputable company that I would feel comfortable referring to people who are facing foreclosure.
This comment should be sufficient to explain my position and hopefully clear up any confusion. Note, I will probably moderate out comments about this issue like I have been so far. I sort of let this one through because the haters… er… critics are making wrong conclusions are blowing things out of proportion out there.
Now back to my foreclosure story…
January 18th, 2007 at 11:06 pm
Question, when did you and G—- take the trip to Hawaii? Was that on Countrywide’s dime as well?
January 18th, 2007 at 11:15 pm
Casey said:
“The problem is… qualifying, taking calls and showing the home takes a lot of time/effort. Since I am not making any money on the wrap / lease option, there is no financial incentive for me.”
I am absolutely stunned. Casey, my boy… #1, you’ve got nothing BUT time to handle this business right now because YOU HAVE NO 9-5 JOB and #2, it’s YOUR OBLIGATION to do your best to resolve your debts. You got yourself into this mess and you should do your best to get yourself out.
To say that you won’t move your @ss unless there’s a financial incentive involved makes me wanna puke. How about doing the right thing? How about WWJD?
Seriously, you disgust me.
January 18th, 2007 at 11:29 pm
Thanks Nigel, I guess its a good thing I’m try to avoid foreclosures… even if I get one that falls through the cracks… well I actually already have one from Dallas…
January 18th, 2007 at 11:40 pm
As for Amy talking me into signing the 50K note. Of course she is looking out for her interests and wants to make that commission. She is not doing this for charity you know. However, she let me see the note and gave me plenty of opportunity to consider the decision and get any 3rd party advice. She doesn’t know all the implications of the note, she is just a realtor. So the decision to sign the note was my own responsibility and I take full credit (or blame) for it.
January 18th, 2007 at 11:44 pm
Casey. Thanks you for the very good response. You are definitely making a comeback for sure. You might have manic depression with your really high ups and really low downs but right now I think you’re in a “good place.” I hope you stay there and take advantage of good decision making and good due dilligence. I am going to do some due dilligence on [The University] because as pointed out recently, it looks like we have hit the bottom of the market and things are probably going to get better soon (I hope!). I am new to real estate investing so I would like to learn some more and while [The University] is expensive, since you did so many schools if you say they are the best I am going to maybe check them out when I save some money from my rat race job
I’ll make sure I give them the Casey111 code (i think that’s it right?) if I pursue it.
Good luck man, and don’t listen to the haters. Stay in your “good place”!
January 18th, 2007 at 11:49 pm
Not just the cash back at closing, Casey. Aside from that probable $100k, you’ve got nearly A QUARTER MILLION in personal notes, credit cards, loans of all types that’s gone.
What did you spend like $300,000 on? I’m honestly totally curious how it’s even possible to have spent $300,000 in a year without buying cars, a house of your own, more stuff than would fit in your sister-in-law’s… what did you spend $300,000 on last year?
Also, some people seem to know, but I don’t and if it’s out there… what’s the old personal site link with the daily activities and all?
January 18th, 2007 at 11:56 pm
OGG THE CAVEMAN… I deleted your comment but I’ll answer your question..
yes I realized that the 30K I made on the Calla Way into Burdett flip wasn’t really “profit” but more a continuing of the deal. And yes, only after the Burdett property sells can I really consider it as profit.
However, I did, kind of, sell the Burdett property. I haven’t discussed this very much but after I bought Burdett from the buyer of Calla Way I ended up selling Burdett on a lease option.
The problem is that I made a bad decision (desperate) with the tenant/buyer. They only gave me $1,000 as option money and were paying me $1400/month. My mortgage is $2500/mo. So I was in the red over a thousands bucks a month.
Their purchase price though was set at 330k (it would have actually appraised for a short time back then). They had upto 2 years to exercise their right to purchase. So I was going to help them get financing and when they buy the property I was going to make 330 - 295 = 35 gross.
Subtract the negative cash flow and some costs and you’re talking about a break-even. So if everything would have played out like I was hoping I would have been able to consider the 30K from Calla Way a “profit”.
Problem is that I have a weakness with “risk management” and I was planning for the best possible scenario on that deal. That’s why in my mind I was already sort of treating it as “profit”.
By the way, the negative 1,100/mo cashflow on Burdett and the $10,000 I borrowed from CashCall to fixup Burdett is why I decided to buy more property.
That’s ‘cuz I just learned the power of cash-back-at-closing and I was looking at buying at house as “pay day”.
Thats actually a very dangerous / short-sighted mentality, now that I look back on it..
January 19th, 2007 at 12:02 am
“plus I made 30K on my first RE flip (Calla Way into Burdett Ave) so I was able to pay-off my educational investment.”
You need to be honest with yourself.
Part of closing the deal with the guy who bought Calla is that you would buy his Burdett place. Right?
You paid him way too much for Burdett and are now - $55K on that deal, according to your latest spreadsheet, AND you are $17K in arrears on your payments.
So you need to stop thinking of Calla as a $30K profit. Instead, it looks like at least a $25K loss. And that’s IF you can dump Burdett for the $240K and if your lender lets you skate on the $17K past due.
–Tim
January 19th, 2007 at 12:11 am
Yes, Tim, you’re right, see my response to OGG for my reasoning (or the lack thereof)
January 19th, 2007 at 12:28 am
Casey,
Are you still getting up at 5:00 a.m.? I sleep in until 11:00 a.m. every day and go to sleep around 2:00 a.m. I am just a night owl, everyone is different. I seem to be most productive at night for some reason.
January 19th, 2007 at 12:38 am
Good to see you being responsive on the blog again. This will get you more readers and make the site more valuable to your sponsors.
Really looking forward to seeing where all the cash-back went…
January 19th, 2007 at 12:51 am
“Yes, Tim, you’re right, see my response to OGG for my reasoning (or the lack thereof)”
One thing I think you ought to “work on” is the way you over-personalize deals. You usually have a positive spin on people, which is probably good for this blog (as hearing how someone is a b**** , or a thief, or other trash-talking, is not usually pleasant to read about….you don’t do this, which is good).
However, you often talk in terms of people “helping me” (in financial deals), or “my super agent in Utah,” or praise for Amy, or how gurus want to help you, and so on.
Well, no, mostly “deals are deals.” Instead of talking about how the guy who bought your Calla Way place became your “friend,” how you visited with his family and all, you might want to consider that he also dumped his Burdett POS on you at way over any price you later got close to getting.
I can’t say he was malicious, or took you for a mark, but you need to think in terms of deals in cooler, more analytical terms.
With the houses I have bought and sold (I’m a piker compared to you, with 3 purchases and 2 sales, since 1979), I never met the buyers, and only met the sellers briefly. My real estate agents (and/or the agents for the other parties) handled all of the house tours, the questions and answers, and any back-and-forth negotiations on price were done with paper-based offers and counteroffers.
So I never viewed the sellers or buyers as “doing a super job of helping me out!” They were trying to get the best deal, as I was. A “meeting of the minds” was where the transaction cleared.
Frankly, I think most of the people you have been buying and selling with have, to be blunt, treated you as a mark.
Besides getting more education in business and economics (the real kind, not the guru notebook kind), you also ought to get a good exposure to con games, scams, Spanish Prisoner and Liberian Prince cons, trickery, illusion, and all of the other “negativism.”
Watching a bunch of old “The Rockford Files” is one start, as those characters were often running scams and cons. For a more sophisticated view, David Mamet’s “The Spanish Prisoner.” For real estate, “Glengarry Glenn Ross,” also by Mamet, ironically.
And catch some episodes of Penn and Teller’s “Bullshit!” on Showtime, or probably now on rentable DVDs. Each episode they debunk some myths that gullible people believe in, from ghosts to magic healing places to “make money fast” scams.
I’ll stay away from religion, as this is a hot button for many. All I’ll say is that religion and business usually don’t mix very well. Be very wary of anyone claiming to be interested in “helping a fellow Christian.” And don’t let stuff about “my Maker” cloud good, solid business judgement.
Frankly, you’ve got to toughen up. You’re getting beat up. I don’t mean you need to start cheating people (more so than with liar loans and cash back). I mean you’ve got be _shrewd_ and not so gullible. And not so quick to praise people who just slid a knife into you even as they smiled so nicely.
Do the numbers. Wear out your calculator doing scenarios. Run the figures. Stop thinking in terms of people “trying to help me” or “I think this is a win-win!”
Toughen up.
–Tim
January 19th, 2007 at 2:07 am
To T:
My lady, I surely did not mean to imply you were a “shallow tart.”
However, what would be wrong with being a shallow tart?
I have known several, and enjoyed them immensely!
To Homey–When will you look up Amy?
January 19th, 2007 at 2:56 am
hey i’m curious - here in australia we can sue people for misleading us in their advice ( under the FTA sec 52)
considering the current litigious environment - why can’t you sue all those “boot camps” and “seminars” considering where their advice has gotten you - could probably make back everything you owe with the right (bloodthirsty pirahna)lawyer
January 19th, 2007 at 3:01 am
Casey,
So much of this has been constructive. Huge, huge amounts of information, provided freely, people telling you things they didn’t have to, trying to correct your frankly abysmal English skills. You just seem to ignore it and categorize it as “hating on” without recognizing that you may have used it to help yourself.
As well, as innumerable people have pointed out, the cycle of you post a problem, people offer helpful suggestions and information, you ignore them all, go on, do something the opposite of what was recommended, get in deeper, then post another problem - this has made people deeply frustrated. Some of us to the point of actively rooting against you. Because people were constructive, and you don’t listen, do things like promise updates and info that never comes, and then get in deeper when you could have changed it.
Honestly, what is it you want from us?
January 19th, 2007 at 3:19 am
beezer… I do see your point. I would feel frustrated to if I’m giving somebody some good solid advice and they are ignoring it… well I want to go ahead and thank everybody who has been giving me advice on the blog.
The critical comments sometimes get to be too much but there is almost always a grain of truth or a piece of advice in every comment.
And even though it looks like I’m just ignoring your advice, let me tell you that I really do consider everything that is being said. Sometimes it takes me a long to respond to each individual person just because of the nature of 1 vs many style of communication.
So again, thanks for your contributions. Without the “critics” this blog would be boring. Thank guys!
January 19th, 2007 at 4:20 am
Casey,
Your site and your English has gotten better. I especially like the numbering of comments (so I can scan for updates).
Tim, your last post was spot on. Casey’s in the school of hard knocks and has to adapt.
-Big Cheese
January 19th, 2007 at 4:30 am
Tim, another recommendation is “The Big Con”, which is a study of con men and their scams from the early 20th Century. The book is a bit outdated (it was written around 1940), but a lot of the ideas from it wind up in, say, David Mamet’s “House of Games”, and it was one of the inspirations for “The Sting” (”the wire” big con from the movie is described in detail).
http://www.amazon.com/Big-Con-.....0385495382
One of the main ideas running through the best of these cons is that the mark doesn’t realize he’s been taken, which aptly describes Our Hero.
January 19th, 2007 at 4:47 am
Casey - you are one of those people that is always looking for short cuts and the easy way out - the fast path to riches - with the least amount of work and effort and time involved. you have to pay your dues in this life, Casey, one way or another.
good luck.
January 19th, 2007 at 4:48 am
Casey,
Just got back from Novosibirsk! Great apartment flipping deals there! It was even warm! (Well, for Siberia…)
To start making sweeet apartment flipping deals, call the Novosibirsk Association Of Realtors at 011-7-3832-29-41-47 (we already know that you will buy real estate sight unseen).
And remember, if you move there and acquire Russian citizenship, they won’t extradite you back to the United States, even if there is a warrant out for you! Sweeet!!!! A real win-win!
January 19th, 2007 at 5:16 am
“…If the short sale doesn’t work, I hope the note is contingent on the short sale and not just a trick Countrywide pulled on me to where even after they foreclose I will still owe it. I guess I should have checked into that before signing. ..”
“Hope?”
You don’t “know?”
January 19th, 2007 at 5:35 am
“..When I first started learning to invest I paid 15K…”
Considering your present situation, it was not
money well spent.
That’s more than my pickup truck cost.
“plus I made 30K on my first RE flip (Calla Way into Burdett Ave)
No you didn’t.
The fact that you still think you did shows how “clue-less” you really are.
January 19th, 2007 at 6:36 am
Casey, glad to see you responding more.
I am just looking into real estate investing - I do have my real estate license and I deal with land acquisition for wireless carriers.
I have to say that I agree that a LOT of good info has been offered on this blog….I have read just about all of it. So, I am thankful for that - your site has been great for that.
It is frustrating to read some of this advice and see you continue to do some things that are so obviously wrong or counter to all the advice..sift through the BS as well as you can and get some professional advice.
I am just a small-time self-employed guy and I run it all through an S Corp….you need a CPA and an attorney close-by….
Looking forward to more good info.
January 19th, 2007 at 6:48 am
@ chopper: love your post, hahahah.
@ julian: dude, put down that glass and call lahey. this could get you out of the park. if i were you i would take ricky and bubbles with. but make sure ricky takes trinity too (she needs out of there!).
@ casey: nice to see that you are back. keep it up!
January 19th, 2007 at 6:52 am
Much easier to navigate the blog now that you’ve added numbers to each entry. Glad you got a sponsor, too. It would be beneficial to get more sponsors asap.
January 19th, 2007 at 6:59 am
I found this info on another blog… I think it’s worth thinking about as it ties the cross-cultural aspect into this.
For me I am a 1st generation American who is now living abroad. So I can see with my parents some aspect of the immigrant mentality.
Casey - I hope you don’t mind posting this, I think it’s pretty interesting and generally harmless to you. Any truth to this post?
- Big Cheese
A little anecdotal history about the Soviets. A lot of the Casey/G***** saga is difficult to understand, since we’re not commie pinkos. I just got off of the phone with my friend that is married to a Russian woman, living in Volgograd. They tell me that Russian women are very loyal to their men. Very loyal. They will hang on to the bitter end. We Americans look at G*****, and we’re baffled that she hasn’t divorced Casey yet. Equally, the Russians look at us and our high divorce rate, and are equally baffled.
Also, we as Americans forget that we have a very different work ethic than the rest of the world. Understand that for the communists, being a hard worker wasn’t necessarily a good thing. One of the base tenants of communism was the notion that all were equal. There was no getting ahead. We sharp and good looking posters of the Exurban Nation would have to wain in line for a roll of woodchip toilet paper, just like everyone else, regardless of how hard we worked.
That said, for people living in Communist countries, the only way to get ahead was to be an athlete, a politician, or to skirt the rules altogether. From what I am told, not playing by the rules is a good thing.
We expect that Casey should think like we do, but he isn’t a first-gen ‘Murican. He is an immigrant. He came here after spending half his life in a communist country. He does not, nor will he ever, see the world the way we do.
January 19th, 2007 at 7:00 am
I’m a cpa - don’t just play one on the internet.
The issue of whether a 1099 is issued or not, does not affect taxability of an item. But if a 1099 is issued, and your cpa determines that it does not reflect taxable income, it better show up on your tax return with an offsetting adjustment somewhere on your return, or you will hear from the irs.
If you are insolvent (pretty obvious you are), the debt forgiveness will not result in taxable income. But there are twists to it. I can’t believe you ‘forgot’ to mention this issue to your cpa. On second thought, in reading your history, I guess this is totally within character for you.
I hope your cpa is smart enough to collect a big fat retainer from you, before he lifts a finger to try to help you with this mess you’ve created.
January 19th, 2007 at 7:13 am
Yes, My house got 5 offers, it’s a single family house in Fremont City. You can feel it. The Market is picking up in Bay Area
A Happy Seller
p.s. The news media report is always a month old. It’ll report the market is picking up during the next month.
January 19th, 2007 at 7:22 am
I need to start focusing more on moving forward instead of trying to save a bunch of sinking ships.
Yeah, why bother cleaning up the messes you’ve made. Just move on to more interesting subjects. You’re a regular George Bush.
January 19th, 2007 at 8:17 am
I am happy to see that you have been busy trying to get these properties for sale. I hope all goes well.
If you would have taken the 30k that you spent on RE seminars and classes you could have spent that on obtaining a bachelors degree in Business or Real Estate which would net you alot more money in your lifetime. It may take longer to make the money, but atleast it is a gaurantee.
January 19th, 2007 at 8:18 am
Rather than surrounding yourself with ‘advisers’ that you can’t be sure if you can trust, why not get the knowledge yourself?
If you outsource all the thinking, what will there be left for you to do? Why would your advisers need you, and why would they respect you in the slightest?
January 19th, 2007 at 8:42 am
Glad to finally see you had quality courses from your beginning, starting with Russ Whitney. He really has some good stuff. Did you have a chance to attend his Millionaire University in Cape Coral? Heard they offer some killer land and house deals right in their hometown.
January 19th, 2007 at 8:47 am
http://www.mortgagefraudblog.com/
Read this, Casey, even if you don’t approve the post. A hater wouldn’t tell you this… a realist would.
Do not construe this as legal advice [advise] but if I were you I’d run down to the local FBI/FDIC office [after talking to a criminal attorney, of course] and offer to rat out the others [loan officer, real estate clerk, appraiser*] involved in your scheme to defraud — do it before the indictment comes out, it will look better for a plea deal…. they want the bigger fish, but they will cook the small fry if they can’t hook the big ones. Look at the Federal Sentencing guidelines and see what they says about downward departure for co-operation…..and then see what it says about upward departure not helping…
*Even if, no make that, especially if the appraiser is a relative or in-law.
January 19th, 2007 at 8:59 am
When I first started learning to invest I paid 15K for only 3 Russ Whitney classes…
You paid $15k for a real estate guru seminar? Why not just have the word “sucker” tattooed on your forehead?
January 19th, 2007 at 9:03 am
Oh Casey, I see that you’ve a new sponsor House Buyer Network [sweeeeet]. I dutifully clicked on the “stop Foreclosure”link [once only] and read this advice [advise]:
How to Stop Foreclosure
Contact the Lender
Absolutely the first step to avoid foreclosure is to contact the lender and let them know your situation. In many cases, they can work with you to temporarily modify payment terms until your situation is resolved.
Never, ever ignore late notices, letters or calls from your lender. They would much prefer to work together with you to resolve the situation, but will not hesitate to begin foreclosure proceedings if it appears that you are unwilling to work with them to avoid foreclosure.
Gosh Casey, who knew?
January 19th, 2007 at 9:04 am
Oh the humanity… I see a falling ball of flames, with tiny burning figures frantically trying to escape immolation.
Why did you bother consulting an attorney if you chose to disregard what he/she had to say?
It seems you spend a good part of your time and meager resources seeking advice and counsel from either 1. questionably qualified, negative sources who further your destruction, or 2. from knowledgeable, well-informed people, whom you promptly ignore. :
:
Why???
How about you sit down and take stock?
How about you realize that **relying on your instincts has gotten you into this mire to begin with** and that maybe going with the advice of someone with some modicum of education and experience might benefit you?
You astound me. You really, really astound me.
It’s like an alcoholic admitting they’re an alcoholic, and thinking that absolves them completely. There are many more steps after the admission, petit garcon. Many. And it will require work and effort–neither of which you’ve proven to be inclined to do.
Incroyable.
January 19th, 2007 at 9:17 am
Yes Casey, YOU are going to prison.
Not that white collar, county club prison, but the big boy, a$$ pounding, cigarette trading prison.
You have been warned and warned, but you wouldn’t listen.
The local, state and federal authorities have all been notified.(BY ME)
Good luck trying to squirm ourt of this one!!!!!!! I see lots of pain and agony in your future(plus D_I_V_O_R_C_E)
January 19th, 2007 at 9:30 am
Chopper’s post re cloning Casey…
It is posts like yours that keep me coming back here over and over again - I totally cracked up over this one! Keep them coming. I honestly wish I could meet some of these posters.
Casey, I tried posting to you about a month ago but you never submitted my post. My post was about my own real estate experiences and what I basically said is you either have a sense of the real estate market or you don’t - I’m afraid you simply don’t. The sooner you get out of this complete mess the better. You need to get a steady job and develop a work ethic.
January 19th, 2007 at 9:57 am
Stephanie - you had me at “Incroyable”…
*sigh*
January 19th, 2007 at 10:10 am
I like comment #102.
Casey Educate us about his scams.
Casey=Scam Master
hooray for Casey.
January 19th, 2007 at 10:10 am
LOL, Casey. Too afraid to post my rant? Tells me I hit a nerve.
That “university” you wasted money on is a scam. Go ahead and don’t post this. I will gladly post it at the critic sites.
Oh and I how you are constantly referencing us. You wouldn’t have critics if you weren’t so deluded.
January 19th, 2007 at 10:12 am
Casey, my disgust has dissipated some since I posted my comment to you last night as I came back this morning and read the rest of your new entry (which I was too disgusted to finish reading last night) and have realized that although you’re taking “11th hour” action, you are nonetheless taking action. Go you.
The thing is… these are things you could/should have been doing months ago and beezer is correct when he says that we as an audience are frustrated.
Also, when you’re in this deep and then post statements all giddy with anticipation of soon having access to “juicy credit lines”, it is glaringly obvious that you have not learned some of the most important lessons that a situation like the one you’ve created for yourself usually teaches:
1) credit is merely a financial tool to be used and should not take the place of actual earned income.
2) salivating over potential “juicy” credit lines shows your true colors and makes you appear like a slimeball.
3) working hard and spending frugally is a GOOD thing.
4) living above your means will always come back to bite you in the @ss.
5) if get rich quick schemes were the answer, everyone would be doing them.
The lure of easy money has you gripped so tightly that I don’t think you’ll ever wisen up. It would be nice to finally see a post where it’s obvious that you’ve learned a few lessons but IMO, that’s not gonna happen any time soon.
PS: Please tell your realtor that her face powder is too light and too pink for her skin tone. She might wanna head to a cosmetic counter soon and find a shade that actually complements her complexion.
John Galt Said:
“My lady, I surely did not mean to imply you were a “shallow tart.”
However, what would be wrong with being a shallow tart?
I have known several, and enjoyed them immensely!”
Not only are you a gentleman, but you also make being a “shallow tart” sound like a slammin’ good time. I may have to re-think my stance.
January 19th, 2007 at 10:13 am
Big Cheese wrote:
“Your site and your English has gotten better. I especially like the numbering of comments (so I can scan for updates).
Tim, your last post was spot on. Casey’s in the school of hard knocks and has to adapt.”
I agree about the numbering–makes it easier to load the entire thread and then pick up where I last read it. (Would be easier if these blog programs had “mark as read” colorization or other notes, such as we have had for 20 years with Usenet/Netnews readers.)
I also sense some progress with Casey. Not just the spelling, which I generally don’t criticize (especially as it seems most of modern America confuses “loose” with “lose”–there is no real logic to the spelling, as “snooze” rhymes with “lose,” etc., so it’s just one of those things one either learns or doesn’t learn).
I did just about “loose it” (:-)) a week or so ago when Casey “went all exuberant” on us, telling us he was bored with the Muncy and Burdett deals and was moving on to a plan to recruit a team of advisers, buy a 100-200 unit apartment building….all within the next 8 months. I couldn’t even bring myself to make a comment, as this was too silly, too glaringly impossible, to comment on.
This struck me as a manic phase in a BPD person. A more polite explanation is that it’s grandiosity (the older name was “delusions of grandeur,” though I hear this less and less).
Some of his later posts were more reasonable, though.
It’s going to be very tough sledding the next six months, at least. But what he is learning the hard way may help him in future years.
–Tim
January 19th, 2007 at 10:14 am
I have to chuckle at the realtors and individuals on this site now touting that the market is “picking up again”.
Oh really? So a 10 year bull market in real estate has now corrected itself in a mere 6 months? Wow. That’s impressive.
I heard the exact same gibberish when the Nasdaq started its downward spiral. There were many head fakes along the way with people catching falling knives left, right and center. But of course, that’s the stock market and real estate is different.
Folks, take a good, hard look at this graph:
http://upload.wikimedia.org/wi.....0-2005.gif
Now those in the “rah rah go real estate!” camp are actually telling us that we just corrected from those skewed levels?
Please.
So no, folks. We have not corrected and we have not “bottomed”. We are at the precipace of a long and protracted downturn. Towards the end of 2007, this will be more evident but we are not going to see an actual bottom until around 2011 or 2012. Note that doesn’t mean you have to rent for the next 4-5 years. Just wait until it makes sense to buy based on valuations. i.e. when the rent you pay for a property is at or near the mortgage value of that property based on a 20% down, 30 yr fixed rate mortgage. Simple as that.
And also, please do not fall into the real estate trap which states renting is “burning” money. An over-inflated mortgage will burn far more money in the long run with interest payments.
January 19th, 2007 at 10:21 am
#104. 91q45…. Haven’t we covered this before (maybe you’re new)… ok, once again… Finch Properties is the DBA we established first to do our investing/rehabbing business under. Then a little later I changed my mind and decided to rename the business to AbleBuyer because it has more of a trendy / brand name feel to it. I think its a great domain name too. Its generic enough to where I can grow it in one of many different directions. As you can see not much progress there right now… still busy cleaning up this mess.
January 19th, 2007 at 10:25 am
Ok. i’m getting really tired of people saying that I’m ignoring good advice… I want to see a list of top 5 pieces of advice that was given to me on this blog and I will respond directly to why I have not implemented those strategies. (Make me a short numbered list 1-5)
January 19th, 2007 at 10:48 am
I’m sorry…”total expenses add up to a negative number” should have read “total income adds up to a negative number”.
January 19th, 2007 at 10:49 am
I’ve usually read your columns with either a little compassion, or ready to laugh humor. This is the first time reading that brought me to swearing under my breath:
“The problem is… qualifying, taking calls and showing the home takes a lot of time/effort. Since I am not making any money on the wrap / lease option, there is no financial incentive for me.”
AND
“Since the property is an 1.5 hour drive away ($$), I haven’t been doing very much with it”
If at anytime in your future you attend another “educational” class or seminar you should staple those above two statements to a piece of posterboard and wear it around your neck. On your backside an accompanying posterboard should display the following:
Landlording - too much work
Selling a distressed property - too much work
Opening my mail in a timely fashion - too much work
Got a sweet deal for me?
Actually, you should probably sign them “Casey Serin” and put your websites on them and post them on Café Press. If you happen to roll into the San Francisco financial district during lunchtime I will buy you a burger - no joke. Please don’t stop blogging, I am sure there at least 20 more mistakes that no one has even thought about that you will be able to reveal to us and help us with our own “education” about “what not to do.”
As far as increasing your shrewdness without losing your optimism, Casey, if you haven’t heard this one before, think about it and hopefully it will help you, “Trust, but verify.”
@MyFico=720 - Thanks for sharing, stories like that are great to hear.
@ new readers who are wondering about the $90k - Casey used it to support the lifestyle of someone who earns $60k and spends every penny of it. The rest went to his monthly debt service for all of his properties.
@T-MBA Casey will never be able to separate himself from the sweet talk. The wonderful self actualization style of giving grand compliments to everyone and yourself is a standard in the world of self help crap & get rich quick. The ploy teaches them to help themselves feel good and make you look better as they drive themselves to financial ruin.
@ alifesublime - if Casey had followed their instructions to a T he probably still wouldn’t have any recourse - but there is no way he has a case against them, he did not do his “due diligence” when buying these properties and he jumped in and bought 6+ props when everyone advised him to start slow.
@ Johnny Hooker - I’ve added The Big Con to my wish list, thanks.
January 19th, 2007 at 10:50 am
Johnny Hooker wrote:
“Tim, another recommendation is “The Big Con”, which is a study of con men and their scams from the early 20th Century. The book is a bit outdated (it was written around 1940), but a lot of the ideas from it wind up in, say, David Mamet’s “House of Games”, and it was one of the inspirations for “The Sting” (”the wire” big con from the movie is described in detail).”
Agreed. Even if one doesn’t plan to become a con artist, knowing how they work is useful in avoiding getting conned. (And my sense is that “real estate flipping” is the latest plan the con artists have landed…there’ve been a bunch of caseys lately where houses were being bought with no money down and cash back and then the flippers vanished.)
“Boiler Room” is another good film about such cons. Probably there are a dozen or more good films to watch. (I saw one recently–”Criminal,” with John C. Reilly–that was a remake of a Brazilian version…it involved a guy conned into buying an apparently valuable currency plate….he thought he was conning the other crew, but they were conning him! A common pattern.)
One of the reasons to use full-service real estate agents, full title search companies, and “vanilla financing” is to steer clear of the FSBO scams and cons. (Early in this blog the case of the Arizona man who signed away his house to a con artist got mentioned a few times. This is typical of the “new cons.” And everytime I hear Casey talk about the Utah deal, which sounds to me like a “double-double decaf wraparound with a twist of second mortgage takeback” jive, I think of these equity-stripping scams. Probably not in this case, but very complicated and “shady” wraps often can go bad. And some of the “really nice” buyers are actually sharks, scamsters.
Part of the “shrewdness” I mentioned, and that Casey said he agreed with, is related to what someone else recently called “passing the smell test.” Or, if a deal sounds too good to be true, it probably is. Shrewd investors tend to know when a deal flunks the smell test.
Hey, I’m going to admit to two cons I fell for. One was an outright con, the other was iffy. The first was in Rome, in 1983. A very well-spoken, well-dressed American approached me and said his wallet and cash had been stolen and he needed to borrow $50 to help him out for the next day or so while he got stuff replaced. He chatted for a couple of minutes about the crime problem in Rome, how Americans were such easy targets of pickpockets, etc. He was not dressed as a beggar or bum. He explained how he would send me a check for the loan when he got back to Vermont or wherever it was he said he was from.
So, since he seemed so well-spoken, I took down his name, gave him my name and address, and gave him $50.
I never saw it again. And I later read that this “stranded tourist” con was well-known, that some ex-pats in Europe make their full-time living pulling this con. As the saying goes, “When you can fake sincerity, you’ve got it made.”
The other con was a call one night, circa 1984, from a guy claiming to be from a company offering 10 free rolls of 35mm film if I agreed to buy one roll for $20 (or somesuch…I’ve forgotten most of the details). The “tell” should’ve been that nobody markets film this way. The bigger “tell” should’ve been that the guy making the phone offer said he could be “right over” to complete the deal. So half an hour later, he shows up, shows me the film, and I buy the “special roll.”
Turns out the film was indeed 35mm, but it was that “5427″ (or somesuch) film that was unshot movie film stock. (These rolls were often offered in the backs of photography magazines…the film was indeed inexpensive, but needed special processing. I never used any of these rolls.)
So, lesson learned. I got conned twice. Total expenditure: about $70. Money well-spent, it turns out. I think back to these two cons every time I hear about a “deal too good to be true.”
(So far as I know, I have never been conned in this way on anything else. Sure, I’ve lost money on much bigger deals, but these were not classic cons; rather, they were just deals or investments that did not go as I had hoped. For lots of the obvious reasons. Win some, lose some.)
Looking at how Casey overpaid for nearly all of his properties, I think he was conned. Possibly with the full knowledge and participation of his real estate agent (who gets a bigger commission, and may even himself be getting a “cash back” from the seller). Certainly the sellers were getting a good deal, even when they gave Casey “cash back.” They got to unload a POS for their full asking price, inflated to $30K or whatever over this asking price, then kick back the $30K to Casey as “cash back at closing.”
–Tim
January 19th, 2007 at 10:51 am
Rob BBB,
“It looks like the housing market bottomed last month. I have been reading reports and all of them are showing real estate picking up right where it left off before the crash.”
“I think the housing market is due for a big bounce, we may be seeing it now. Then will get back to the historical appreciation we’ve been having for the last few years. 20% year over year or more. People will be screaming to get in when they realized they missed the boat.”
Oh my God. Is this person serious! That is not how the real estate cycle works. IF the CA real estate market bottomed last month, why would it bounce back to 20% appreciation? That is not the normal average appreciation rate and markets don’t bounce back in a month. Historically, after the market has bottomed, prices don’t show significant appreciation for at least a few years.
I don’t know what would make someone believe that normal appreciation would be 20% a year. If that were true an average bay area house bought in 1985 for 150k would be worth about 950k in 1995 and 5.75 million in 2005! That is why there was a bubble. Obviously 20% appreciation is not normal.
http://mysite.verizon.net/vodk.....cisco.html
January 19th, 2007 at 10:58 am
LOL again. I am sure Amy appreciates being called ‘just a realtor’.
Why not refer to her as a broad or a dame?
January 19th, 2007 at 10:58 am
what happened to the sitemeter? There were some very interesting addresses on there the past few days. The kind that young casey is obviously quite uneasy about. I would be too b/c the net is being pulled up. will the fish get out or will they be drawn and quartered?
January 19th, 2007 at 11:01 am
TNT: I assume you are referring to the ‘dead-cat bounce’?
January 19th, 2007 at 11:03 am
Hello Nasty, Please read more news before you make a decision to become an invester. The good new being reported now is a “suckers’ rally”.
If you would like to read more please try Roubini’s blog. He is my fav macroeconomist. You may find this article especially appealing: http://www.rgemonitor.com/blog/roubini/173600
Sometimes it is better to read actual information from SMART people rather than the staff writer from CNN Money.
To everyone who offered me advice a few months ago. Thank you!!! I am no longer facing forclosure. Status on my four homes: 2 homes are still rented as they were when I first posted. One of the vacant homes now had a lease contract and we have already started recieving payments. The fourth home was sold this week. Whew! I barely made it out alive.
Here is the story on the last house. I have been diliegently saving every extra dollar in the past few months. (After paying the 6 mortgages and my rent) The money was to be used to make the final repairs on the property to sell it. We recieved an offer from another realtor to purchase the home for 10k under the total cost. Well I only had 7k saved but I really did not want to miss this deal as it was the only valid offer in months (All the others fell through). But I got to thinking how I could make the offer work. My counter-offer was for the realtor buying the house to give up her 3% (yes, she was supposed to get 3% and my realtor was to take the other 3%) and I incresed the sales price by 2k. Total out of pocket at closing 4.2k!!! Both mortgages were paid off in full and the fees were paid. And the buyer only had to go up a small amount on her loan. We are both very happy with the deal.
Now I still have a little bit in my savings account to start an emergency fund. I will never get behind again. I have just got a $2500.00 month raise and getting rid of three loans.
January 19th, 2007 at 11:05 am
1. stop digging with more loans
2. be honest to your family
3. be honest to your ‘business partners’
4. seek legal advice
5. get a job
1. don’t go to RE-seminars
2. think before you act
3. seek advice before you sign binding papers
4. forget about eating out
5. stop drinking Jamba Juice with overcharge.
January 19th, 2007 at 11:05 am
“I want to see a list of top 5 pieces of advice that was given to me on this blog and I will respond directly to why I have not implemented those strategies.”
Ohhhh Casey, you’re playing with fire here. Easily 200 additional comments worth of fire. But it will be fun.
Ogg, tell Casey what fire does.
January 19th, 2007 at 11:13 am
Ok here are five, honestly this is too easy.
1. Declare bankruptcy.
2. Get a real job, and actually go to work.
3. Make a detailed spreadsheet of where all the money went for the past year.
4. Give up on easy money for now and go into damage control mode.
5. Lose that one hat.
January 19th, 2007 at 11:18 am
Rob BBB said:
It looks like the housing market bottomed last month….I think the housing market is due for a big bounce, we may be seeing it now.
Aren’t you the same person who said that RK was one of the richest people in the US? Either you’re a troll or you simply have no idea what you’re talking about.
January 19th, 2007 at 11:22 am
Casey: do not listen to people like Rob BBB and Sac Realtor. How exactly can they make a reasonable argument that Sacramento real estate is going to appreciate 20+% per year again any time soon? Nobody whose income isn’t dependent on the RE market (realtors, mortgage brokers, sellers, appraisers, contractors, designers, etc. etc.) would dare make such a ridiculous prediction.
For example, your Burdett property is mortgaged for $295,000 for a monthly payment of $2,550 per month. According to Mr. Rob BBB, in 2010 that place will be worth almost $510,000. A buyer in 2010 with 10% down would need a mortgage of $460,000– that’s a $3,400 mortgage, plus taxes and insurance. To afford that, you’d need to net at least $7,000 per month (gross is double that = $14,000 per month = $168,000 per year).
Can anyone on this blog who makes that kind of money tell me that they would be willing to shell out $3,700 per month to live on Burdett Way, in a small, kinda ugly house in what we’re told is a lousy neighborhood?
No? So how are these 20+% gains possible?
January 19th, 2007 at 11:28 am
TNT,
How many houses you own???
January 19th, 2007 at 11:29 am
@Bird Dawg
Housing was appreciating at 20% or more before it stalled for a bit. Look at any of the numbers. It is headed right back now.
All you have to do to see it is look at the homebuilders stocks. Take a look at LEN, for instance. It is up 3% TODAY ALONE.
What do they own? Homes. They build them. That’s it.
Homes have appreciated already 10% over a month or two ago.. it is shown in the stock market first, then it gets shown on home transactions.
Home transactions take a long time to complete. Stock transactions don’t. That is why there is a lag.
Again, if you would listen to any of Kiyosakis tapes or read his books, the first thing you learn is to buy at the bottom.
Buy low and sell high. Sound familiar?
That is how you make money. We are just past the bottom so you won’t make as much as if you bought last month but you can catch it on the way up if you time it right. Kiysosaki is probably loading up right now. I’m guessing Trump is too.
I know all the haters want to see the housing market keep going down for some reason. But it doesn’t. People need a place to live.
And all those places are being bought up by everyone. So, it appreciates 20% year over year. And it keeps going because people need a place to live.
Real estate is easy money most of the time if you can hold it for a couple years.
And if you can rent it out, all the better. You get the appreciation plus you get money each month.
January 19th, 2007 at 11:30 am
@Jacob:
Yes, a dead cat bounce is what I am referring to.
Basically, there are only two scenarios that will play out in the world of economics and neither of them are positive for real estate:
Option 1: The Federal Reserve contracts the money supply to curb inflation pressures.
- While this will allow interest rates to drop, it will also decrease the capability of loans being issued by the mortgage lending industry since less available money is available. Result: Real Estate falls
(Incidentally, this scenario is highly unlikely since Ben “Chopper” Bernake is of the “throw money into the wind” camp.
Option 2: The Federal Reserve expands the money supply to increase liquidity and service debt
- This will produce additional inflationary pressures. Also, it will continue to devalue our currency. In order to mitigate that, the Fed will need to increase interest rates to offset the devalued currency. Higher interest rates will be the final nail in the coffin for real estate.
Note that Option 2 is the most likely scenario. Due to the fact that the majority of our debt derivatives are held by foreign nations (so we keep buying their useless trinkets) interest rates need to be held higher in a devalued currency market to provide incentive for those bond holders to continue purchasing out treasuries.
The sad part is, this situation could have been avoided and the Fed should have known better. They kept interest rates too low for too long exacerbating an already inflationary scenario. And also, they did not put any policies in place to ensure lending practices remained above board. People like Casey should NEVER have been allowed to incur debt loads of this magnitude.
So as I stated, we have not bottomed. No where near. Not even close. Especially for the bubble zones like California and Florida.
January 19th, 2007 at 11:31 am
What’s wrong Casey? Have we all struck a nerve???
Advice given to you that any SMART person would use:
1) Declare Bankruptcy. Discharge as much debt as possible. You sit here on your high horse sharing your new age-isms like “early riser” and calling us “haters” when in fact that crap has no use in LIFE. YOU dug the hole, WE suggested you do this! If the BK court turns you down, so be it. But if they don’t get you for fraud, the lenders may. So basically, TRYING to file isn’t such a BAD idea or is it too much work?
2) Get a freaking job! You are NOT a businessman. YOU ARE NOT a RE investor. Buying 8 properties in a year does not make you an investor. So what? You are losing your financial health by wasting time on scams like the [NRU] and all these crap concepts (C-Corp business loans that would be ILLEGAL as that constitutes co-mingling and FRAUD). Find work to pay the bills. Borrowing from Peter to pay Paul is NOT work.
3) LIVE in one of your houses. Why the heck not? Oh yes, too much work. If anything, you lose the other houses through short sales and foreclosure (unfortunate, but necessary) and you LIVE in one of the homes. Make a new deal with the lender and follow advice #2. How freaking hard is this?
4) Stop with the weird highs and lows. They aren’t helping you and they give the blog a sense of bogusness (to use a word that you may be using). One minute you are in a great mood, the next you are not. You ignore good advice and attribute to “hating.” Time for you to nut it up and be a man and stop being a little boy.
5) I think blogging is a good thing for you. THIS could be a business for you. Again, YOU ARE NOT a RE investor. Ignore this point all you like but your talent is in designing and running blogs apparently. Watching you wallow in mistake after mistake only proves that RE isn’t for everybody and it PROVES the gurus are all scam artists.
If you don’t want to post this, fine, but if I don’t see these reasonable rebuttal points, I’ll just save it and post elsewhere.
January 19th, 2007 at 11:33 am
Ca$ey says
“I want to see a list of top 5 pieces of advice that was given to me on this blog and I will respond directly to why I have not implemented those strategies”
The people have delivered, now we’re just waiting on those sweet answers. No funny business !
January 19th, 2007 at 11:34 am
Ca$ey says:
“I want to see a list of top 5 pieces of advice that was given to me on this blog and I will respond directly to why I have not implemented those strategies”
You got what you asked for, now we’re just waiting for those “sweet” answers. No funny business !
January 19th, 2007 at 11:40 am
Casey, what are your goals this year as far as work goes? Maybe it would help to have an actual plan to achive something?
January 19th, 2007 at 11:43 am
One more piece of advice…
6) (I give you 6 pieces of advice!) STOP SPENDING MONEY ON FRIVOLOUS CRAP. Yes, young one, a person in your situation should be cutting back on frivolous expenditures, but for whatever reason you DO NOT.
Sorry kid, a GOOD businessman commits to his business endeavors. When I’ve partnered up with people I would help do the work cleaning things, we would eat homemade stuff and driving a long distance to fulfill our obligations even if it meant not making any money right away was still the thing to do.
YOU think driving an 1 1/2 hours to a property YOU had purchased is a waste of time? Why? Obviously you aren’t making any money ANYWAY. I thought obligations mattered to you?
Wow…
January 19th, 2007 at 11:45 am
Well, you are still blogging/breathing so you haven’t followed at least one of my suggestions.
Just kidding. Don’t listen to the loOser haters. This market will turn soon and it’s off to the Forbes 500 for you Casey!
Just tell me what you are going to invest in next so I can “short” it.
January 19th, 2007 at 11:49 am
1. Open your mail
2. Talk to your lenders
3. Don’t borrow any more money
4. Don’t go to any more scam seminars (NR in Dec, e.g.)
5. Quickly act on the Utah situation
How many lists of 5 do you want?
January 19th, 2007 at 11:51 am
1.Just let the properties go into foreclosure. Your foreclosures will drop off in 7 years, but a BK stays on your credit for 10 years.
2.Lay off the Guru books, tapes and seminars. Look where it has gotten you so far. I am sure you would readily admit that the information they provide is available for free through google searches. Enough said.
3.Forget about making ‘deals’. Real Estate is not your calling. You have computer skills, maybe one day you can use that to start up your own IT company.
4.Stop borrowing money immediately. It looks very bad if you are about to declare bankruptcy and are still applying for credit cards.
5.Stop calling yourself a “real estate investor”. How much money have you made so far in real estate?
January 19th, 2007 at 11:55 am
Uh oh, Casey I just noticed on Amy’s “About Me” page that she’s got a BS in Business Admin from Cal State. Annnnnd I didn’t see a single guru related reference in there. No RK, Sheets, Whitney, nothing. You know what that means: she’s a university-bred 9 to 5 cube jobber. Ask RobBBB. You better not trust her.
January 19th, 2007 at 11:57 am
LOL Tim…Casey’s biggest mistake was the cash back fiasco.
A SMART man would have driven the price DOWN.
A SMART investor would have taken NO cash at the close.
A SMART investor would have sold one house at a time. Taken profits and reinvested. Not our boy Casey. No way. He needs to drink Jamba Juice and Starbucks everyday while pretending to be a big man.
January 19th, 2007 at 12:09 pm
Well, Casey–it looks like everyone came up with fairly consistent lists for you. Interesting trend.
The ensuing excuses will be quite interesting, I’m sure.
January 19th, 2007 at 12:12 pm
Advice you ignored:
1. not sign Countrywide note (you did)
2. stop giving $$ to guru classes and focus on getting out of your mess (you went to AZ for another class)
3. don’t listen to silly corporate shell people (we told you this before you shelled out the $4k or whatever for the useless and shady “four year corp”)
4. get a job (yeah, you think those with jobs are loosers, but some of us become multimillionaire loosers by doing real estate on the side before we go quitting)
5. most of all - declare BK before anything gets any worse
January 19th, 2007 at 12:20 pm
1. Make list of goals. State list of actions required to achieve said goals. Act on those action items. Update list and reevaluate list on a daily basis.
2. Consult with legal advice on best course of action for previous activities that could be considered illegal. Tell lawyer all of your activities so the lawyer can give you the best advice possible.
3. Stop talking to the underpants gnomes for financial advice on how to make gobbs of money.
4. Get stable work with a stable weekly check that is dependable and predictable.
5. Live within your means
January 19th, 2007 at 12:28 pm
1. open mail
2. consult criminal and bankruptcy attorneys, follow their advise [sic]
3. cut grass, pick up trash, clean commode etc.
4. follow through quickly on DIL on the Dallas property
5. stop spending money you don’t have on seminars that teach you to spend money you don’t have.
Thanks for putting the numbers on the posts and speeding up moderation BTW.
January 19th, 2007 at 12:29 pm
Tim from MBA, you are right Casey got conned. He is too young and naive. He sets out to con others but ends up getting eaten himself as we can see.
Also I would like to point out to you Casey how you appear to be inherently dishonest, regardless of how you want to see yourself as honest.
> You claim to try and want to not lie and do things properly. Then you go and mention bringing in ‘credit partners’ to help fleece banks.
>You buy a 4 year old corp to again, fleece banks.
>You wont pay taxes unless the IRS has been informed via 1099.
>WRAP deals are shaky indeed they are illegal when you don’t inform the lender due to there is a due on sale clause.
>Undisclosed cash back at close is ALWAY illegal.
I believe all this seminar crap has ruined you and you will never recover. You can’t even determine what is a ‘normal’ business practice due to being ruined by seminar misinformation.
January 19th, 2007 at 12:33 pm
Bola Azul Realty, Inc:
“Ogg, tell Casey what fire does.”
Fire burn. Ogg good with fire, still learning wheel.
Actually, Ogg think Vdubs mean Casey not wheel expert either.
January 19th, 2007 at 12:33 pm
Yo Casey,
How about giving us a top 5 list of advice you have followed. You know what…I’ll settle for top 2. 5 Things is impossible. Better yet. Give us 1 example where you followed any sound advice. Just ONE!!!!
January 19th, 2007 at 12:54 pm
My guess is about appreciate 5+% now, NOT 20%!
At least the market is moving quick now.
#1
January 19th, 2007 at 12:58 pm
1. Recognize that whenever you have any cash in your hands, you spend it uncontrollably. This has, and continues to be a problem for you. You obviously took some of the personal loan money and used it for the recent AZ trip. You obviously spent every penny of the loan (yet again).
Seriously, it seems like every time you have any cash in your hands. it’s spent very, very quickly. How successful can anyone EVER be if they can’t hang onto a dime?
Back in college, my roommate had the same problem. She used to give me her money so I’d hide it so she couldn’t spend it. At least she took measures to hang onto it.
Where did all the money at closings go? Didn’t someone mention it was around $300K? I think you mentioned you were going to spreadsheet the expenses, if in fact you could remember where every dirty penny went. Anyway, please go to Spenders Anonymous before you ever make another dime.
P.S. The blog is looking better now. You have serious talent in the IT field. You could do websites, etc.
January 19th, 2007 at 1:00 pm
@Rob BBB
I have a suggestion: perhaps you can purchase a few books written by REAL economists pertaining to housing appreciation rates over the past century. Might I recommend “Irrational Exuberance” by Robert Shiller. Which shows through data compiled and accumulated that housing has appreciated less than 1% per year historically excluding inflation. (4% per year including inflation)
Here is a link to the wikipedia reference if you like:
http://en.wikipedia.org/wiki/I.....%28book%29
Once again, look to LONG TERM projections before jumping to conclusions over recent short term gains in housing. The last 10 years in housing is the ANOMALY, not the NORM. In the same way that 1999-2000 in the NASDAQ was the anomaly, not the norm.
And while both you and A.D.D. Serin are at it, why not peruse through this analysis of Kiyosaki by John Reed:
http://www.johntreed.com/Kiyosaki.html
Well don’t that speak volumes.
January 19th, 2007 at 1:06 pm
Here’s an interesting article on future real estate purchasing for someone who may have ugly credit. Hint hint.
http://iamnotfacingforeclosure.....-be-tough/
January 19th, 2007 at 1:09 pm
BT98-
It’s ’shrewd’ not ’shrewed’. ‘Shrewed’ is what happened to Bill Clinton the day he got married. Ha ha, but I kid.
Rob BBB-
Give me a break. 20% increase in housing prices is not sustainable long term unless you think that incomes are also going to increase 20% annually. Using cliches as evidence is so typical of you shills. Yes, people will always need a roof over their heads, but that doesn’t mean they necessarily need to buy a new house. You’ve obviously got skin in this game, and don’t want to face reality, much like someone else we know. Also, I think your use of the word ‘historical’ when referring to the trends of the last three years is a little ridiculous. You need to look at more than today’s fluctuation when deciding to purchase a home. You can’t daytrade houses.
January 19th, 2007 at 1:16 pm
Oooh, wait. I forgot.
None of that was ever advice! It’s just a bunch of haters spewing hatred… No need to listen to them when they can be dismissed as haters… c’mon.
Riiight… Totally forgot. ::psshh::
January 19th, 2007 at 1:18 pm
My Dearest Casey
This is growing more Frankenstein’s-monster-like by the day. I don’t mean your condition, which seems beyond comprehension and hope, but your blog.
Time was a smart alec could tune in here, do a quick scan of your latest absurdity, check out the soap-on-a-rope, tax-code, “this blog is a fraud”, “I’m a tax lawyer/would be home buyer/retiree and I just wanna tell you something” etc. -type comments, bang off a couple of hundred slightly hysterical words and be done in about 5 minutes.
No more. Your blog is metastasizing, old boy. Dog my cats, man! You went north of 600 comments a couple of posts back! Of course, as it grows it becomes only a more deformed, lurching and unwieldy version of its old self. Your readership is contributing thousands of words a day, in vain as usual, and the story line itself has become so complex I couldn’t follow it with a map, compass and the Hound of the Baskervilles.
Yet somehow you manage to find your own woolly-headed way to the grace notes, and that’s why I refuse to give up on you. Financially speaking you are doomed, of course, but creatively I don’t think you are tapped out yet, not by a long shot. You need a little focus, but the “Enumerate the advice I haven’t followed” crack was nice. Also, the pic of Amy (“awesome”) - who looks positively varnished with Good Intentions - is one for the scrapbook. And that ludicrous chapeau! I can’t add any more to what your readers have already said about that one, other than a quiet “bravo, old chum, bravo”. That is why you loyal readers - like yours truly - will continue to tune in to this dialogue-of-the-deaf, in the same manner that a coke-addled monkey trapped in some sordid experiment will keep banging on the drug dispenser hooked up their cage, even when it is empty: there’s always a hope there will be a reward.
Hope, that’s a fine word, isn’t it?
I remain -
Anon.
January 19th, 2007 at 1:18 pm
You are in this issue of Scotsman Guide
http://www.scotsmanguide.com/default.asp?ID=1893
January 19th, 2007 at 1:23 pm
Oh, one other thing I wanted to add in regards to builders.
Some of the hypesters have cited statements from builders and using that as a justification of a potential “bottom” in the housing downturn.
Economics 101 in regards to building:
Question: How do builders like Toll Brothers, Lennar, etc. make money?
Answer: They BUILD.
A builder needs to build. That is their bread and butter. Construction cannot simply “halt” for builders. It may mitigate itself, have highs and lows, but building MUST occur for these companies to not go under.
So how does this pertain to potential gains or losses in home values?
To answer that, why not take a look at how builders conducted themselves recently. When the housing downturn became more apparent, they slashed prices to move inventory. They provided incentives to home buyers in the form of granite countertops, marble floors, maybe a few tickets to Hawaii, etc.
But the key thing to note is, builders have FAR MORE LEVERAGE with regards to setting home prices than individuals. A builder can easily continue to build by reducing costs, cutting profit margins and continuing to provide incentives.
So how does this play out? Well, if you are Joe Blow who purchased three years ago, you may end up in a situation where a builder adds new homes to an area and CONTINUES to undercut prices. So when Mr. Homebuyer comes along, they see a nice, brand new immaculate house with free granite countertops and a round trip to Hawaii all for 15% off the house down the street. Which would you choose?
The point is, the home builders are not going to stabilize the housing downturn. If anything, they will exacerbate it. People who are looking at Casey’s homes now already realize they look like crap and are in less desirable areas. How do you think that perception will change as nicer, newer and CHEAPER homes continue to flood the market in years to come? How many stories have we already heard coming from California, Las Vegas and Florida where people are complaining that builders are UNDERCUTTING them.
But ultimately folks, beyond the builders, beyond the hype, beyond the REFIs and beyond the Casey Serin speculative frenzy, it all comes down to the simple notion of affordability. Housing has always, and I mean ALWAYS been a reflection of the current salary demographics of the immediate area. Always has been, always will be. So no offense, but anyone who wants to defy the laws of physics, supply and demand AND common sense, feel free to do so. I will be patiently waiting on the sidelines to pick up the pieces of your shattered lives. And based on what I am reading from some of you ostriches, I will no longer have the least amount of sympathy for you or your plight. I will chalk it up once more to Darwinism at its finest.
January 19th, 2007 at 1:28 pm
Rob BBB,
Just stop it. No one’s buying it the normal 20% appreciation BS.
If you have so many examples, back it up with an actual example of a house that appreciated 20% on average each year for the past 10 years. Name the city, neighborhood, bed/baths, sq feet, price in 1996 - 2006 .
Here’s one for you own by a family member.
city: pleasant hill, ca
sq ft: 1500
3 bed/2 bath
Bought in 1993 for 150k as a fixer
Sold in 2006 for 2006 for 550k
The average rate of appreciation was a little less that 11%. This is probably a little high considering that the house was in real bad shape when bought in 1993. All windows were change, the kitchen and baths were remodeled and the roof was changed. Given that there was around 20% appreciation for a few of these years, the appreciation for around 5 years was very small.
According to your trollish 20% appreciation rate, it should have sold for 1.6 million in 2006.
January 19th, 2007 at 1:31 pm
You Fool posted those top 5.
Casey scam you people again.
He won;t respond to those comments and he’ll ignore them AGAIN…
You’ve scammed/
You FOOL.
January 19th, 2007 at 1:34 pm
You’re toast, man.
See a good attorney, and do what he/she
says.
You are obviously incompetent when it
comes to making your own financial
and legal decisions. The more you do,
the deeper the hole gets.
That may be the only thing that keeps
you out of prision: the fact that you
appear to be too dumb to be a crook.
January 19th, 2007 at 1:35 pm
Watch out! Casey is making a comeback! YOU DA MAN CASEY!
January 19th, 2007 at 1:43 pm
To TNT,
Please don;t comment too much if you don;t own houses.
Outsiders don’t know anything. that’s why there is “out”.
January 19th, 2007 at 1:44 pm
“The problem is… qualifying, taking calls and showing the home takes a lot of time/effort. Since I am not making any money on the wrap / lease option, there is no financial incentive for me. That’s why it’s hard to justify sinking a lot of time or money into it.”
What about the moral incentive to pay back every dirty penny? You won’t drive an hour and a half to work on a house you own, but you’ll go to AZ for a week for more BS ridiculously expensive “education”?
Anything you say about morality is complete BS. You’re trash.
January 19th, 2007 at 1:49 pm
Rob BBB is trolling with a vengence. Ignore him, it’s obvious he’s pulling your chain.
January 19th, 2007 at 1:55 pm
@Whoever
Here’s data from the US Government.
http://www.ofheo.gov/media/pdf/2q05hpi.pdf
scroll to page 4. See the pink line. It is growing. 20%.
Look at the chart. Look at the end.
It takes a dip and then gets right back on track. 20%.
Buy low and sell high. But on the dips and sell when it makes 20% for a quick flip.
Here’s a report from CNN:
http://money.cnn.com/pf/features/lists/nar_2q05/
Here’s a quote from it:
“Phoenix real estate recorded a 55.2 percent increase in house prices over the past 12 months, according to the latest data from the National Association of Realtors.”
People who bought low and sold high in that market made money. Are you saying they didn’t?
Here’s talk about the rebound:
http://www.dailyfx.com/story/d.....03445.html
“Housing starts also increased for the second month in a row by a whopping 4.5 percent, which confirms the pickup in home builder sentiment that we saw yesterday.”
That is from TODAY. No housing rebound? Explain that.
And here are the economists saying they think it will be at the end of the year:
http://www.msnbc.msn.com/id/16317938/
“WASHINGTON - The worst of the U.S. housing downturn may have passed and the sector should stabilize by the end of next year, three economists who study the nation’s housing sector said Thursday”
They are right that the numbers will show at the end of the year. But that is because it has already rebounded.
It takes time to buy and sell homes and time to generate the data so there is a lag between when the rebound happens and the data comes out.
The stock market is the best indicator of when the rebound happened and all you have to do is look at some of the builder stock charts to see housing is already going to back to the pace it was on before.
Sorry you will miss out (probably again).
And to the person who hates Kiyosaki, I’m sure he has more money than anyone you know. You have conjecture. I am posting facts.
January 19th, 2007 at 2:01 pm
You guys are obsessive-compulsive about giving Casey advice.
Just give it up. He ain’t listening.
View this site for what it is: a complete skewering of the bell curve for Intelligence Quotient. They talk about these bell curves as having fat tails; regarding this site, the tail is fattest towards the left where the IQ approaches zero.
I’m not trying to be funny.
January 19th, 2007 at 2:06 pm
My bad…both Rob and the Realtor ™ are trolling with vengence.
SF Chronicle:
“The slump in the Bay Area housing market continued in December. The number of homes sold in December fell almost 20 percent from a year ago. The drop extends a streak of monthly sales decreases dating back to April 2005. ‘I still think we’re nearer the beginning or the middle of a longer correction,’ said Stephen Levy, director of Palo Alto’s Center for the Continuing Study of the California Economy.”
RE moving fast…LOL if you’re a real realtor you know why your kids called you Scrooge this year!
One more thing…don’t trust realtors, really I mean it I don’t trust a word they say. Just a gut feeling…
January 19th, 2007 at 2:11 pm
With regards to the market up/down/dead cat bounce discussion…
There are some realtors out there who are realists. Well, at least there is one. I’m an economist, MBA and used to be a currency trader and financial journalist before I came to this country. I have seen irrational exuberance (there’s nothing like a trading pit on a volatile day for an adreneline hit!) I have seen markets crash. Real estate is not exempt from market fundamentals. I am a huge fan of Shiller.
Anyone who has studied charting knows that when something starts falling, it doesn’t go straight down, it zigzags down. A short spurt up in a dying market is to be expected. I believe we will have at least 10% more price decline, and years more before gains are more than a percent or two. Real estate cycles are generally 7-10 years long. Recent history — 20+% for several years in a row — is unprecedented. Some can be explained by low interest rates coinciding with banks changing their lending guidelines and bringing in more creative loan products, but even if that is true, it doesn’t mean that the rate of increase could ever have been sustained.
January 19th, 2007 at 2:18 pm
There is a lawsuit in Garden Grove, CA. Some people bought these house/condos for 700-800k at the top of the market. Afterwards the developer slashed his price by $140,000.00.
They are sueing claiming they were mislead by the Realtors and appraisers and can only rely on professional advice (just like you would a lawyer or doctor).
Personal responsibility aside. I think they have a strong point. These Real Estate Brokers, Mortgage Brokers, and thier back pocket fake appraisers will say anything to make money. The appraiser just gives the numbers the Realtors want to hear (higher is ALWAYS better). If he doesnt they just use somone who will. It is cascade effect among thousands of unrelated Realtors and thier appraisers. This contributes to rising prices everywhere.
These relationships are totally unregulated by the government and have no federal oversight to speak of.
Collusion is illegal for auto makers and thier associates. As well as almost every other industry. Regualtions are very detailed and explicit defining “influence” “control” and “related” and “thrid” parties. The question is:
Why not for Realtors?
January 19th, 2007 at 2:20 pm
crhodes - thanks for the link to the Scotsman article. Great.
casey - you need to read abovementioned article as it is an interesting discussion of the role the mortgage brokers played in your downfall. And in case you are sleeping well, this will keep you up at night: “In other words, a 20-year prison term is possible for each violation of the statute. And if you defraud a financial institution, the sentence can be increased to 30 years. In fact, a 30-year sentence was imposed in 2005 against a real estate attorney in Georgia for her involvement in property flips. What makes her case remarkable is that she had no prior convictions. That much time for a first conviction is harsh by any standard.”
January 19th, 2007 at 2:22 pm
1. Corporations and phones are not to be referred to as “thingy’s”.
2. Eating animal byproducts only occasionally DOES NOT MAKE YOU VEGAN.
3. Don’t call your RE Agent “cute” if you want to keep working with her.
4. BURN THE HAT
5. Don’t call your CPA “dude” if you want to keep working
with him/her.
I think my name sums it up.
January 19th, 2007 at 2:25 pm
Another response to Rob BBB:
If you’re listening to all of those Kiyosaki tapes (I myself have not), I assume you don’t know very much about real estate. That you needed to spend $3,000 for a “guru” to tell you to buy low and sell high speaks volumes. My 7 year old nephew knows that from running his lemonade stand.
I know you don’t know very much about economics, because stock prices of home builders have very little to do with home prices. If Lennar is up 10% lately, I’d suspect that has something more to do with its layoffs, cut-rate pricing and plans to build fewer new houses. The market likes that… because it would be idiocy to keep building houses for speculators instead of people… so the stock goes up.
Ever heard of the efficient market hypothesis, or is that not part of the Kiyosaki curriculum?
January 19th, 2007 at 2:30 pm
question from one watching the trainwreck from afar:
if he leaves the country, will he face jailtime? what about if he stays?
TIA
January 19th, 2007 at 2:32 pm
Ethical Realtor-
That’s a great idea about learning rehab skills at H4H. I never thought of that, and think I would like to do that someday. As far as the comparison between the outcomes of yourself and Casey, I think the major deciding factor there is your drive and not so much your education level. I’m not disparaging education by any means, just saying that Casey is more of a Ronco juicer guy than a compund miter saw guy.
Ogg-
“Fire burn. Ogg good with fire, still learning wheel.
Actually, Ogg think Vdubs mean Casey not wheel expert either. ”
Ha ha! I agree. Casey is more concerned with how he looks (sweet rims) when he rolls than how often he rolls (change oil? huh?). Why do I picture Casey going out to “change the oil” and dumping gourmet organic free trade pumpkinseed oil into his radiator?
January 19th, 2007 at 2:51 pm
This is hilarious.
Casey wants us to submit 5 reasons which he will then explain why he ignored them.
“I’ll take spinning the hamster wheel for $600, Alex”
We know what Casey’s reasons are for not doing each of those things.
Here comes the dirty penny…reminds me of that wonderful ***-penny skit, ha ha ha…
More con movies - Matchstick Men, The Grifters.
My personal con story - I got off the plane in Greece, flew in from San Francisco…figure I will take in the atmosphere on the plaka as it is my first night in Europe and I want to make the most of everything. I am completely jet lagged and feeling a bit giddy and happy go lucky.
Some guy approaches me and asks for a light, I don’t have one, he strikes up a conversation, says he works in a bar nearby, want to go have a drink.
Sure says me..we go to the bar, he orders metaxa, I order the same and he discourages me, tells me to get something I’ll enjoy…I’m annoyed as I came out here to try new things not drink Tequila…we get our drinks. My new friend says, hey, there is this girl here who is always wanting to practice her english. She comes over, says hello with a heavy russian or slav accent…I’m thinking WTF, I turn around and my new friend is gone…the girl is asking me if I want to buy her a drink and suddenly this scenario seems very very familiar to me.
Lightning bolt - I may not have lived it but I have read about it a bunch of times. Luckily I hadn’t had any drinks with the
“lady” yet, I pay for my drink - the bartender badgers me about the drink the other guy bought (Hey, I thought he was buying me a drink!) I cave, throw down 1.5 times what he said my drink cost and I was bolting out of there, looking over my shoulder expecting goons to appear.
Ya, he sure did work at that bar alright
January 19th, 2007 at 2:53 pm
why would you pay 70k to learn something that you could learn online, with the right motivation?
www.pirayatrader.com
January 19th, 2007 at 3:04 pm
Russ Whitney? You are just dumberer than dumb. Check, again, John T Reed’s excellent demolition of yet another huckster promising something for nothing:
http://www.johntreed.com/ReedonWhitney.html
BTW, paying your RE agent thru a back channel- that is, not thru her broker- is also illegal.
You are just hard-wired to f**k up.
January 19th, 2007 at 3:08 pm
THIS WEBSITE CONTAINS BACKDOOR.TROJAN VIRUS.
PLEASE SCAN YOUR COMPUTER ASAP.
I HAVE TO DELETE THIS VIRUS AFTER I VISIT THIS WEBSITE EVERYTIME
ALERT
January 19th, 2007 at 3:23 pm
These suggestions have been repeated here, and in other posts, but I will post them anyway:
1. Get some jobs. Not just one; get at least two, and perhaps an added part time job for good measure.
2. Declare BK
3. Get as far away from RK and any other cultish RE guru
4. Get a good lawyer
5. Maintain your properties better; they could move much faster if you did. As Donald Trump famously said “You can spend $10 washing the car and get another $200 for the car “. This includes cleaning the toilet at Larchmont.
It’s easy to rip on you Casey, but I for one am rooting for you. I hope you manage to get yourself out of your ruin and avoid prison. But keep your passport current just in case. I think you would receive a hero’s welcome in Uzbekistan.
January 19th, 2007 at 3:28 pm
>>If the short sale doesn’t work, I hope the note is contingent on the short sale and not just a trick Countrywide pulled on me to where even after they foreclose I will still owe it. I guess I should have checked into that before signing.
January 19th, 2007 at 3:33 pm
“Aren’t you the same person who said that RK was one of the richest people in the US? Either you’re a troll or you simply have no idea what you’re talking about.”
He’s a troll.
Mind you, it’s pretty funny that he’s trolling by posting positive and supportive comments…
January 19th, 2007 at 3:42 pm
Couple suggestions for your site:
put up one of those free php-based forums. that way we can have threaded discussions instead of this bantering back and forth in the comments.
create a quick FAQ with answers to often-asked questions like ‘why haven’t you rented out the house’
that way you can just say ’see faq’ whenever anyone asks those questions.
January 19th, 2007 at 3:42 pm
I don’t know why everyone seems to think that Casey is some computer genius. So he has a blog..so what? These days they are pretty much idiot proof, which is why everyone has one..look at a certain real estate poster here who sees about 10 hits a day..if that numbskull ahs one, can it really be that hard? It reminds me of the day when creating websites had this mystique about it..oooo html coding so hard..then it got to where everyone had one.
Sorry cAsey, but work in the computer biz is porbably out for you too. You said you program..what languages did you use? You audited one class of linux? Big deal..that’s not a programming language, that’s an operating system.
If he was such a computer guru he would have already gotten a job which he could do from home..god knows the boy doesn’t like to work, he likes to sit at home and play with his blog and his dreams.
I mean c’mon, Carlton Sheets real estate course? If the purchase of that con man’s advice isn’t a stamp of approval by suckers of America..I don’t know what is..besides Rich Dad of course.
January 19th, 2007 at 4:18 pm
as Josef Stalin put it: “Hope is the last to die”. He would know now, wouldn’t he?
If the shoe fits, wear it, Cinderella!
January 19th, 2007 at 4:33 pm
Not sure how any real estate agent worth their salt can say that the Sacramento real estate market is trending dramatically different than it has for the past year. Yes, sales figures were up for December over November. No big surprise there as this is the typical trend over the years, for various reasons.
But prices are still moving downwards. Just got off the phone with a new home builder (Kimball Hill Homes) regarding some of their properties. They just lowered their pricing on their various models. All three plans at this location had prices reduced. First one from $390K to $360K. Second was reduced from $372K to $344K. Last was reduced from $359K to $329K.
On a side note Casey. I hope that you talked to Amy and asked for her permission to post her pix and info.
January 19th, 2007 at 4:42 pm
Look at what the prlinkbiz’s comments are about you casey
http://www.nolimitsladies.com/.....nothe.html
I just spent an hour on their website and what a crock of sh– it is.
They are trying to pull the wool over everyones eyes that that the majority of woman are financially responsible and sensible with their money. That is a further crock of sh–…Most credit card debt is originated and maintained by woman.
It is amazing how many men pay this sh– off when they meet some woman that is carrying thousands in debt when they get married ..so like an idiot he pays for all her past shopping and trips with some other guy to cancun for her.
Just from reading PRlinkbiz’s blog it is apparent that her minnions (even though she is a kiyosaki minnion herself) always revert to their husbands as being the go getters and tech savvy people. They are the net equivalent of a bunch of cackling old crones sitting around the porch watching the world go by.
Casey if you ever did one thing right it was distancing yourself away from these babooshka’s. I feel dumber (even more so than reading your blog) just for reading their crap.
Oh and I clicked on the link that someone put awhile back in the scotsman guide http://www.scotsmanguide.com/default.asp?ID=1893
Yah I wouldnt want to be on the authors radar if I was you…he looks like the one that can pass your story onto the right people for prosecution.
Just a thought…Shut this blog down.
January 19th, 2007 at 4:55 pm
Hey K.C.
I’ll give you some “real” RE advice. I worked in construction for years and my parent’s were RE investors. This makes me WAY more “qualified” than your GODS Robber Kyrosaki or Carlton Cheets!
1) It is always a buyers market. In the current market, no buyer will give you what you want. Get it? If your highest bid is 100K, then that’s all the property is worth. Get it???? Your deal is as sweet as the buyer makes it. Got that?
2) RE investing takes real work. Not make work like you do, or your gods indicate. Get it? To make a living in RE, you have to work. You have to get out there and bust
a** . Get it?
3) All your “bailyourselfout” scams will fail. Got that?
4) You have no hope but BK.
5) Pursuant to (4), my parents are REAL RE investors, unlike your false gods. You have failed. There is nothing for you but BK and endless toil. Got that?
January 19th, 2007 at 4:55 pm
@ Zombie Flipper
Biggest laugh of the day — your definition of “shrewed.”
@ Anon
Most poetic poster ever. Stick around. Please.
January 19th, 2007 at 4:57 pm
I recently came across this blog (listed on Ipso Sacto) & all I can say is wow! I’m still amazed that such a story, fabricated or not, is a local one…
January 19th, 2007 at 5:37 pm
@Stipidtoo
Stop being such a hater. Like T from MB (he’s really smart so you shoulde listen to him) said the market has bounced just like a cat. Have you ever seen a cat jump? They go really high. Can’t you read any of the comments above?? I don’t know about you loosers but I’m going to go get my study on. I’m done with this blogging thingy. Cha-ching!
January 19th, 2007 at 5:41 pm
Casey,
No advice…..just a warning….if you’ll actually listen.
The Feds work much differently than locals and what you see on TV. They don’t show up, ask questions, and then say they’ll be back. You don’t hear a single word from them, all the while, they are building, building, building their case and then, when they DO show up at your door…..they nail you with everything, including the kitchen sink….no pun intended.
The charges will be MASSIVE.
Do yourself, and your family, a favor…..hire a good criminal defense attorney, come clean, and arrange to meet with the authorities ASAP.
I get the impression you think, if you were in trouble, they would already have been at the door…..or you can “make things right” with your attempt at whatever you are actually doing with the banks.
A good attorney will use your stupidity to your advantage and just may be able to cut a deal.
January 19th, 2007 at 6:31 pm
Casey, do you really LOVE real estate? I’m not hating, I’m being honest, but I don’t think you do. I think you love making a quick buck and you see real estate as the way to do it. I have a hunch this is how all the gurus make their money. Whether it’s real estate (sheets, kiyosaki, et al), placing newspaper ads (dupree), vitamins (herbalife), brickabrack (amway), makeup (mary kay), or storage containers (tupperware), these types of endeavors whether legit or not prey on people’s desire to get rich quick.
The formula seems to be: Find a service or good that is appealing to a specific demographic + Empower them by telling them their success is only limited by their willingness to work hard + Provide all the training and materials they “need” to sell the service or good = Be a millionaire.
I think most successful people involved in real estate love it. They do it during the up markets and down markets because it’s what they enjoy, just like a good accountant loves numbers and a good lawyer loves to make their point. You seem to like Jamba Juice, have you thought about selling Herbalife?
It’s important in life to know what you love. It can be the foundation of your success or the cause of your ruin.
What do you LOVE?
January 19th, 2007 at 6:33 pm
Is that sponsor “Home Buyer Network” associated with the university you attended last December? Are you lying again?
January 19th, 2007 at 6:58 pm
There should be a lesson here for Casey: pay a lawyer for advice (best thing you have done to date), pay a realator to sell houses — life is good. I hope that you get your life back soon.
January 19th, 2007 at 7:03 pm
Casey,
Have you ever played the game ‘mad libs’ when you were a kid in this country? I propose we make a version called ‘CaseyMad Libs’ for the commenters here:
Example: I’m not a (blank A) but I think that Casey (blank B)
Options for Blank A: doctor, psychiatrist, real estate agent, real estate speculator, RK fan, prison inmate, member of the FBI, programmer, real blogger, smart guy, lawyer, licensed attorney.
Options for Blank B: needs to do some hard time, has ADD, might be suffering from Bipolar disorder, can’t use a corporation to fund a personal loan, has committed fraud, is one sexy guy, can really fill out that blue ball, shouldn’t take on more debt, is making good progress at getting his life back, is really a marketing scam, should go back to Uzbekistan, is not a good a PHP programmer.
See we could do a few of these for some great entertainment.
-Big Cheese
January 19th, 2007 at 7:11 pm
Casey,
That mortgage fraud blog. I spent some time reading it. People are being convicted for what you admit to doing here, and they are going to prison. Dude, I am sorry that there is a good chance you are facing prison time at such a young age, but this possibility cannot be denied.
“Troutt also admitted as part of the plea that he filed a false Uniform Loan Application with Old National Bank. Troutt applied for a home mortgage with Old National Bank and falsified his loan application to influence the bank and gain approval of his mortgage loan.”
http://www.mortgagefraudblog.c....._illinois/
January 19th, 2007 at 7:15 pm
@ Anon,
Another request for you to stick around. I truly enjoy what you have to say. It makes sense, and it’s also extremely witty. When I grow up, I want to write as well as you!
January 19th, 2007 at 7:24 pm
Hey Casey:
I checked out your sponsor - House Buyer Network. Why aren’t you using them to sell your houses quickly? I’m sure they could assist you with your short sale process and, according to their website, could make the transaction happen pretty fast.
January 19th, 2007 at 7:25 pm
To: NTT
You wrote:
“To TNT,
Please don;t comment too much if you don;t own houses.
Outsiders don’t know anything. that’s why there is “out”.”
My response:
I own a condo investment property that I have owned for over 15 years. It was the condo I stayed at while studying at university.
I recently owned a property in the Bay Area which I sold in 2004, and I now rent based on my observations of what I was seeing in housing.
And some advice for you:
Please don’t post on message boards, blogs or forums if you do not understand the difference between an apostrophe and a semi-colon. Or effective grammar for that matter.
January 19th, 2007 at 7:31 pm
I’ll bet our Favorite Flipper Failure hits the road on 4/20/07.
Adios American legal system!
Hola Mexico beach!
Any takers?
January 19th, 2007 at 7:55 pm
Casey done it again.
Casey is ignoring all the top 5 or top 10 list.
You people still don’t get it.
Casey is laughing at you guys for your top 5 or top 10 list.
Cute Amy
January 19th, 2007 at 8:10 pm
This Blog is for suckers like you.
Keep posting comments so Casey can ignore all of them
Poor Dad
January 19th, 2007 at 8:12 pm
Regarding post 119 from Tim MBA:
Thank for the $50 back in Rome- it really came in handy. I’d be glad to pay it back now as 50 Euro’s. What’s your address and bank details?
-Big Cheese
January 19th, 2007 at 8:12 pm
I got that same computer virus.
Why include a virus on your blog??
Are you stealing our ID for yourself to be rich??
Superman
January 19th, 2007 at 8:27 pm
In a shortsale, Realtor commissions can be paid by lender–the logic being that the lender will have to pay those commissions anyway if they take back the property at sale.
Your Realtor should contact the lender AND the judge/trustee to request an extension of the sales date to properly market the property. Even if the lender refuses your request, the judge or trustee (depending on state and type of foreclosure) will sometimes side with reason and give you a couple months to sell the property if you can demonstrate a legitimate marketing plan. Before you request the extension, write-up what you are doing to sell the property and why you need more time; MLS, open houses, classifieds, etc.
Just because you’re about to lose these last properties, don’t give up on selling. Look at it as practice under your belt. Even if you take a loss, at least you’re gaining the experience of trying to sell, unlike giving up and doing nothing. It’s 2007, and we want Casey to put more victories up on this site.
*** PRIVATE for CASEY ***
If you want free hosting, email me and I’ll set you up a free account under my reseller account with http://www.mjzhosting.net/reseller.php
January 19th, 2007 at 8:31 pm
Re post 136 TNT from Bay area:
I think you have your scenarios backward. When the FED wants to decrease the monetary supply they RAISE rates not lower them.
If they lower rates then the cost of borrowing goes down so more borrow and therefore more money is created (today all net money created is through the creation of debts) through both the FED and the fractional lending system of banking.
The FED is publicy stating that inflation is their driver for managing rates however the US dollar is facing pressure because of Euro banks increasing their interest rates. So there is some pressure to increase our rates to stem the bleeding of the USD.
-Big Cheese
January 19th, 2007 at 8:38 pm
ITS HOMEY TIME!
YO YO YO CASEY
Y u be havin allz deez trolls on yo site?
Fust yneone, Dustin, Sac Realtor , nowz you got dis RBB.
YO
@RBB,
Dude, we know you be a troll. U jez anuder liar likes Caseykat, aincha?
Here be da proof:
“#2 Yesterday 09:49:59
.
Time Person of the Year Re: I’ve been reading old Casey Serin blog comments. Which one of you….I was earlier than that.
I switched from hater to supporter since there were too many haters. I post as Rob BBB.
Recently, I gave him an apartment building to look at that cost $13m and has 130 units or so 10 miles from Sacramento.
He said he is going to run the numbers on it.
He is f—–.
I honestly don’t know if he will just get away with it though.
The corporate credit is another way to borrow money without the creditors knowing what a horrible risk you are.
The lenders just get f—– and f—– and f—– by that guy.
He is an expert at one thing.. f—– lenders. “
BWAHAHAHA
Love,
Homey
PS.. Caseykat,, how it dun feelz known dat u bin played agin sucka?
January 19th, 2007 at 8:39 pm
Just a suggestion:
You need to do A LOT of research before you sign ANYTHING!!! It seems to me that you keep doing all of these fast cash fixes without thinking about how it effects your long term picture…
January 19th, 2007 at 8:51 pm
i have a feeling if casey held a foreclosure party and was somehow able to get EVERYONE who has been posting to show up, the room would have ten people, each wearing nametags with 20 pseudonyms. just a guess. man, there’s some bored people out here. too bad this kid lets these bored people who undoubtedly have much higher iq scores than him influence his decisions.
January 19th, 2007 at 8:53 pm
Is this real, is it fake? I’ve been wondering about this for about 6 weeks now. I saw the article in the USA Today. I’m one of the many that looks at it at least a couple of times a week. It is certainly entertaining. You’ve done everything right to captivate your audience (i.e. created a character so dumb in real estate that we all can honestly feel smarter than). Everytime I look at this site I laugh at all the advice people try to give you.
I won’t give you any advice because what you’ve done is stupid. But I don’t have to tell you that. The classes and seminars you go to aren’t for learning and growing wealth. They are for the authors of the books and the speakers at the seminars to make money. Simple as that.
You want to know how to make money in real estate? Buy low and sell high. Same as in every other kiind of business. I’ve got lots of customers that play in real estate. I’ve got customers that borrow the full amount (purchase price, remodeling, amd marketing). 100% you like to call it. Yes, they have good credit, the cash flow for lean times, and CHARACTER. You want to ever borrow money again on speculative real esate? Keep your promise. Make good on the deals, take the time you don’t have and figure it out.
Although you lack character, I think you are actually quite a character. In summary, it’s got to be a fake. Don’t everyone do like me and try to give advice. He will do just the opposite. He’ll try to get us all mad with his dumb thoughts and reasoning.
January 19th, 2007 at 8:54 pm
uummm casey?
why doesnt housebuynetwork buy your houses??
doesnt make sense…
i noticed you did not approve my comment
and you seem to have deleted other ones which got through, which made me think your really being honest now,
guess i was wrong….
ok casey, ill keep playing along
January 19th, 2007 at 8:58 pm
Casey may not know much about real estate, but he sure does know how to pump up those pageview stats! I am in awe. Well played, sir.
January 19th, 2007 at 9:16 pm
@TNT from the Bay Area:
You said, “And based on what I am reading from some of you ostriches, I will no longer have the least amount of sympathy for you or your plight. I will chalk it up once more to Darwinism at its finest.”
Have you read the “God Delusion” by Dawkins? Great book!
January 19th, 2007 at 9:33 pm
@ Legion,
Not sure how far back you’ve read on this blog, but Casey quit a full-time IT position last year to more ‘actively’ pursue RE. Certainly, he could find other full-time IT work that would more than likely pay him more than the $3K/mo. he’s ’somehow’ earning from his friends’ company.
@ Casey et al,
I’m currently residing in my 4th privately-owned property. I’ve owned 3 homes and 1 condo. I live in the midwest, so home values don’t fluctuate at all like they do in other, more prevalent areas of the country. Therefore, flipping here isn’t very desireable. Besides, the ‘good ‘ol boy network’ here allows the banks, their buddies and true rehabbers to grab the few good flips before the general public can get to them.
After reading this blog though, I’m not sure I’d even want to get into flipping. I enjoy falling asleep at night as soon as my head hits the pillow.
Cheers!
January 19th, 2007 at 9:41 pm
Forgot to mention from my above post that I did profit from all 3 homes I sold. All were sold at the highest a house had sold for in that particular area. Against what realtors advised, I set the price I felt the home was worth (a cut above what had just sold in the same area), and it worked every time. I acquired many of these marketing skills while pursuing my Business degree.
I’m not saying college is for everyone, but if/when you ever decide to pursue it, you might find yourself pleasantly surprised.
January 19th, 2007 at 9:54 pm
@Michael Cooke:
Anybody paying 7-800K to live in Garden Grove deserve to be scammed. C’mon. People NEED to know the area and the inheirant value of their surroundings.
Sheesh. I don’t agree with scammers, but I do not understand people who sue because they felt “taken.” I mean, nobody FORCED them to sign, right? Guess it’s like these fat people suing McD’s. How can you sue somebody if you KNOW it could go bad (food is fattening, houses could go negative).
Now if they have a SOLID case, I can take the wait and see attitude with regards to what the jury decides. But I still think some people need to accept personal responsibility! I bought a condo near that area and got it in a killer neighborhood, HUGE property with a REAL yard and paid nowhere NEAR what these people paid.
Too many people like Casey in this world. They don’t do their homework and then want to pass the buck or blame others for their missteps. ANYTIME somebody is aggressively selling me on something, it sets off alarm bells. I NEVER let somebody dictate negotiations for anything (I NEVER pay sticker price on a car, house or even everyday items). I recommend if Casey wants to really learn something, and since he likes to read, he should read the MILLIONAIRE NEXT DOOR to see how people REALLY make and retain money.
Wow. Sorry if I sound like I have no empathy for people, I do. I just dislike seeing people sue over something they allowed to happen. NOBODY says they have to buy a property. Due diligence is the only way to make sure you don’t get screwed in life.
It would be like me going to […] University, paying this […] and pretending I know all there is to know about dealmaking in 6 months. Sorry, it doesn’t work that way. If it did, the world would be filled with rich people.
January 19th, 2007 at 9:56 pm
Rob BBB -
You got it. All the other suckers on this blog don’t get it. Go for it, man! Housing is the best investment ever. 15% appreciation for 2007 is in the bag. Buy as many homes as you can get I/0 loans for (but remember, no lying). Remember, buy low and sell high. This is the very bottom of the market. Buy now and reap the rewards.
Look, all you other idiots on this blog, inventory has been dropping since the middle of November. After the Superbowl, all the pent-up demand from bitter, jealous renters and baby boomers looking to move up will explode in a new frenzy of buying. Right now you can get a home without a bidding war. By March, you better expect to pay 10%, 20% or 30% over asking. That’s just the way RE works.
Real estate investors will flock to the markets again. Those who did not buy in 2006 will be priced out forever by May 2007. They are not making land anymore, you know.
Builders will again commence planned developments and making the most modern and well-built homes available. They’ll be charging top-dollar again for granite countertops, stainless appliances, high quality constuction, and the whole lot.
Besides, Sacramento is different. I mean, everyone wants to live there. The momentary lull in prices is giving people the needed chance to adjust to the new reality about housing: it’s not just about a place to live, it’s a lifestyle.
There’s an old saying, “Buy as much house as you can afford.” That old chestnut needs to be changed to read, “Buy as much house as they will give you money for.” The mortgage lending business is in the process of consolidating. Sure, some companies who did not make the right bets are going out of business. But the ones who survive will be strong and willing to lend money. The Fed will comply by further reducing the reserve requirements for banks. There will be lots of additional money to lend.
Appraisal fraud was a big problem in the past, but the government is looking at it and will soon pass some regulations to eliminate this abuse.
And once appreciation begins in earnest the record forclosure rates we are seeing will begin to receed. Those people who are behind on their payments will be able to withdraw their equity to pay their back payments. They will get out of their 2-year I/O ARMS and refinance into other, more favorable instruments, like 5-year I/O ARMS.
It’s going to be sweet, and you nitwits are going to miss it, LOL. You are a bunch of loosers.
January 19th, 2007 at 9:57 pm
@Home Buyer Network:
No offense, but are you Casey or Chris? I mean really now. Nice plug.
January 19th, 2007 at 10:00 pm
I agree with some of the comments from others. You should set up a little forum/message board where people can chat. That would cut down on comments that need moderating so you can devote the time elsewhere. I hope you could even make a little money from advertising through that.
January 19th, 2007 at 10:04 pm
Business Name Owner Name File Number Filing Date
SERIN VENDING SERIN , CASEY 9908416 10/28/1999
SERIN SITES SERIN , CASEY 0009067 11/13/2000
GOSITE! SERIN , CASEY 0104276 05/24/2001
GOSITENOW SERIN , CASEY 0105635 07/12/2001
SWEETHOST SERIN , CASEY 0305017 05/15/2003
End of Search Results
Vending machines Casey? at like age 17? Get rich quick has been your mantra since that failed chain letter..
you should try WORKING for your money sometime.
January 19th, 2007 at 10:08 pm
@ Rob BBB
I can’t believe you are serious. At first I thought you were just joking around. But you do truly believe the BS you’re shoveling. Why don’t you show me some actual data on the current housing market instead of pulling out 2005 reports from the housing market. You really think that pink wittle ol line went back up to 20% in 2006. You can’t be serious. And since you claim homes have appreciated 10% over a month or two ago. Show me the data on that you liar. You have none. Ohhh and nice report on Phoenix you pulled up. How long have you been saving that link. That looks almost 2 years old too.
No one is doubting that people made money if you sold by 2005. And bringing up LEN, You clearly appear to be someone as young as Casey or you have a very short term memory. Why don’t you compare your precious housing stocks during the last housing downturn in the early 90’s. Most housing stocks did rebound, but home prices kept on declining for the next 5 years. Look it up Hot Shot.
And as for pulling that report from msn. Yeah…I’m gonna believe David Lereah, the housing market cheerleader. I believe he called the bottom already 4 or 5 times. And consistently says that the housing market is gonna rebound. He’s nothing but a shill. Check out all his comments over the past year and a half.
http://davidlereahwatch.blogspot.com/
The NAR have been spinning the housing market the past year. They got a great 40 Million Dollar ad campaign trying to convince consumers to buy now. And why would you even listen to the NAR during a housing downturn when the President can’t even sell his own home.
http://www.washingtonpost.com/.....00760.html
This housing market downturn has just started. It’s a slow moving ship that will last many years. And once it moves, it’s gonna be very difficult to stop. And the momentum is gonna keep building up as we see all the people who signed up for those exotic mortgages default on their loans once their ARM resets during the coming years.
Ahhhh…You know what. I can go on and on too. But this is stupid. If this is such a great time to buy, show me some properties that is a steal. I’m assuming you have one or two at least right now right. Let’s track it. Let’s see if you put your money where your mouth is.
January 19th, 2007 at 10:12 pm
The University has a credit recommendation from the American Counsel of Education so the classes are actually transferable to traditional schools.
Uh, you should learn to copy. It’s American Council on Education. That’s Council with a ‘ci’, and ‘on’ instead of ‘of’.
And you obviously never checked it out with any real schools. Real universities generally only accept credits from other accredited real universities, and don’t care one bit about the American Council on Education. Most of them also only accept credits within a certain period after the class is taken, and frequently only if the coursework is approved in advance.
If you’re talking about some junior college somewhere, maybe. If you’re talking UC or Cal State, forget it. Those ‘credits’ will be worthless.
-btc
January 19th, 2007 at 10:13 pm
In post No: 158, Jack Ambramoff said:
“Also I would like to point out to you Casey how you appear to be inherently dishonest, regardless of how you want to see yourself as honest.”
When Jack Ambramoff says you are dishonest…well, that’s like Jesus Christ telling a blind man he can see.
It is so.
January 19th, 2007 at 10:20 pm
OH, and as for the dead cat bounce theory, well, I’ve debunked that once and for all: dead cats do not bounce.
I used Sputnik as my subject (that’s what he gets for…well….doing something in my shoe).
I dropped him from the 40th floor of a partially completed condo tower in Las Vegas. As a control, I dropped him live first. A review of the video tape showed no bounce at all.
Now that we concluded that there was no live cat bounce, I repeated the experiment. Again, no bounce at all, nada, zip.
I tried to post the tape on YouTube, but they pulled it (they probably pull stuff about global warming off, too. Ludites loosers).
Oh, sure, you scientific types could question my methods, the height of the drop, the surface on which the drop occurred, wind speed, rigidity, etc. Still, I feel I adhered to the spirit and letter of the adage.
The dead cat bounce theory is now dead. And what happened to Sputnik? Remember, What happens in Vegas stays in Vegas.
So all you who adhere to the theory of a dead-cat-bounce in the stock market can stop crowing. The market is making temporary highs that will be reversed for some other reason, not some stupid dead cat thing.
January 19th, 2007 at 10:27 pm
fraud (frôd) Pronunciation Key
n.
A deception deliberately practiced in order to secure unfair or unlawful gain.
A piece of trickery; a trick.
One that defrauds; a cheat.
One who assumes a false pose; an impostor.
Modern Language Association (MLA):
“fraud.” The American Heritage® Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. 19 Jan. 2007.
January 19th, 2007 at 10:32 pm
Trying to do short sales on the properties is a waste of time. By the time you get one approved the market will have dropped another 5-10% and your buyer will back out. You also need to pursuade your lenders to agree in writing to report the account as “paid as agreed” if your goal is to improve your credit. Good luck with that.
And don’t you think Cuntrywide will report you as delinquent when you don’t make payments on the $50K note?
BTW I think you can get out of the $50K note with Cuntrywide. It seems there was no “consideration”. Check with an attorney.
Also, you could try to get an attorney to go after the