I get encouraging and sympathetic emails quite often (unlike the comments). I decided to post this one here because it summarizes my blog pretty well.
I came upon your site via a link in some economic discussion board. I have to say I think it’s fascinating, and a tremendous idea for a website.
What distinguishes it is its completely calm discussion of actual flipping forays.
The country has been awash in real estate frenzy for the past 5 years. All one hears from the financial media are the constant drumbeat advertisements of the quick riches to be made in real estate, and the perils of not buying. The media delivers this because people lust after “get rich” schemes.
For the same reason, gurus have ready markets for “get wealthy” real estate schemes. What your site delivers are the actual results of such real estate experiments.
Most people in your situation would assume they somehow screwed up, and downplay their losses, or lie about them. You on the other hand are basically exposing the real estate misconceptions for what they are — in effect you are saying, “The experts told me to do this to get rich, that real estate was the best investment you could make. I tried their methods. Here’s what happened. Apparently this may not be a foolproof path to overnight riches.”
And I think that’s why you get so much irrational hate mail: there’s a lot of people out there who are strung out like you, and/or they simply can’t admit they may have made unwise or foolish choices, and/or they need to believe in their potential to strike it rich. Thus they decry you, hoping against hope that the system still offers quick riches for them. And they resent you for calmly, publicly facing the disaster of which they are so petrified.
Well anyway, fascinating site, and good luck — I hope things turn around for you.
That’s what my story is all about… a calm and honest discussion of what NOT to do in real estate as well as a close look at what works and doesn’t work in getting out of this foreclosure / debt mess. No sugar-coating. No cover-up. I tell it how it is from the trenches.
128 Comments
-
Go Casey Go.
You need a picture each day of you holding up your net worth each day until it’s back in the black.
Good luck,
Wilson -
“tried their methods. Here’s what happened. Apparently this may not be a foolproof path to overnight riches.”
The thing is, you DIDNT follow their lessons, in fact, you did THE OPPOSITE. And that, my terribly misguided and prison-bound friend, is the problem.
-
No.
I’d believe you more if you hadn’t racked up an enormous amount of credit card debt.
If you had lived a pauper lifestyle, not eating out, trying to get a job, or two, and dealing with this mess after your job, I would be a supporter.
But you don’t want a job. You think more debt will solve your debt problem.
It won’t. Period. Real estate is a bad investment right now.
-
show me one “guru” who told you to mislead lenders about your liabilities by performing simultaneous closings.
-
Obviously they have not read all of your posts, or else they would have said something like, “You write about how you did everything the gurus told you, and this is what happened. Now you are trying to find new ways to do some more of the same advice. Proving that there is infact a sucker born every minute.”
-
You don’t tell it how it is, you only do that after somebody in the comments calls you on your lies.
-
90% of the people who made money in RE were a result of stupid/dumb luck or taking advantage of stupid/dumb people.
100% of the people who lost money in RE were a result of being dumb/stupid.
I have been telling people for a year and a half that they should not buy unless they and plan on and can afford to keep the property for a long term. Stupid people make stupid decisions and I have to fight back every bone in my body to scream “I told you so” when they come crying.
-
Head Casey,
Your hole keeps getting deeper to the tune of $40/hour twenty-four hours a day, 365 days a year. What have you done today to address that nagging little detail? Sent the short sale stuff to New Mexico yet? Solved the missing Utah payment yet? Today is the 22nd of February, a short month. Got rent?
Is this more important than “fan” mail? Are you addicted to your celebrity status? What are you doing right now?
coyote -
Thank God we here on the blog are here to balance out the praise, creating a thriving, healthy ecosystem. Otherwise the poor dears would overpopulate and starve themselves out.
As I’ve said many a time, you’d get a lot more support from us if you simply were ‘reporting from the trenches’ as opposed to ‘digging the trench deeper and deeper because someone told you there’s a diamond underneath it.’
And to respond to the letter, people aren’t incensed at you because they’re worried about their own get-rich-quicks failing. They’re incensed because they feel you cheated at the game when they played straight. If you win, that means that they didn’t need to have followed the rules and made the sacrifices. They believe that screwing other people over should have consequences, and indeed that’s much of what drives our society.
If you come out of this mess unscathed, people will be furious, but it will also establish a dangerous precedent. You lied and robbed way more than the societally viable amount. If everyone was like you, it’d be an anarchy of doublespeak and lies. Your way of life is not healthy or even functional, and if it gets validation by not receiving come-uppance, entropy will seep in just a little bit more.
Don’t get me wrong, any effect you’re going to have will be minor, but it will be an effect nonetheless. Just look at the effect a couple gurus had on you, and consequently, us!
But having an effect and doing good are NOT automatically related.
-
Lately reading this blog has been like watching paint peel.
-
Sheniqua… You’re right I didn’t follow some of the guru advice like to start small and do local deals at first. I’m not saying the gurus are the ones to blame at all. I am just saying that it’s not all that easy and many people who have gone through the “seminarland” will agree with me. Seminarland is a good place to learn but sometimes making mistakes and failing a few times is the best education and builds real life experience.
I failed, so what? It’s not really a failure if I choose to not look at it that way. Its really an opportunity to learn. Controlling what I believe is a very important process of becoming successful.
The haters/critics here contribute to my experience because they’re quick to point out the flaws/concerns. A little bit of risk assessment is a good thing. I definitely need that.
However if I listen too closely I will become paralyzed and will not be able to jump on opportunities when they present themselves.
I see opportunities everywhere. Most deals are not so sweet on the surface. One must learn how to analyze every deal and look for ways to structure it and make sure it’s win-win.
It’s like putting the pieces of the puzzle together. There is a lot of work to be done in nurturing and massaging the deal until it’s ripe for juicing.
So working opportunities takes a lot of time and effort and you wonder what I do all day???
Yes, execution of the deal is important and paying attention to details is important. I have a weakness with details and risk assessment. I see the opportunity in everything and overlook the flaws. I need to work on that or outsource that part of it out.
That’s where I failed. I had pretty good strategy: fix-n-flip. However, I failed in the fixing part. The repairs took much longer then I thought and much more money. I got taken advantage of by contractors. I underestimated the repair bill on some of the houses and bought too high. I ran out of money and am now facing foreclosure.
When I do fix-n-flip in the future I know exactly what to do differently.
-
Foreclosure updates to come tomorrow… I’m getting an updated from all the Realtors today.
-
Ok, we need some more dirt on the impending foreclosures and the short-sale offers that you’ve received, etc. This touchy-feely crap is getting old!!!
-
You are not in the trenches…you dug yourself in a hole & you are waiting for someone else to throw you a rope to get you out. Being in the trenches means that you are successfully flipping properties. The only success on this website is the security word for today.
-
So, “sweet deals” is the answer to what you do all day?
-
“That’s what my story is all about… a calm and honest discussion of what NOT to do in real estate as well as a close look at what works and doesn’t work in getting out of this foreclosure / debt mess. ”
Soooo… hate to ask, but does “what NOT to do” include your hare-brained corporate credit scheme????
-
Total and utter nonsense.
I haven’t made any real estate investments, other than a single owner occupied house.
My most agressive investment ever was a 100 share purchase of Intel when it was down back in 2003.
All this, and I hate you just fine.
-
The trenches of the local jamba juice!
-
“When I do fix-n-flip in the future I know exactly what to do differently.”
After 8 failure, 500K down, you finally know exactly what to do differently, Your cost of learning is too high.
BTW, what exactly are you gonna do next time?
-
How did you find out about those deals in Texas and Utah?
Was it from someone in seminarland. -
I disagree with the fan mail sender where he/she says that the haters hate because they are in the same boat as Casey.
I think the haters are actually gloaters who missed out on the real estate bubble or smart enough to have recognized the bubble for what it was & are having a good time kicking a sucker when he’s down.
The only problem I have with this whole thing is that Casey seems a little too good at playing the sucker & is at times clearly trolling for haters…which makes me question his motivations.
HB
-
Your posting #11 is nothing but jargon and parroting nonsense. It means nothing. You really have absolutely no idea what you’re talking about, do you?
“So working opportunities takes a lot of time and effort and you wonder what I do all day??? ”
What does even mean? Just gross generalizations.
-
Interesting post Casey, but some of these other posters are right, you didn’t follow the gurus advice. In your rush to riches, you completely overextended yourself. As I recall our interview, your focus wasn’t on finding below market properties, your focus was simply building a pipeline of cash back to cover your monthly expenses.
Had you been looking at the big picture, you would have quickly realized buying so many properties in so many different places simply wasn’t feasible. All you looked at was could you get cash back at close.
My mortgage boss has been following your story and recently wrote a post on my blog on how he advises people like you who want to become real estate investors.
Have you ever contacted google about your suspended Adsense account to see if they’ll reinstate it once you put some click fraud protection on it? Otherwise, try Crisp Ads or Adbrite.
Take care otherwise.
Nigel
-
Casey, how you chose to look at something changes nothing. You can chose to look at the number 2 as the number 2,000,000, but to the rest of us who run the banks, the legal system, and the rest of the real world, it’s still a 2.
You chose to see sweet deals everywhere and they’re just not sweet deals. Until you can tell the difference you will continue to fail and continue to be a failure.
You could not have made money on these deals even if you could have fixed up these houses in five minutes at no cost. The market collapsed. You had no exit strategy and you continue to have no exit strategy other than digging a deeper hole which will ulitmately put you in jail. That doesn’t worry you because you won’t see it as jail. You’ll chose to see your cell as temporary no-cost housing giving you time to plan your great comeback.
Casey, you have already become paralyzed. You don’t open your mail, you neglect your properties and put all these sweet foreclosure deals until the last minute. And you have the gall to blame our criticism for your irresponsible behavior!
I’ve dealt with delusional people like you. You need to stay in your own make-believe worlds where everything is safe.
-
“And I think that’s why you get so much irrational hate mail: there’s a lot of people out there who are strung out like you, and/or they simply can’t admit they may have made unwise or foolish choices, and/or they need to believe in their potential to strike it rich. Thus they decry you, hoping against hope that the system still offers quick riches for them. And they resent you for calmly, publicly facing the disaster of which they are so petrified.”
Actually, s/he has it all wrong. The folks he describes above are your supporters. It’s the haters that didn’t rip off the bank, have a job/business, pay their bills, etc.
Casey, did you read the link I sent you? What do you think?
http://bankrate.com/brm/news/m.....aud-a1.asp
Do you still think ripping off a bank is the same thing as speeding or burning a CD?
-
I failed, so what? It’s not really a failure if I choose to not look at it that way. Its really an opportunity to learn. Controlling what I believe is a very important process of becoming successful.
“So what?” “So what?” “…not really a failure…”? Have you lost all of your marbles? Of course, it’s a failure; you are in so deep that you will never recover without Rich Dad bailing out your behind.
You have committed fraud, over and over. You can’t pay your bills. You have no income. Your story makes those of us who do work want to puke…or maybe smack you. Where is Sputnik?
You are a liar and have no integrity. You went from “wanting to pay back every dirty penny” to “if I can pay back”. You abused the trust of the American people and of the banks with your stated income loans, and by using so many different banks to obtain these loans.
Yes, your real estate venture is a failure. No matter how you choose to view it, you failed. Own it and get a freakin’ job.
To the people who think there are only haters on this blog: please turn around and begin reading at the very first post. You will see how Casey brought all of this on himself and may even applaud the few who bother to stick around long after he’s proven his deficiencies time and again.
-
“It’s like putting the pieces of the puzzle together. There is a lot of work to be done in nurturing and massaging the deal until it’s ripe for juicing.”
So, when will your last 8 deals become “ripe”?
More than likely they were never going to bear any fruit to begin with.
-
Kid;
” No cover-up. I tell it how it is from the trenches. ”
Okay, little hobbit, if that’s how you see it, then here’s how I see it.
This is my observation and opinion of what your basic underlying problem is…the character flaw that is the genesis of the mess that you’re in.
To put it simply, my lad, you were lied to.
You were miseducated.You were born around 1983, correct?
At what age did you begin watching Soviet propaganda on the TV? in school? In the Komsomol? As soon as you could open your eyes, yes?
I have a vision of Young Casimir watching some anti-capitalist TV show, a production designed to inculcate in youth, the conviction that Marxism-Leninism was the best of all possible politico-economic systems.
In order to do this, they had to cast free-market capitalism in the worst possible light.
“You see, in America, all the hard manual labor is done by the oppressed minorities and the ignorant proletariat, while a small oligarchical and plutocratic class of capitalists
flit about in private jets and limousines, living well at the expense of others, while “making bizness”.”(Yes, Casey, I’ve been to Russia and a few other Socialist states)
And in front of the TeeVee set, or in the back of the class, little Casha’s eyes are glistening…you wanted to BE the heap big capitalist sh*tpoke making “sweet deals”, as you were led to believe it was.
But Casey, the people who told you that, they might not have known anything at all about what they were saying, and if they did, they were CERTAINLY not going to be allowed to tell you the way it really is.
You have several very succesful businesspeople on this blog, and nearly to a man they are telling you that you must get a job…and yet you insist on trying to “deal” your way out.
Imagine that… American Businessmen have a stronger work ethic than a Good Soviet Socialist.
Kid, being a successful businessperson is a lot of hard f’ing WORK.
It’s time to grow up and stop believing the fairy tales that Moscow Center pumped into your head.
-
You failed because you over paid for a house and took out cash at closing which was illegal. It has nothing to do with you overestimating repairs. Had your repairs been zero, you’d be in about the same position now.
Don’t worry about the foreclosure updates. Homey gets them before you do.
I’m digging the anti spam words. At least you took some advice.
-
Hey Pangloss,
If 2.2M down the tubes and awaiting multiple fraud charges isn’t failure, I don’t know what is.
Nice troll, though. You are definitely a success at that.
-
Casey,
I think most people are pissed at you because they don’t feel you have any remorse for what you did! You seems so monotone in the way you present yourself, as well as lazy! They see you as an entitled slacker who cares less about people.
And you haven’t yet paid for the consequences of the mess you cause! But you describe your posters as they nailed you like to a cross! Enough of this sympathy crap! You are one dillusional Christian who wishes to get rich lying on loan apps and buying houses that you couldn’t afford in the first place! Don’t insult our intellegence! We see through this bullsh@t!
You should expect some feely/touchy comments like we’re some babysitter! You’re not some martyr to us, you’re just some smuck that tried to rip the system while we follow rules! I hope you know see jail time!!
-
“It’s not really a failure if I choose to not look at it that way. Its really an opportunity to learn”.
Ummm, no, it’s still a huge 2.2 million dollar failure. No matter how much you want to “believe” differently or spin it.
Do you click your ruby-red slippers together while saying these”positive affirmations”?
What a huge pile of steaming horse-dung.
Get out and get a job, quit looking for the next big thing - you have lost already!!
-
Yeah, I’ve wondered what’s behind the virulent hate mail. It’s not uncommon for people to make fun of those they consider fools…but there’s something else at work here. Casey is striking some kind of nerve with a lot of folks.
It’s as though people can’t stand to hear about a RE failure –as though Casey is saying the emperor has no clothes. What’s the word…? Iconoclast?
-
in a lifetime and you’ve managed to lose that much before age 24 and still spin it as a ‘good learning experience’.
Your story is getting old. Nobody left but the bashers here.
-
Please..please ..please ,i would never come to this site to learn what not to do..the first rule of thumb is always ..if a trend surfaces and everyone wants whatever it is ..well my friend thats when the serious money makers have already done their job..they throw it to the second tier for feeding sheep like you…..good writing job casey..how long did it take to put that together or rather how much did you pay for it ..please spare us your business talk..its easy to use the terminology ..thats what sucks people into believing your real..but you my friend have this huge monkey on your back, that decries every action you take
-
Hi Casey,
Look at your handy work. Read this link and know that you helped get these people laid off.
So very sad.
Regards,
Timmy
-
Yo Casey
I for one agree with the email, I see this site as a good thing. You show a lot of poise and determination. I’m sure it’s not easy so I’m reading every update to see what to and what not to do myself.Keep it up, I cant wait till you prove the haters wrong. Even if it is five years from now.
Later and much respect,
vQ -
You got stuffed on the ‘fix-n-flip’ because you did not know what you were doing.
TV and the Gurus make it look easy, but you need to know what you are doing, you need to have the financing to be able to do it and cope with the unexpected problems and you need to pay attention to the multitude of details.
You probably do not know how to replace a faucet, let alone tile a floor etc and so you were relying on other people. You were too busy juggling ’sweet deals’ to actually attend to the project at hand.
I have not seen any evidence that you have any talent at all. What do you contribute to any business venture ? At best you provide publicity… but that publicity involves fraud, dishonesty, lack of attention to details and a sense of entitlement. Is that really something that anyone else is going to want to be associated with ?
-
“I failed, so what? It’s not really a failure if I choose to not look at it that way.”
Really, and which part of objective reality do you not understand?
Give that your stated goal is to make it big in real estate, and you’re currently more than $2 million dollars in the hole on failed real estate transactions, you’ve pretty much failed.
If your stated goal was to call attention to yourself and create a popular but non-income producing blog due to the American public’s strong sense of schadenfreude, then, on the other hand, you’ve succeeded admirably.
Can’t wait to see what the realtors say tomorrow.
-
That’s some terrific email from one of your supporters. And I’m glad that you can look at your failure and be able to not call it a failure. Could you please explain how you can look at your situation and not call it a failure? That’s not saying that you can’t learn from failure. But when you buy 6 to 8 houses in one year with multiple houses being taken back by the bank, that is a failure. It doesn’t matter how you wish to look at it.
I’m left to wonder what you would choose to come up with if I asked you to add one and one.
-
Casey, after everything you have been through, you are still very uneducated. You are more of a follower than a leader and you let the wind throw you wherever you let it. How did you not have a corporation or an LLC???? Can you please answer that question. After all you have been through, you are still very uneducated. The funny thing is that I believe that
-
I don’t think this commenter has a clue. I’m sure you posted this one because it resonates with your own rationalizations for our criticism — that we’re just like you but bitter because we can’t admit our own failures:
that’s why you get so much irrational hate mail: there’s a lot of people out there who are strung out like you, and/or they simply can’t admit they may have made unwise or foolish choices
Yet many if not most people here have admitted their failures — and that is why they are here in the first place, because they can relate — and detailed how they got past them.
If you think this commenter has hit the nail on the head, well, you are just that much more delusional and thick-headed.
And if anybody is irrational here, it’s not the people who consistently give the same advice that you irrationally fail to follow. It’s you. That is why you are in your situation.
And I can’t believe the anti-spam word I had to retype to post this comment is “sweet.”
-
Security word SWEET. Wow do you pick these yourself?
“I see opportunities everywhere. Most deals are not so sweet on the surface. One must learn how to analyze every deal and look for ways to structure it and make sure it’s win-win.”
This concept of “win-win” is naive. Whenever someone makes a huge profit on a deal, there is a sucker at the table. If you can’t figure out who the sucker is, it’s you.
-
Reality is that the gurus on into selling their products. Reality is that people usually don’t do much with it. Reality is Casey didn’t follow the advice. Reality is that someone new reading this thinks that Casey is a victim when in fact he is the perpetrator of the monterous mess he has created. Not found in any guru material I might add.
-
Hello again Casey. Aside from all of your mistakes and your lack of knowledge pertaining to realestate investing even to this day, you continue to do things that are not at all in your benefit. You are getting some good publicity right now. Now the problem with that is that by law you have openly admitted to mortgage fraud. If this goes to court, the federal prosecutor is going to want his 15 minutes of fame as well. hE OR SHE IS GOING TO WANT TO GET HIS FAME TOO.
-
It’s nice that you received this “feel good” email… it seems to describe a person other than you though. You still today don’t face up to what you’ve done.
When all the foreclosures have come and gone, you will have single handedly cost the lenders over $250K in losses. Assuming the average family of four in the US lives on something close to $50K per year, you as an individual will have blown about 4 FAMILY’s yearly income just in bank losses. That’s not all though, you also received (I’m guessing here) $150K or $200K in “Cash Back at Closing” that’s also all gone. Poof! Finally, your unsecured debt is another $200K or so…
Now we’re saying that between December of ‘05 and Feb of ‘07 you’ve consumed $600K or there abouts and you have NOTHING to show for it.
It’s nice that you don’t look at your FIASCO as a failure, but by any reasonable measure it truly is.
You still think that you can start over, maybe follow the idiot gurus advice more closely and maybe learn from your mistakes and you will make this “career?” work for you? You have no clue. There are realtors who have been in the business for 10 or 20 years and they can make it work. They bring skills and talents to the party. There are contractors and handymen with lots of experience who can do it, but guess what, they have skills and talents that help them too. What makes you think you can do this? You think there’s just an infinate amount of money out there just waiting for some cute and clever blonde with ambition to walk in and help yourself to?
The day you admit to what damage you’ve caused, get a job and start being responsible is the day that myself and many other haters out here will stop hating and say “at least he learned his lesson and tried to help others”… in the meanwhile… you are just jerking off with other peoples money.
-
Muncy and Larchmont go to auction on Monday.
Guadalajara goes to auction on 3/28.
-
Casey the thing is that you are 2 million dollars in debt over some forced appreciation deals??? Your profit was minimal to none and you are behaving through your conversation as if you really did something big.. Your mentors should go to court with you first of all for not teaching you much about realestate, and second of all for not teaching you to create an entity(s) to protect yourself. The crazy thing is to this day, you still know very little about realestate. You let the wind throw you wherever it wants to. You are not a leader at all because you have no sense of self direction. Whatever someone tells you to do, you do it. You can say that you are getting all of your bankruptcies out of the way now, but what kind of attitude is that to have??? You are speaking finacial disaster over yourself. You and I are approximately the same age(25), and I would never fathom doing anything like that. I have bought and sold properties since I was 19 and have never been naive enough to try and force appreciation on single family homes unless it was a significant rehab project. You don’t know anything about market trends obviuosly. If you did, you would have known that forced appreciation in California at the time you did it was a big no no. But I guess that you figured California’s market would continue to go up not knowing that realestate moves in cycles. Your mentors are to blame really, but you are very uneducated when it comes to realestate yourself. I used to feel pity for you and encourage you but I realize that you know very little about the subject of realestate investing. You obviously have no intuition on profitable deals and now you might just give the prosecutor a reason to want to get his 15 minutes of fame. Have you ever thought to reflect on how many times you have incriminated yourself on this blog??? Have you even talked to an attorney concerning your situation??? Have you thought about the capital gains taxes you are going to have to pay??? I know that you probably won’t respond to my comment, but than again I probably would not either. The thing that baffles me is that you used your own name and credit to overpay on residential homes in which you forced appreciation, barely made any money, and didn’t even have an entity in place to protect yourself. Where is the mentoring at??? Anyone can over pay for homes with a descent credit score and be 2 million dollars in debt. The thing is that it should not be something to be proud of. In all reality, everything you been through, you should be an investor but you are not. You are a speculator like all these other people who know very little about realestate. The truth is you are missing out on the best time to be involved in the market, but you probably wouldn’t know that.
-
“I failed, so what? It’s not really a failure if I choose to not look at it that way. Its really an opportunity to learn. Controlling what I believe is a very important process of becoming successful.”
Actually, that’s the textbook definition of delusional denial.
So, which one of the packages did you go for with the corporation brokers? The $4500 one? You *are* financing the cost of the DVDs with them, right? The lawyers were part of the package, right? How much are you payments to them and what is their interest rate?
What due dilgence did you do on them? I did some just now. Casey, sorry to break this to you, but they are scammers.
-
You cannot tell people what not to do unless you can then tell them what they should do in order to achieve their success (trademark, Buzzwords R Us). You haven’t succeeded. Where do you get off? This blog has never been about anything but ego, and instead of a stroking, yours has been getting a sound beating.
Instead of trying to teach others, why don’t you make some effort to learn yourself?
-
oh geez, my anti-spam word is “sweet”. I just threw up a little in my mouth.
Casey, you still haven’t actually explained what you do all day. Massaging and nurturing deals to juice like ripe fruit does not answer the question. Maybe you spend the day figuring out how to mix metaphors.
What do you actually do? You say you analyze deals but you also say you’re bad on details and risk assessment. So what does that leave you with?
Can you please walk us through a typical day? Please. I am DYING to know. How do you spend your hours?
-
This blog would be more interesting if there were more hard information and fewer broad strokes.
“There is a lot of work to be done in nurturing and massaging the deal until it’s ripe for juicing.”
I have no idea what this means. Explain how you nurture and massage, Casey. Specifics.
-
“It’s not really a failure if I choose to not look at it that way.”
I love this. How about:
-It’s not really bad credit if I don’t think about it.
-It’s not really a forclosure if I don’t remember it.
-It’s not really a debt unless I acknowledge it.
-It’s not really a divorce if I don’t see it coming.
-It’s not really prison if I think about the beach a lot.You are my hero. You cannot lose.
-
My anti spam word was sweet.
SWEET! (Thanks to the song singing guy, I s’pose)
Moderation lagging though…
Anyway, Casey, I think your ponzi corp should be called: JustJuice Inc.
You juice the money (from your blog-adsense), you juice the comments (super trollation/moderation), you juice the anger of us haters, you juice the truth, you juice your houses (by swindling cashback and letting the filthy toilets and showers with broken tiles decay further[seriously, why put a pic on your flickr acct of a property you’re ‘trying’ to sell entitled ’shower with a broken tile’]
you juice your employers (little work for payment) and most of all, you juice your future (destroyed credit for play money today).JustJuice Inc.
(Maybe another Californian ‘Juice’ who’s known for spawning ‘haters’ could be on your BOD?) -
Question for Casey:
If you get an F on a test or in a class, do you consider that a failure? Or do you look at it differently, and decide that it isn’t a failure?
-
Surely if you look at deals 8-12 hours/day you must have closed something by now. All massaging included, a couple of months of looking for “sweet” deals surely produces some results. Not to be facetious but please do share…
For everyone else, what do you think about the sub-prime implosion we’ve seen in the last couple of weeks? Begining of the end…
-
“I failed, so what? It’s not really a failure if I choose to not look at it that way. Its really an opportunity to learn. ”
Ha Ha! Oh this is grand. No it’s not a failure, it’s a
strawberry Sunday.Here in reality, in is a colossal failure.
2.2 million dollars.
two point two million dollars.Those aren’t bars, those are blue sky’s with
singing doves, if you choose to look at it that way.[…]
-
Ha! My anti-spam word is “winwin” What a freaking joke.
To satisfy people’s curiosity, this is what KC-boy does all day.
10:00 AM wake up
10:00 - 10:30 AM coffee, breakfast
10:30 - 12:00 surf the web, read blog and reply
12:00 - 1:00 lunch break
1:00 - 3:00 PM nap
3:00 - 5:00 PM more blogging and thinking of ways to steal more money while staying out of prison
5:00 - 5:30 stare at unopened mail
5:30 - 6:00 sit on blue ball, ignoring collection calls
6:00 - 7:30 dinner
7:30 - 9:00 TV
9:00 - 10:00 PM Blog some more. Surf the web for more “sweet deals”
10:00 - 11:00 PM Stare at mounting stack of bills and salivate at getting corporate loans to pay off personal debts.
11:00 PM bedtime.
-
“Most people in your situation would assume they somehow screwed up, ”
Only people who can recognize reality.
“and downplay their losses, or lie about them.”
Heh. Yeah, who ever heard of Casey lying?
“You on the other hand are basically exposing the real estate misconceptions”
Nobody with sense had those misconceptions.
““The experts told me to do this to get rich, that real estate was the best investment you could make. I tried their methods. Here’s what happened. Apparently this may not be a foolproof path to overnight riches.””
You’ve always said it wasn’t the guru’s fault. But somehow we all knew that wouldn’t last. The buck NEVER stops with Casey. You say it does, just so you can palm it off the next moment without a few fools noticing.
Casey:
“I failed, so what? It’s not really a failure if I choose to not look at it that way.”
Yeah it is. You failed. You are a failure.
“Its really an opportunity to learn.”
You can’t learn. Nothing can penetrate your peasoup thick smog of optimism and denial.
“Controlling what I believe is a very important process of becoming successful.”
Why don’t you believe you can fly and jump off a building? If you fly, I’ll take it all back.
“The haters/critics here contribute to my experience because they’re quick to point out the flaws/concerns. A little bit of risk assessment is a good thing. I definitely need that.
However if I listen too closely I will become paralyzed and will not be able to jump on opportunities when they present themselves.”
Ha! Like Prblinkz or whatever the hell her name was? Opportunities like that? Opportunities to screw up your life?
“I see opportunities everywhere.”
That’s because you’re foolish.
“Most deals are not so sweet on the surface. One must learn how to analyze every deal and look for ways to structure it and make sure it’s win-win.
It’s like putting the pieces of the puzzle together. There is a lot of work to be done in nurturing and massaging the deal until it’s ripe for juicing.”
Some deals are not sweet PERIOD. Your problem is you think that every scam foisted on you is an opportunity if you can massage it right. That’s not true. Sometimes you just have to not let GREED control you, and realize you have to stay away.
“So working opportunities takes a lot of time and effort and you wonder what I do all day???”
We don’t wonder. We know you do nothing all day.
“That’s where I failed. I had pretty good strategy: fix-n-flip. However, I failed in the fixing part. The repairs took much longer then I thought and much more money. I got taken advantage of by contractors. I underestimated the repair bill on some of the houses and bought too high. I ran out of money and am now facing foreclosure.
When I do fix-n-flip in the future I know exactly what to do differently.”
No you don’t. You’ll fail again. Unlike some, I’m not angry at you. You are Casey Serin. It’s a most fitting punishment for your crimes.
-
THANKS TO CASEY’S WORK, LENDERS ARE ALL VERY VERY CAREFUL NOW.
THANKS A LOT
-
Casey,
I hope you pay more attention to detail when you start making fries.
And don’t forget your hair net.
-
Risk is everything. You need to define it, understand it and respect it. Risk is not a small ingredient in your recipe of disaster, it is everything.
-
Check out what this USA Today article says about Sacremento Real Estate.
“1 out of every 5 homes for sale is a short sale. Most of it attributable to Casey Serin.”
http://www.usatoday.com/money/.....ento_x.htm
Hey, my anti-spam security word was “cashback” is that not sublimnipple or what?
-
Wow Casey — It must be something to be reminded every day of you financial deficit, and then to read these comments, and be reminded of your cultural and intellectual deficits as well.
-
Hey Rube;
Who wrote that “Fan’ Email? YO Momma?!Subkommander Dred
-
Hey Casey, great blog and lots of interesting stories about your experiences. But I really worry about you being so young and not fully understanding what you have apparently gotten yourself into. I know this has been mentioned frequently by others, but you need to hear it. I’m not being a hater or troll, I just find it hard to believe you would willingly put yourself and your family in harm’s way. Below are a few excerpts from an article on bankrate.com that really hits home with your situation.
This is federal law and there is no parole in a federal crime. One common type is borrower fraud, when a person lies on a mortgage application about his income, the source of his down payment or how long he’s been employed.
Some people might think that the only victims of mortgage fraud are the lenders who finance the shady deals. The occurrences of crime started to increase in the neighborhood; drug dealers and pimps moved in. There was even a shooting.
Plus, because of the inflated sales prices, taxes went up by 30 percent. In neighborhoods where fraud has taken its toll and many houses are in foreclosure, those houses usually are sold at a significant loss. That makes it virtually impossible for legitimate owners to sell their properties. Plus, many fraudsters steal the identities of people with good credit to perpetuate the frauds.
-
Casey this is really amazing, you have quite a following on this blogand all posts seem to get 60+ comments. Bloggers I know would do anything for this kind of response & interaction. This places you in the upper eschelons of the blogosphere, and offers great possibility for monetization. Your real talent lies in viral marketing, maybe not real estate.
Check out these links to monetize your blog.
-
I KNOW WHAT CASEY DOES ALL DAY
TO ALL THOSE POSTERS WHO WONDER WHAT CASEY DOES ALL DAY, HERE IT IS:
IT IS QUITE EASY TO SPEND ENDLESS HOURS LOOKING AT POTENTIAL “DEALS”–LOOKING AT ADS FOR PROPERTIES, TALKING TO REALTORS, SELLERS, LENDERS. PERHAPS DRIVING TO SEE ONES THAT ARE CLOSE BY, RESEARCHING OTHER PROPERTIES ON THE INTERNET….
ONE CAN EASILY SPEND ALL DAY DOING THIS. MANY REALTORS, SELLERS, ETC. ARE HUNGRY FOR BUSINESS, AND WILL GLADLY SPEND GENEROUS AMOUNTS OF TIME
BIRD-DOGGING, MAKING OFFERS, NEGOTIATING….ETC.CAN YOU IMAGINE WHEN THEY FIND OUT WHO CASEY REALLY IS, WHAT A MONUMENTAL FLAKE HE IS, HOW QUICKLY THEY RUN AWAY….OFF TO JOIN KIYOSAKI, NLL,
DUANE, GOOGLE, RICH DAD, AND ALL THE OTHER BUSINESS ASSOCIATES WHO RUN AWAY AS IF THE LAD WAS RADIOACTIVE…ANYWAY, I DIGRESS. THIS IS WHAT THE LAD DOES ALL DAY…HE FOOLS HIMSELF INTO THINKING HE IS AN INVESTOR AND A BUSINESSMAN, AND IS FLATTERED WHEN HE CAN GET REALTORS, SELLERS, LENDERS, ETC. TO TAKE HIM SERIOUSLY….
-
#28, SHARKY
YOU ARE ON TO SOMETHING THERE.
IN RUSSIA TO THIS DAY, CAPITALISM IS STILL REGARDED BY MANY AS A SCAM…THAT ONLY HUSTLERS AND CONMEN GET RICH, THAT ONE GETS WEALTHY ONLY BY TRICKING OTHERS…RUSSIANS STILL DON’T UNDERSTAND THAT WEALTH CAN BE CREATED, THAT IT IS NOT A ZER0-SUM GAME
THAT IS WHY THERE IS NO RUSSIAN MICRSOFT, OR GOOGLE…WHY THERE IS NO ENTREPRENEURSHIP…JUST CON MEN AND GANGSTERS…
AND THIS EXPLAINS A LOT OF CASEY…HE STILL DOES NOT UNDERSTAND THE HARD WORK BEHIND MOST WEALTH CREATION…
AND I DOUBT HE EVER WILL….
-
I wonder how many people called the FBI on Casey hoping they would get Casey in trouble, and the FBI just laughed and said “we have bigger things to worry about”
-
There is a lot of work to be done in nurturing and massaging the deal until it’s ripe for juicing.
i’m laughing until it hurts.
pure, crystal genius like this pips my con-meter, but i just don’t care. I WANT THE REALITY T.V. SHOW.
-
I think that you should check out this article before you start buying apartment buildings.
http://realestate.aol.com/arti.....0809990001
This will be what not to do when you buy apartment buildings…
-
For those of you wondering what Casey does all day, here is an excerpt from The Phantom Tollbooth, by Norton Juster, in which Milo encounters the Lethargians.
“Well, if you can’t laugh or think, what can you do?” asked Milo.
“Anything as long as it’s nothing, and everything as long as it isn’t anything,” explained another. “There’s lots to do; we have a very busy schedule-“At 8 o’clock we get up, and then we spend
“From 8 to 9 daydreaming.
“From 9 to 9:30 we take our early midmorning nap.
“From 9:30 to 10:30 we dawdle and delay.
“From 10:30 to 11:30 we take our late early morning nap.
“From ll:00 to 12:00 we bide our time and then eat lunch.
“From l:00 to 2:00 we linger and loiter.
“From 2:00 to 2:30 we take our early afternoon nap.
“From 2:30 to 3:30 we put off for tomorrow what we could have done today.
“From 3:30 to 4:00 we take our early late afternoon nap.
“From 4:00 to 5:00 we loaf and lounge until dinner.
“From 6:00 to 7:00 we dillydally.
“From 7:00 to 8:00 we take our early evening nap, and then for an hour before we go to bed at 9:00 we waste time.
“As you can see, that leaves almost no time for brooding, lagging, plodding, or procrastinating, and if we stopped to think or laugh, we’d never get nothing done.”
“You mean you’d never get anything done,” corrected Milo.
“We don’t want to get anything done,” snapped another angrily; “we want to get nothing done, and we can do that without your help.”
“You see,” continued another in a more conciliatory tone, “it’s really quite strenuous doing nothing all day, so once a week we take a holiday and go nowhere, which was just where we were going when you came along. Would you care to join us?”
“I might as well,” thought Milo; “that’s where I seem to be going anyway.”
-
Some wonderful bedtime reading - just for you, Casey. Sweet dreams!
-
Casey,
I am sure someone has directed you to this article from your favorite guru, but just in case you haven’t read it, here it is.
-
What happened to cheery, positive Casey? You’re like always on the defensive now.
-
Hi Casey,
Nice set of new anti-spam words…. lol
You said “It’s like putting the pieces of the puzzle together. There is a lot of work to be done in nurturing and massaging the deal until it’s ripe for juicing.”
If you actually did your own juicing then you’d be saving big money and NOT going to Jamba Juice. Please, start up with the sweet deal of making your own smoothies and then work your way up from there.
-Big Cheese
-
For Christs sake!!! My anti-spam word was awesome!! And every time I refreshed it changed ! ! ! I saw “leverage” and “juicy” before I puked a little ! ! ! ! On a different note, I did my taxes today and am getting a little chunk back. I bet you wish there was some way that you could figure out how to con that little cash back deal from all of us “loosers” with 9-5s huh? Any advice on how to “properly”invest since you seem to think that you really have your finger on the pulse of the finance world. Seeing opportunities that no one else can even begin to understand and milking every one of them to their fullest. Do you even know if they have a drug out there that can even make a dent in the obvious mental problem you have? If you werent so funny in your delusions you would be downright pathetic. Can you even begin to understand that desire for something will not make up for a lack of ability and resources to make t happen? You have to sometimes just accept your shortcomings and place in the world and just accept them. All the gurus in the world will not change the obvious fact that at your core you are just a lazy ignorant little f@#k looking for a free ride. In case you failed to notice, those at the top tend to work longer and harder hours than those of us toward the bottom. So when it actually comes down to it most of them EARN their money, they dont just get it through your little imaginary “passive” means!!!! There,my little rant is over. Carry on with your imaginary big shot wheeler dealer fantasies.
-
The first step in any twelve-step recovery program is to admit that you have a problem.
Casey hasn’t reached first base yet.
In fact, he’s doing the exact opposite - like an alcoholic reaching for just one more drink, claiming it never does any harm, he’s trying to spin his staggering, jaw-dropping, probably terminal failure as being some kind of success.
Six months ago, he might have got away with that kind of spin - you know, plucky little youngster made a few mistakes and now the system’s coming down hard on him, that kind of thing. But the wide-eyed innocent act has been getting stale since October.
Casey, you will NEVER get out of this mess unless you admit that you have serious, serious problems (which may well have underlying mental health issues) and directly address the causes of those problems.
Not least because your image of yourself diverges so completely from the real world that you’ll increasingly find it harder and harder to function within it. Businesspeople like hard facts and figures - if they don’t get them, they generally don’t want to do business with you. And why should they? What can you possibly offer them, when the facts suggest that you’ve never pulled off a “sweet deal” in your life? Even your $30,000 profit relied on a rising market - I don’t get the impression you added much value otherwise.
(My security word was “itsallgood”. Anyone get “looser”?)
-
This bloke is our version of Henry Kaye….although for a while there Henry Kaye was actually making alot of money….then he went off the rails…this Casey never got on the rails from day one!!!
(HK is an Australian property spruiker based in Melbourne facing time behing bars for selling dodgy Mezzannine Finance and Second and Third Mortgages)
-
He’s up… he’s down… he’s up. Delay on the foreclosure and he’s wild with optimism. What could possibly be next for Casey in his amazing learning adventure? I’m guessing down - right after the foreclosure happens.
-
Casey hasn’t failed. He managed gambled with other people’s money, lost, and still pocketed a nice chunk of change via sweet cash-back deals. And despite all the predictions of jail time, etc., he’s managed to live quite well and still consults with expensive attorneys and enjoys an occasional jamba juice with a shot of wheat juice from time to time.
The real loosers are the ones who work 8 to 5 five days a week to save money so they can buy into mutual funds which holds, directly or indirectly, bundled loan packages with Casey’s liar loans in them. Casey isn’t going to be the one suffering when the defaults come to light.
This is why people hate you, Casey. You’ve figured out how to work the system, and people are resentful because they know nothing will happen to you, but they are still too chicken to do it themselves. The DA’s offices across the country are overworked; they’re not going to come after someone who has merely half a dozen or so defaults on his record.
-
How appropriate, the “Anti-spam word” to post a comment was juice. Probably next time it’ll be jamba.
You cannot define failure, so I looked it up in a dictionary.
All it had was your photo. -
Then the next time it was equity, something for which you have no acquaintence
-
The problem with “fix-n-flip” is that ultimately, it doesn’t make economic sense.
Example:
Buy a house for $300k. You are now down $300k.
Do $50k in repairs to it. You are now down $350k.
The house is now worth $350k.
Sell house for $350k. You’re back to zero. (Actually less than zero because you had to pay commissions, fees, etc.)Flipping is teh ghey.
-
http://flippersintrouble.blogs.....art-1.html
the above url will bring you to a recent historacal view of the scenario Casey thought he was going to RULE !!
If you look at the property about 3/4 down the first page, notice what happened to the listing of this property:
5921 Hillsdale Blvd
Sacramento, Ca
Date-selling price:
2005-11-9 112,000
2005-11-9 240,000
2005-12-12 278,000
2005-12-29 320,000The property is now for sale @ 239,000
It appears to me that the house was flipped on the 9th, on the 12th, and on the 29th of the same month/year.
I have to wonder if the first flipper was a “guru”, the second a ‘mentor”, and the third was the guy left standing when the music stopped.
-
Before you take out a loan for another house so you can ‘fix and flip’ it, maybe you should look at the following things:
1. Interest rates. They have risen a touch in the last couple of years. Not much, but just enough to stall housing prices. With higher interest rates the price of a house that you can afford goes down (while carrying the same payment).
2. The sub-prime market. Over twenty sub prime mortgage lenders are in some form of collapse, implosion or sale. So the lenders that were willing to provide ‘creative’ financing are drying up.
3. People willing to act as investor/speculator are drying up also. So the only people who actually want to buy a home are people are planning on living in it.So with plenty of housing on the market, buyers have plenty to choose from and can bargain prices down (20%-30% from last year’s high water mark in some places and still dropping) or force a negative bidding war so the buyer gets the price they want and the seller gets screwed. From what you have seen on your current houses, you are getting low balled and you are taking those offers to get rid of those houses.
So if you want to get in to the Real-Estate market buying and selling homes to make money: make sure you are very careful about the house you purchase and the reasoning why you can ‘flip it’ quickly. To realize a profit, you have to buy the house, renovate it and carry the costs of it while you have it. All of that has to come in under the price that your buyer offers you.
The market is not currently supporting that business model right now-that business model was based on charging across the thin ice at full speed because if you stop you will fall through. -
Your Muncy and Larchmont houses go to auction on Monday.
Your Guadalajara house goes back to auction on 3/28.
Tick-tock.
SC = itsallgood. WTF.
-
REF #60…
F=FANTASTIC…DUH. -
Case,
Please post a detailed schedule of what you did from the time you woke up until you went to sleep. It seems like you do nothing all day besides take naps. -
Anyone notice how all the late night informericals have reverted back to proven systems to beat the stock market and you don’t see get rich quick in real estate anymore? It’s so effin predictable and laughable.
It’s the exact same come on just substituting stocks and houses.
-
When you put together a puzzle you have to find the peice that actually fits. You don’t force a round peice into a square hole!
Why do you refuse to get a JOB?
Do you tihink you can go thru life without working? You can if you want to be homeless and live on the street.
Do yourself a favor and get a JOB.
Does the word JOB scare you or are you just lazy.
Where is Homey da Clown??
-
Casey,
Your 2.2M loss is probably someone’s retirement loss. A lot of pension funds invest in buying loans like yours.
-
7. Finance Guy
February 22nd, 2007 at 10:46 am 90% of the people who made money in RE were a result of stupid/dumb luck or taking advantage of stupid/dumb people.Pure BS finance guy. Many/most of us that came out very well the last 5 years in RE did so because of the background work 10-15 years ago. You are only speaking about the percentage of speculators the last 3-4 years. I busted my a** buying dumps that I repaired myself and rented after doing the homework i.e., expense calculations. Owned 4 houses before I made 50k a year. Had no debt outside of mortgages and each one was positive flow. Still own 3 and sold 3. With the 3 I sold I have none of my own $’s in the remaining 3 houses that are worth ~$1.5 with 60% equity.
No dumb luck anywhere in that scenario, unless you consider buying slums in DC before major parts of the city gentrified. I expected the city to change, just didn’t know the time frame. Still have 1 there waiting until I retire to sell it.
For what it’s worth I quit buying in 2003 when #’s quit making sense. Forsight is everything unless you are speculating, or buying stocks. I wouldn’t be at work today if my stock choices were 1/2 as good as my real estate. That’s another story.
-
If evidense article no. 1: Casey Serin;
Had not lied and broken the law multiple times,
then only one mortgage would have been loaned
and only one house would have been ‘bought’One house, 1/8th of the loss or less or even
break-even or a small profit if it
was actually improved instead of neglected.
(The lawns weren’t even mowed!)Real lessons could be learned then evidence
article 1 could have legally legitimately applied for
one or two loans based on fact instead of deception.BUT, Casey broke the law, lied, stoled, and criminally
neglected the properties.This is an extreme and criminal missallocation of resources.
Eight families were denied housing (they could not even rent)
Two million dollars worth of loans was lost. Two million,
families could use for necessities, real business could use to
employ people and make useful progress.Now good hard working intelligent people have lost jobs
because of Casey’s fraud.Casey caused alot of damage to society and continues to be
a danger.In the quarter of a century of his life, he has NOT provided
any value at all. Not one year, not one month.He must not only be removed from society but also made
an example of. -
Not only do family letters don’t count as FAN letters, but you need to rule out demented phychotic people too.
Sweet
-
Hmm,
Fan mail but hater comments. Even after your ‘Stay Positive’ moderation.
What I don’t get is you delete my generally harmless posts while you post other people saying you should kill yourself.
What type of people you got moderating? Let me guess, you are going to delete this too! What a buttafuko.
-BC
-
OK, the blog is interesting and you’re mostly forthright, but I see a lot of sugar-coating here. I think you’ll learn good lessons from your experience, but it looks like for now you’re headed for rock-bottom. You claim to be working awfully hard in the background, on SuperSweetSecretStuff, but the end result is still foreclosures.
-
Sending yourself fan mail?
-
you may not choose to look at it as a failure but webster does.
fail·ure /ˈfeɪlyər/ Pronunciation Key - Show Spelled Pronunciation[feyl-yer] Pronunciation Key - Show IPA Pronunciation
–noun 1. an act or instance of failing or proving unsuccessful; lack of success: His effort ended in failure. The campaign was a failure.
2. nonperformance of something due, required, or expected: a failure to do what one has promised; a failure to appear.
3. a subnormal quantity or quality; an insufficiency: the failure of crops.
4. deterioration or decay, esp. of vigor, strength, etc.: The failure of her health made retirement necessary.
5. a condition of being bankrupt by reason of insolvency.
6. a becoming insolvent or bankrupt: the failure of a bank.
7. a person or thing that proves unsuccessful: He is a failure in his career. The cake is a failure. -
Listen, I agree with everyone that it is Casey’s own fault he dug himself into this mess - that he shouldn’t have lied, that he needs to pay the banks back, that he needs to get a job (or four), etc. But the scale of his problems are a non-issue these days.
When is everyone going to realize that this whole charade is simply a publicity stunt? Clearly he won’t have the credit (financially) OR the credibility (ethically) to be a part of any grand entrepreneurial schemes in the next few years. The only thing he has going for him (Casey, take note here) is that he has created a formula for launching a VERY successful viral marketing campaign. You can teach companies how to attract TONS of new clients through your methods, and make a lot of money in the process (more money than you’ll make in real estate any time soon).
Apparently, no one else on this blog has caught on to this. If I were Casey, I wouldn’t waste my time on submitting shortsale packages either! His credit is clearly shot. Is there really a difference if someone has 3 or 6 foreclosures on their credit? My guess would be “no”.
I WOULD, however, spend my time learning how to efficiently edit web code, attract new clients, post responses - just like he’s doing now.
So Casey, congrats on creating such a beautiful monster! For everyone else, stop telling Casey what he’s “supposed to do” - he is well aware of his priorities, and (to be honest) they are in line with what is going to make him successful down the road.
-
I don’t get it.
Mr. Serin’s not hurting anyone but himself. Setbacks to lenders are inconsequential to the point of being theoretical, IMO. Moreover lenders have SOME responsisbility to evaluate their own loans. You could even argue that financial institutions are better equipped than a 24-year-old layman to evaluate potential investments.
A failure? I once took on debt to finance an investment. Fortunately it came out OK, I was a genius and women wanted me. If it hadn’t, I would, of course, have been a “big loser.” One can’t always control things, and in most cases labels of “success” and “failure” are kind of meaningless.
Breaking the law? Please. Who cares. I care about murder, and I care about politicians stealing 50% of my income — but I don’t care about some two-bit guy lying on a form to get himself deeper into debt. It’s a non-issue.
Foolish behavior? I have realtors and mortgage brokers telling me EVEN TODAY that I “need to buy today before it goes up tomorrow,” and that I “need to leverage myself to the max to get the most appreciation for my dollar,” etc. Maybe the realtors and mortage brokers should go to prison. I’d really enjoy that, actually!
So why does anyone care?
A good suggestion for Mr. Serin would be to write a book. It would surely be more interesting than the tripe from Kiyosaki and Trump.
-
A mental breakdown is unfolding before our eyes.
-
With the money you are going in debt, you could have gotten yourself a solid undergraduate education in business plus an MBA from a good school. Heck, at the very least you can take some finance courses at a local community college. But of course this is all below you since you want the fast buck.
You’re fellow brethren in the subprime trenches are getting their pink slips in the mail; it was good for five years but the tide has turned. Heck, most of the real estate industry is full of folks with only a G.E.D. Nothing against these people, I was a real estate agent for a few years and still hold an active license, but having an education does help and what you are going through is a case example.
One of the lessons you learn in math is proofs. Proofs if anything show the exact steps you took to get to your answer; they follow logically and either work or don’t. In writing, you have structure to your paper. Normally this is a thesis, followed by a body with supporting evidence, and your conclusion. In accounting you learn that things balance out at the end, credits must equal debits. Nothing Earth shattering but unfortunately everything is unraveling and you make it seem that it takes a genius to get a hold of 2.2 million in real estate.
Just to let you know, any reader on this site with a 600+ FICO would have been able to go stated income and get a $500,000+ loan. Do this four times and you are in your boat. I’m not sure if I can have sympathy for someone who is so flippant about the fraud they have committed. You haven’t cleaned yourself of this mess and here you are talking about buying more property and flipping fixer uppers. Thankfully, the mortgage implosion we are seeing is forcing the hand of lenders to be on the lookout for you simply for the fact that you don’t pay your debts.
Here’s a simple thing to think about. If you had liquid $500,000 in cash, would you lend it to you for another property?
-
Dude, you gotta put more ads on your blog. Advertise the blog different places. Make some $$$ off of this thing. Get off your lazy behind and make some dough.
-
“I failed, so what? It’s not really a failure if I choose to not look at it that way. ”
We switch now to the deck of the the HMS Titanic, where we see Captain Casey Serin speaking with the first mate.
First Mate: “Captain, we hit an iceberg!”
Cap’n Serin: “Excellent, free ice cubes for everyone!”
First Mate: “But we’re going to sink!”
Cap’n Serin: “At least we’ll fail forwa- er, downward.”
First Mate: “But we’re all gonna die!”
Cap’n Serin: “Eventually, they’ll make a hit movie about us. It’s all good!” -
How are you going to do sweet deals when you have such terrible credit? A corporation is not the answer since banks will not loan money to a brand new corp. with no money, assets, income, or products.
With commercial RE and non-owner occupied deals, 20-30% down is the norm. Zero down is a no go. Cash back after closing is highly illegal.
Even if you had good credit, how would you get 20-30% down? Don’t tell me you have investors. Who’s going to want to partner with you and your track record unless they want to try to scam you?
If you have a weakness with details and risk assessment you should NOT be “real estate investing.”
How are you paying any bills at all with no job and no income? Why not get a job so that you can have *some* income coming in? Most people that grow rich from RE do it over a long period of time. The successful people do a deal maybe once a year and rent out the property and hold it for awhile. If rent doesn’t cover the holding costs, then the property is overpriced.
This RE boom was an aberration and will likely never happen again, at least in our lifetimes. Casey, do you even understand the economic reasons for the housing bubble? You seem to have no understanding of economics, accounting, law, or business. College teaches all these things and is NOT a waste of time.
It’s time for you to get a job and forget about RE ventures until you get your financial house in order. This WILL include bankruptcy, as there is NO possible way out of this mess. You can start a corporation on the side, but as I mentioned earlier, it’ll be awhile before you can purchase any RE.
-
I, too, would like to know Casey does all day (but we all already know the answer).
He’s trolling us - He deliberately spouts off stupid crap to get the peanut gallery (us) going apesh*t. He can’t possibly be this stupid…there is another angle.
He is loving the noteriety (sp?) and illicit ‘fame’ this board brings him. He’d rather read the comments and post another blog post than open mail, do loan workout with a lender’s loss mitigation team, or go market one of his houses.
Troll rating: it was 9/10, but fading fast…Caey gets a 5/10 and dropping quicker than his credit score.
My anti-spam word was ‘millions’ - nope, no troll here…
-
Wow #28 Sharky, I think you might have some insight into our young Casey. If I remember my Marx, the most villified member of the capitalist system was the “speculator” who simply purchased a product, hung onto it, and resold it at a higher price thereby profiting from the system but actually producing nothing of value for society.
That’s exactly what Casey is doing, except the reselling it at a higher price and profiting part turned out to require some brains.
-
Ah, back to the timely moderation and updates that we’re all so used to. I gotta admit, it felt a little strange to see people’s comments coming in regularly, possibly even allowing a dialogue, but it’s good to see that everything’s settled back down to its usual abysmal state.
-
Casey,
Serious question, please answer:
How do you deal with all the stress you must be under. Is this blog not hurting you psychologically?
Do people criticise you in person as well, like your in laws and whoever?
If I was in your shoes, I would be seriously depressed (and I would never have aired my financial problems in public to begin with)
Since you are not making any money from this blog, why have you not closed it down? How can you deal with all the psychological pressure? I just can’t see how it could be good for you emotionally.
-
“When I do fix-n-flip in the future I know exactly what to do differently.”
How are you planning to do that with your crappy credit, tighter underwriting coming soon, $100k + in the hole, without any cash for the 20% down (which will be required), and no credibility as a business person whatsoever?
Don’t forget that you may also get indicted for financial fraud, since many angry readers probably gave you in a plate to the Feds already. So you are facing a criminal record, which is a detriment for seeking employment or trying to raise capital from investors.
Do you know how long it’ll take to get yourself out of this financial funk? 10 years at least. To top it off, you have no degrees to fall back on, in a labor environment in which a bachelor’s degree is becoming a high school diploma. Man, you’re in total denial.
-
Hey, anyone that is facing a foreclosure and has resolved their hardship, feel free to contact us to have it resolved under your best terms not the lenders. Remember the lenders have a responsibility to their stock holders not you but we have a responsibility to you. Loss Mitigation Stop foreclosure by learning the success strategies from the most experienced in the foreclosure prevention industry within the United States. Retired HUD commissioner and staff tell all…!
-
It’s 8:56am on the 26th. The last comment is from 5:22am on the 24th. Are you sleeping or have you been arrested?
-
I failed, so what? It’s not really a failure if I choose to not look at it that way.
Did you ever read the book, The Little Prince?
As far as I can tell, you’re still in your own world and you should stop bird doggin’ in places where others might get hurt! Don’t you remember what happened to Dick Cheney?
-
The amount of comments you get per post is astounding for your daily visits and the email to me does sum up your venture into real estate…besides misleading your potential buyers and banks
-
Casey,
I’ve followed your web site for a little bit after I found it on the Mortgage Implode-O-Meter website. I think you have good intentions but you just seem to be coasting by with actually trying to resolve the problems facing you. I hope you are able to one day look back and realize that not everything can be done with a snap decision and no research.
I think some of your thought process might come from reading too many Robert Kiyosaki books. To be honest I read through one of his books and after I was finished I vowed I would never read another book of his. He teaches that everything can be sooo easy without much of any education. I’ve read many Real Estate and Investment books and what Kiyosaki wrote was embarrassing compared to some of the more fundamental writers. I know he is your hero (Only god knows why) so I won’t bash him too much.
I just want to end with I hope you get out with your dignity intact and maybe a new focus towards investigating so-called gurus. That’s a lot more interesting than reading about you losing a ton of money.
-
s an irresponsible troll. Some think he’s someone more innocuous, like a rags to almost-riches to rags story that’s just waiting to turn the corner into a financial fairy tale ending. He’s a polarizing, controversial blogger, gaining fans and even more haters out there. There’s no doubt that many people are quite angry and eager to see him pay for the “entrepreneurial and financial sins” that he’s committed. Some people weren
-
Mi Amigo, dont loss the house, car, dog nothing…I can re-fi any mortgage in forclosure and YOU KEEP THE PROPERTY. If you have 30% equity from the APPRAISED VALUE or more you can start all over again, extend the time you need to finish re-hab or sale and also walk away from closing with $20k in hand. THIS IS NOT A HARD MONEY LOAN…FULLY LICENSED FDIC LENDER.
-
Timeline of Life, Houses and Foreclosure CashCall is Calling my Friends Get Foreclosure Help by Drinking Fresh Juice My First Trustee Sale / Foreclosure Auction Results Foreclosure Auction On Monday I am Facing Foreclosure Fan Mail Attorneys Say Corporate Credit is OK, Need a Plan Why Should I Go To Jail For Mortgage Fraud? Casey Serin Satire - Pictures and Song New Mexico Foreclosure Rescheduled, More Time For Short Sale
No comments:
Post a Comment