Thanks to Kelly Bennett for writing a fair and balanced article about my foreclosure situation on Voice of San Diego.
Here is the article:
Casey Serin is a 24-year-old Sacramento man who bought seven properties in four states within the first three months of 2006. Even after selling a home in Utah a few weeks ago, he’s $2.2 million in debt and will be four months behind on all of his mortgages come October.
He started a blog to tell people about his experiences and his mistakes as a novice investor — it’s called iamfacingforeclosure.com.
I talked to Serin this afternoon and he told me he first got into real estate as a 19-year-old in 2002, buying a condo as his residence in Sacramento. Originally from Uzbekistan, Serin and his family immigrated to the United States 14 years ago. His parents own their home in the Sacramento area, but haven’t invested in any other real estate.
He sold that first condo in 2003 and made about $30,000 in profit, he said.
16 Comments
September 23rd, 2006 at 8:14 am
I’m not gonna flame you. All I will say is that there is no way out of the mess you created, and your financial outlook will be grim for the next decade.
The good thing is you are 24 and you’ll have a long time to rebuild. No kids I presume, so it will be much easier for you to muddle through the lean years ahead.
I don’t blame you so much as I blame the greedy idiots who loaned you the money. They got their fat commissions, even though I’ll wager they knew you were a serious risk.
24 years old, no verifiable income, and they threw millions at you. Sheesh. When I bought my house 10 years ago, they wanted 3 years of tax records, 20% down, and all my bank and credit card information. They even wanted a copy of my marriage license.
September 23rd, 2006 at 10:28 am
“I want to add, that “flipping†is a misunderstood term and has a bad stigma in the media.
Gee, can you think of anybody we know that might have given flipping a bad name? The stigma is deserved.
September 23rd, 2006 at 11:16 am
Privet,
Ty dazhe ne predstavlaesh, chto ty nadelal. Teper’ u tebja est’ 2 puti
1. Iz tebja sdelajut scapegoat (kozla otpuschenija) i proslavjat na ves’ mir. Skoree vsego tebja zataskajut po vsakim slushanijam i komissijam. A potom posadjat let na 10 in prison, v primer drugim. Chtoby izbezhat’ etogo
poprobuj svjazatsa s mass-media i “projdi do konca” - to est’ poluchi podderzhku ot mass-media (mozhet byt’ popadesh’ v news on MSNBC or CNN. Americancy ljubjat show, ( have you seen Chicago?). Togda tebe najdut otlichnogo advokata, kotoryj vytaschit tebja iz prison. No, za eto ty prodash im prava na tvoju istoriju
2. Svali kuda nibud’ po-tihomu. Luchshe v Rossiju ili Uzbekistan. Smeni familiju i vernis’ v USA kak drugoj chelovek (esli u FBI net tvoih fingerprints).
Ja tebja podderzhivaju !!!!
Chto-to mne podskazyvaet, u tebja vse poluchitsa.
September 23rd, 2006 at 11:49 am
You’re right. Flipping isn’t illegal. But then neither is playing the lottery or day trading during the late ’90s. The problem is that a lot of people thought winning the lottery was the same thing as making an honest living actually producing something.
What went on wasn’t real estate investing, it was real estate speculating. It wasn’t investing because nobody would invest in a house when the rent is a fraction of the mortgage payment. And the only reason to invest in a sure loser is due to the hopes that the bubble will get bigger before it pops.
I think your blog and honesty are great. It’s a testament to the lack of lending standards that really allowed this thing to get out of control.
September 23rd, 2006 at 12:37 pm
Casey,
This media attention isn’t good for you. We all have a need for signifigance but it isn’t a good way to meet it.
Think back on this post 2 years from now when you are in prison.
September 23rd, 2006 at 12:40 pm
Looks like you will make enough money on your story. This will help you to get out of this mess. Unless you end up in jail…
September 23rd, 2006 at 1:52 pm
You are crewed, especially with the new bankruptcy laws. They will prosecute you for the rest of your days. Hundred years ago you could’ve disappeared without a trace, somewhere in a different part of the country, but today they will trace you with computers, FBI, police dogs, spy cameras, wiretap, judges and the whole apparatus.
Just emigrate to Canada or Australia and don’t enter they US ever again, unless your desire is to rot in the slammer.
September 23rd, 2006 at 6:09 pm
“Just emigrate to Canada or Australia and don’t enter they US ever again, unless your desire is to rot in the slammer.”
I’m pretty sure Canada, Australia, and most of the civilised world has extradition treaties with the United States, thereby your options are limited. Venezuela or Cuba might work. Otherwise, rather than paying to house white collar criminals in jail, the U.S. military might requisition said types for duty in Afganistan or Iraq. Or, there’s always the ‘Isle of Man’ - they’ve done quite well housing U.S. financial assets offshore to avoid taxes. Why can’t they do people too? Sounds like the perfect destination for ya…
September 23rd, 2006 at 6:10 pm
I agree. Get out of the country while you can….you are going to be facing multiple charges of fraud for lying on the loans. If you can stay out of their clutches for long enough, the statute of limitations will run out.
Lots of people end up in jail who never intended to be criminals. Sounds like you’ve learned your lesson, but the US is all about locking people up to make an example. You do NOT want to go to prison, even if the law says its the right thing to do. Our system destroys people, then lets out what is left of them.
Shut down the blog and get outa dodge while you have time.
September 27th, 2006 at 6:49 pm
But with all the people pulling the same scam, and the decrease in taxes from the plummeting property taxes, how will we afford all of the debt prisons?
I’m assuming the technique of submitting loan apps in 4 states near-simultaneously is an idea that came from the seminars? Nice touch.
October 5th, 2006 at 5:51 pm
Here it is for your convenience: My Life is an Open Blog Casey Serin is a 24-year-old Sacramento man who bought seven properties in four states within the first three months of 2006. Even after selling […] Continue Reading September 23rd, 2006 Previous Posts
October 6th, 2006 at 4:31 pm
Man, $2.2 million in debt, that’s balls!
So I guess that’s a $2.2M experience.
You have an exit plan, don’t you?
October 20th, 2006 at 12:06 pm
This post is not a legal advice. The poster is not a licensed attorney.
First of all, do not listen to Gosha and the likes… You may end up losing your citizenship.
Second, some of the posters are correct regarding your admissions. They can be used against you.
Third, and the most important concept you should keep in mind. Attorney-client privilege can be waived. It is in your interest to preserve this privilege. Trust your attorney, and follow his/her instructions regarding disclosures. This would require a frank discussion regarding this blog.
The objective facts that are discoverable should not pose a big problem. On the other hand your state of mind, intent, knowledge etc. may make or break your case. Thus, try to avoid speaking about those issues. Again, follow your attorney’s instructions.
P.S. Gosha may be right regarding one thing: this exposure may attract a very good attorney. But remember that not all that glimmers is gold. In fact, you are running a high risk of attracting a shabby attorney, who will take your case only for personal exposure.
P.P.S. СЕН - Студент юристпруденции
P.P.P.S. I heard your story on NPR.
January 15th, 2007 at 8:47 am
[…] of San Diego Reports on My Story by Flipping Foreclosure Properties (Flipping-Foreclosure-Properties) @ Mon, 15 Jan 2007 03:30:36 -0500 Casey Serin is a 24-year-oldSacramento man who bought seven properties in … up on his story — so it looked like each one really was… Original post: Voice of San Diego Reports on My Story by at Google Blog Search: flipping foreclosure properties […]
February 9th, 2007 at 4:22 pm
Greed is amazing. How about geting ajob where you help out people.Day trading, gambling. I hope my taxes don’t have to pay for any crap that all of this nonsense has created. I don’t wish you ill. Qut being greedy.
February 9th, 2007 at 4:56 pm
Check out this website………….some sweeeeeet advice for Casey !
Here is a sample
Dr. Prison’s Survival Tips
Stay with your race.
Don’t lie.
Don’t volunteer too much personal information.
Don’t join a gang.
Don’t snitch.
Let people come to you.
Ask permission before you enter someone’s cell.
http://www.drprison.com/
Better hurry and get your request for a consultation in soon…………like yesterday !