January 10th, 2007 11:48 pm
2007 Goals (Rough Draft)
My one goal this year:
$5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 8 months from today. That’s 5K/mo net positive cashflow after property expenses, management and debt service. (Too aggressive??)
Rules:
1) no lying (For Sure!)
2) no money down (?)
3) work part-time (?)
First order of business: put up a blog at www.AbleBuyer.com tomorrow to track my progress. (Blog is up… still considering title, content, update frequency, search engine strategy, how much time to dedicate to it, etc)
Next: get out of my current mess as quickly as possible and eliminate all distractions. (Bankruptcy? Repay all debt? Settle Debt? How? Still considering…)
At the same time: start building my team of advisors and professionals so I can start analyzing deals and financing options as soon as possible. (Started talking to people about my goal… there is progress)
UPDATE Jan 13th:
As you can see here and from the comments, the 2007 goal is still in planning stage. I made the goal and then as I started talking about it here and with other people, different issues and concerns started coming up.
This morning I spent several hours talking to my wife about goals. Her 2007 goals/intentions for me and/or us:
- Save her credit - no late marks and no BK!!
- Pay off her 27K of debt ASAP
- Have 12K set aside for a year of school at UC Davis which she will transfer to in the summer
- Stable income - what I have right now doesn’t feel stable to her
I’m glad we talked. Our communication hasn’t been the best lately about all this stuff. She did appreciate me making a detailed financial statement and sharing it with her this morning.
She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note. That’s my fault because I have been running around like crazy trying to fix this mess so that she doesn’t have to worry about a thing and neglected to discuss some of this stuff with her. However, not discussing important financial decisions really hurts our marriage. Better communication should be my goal for 2007 too.
617 Comments
January 10th, 2007 at 11:53 pm
Well, you’ve decided to get a job. That’s progress, of sorts.
January 10th, 2007 at 11:56 pm
hey casey, looks like I’m the first to see this post and possibly even comment by the time I click submit. Sounds just about right since I’m sitting right across from you as you post this blog from your phone and eat this burger in front of me. The post looks good, and I’m feeling that good things will begin from here on out. Keep pursuing because I have no doubt you’ll get through this and climb up to the very top of this mountain!
January 11th, 2007 at 12:02 am
What about Muncy and the foreclosure auction in two weeks?
January 11th, 2007 at 12:11 am
Who cares. Muncy update…?
January 11th, 2007 at 12:15 am
Now I know for sure that you are a phoney! I was not sure if this whole thing was for real or not, but now I know without a doubt this blog is fake. With that said, it is still free entertainment. It’s kinda like when you see a t.v. show you know it isn’t real, but you watch anyways because it’s entertaining.
Mark my words! In 2007, Casey Serin will be 2006’s LonelyGirl15.
January 11th, 2007 at 12:26 am
I won’t comment on how realistic your goal is. I am sure plenty of others will do that for me.
However, I can’t help but mention that you have your steps backwards. Getting out of the mess you are in should be a far higher priority than starting another blog.
January 11th, 2007 at 12:26 am
Casey,
I think one of your goals should be to learn how to spell. On your site http://www.ablebuyer.com you spelled ‘remodeled’ “remodelled”
In fact, you don’t even have to learn how to spell, just get in the habit of copying and pasting everything you type into a program with spell-check.
January 11th, 2007 at 12:32 am
Dude, how about starting with some obtainable goals for 9/10/2007, rather than hoping for $60k net passive income in 9 months.
WHICH PART OF YOU ARE $2 MILLION DOLLARS IN DEBT AND UNEMPLOYED DO YOU NOT UNDERSTAND?
If I were you my one goal would be:
To make it to my 25th birthday without finding myself divorced or thrown in jail.
If you do that, anything else is a bonus.
Christ dude, I’m starting to think that rather than seeing an attorney, you need to get some counselling or psychotherapy immediately. I’m no shrink, but I’m pretty sure there’s some delusional behavior here. Call 211 and ask for a referral to a community counselling agency and get some help. Plus, if you get a diagnosis of mental illness, you might be able to plead “diminishied capacity” at any future
legal proceedings. Who knows, the blog might even HELP with that approach, as no sane person would brag about doing things as a** -backwardly as you have.
Rather than telling us about any more of your goals, start telling us about HOW you’re going to take care of your situation.
Nevermind, keep digging, schadenfreude is fun too.
January 11th, 2007 at 12:37 am
shouldn’t getting out of your “mess” be your first and only goal for 2007,08,09,etc…?
January 11th, 2007 at 12:42 am
ha ha ha ha ha ha ha ha ha ha ha…………….
January 11th, 2007 at 12:54 am
From reading AbleBuyer, I see that that Young Casey has decided to add violation of Federal and state securities laws to his list of accomplishments.
Fortunately for Casey, I doubt anyone would be so foolish as to actually invest in Casey’s ponzi scheme.
January 11th, 2007 at 12:57 am
Hi Casey,
In case you missed it from the last thread, the Muncy property is going to trustee sale in 2 weeks.
So, you can take that one off your spreadsheet!
Just a few more and you’ll be back in the game. It sounds like you have a goal set and you’re on your way as the dead properties get cleared out!
Good Luck!
January 11th, 2007 at 1:00 am
You’ll be in jail by then, lol……
January 11th, 2007 at 1:02 am
How do you plan on obtaining more properties? With your credit history, are you going to do sandwich lease options instead of straight bank mortgages?
FT
http://www.milliondollarjourney.com
January 11th, 2007 at 1:19 am
I’ll bet that by 9/10/07 you’ll realize that yet another bunch of scam-gurus(this time the “new rich” gang) has led you astray. In fact, I’d be willing to be you $5k I’m right but I know you’d just ditch out of that debt too.
“No money down” - You are spun out of reality if you believe that can happen given your circumstances.
Just when it seems you are waking up to the real world, you fall right back into your deluded fantasies.
Ask yourself what “CJ” is going to gain from all this and you will find the reason for his enthusiam. Anyway, have fun with all this. You won’t be able to escape reality so easily in another month or two.
Watching you get so close to having a clue and then falling right back into your same old foolish delusions has gotten boring.
January 11th, 2007 at 1:28 am
You’re on crack.
January 11th, 2007 at 1:49 am
Thanks CJ… good times hanging out at Denny’s.
January 11th, 2007 at 2:01 am
This post proves it. I will not be back. Oh, and Tim from MB: Get a freaking life.
January 11th, 2007 at 2:06 am
Are you still planning on waking up at 5:00 a.m.? According to my calculations, that is only 3 hours of sleep. Yikes!
January 11th, 2007 at 2:16 am
http://www.mypublicnotices.com.....dId=358898
January 11th, 2007 at 2:21 am
So you’re not going to file for bankruptcy?
January 11th, 2007 at 2:39 am
This is a re-post but even more applicable now. A quote from Seinfeld:
“You know you really need some help. A regular psychiatrist couldn’t even help you. You need to go to like Vienna or something. You know what I mean? You need to get involved at the University level. Like where Freud studied and have all those people looking at you and checking up on you. That’s the kind of help you need. Not the once a week for eighty bucks. No. You need a team. A team of psychiatrists working round the clock thinking about you, having conferences, observing you, like the way they did with the Elephant Man. That’s what I’m talking about because that’s the only way you’re going to get better. “
January 11th, 2007 at 3:26 am
ON CRACK ON CRACK ON CRACK
January 11th, 2007 at 4:28 am
2007 Goals:
1. Learn to fly
2. Pick out cape style and color. It must be ORGANIC and developed from cruelty free animal products.
3. Get boots that match cape.
4. Find tall building.
5. Step off….
January 11th, 2007 at 4:54 am
Well I feel goofed on right now.
1. Casey, you’re eating at Denny’s the day after posting that your monthly nut is well over $20,000 and you have no job.
2. I hope the judge you stand before decides to make an example of you for being so brazen and simultaneously ignorant.
I used to think there was hope for you as a foolish young dude, but now I think you’re having a good laugh at all of us. If I’m wrong, may you rot. If I’m right, you’re a really smart guy who deserves to be rich.
January 11th, 2007 at 5:29 am
“…Thanks CJ… good times hanging out at Denny’s…”
Still spending money on dining out?
Geez, wish I could dine out more often.
I “brown bag” my lunch @ work every day.
Yeh, I have a job; just one of those idiots
that work every day, I guess.
And what’s this about “burgers?” I thought
that I read somewhere that you were not
going to eat meat ???
Was that a soy burger?
I would think that you were making this all
up, except that no one is creative enough to
make up stuff as ludicrous as your 2007
goals:
“…Next: get out of my current mess as quickly as possible and eliminate all distractions.
At the same time: start building my team of advisors and professionals so I can start analyzing deals and financing options as soon as possible. ..”
This stuff is as “rich” as you are not.
.
January 11th, 2007 at 5:32 am
I would like to see what your face looks like when reality snaps back and catches you right between the eyes.
How EXACTLY do you plan on buying enough properties to see you through $5k a month of passive income? Or maybe the better question is what sucker have you tricked in to backing your scheme?
January 11th, 2007 at 5:36 am
Casey… please. Stop. It is not going to happen. Will you ever grasp the dire reality of your situation?
January 11th, 2007 at 5:59 am
Hey Casey - how much of that Getting it Done book have you read ?
What page are you on ?
January 11th, 2007 at 6:04 am
Haha, this post made my day. You want to go from making $5000 a month after taxes and expenses and in just 9 months to boot. Hey that’s a reasonable goal. And maybe in your spare time you could build a rocket. If you get finished with it and still have time to kill you work on colonizing Mars. I’m sure there’s prime real estate and sweet deals to be had there.
January 11th, 2007 at 6:06 am
If you really mean what you say then you are still deep in denial……man when reality hits it’ll be ugly. Prediction: If all of this is true then one of your goals for 2007 will be to avoid the earthly recriminations for your actions. You will kill yourself.
If none of this is true well then congrats on hoaxing many of us long and hard. I hope the cheap thrill was worth it.
January 11th, 2007 at 6:06 am
lol. You are one guy who can’t cut his losses. IMO, no harm in you stating your intentions over and over to generate comments. Just that if your financial picture from the last post is real, you are going nowhere.
January 11th, 2007 at 6:18 am
John above has it right. Casey you’re mentally ill dude.
Accepting that, and seeking help, would be the biggest step you can make toward getting yourself out of this mess.
January 11th, 2007 at 6:18 am
casey’s putting together the dream team of advisors etc….the dream team is right. Anyone who would buy into your goal of 5k passive income in 9 months with this mess drowning them would have to be dreaming. Whatever you’re smoking..I don’t want and I like good ganja.
With your delusions you would have made a great cult leader. heck you may have become rich that way casey maybe you oughtta look into that.
January 11th, 2007 at 6:18 am
Unfortunately, Casey, the banks will have one rule.
1) Do not loan money to Casey and G***** Serin.
January 11th, 2007 at 6:24 am
“How do you plan on obtaining more properties?”
he will find someone to sign for him i presume.
January 11th, 2007 at 6:24 am
Let’s make a grand assumption (ha ha) that Casey somehow gets out of the mess he is in, somehow avoids jail, and prepares to start on his goal for 2007 without all this other stuff hanging over his head. Movie goers, suspend your disbelief if you can.
(Editor’s note: All mispellings of ‘loser’ are intentional).
Casey talking to home seller of a sweet property he has found: “No, I’m not the internet looser you have been reading about” (breaks first rule of ‘No Lying’).
How do you plan to find good cash flow properties for no-money down? You CANNOT get a loan at all from any traditional source. Nobody doing any type of seller financing is going to sell to you. You have no money to give them as a downpayment and no one will do 100% owner financing to a looser like yourself. If it was such a sweet rental and they can’t get any equity out, they can just rent it instead of doing a sweet deal for you. Oh yea, and another thing, you are a miserable FAILURE at determining good property values, fixing up houses, renting houses (none rented), and everything else related to real estate. In fact, your only talent seems to be fraudulently filling out loan applications. But remember, no lying in 2007.
Okay, so maybe you say, I’ll find the properties and use some hard money lenders. Not gonna fly. The hard money lenders will check out the property and if it’s a good deal, they will kick your sorry looser a** to the curb and buy it themselves. If you are planning to swoop in and steal some cash flow producing properties from other flipper looser in desparate straights such as yourself, you will need some cash, which you don’t have.
I guess if you somehow ‘worked’ part-time, that would be more work than you are doing now. Organizing your office is not work.
Face it Casey - you are now the hunted. You are the guy that the guru’s tell all the scaminar students to seek out. You bring nothing to the table in the real estate game. You can’t do it yourself and I don’t see any reason why someone else would want to partner with you or back your latest delusional plan with their $$$.
Oh yea, did you remember to roll out the trash yesterday?
Bartender, Jobu Needs a Refill.
January 11th, 2007 at 6:32 am
Which Denny’s do you hang at?
January 11th, 2007 at 6:36 am
oh and is CJ ‘chris’? or some other delusional ‘advisor’.
January 11th, 2007 at 6:43 am
$5000/mo passive income by September 10th, huh?
Wow! Are you ever in LA LA Land!
My bet is that IF the reality of your flop here sinks in…you will decide to end it all. And that is a big “IF” when it comes to your ever understanding your financial reality. Even after you get indicted.
The only other question is how….Will you eat a bullet? Down the pills in your med cabinet? A bridge? Rope? So many choices……
January 11th, 2007 at 6:52 am
Yo Ca$ey
http://sacramento.jobs.monster.com/
January 11th, 2007 at 6:53 am
Your goal is what? Achieve $5000/monthly income by september? With the mess you are in and your current financial standing, if you actually acomplish this, then you SHOULD start a seminar, and I’ll be there EVERY TIME. Holy smoke, I don’t know what you are smoking, man, but sh*t, I want some too. I used to think you are naive, ambitious and will learn from mistake. It seems you haven’t. You are about the saddest person. You aren’t optimistic, you are delusional, idiotic, unrealistic.
Do you know how much $ it’ll take to achieve $5k monthly passive income? Have you ever done background checks on those self proclaimed gurus? Have you ever read these gurus being interviewd in media such as Business World, Wall Street Journal? Seriously, if you ever achieve this (legally), write a book, start a seminar, I’ll attend.
You know who you remind me of? Nick Leeson (the dude who bankrupted Barings). Come to think of it, it may be good that you are unemployed. Because if you were employed, you just might set the 1.6 billion record mess that Nick created.
A big sigh!!
January 11th, 2007 at 6:54 am
Casey - I have read this blog with interest and have actually learned a good bit about real-estate investing and what to AVOID doing.
This post takes the cake - do you not realize the situation you are in? Talk about “rose-colored glasses”.
If you can figure out how to get out of this mess and have 5K a month passive income and work PART-TIME, please let us all know.
Your only goals should be to keep your marraige together, get out of the financial mess YOU CREATED, avoid jail time and secure a REAL F/T job (like most of us losers…haha).
Anything else is a fantasy - but you are good with those, apparently.
January 11th, 2007 at 7:06 am
So let me get this straight, 60k in passive income… that would mean you have 600k (assuming 10% ROI, which is aggressive for passive investments, VERY aggressive for california realestate). How the heck do you plan on going from -2 million to +600k?
Dude I’ve been working my balls off for a few years now and have been slowly (keyword) building passive income and am no where near 5k/month after expenses. Do you really think you can do it in 9 months??? I guarantee that you won’t, I will come back in september to verify that it has not happened.
January 11th, 2007 at 7:06 am
Your revolution is over, Mr. Serin. Condolences. The bums lost. My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me, Serin? The bums will always lose.
January 11th, 2007 at 7:10 am
When I read this, my image is an old-school Vegas casino where you’ve taken out a huge line of credit, blown it in a glorious meltdown, and are desperately playing nickel slots with the remaining change in your pockets before the casino goons catch you and take you into a backroom.
January 11th, 2007 at 7:14 am
yeah, you kind of ruined this blog with this “2007 goal” post. i am a big fan of this blog, but it’s impossible to get out of your mess with 2.2m of debt and some charging 30% interest AND start buying and making $5,000/mo.
whether or not your’e real or a troll, this last blog entry showed us you are simply trying too hard for the drama factor. you had it going great with your financial spreadsheet and 300+ comments. now you ruined it with these silly 2007 goals.
January 11th, 2007 at 7:15 am
Ok, so your goal is attainable!! Don’t listen to them. If it wasn’t for the idiots who over clicked on your adsense you would almost be there!! I mean $2,000 a month just from adsense?? That’s awesome!! My adsense only brings in about $20 a month.
You will make it Casey! I beleive in you!
It is hard to be young and determined!! Trust me I am young and determined! When people see this, they take advantage, trust me! My husband and I were burned by a contractor who stole 14k from us and a mortgage broker who got 6k from us!! That is 20k!! Our personal savings!!
January 11th, 2007 at 7:18 am
It’s a shame you don’t have any ad income from your blog anymore. You’re certainly going to get traffic from this entry. Have you ever considered the catering business as a fall back?
Sausage inna bun? Get it while it’s hot!
January 11th, 2007 at 7:20 am
There’s no way you’re going to be able to get the credit necessary to buy housing (or for that matter an In ‘n Out burger).
Couple that with the deflating of the housing bubble and it makes it nearly impossible for the competent RE investor to actually make any money at this point. And, it has to be said, you are *not* a competent RE investor.
I don’t say this to be mean or to be a ‘hater’. I say it in the vain hope that you will read something other than the ’self help’ type books on RE investing before you try to jump in again.
You seem to lack the basic, fundamental understanding of finances, and given that, it will make it impossible to be successful as an investor. You seem to lack the basic planning skills that make it possible for investors to succeed (ie setting a plan (including an escape hatch that doesn’t include declaring bankruptcy), sticking to that plan and evaluating your progression toward you goals in minute detail every day).
You need to set realistic goals. In fact *all* of the books you read state that. You are engaging in the belief that you can simply skip all the hard work between 1) read self-help book and 25) make $$$$.
I would have thought that you learned your lesson, if not in terms of RE investing in a down market, at least in the rather distinct problems of not planning your approach excrutiatingly.
And incidentally: Again, you’re doing things exactly backwards. You seriously need to try at least for a few weeks, going directly against your instincts. Because your instincts are horribly bad, but if you work, you can train yourself from your inability to make good decisisons.
January 11th, 2007 at 7:22 am
In keeping with your “No-Lies” credo, I suggest you man up and announce your second foreclosure. Nobody is going to bail you out of this one- with the amount it would take to bail you out of that one I’m afraid it’s a fait a compli.
Fess up!
January 11th, 2007 at 7:24 am
>At the same time: start building my team of advisors and
>professionals so I can start analyzing deals and financing
>options as soon as possible.
You haven’t built a team of advisors and professionals?!?! Seriously, I am amazed. Your idol, Robert IdiotSucky recommended this from the get-go (even I have to agree with him on that). You have bought 8 props (9, if you count the condo way back) and you don’t have a team yet? Do you only read the front cover and the back cover of the books only?
I’ve always said Robert IdiotSucky’s book is more inspirational than anything. There are some very good points , but also some potentially extremely damanging points he made. Casey, you seem to ignore the good and retain the bad.
January 11th, 2007 at 7:29 am
Hey Ca$ey
Check it out
http://www.urbandictionary.com.....id=2152226
January 11th, 2007 at 7:32 am
Casey:
Achievable goals for you:
1. Ignore your properties. They are going to s*** anyway.
2. Don’t waste your time trying to find a job - it’s not in you.
3. Surf the Internet as much as you can and look for income possibilities outside real estate.
4. No more financial statements. You can’t afford anymore red pens.
5. Surf, surf, surf, for any business opportunities. Use your programming skills and launch sites to generate income.
6. Ignore your creditors. You can’t pay them anyway. Chances are if you ignore them then they won’t force you into bankruptcy and write off debt instead.
7. Consider any field to make money: resell, import, code site, etc…
8. Get an online merchant account! Launch a web store and make some income.
9. Get positive. Your .com should be: iamfacingincome.com
10. Life is short. Don’t moderate another post. Your new words to live by: Surf, launch, income.
You shouldn’t be reading this. Close this window and get surfing.
January 11th, 2007 at 7:32 am
Nine months from now I’d like to be playing point guard for the Boston Celtics, but it’s just not going to happen.
Between now and 9/10/07, what steps are you planning to take to achieve the lofty goal of $5000/mo passive income? How do you plan on turning $-25,000/mo into $+5000/mo? If you figure it out, please let all of us know.
January 11th, 2007 at 7:38 am
One more comment:
A ’sweet deal’ is coming. It’s going to come from CJ or someone else.
In this deal, someone’s going to offer to get you back on your feet with your mortages by providing you with the money to become current with the mortgages on your property.
All you’ll need to do is sign over the deeds of the property to them and they’ll continue, for an unspecified amount of time even help you make the payments on the mortgages. They’ll even offer ‘cash-back’, call it $10,000 per house to help you get yourself restarted.
Then they’re going to walk away with the deeds, leaving you on the hook for the mortgages, only now without the actual properties.
This has probably already been floated to you by someone as part of a ‘brainstorming’ session on getting out of your difficulties.
Because you seem to have a bit of difficulty spotting the difference between ’sweet deals’ and ’steaming piles of crap’… this deal and any like it are ‘crap’, not ‘deals’
Just don’t say you weren’t warned when you do it. Because you will.
January 11th, 2007 at 7:52 am
Who is more delusional, Casey thinking he’ll have $5K passive income in 9 months, or Saddam thinking he’s still dictator with a noose over his neck.
Um…
Casey.
I have three college degrees, graduated first in my class, am saving 50% of my income, working very hard, living very frugally, investing with great forethought, and hope to have $100k annual dividend income in 5 more years.
There’s no quick way to wealth, otherwise we’d all be doing it.
January 11th, 2007 at 7:55 am
Casey,
Cash flow on residential property is a myth. Almost all money is made on appreciation or buying below market and selling at market. Its virtually impossible to generate positive cash flow, unless you put substantial money down (30% ore more) in addition to buying 10% or more below market.
Where you live in California, homes often sell for 25x annual rent (or more as the price goes up). Even in other states like Arizona for instance, a $200K home might rent for $900 per month. After spending a good bit of that income (we’ll say 25% even though its probably more like 40%) on taxes, insurance, HOA, maintenance, and reserves (not to mention vacancy), you are looking at generating no more than $8000 per year ($667 per month) and probably a lot less IF YOU OWNED IT FREE AND CLEAR!!
When you factor in debt service, to simply break even, you would need to own that property at 55% LTV or better just to break even w/ a 6% interest rate. (No way in hell anyone would loan a crook like you money at that rate.) That means your note can be no bigger than about $111K on a $200K property to break even.
You make me sick. You are -$700K or more net worth and it is dropping by an additional -$20K a month and you are still looking for passive cash flow from more of your sweet deals? Your gurus should go to jail for aiding and abetting a known criminal.
Regards,
Everyone
January 11th, 2007 at 8:01 am
Did CJ take a picture with you? I’ll bet he put the words “I’m with Stupid” on it, and is posting it on the net.
January 11th, 2007 at 8:06 am
Work part time?
Work part time??
You’re kidding, right?
You have *got* to be kidding.
January 11th, 2007 at 8:15 am
If this was a film, and I was directing, Casey would now stand in front of a full length mirror and say, to himself, “I’m a star. I’m a star. I’m a big bring shining star.” Start music. Cut to credits. End of film.
Casey, after the learning experience of a lifetime, you have learned nothing. You are a fool. I will not be returning either. You are a waste of my precious time.
January 11th, 2007 at 8:30 am
Dude, reality is going to kick you right in the mouth a lot sooner than you think. No way you can buy more property unless you find a private lender to scam.
January 11th, 2007 at 8:36 am
Whatever. You’re delusional, or you’re a troll, or somehow you’re making money based on hits, doesn’t really matter.
I’m up to about $5000 a YEAR in passive income, and pretty happy about it. But hey, start pulling in $5,000/mo and you might be out of debt in around 30 years - way to go!
Reminds me of the classic Steve Martin bit: “You can be a millionaire and never pay taxes” How? “First, get a million dollars…”
January 11th, 2007 at 8:37 am
Oh God not again!
Did we go through a time warp or something? $5000 in passive income??? If you can’t do 3, what makes you think you can do 5???
January 11th, 2007 at 8:38 am
T. Roll.: “remodelled” IS the correct spelling in most parts of the world (outside of the USA).
January 11th, 2007 at 8:41 am
@ Casey Jumped the Shark
You’re it.
January 11th, 2007 at 8:46 am
You are being overly optomistic, especially in a downspiraling real estate market. It seems to me like you are setting yourself up for failure.
Jozsibacsi
January 11th, 2007 at 8:52 am
Casey:
Most rational people might have a goal of buying one house over the next year.
If that one house is yielding 5K per month, that would be some nice house, one you’re not likely to afford to purchase.
Look at it another way:
Let’s say I can make $5,000 per month by investing say, as little as $100,000. I’m not saying I can, but just assume that I can.
That’s a great return on investment — 5% per month.
Now let’s say I’m bidding against you for a portfolio of properties with this exact rate of return. Who do you think is going to win? Me, with my downpayment or you with only a song and dance?
Oh, and get a FULL-time job. No reason you can’t look at houses on evenings and weekends.
January 11th, 2007 at 8:53 am
Yo.
I jet an’ gots uh couple o’ 40’s wiff muh ma f*** niggas an’ miss all da excitement. Casey now has uh plan ta move fo’wad! It sounds like he be on da right track. Let all o’ da zistin props jet an’ start from scratch. That’s smart nig.
Next, ta fing mo’ houses he’sgoing ta need uh realuhter. That’s ME. I humbly offer muh ma f*** services ta ya. I say start looking in No’h Highlans. Stay away from Land Park - it’stoo whitey.
Try ta git uh leeze pochase an’ flip flip flip! Dis summuh gonna be hot in da Sac town real estate biz, muh ma f*** nig. All da trends show it be ready. Togedda mo fo, Casey, we’s make us some saweeet bank.
Get rid o’ yo’ mailman. I gots one dat gets me pimp-tight deals fo’ $250. Word.
Gotta jet. My Escalade need a oil change.
–Darnell
PS: Yo wants ta know how to gets on me? Ax downtown. Go ta superior bails bonds an’ ax fo’ Woody. Wwoody iz da nig. he’s tigh yall see? Woody knows how ta git ahold o’ gool old Darnell. Woody will do ya right. you know das right!
Don’t make me come ovah there b***…
January 11th, 2007 at 8:53 am
Either a troll or dumb as a rock with no hope of redemption.
January 11th, 2007 at 9:08 am
My plan for 2007 is to become the King of Sardinia.
January 11th, 2007 at 9:19 am
sandwich lease options
Now why would I lease a sandwich? I’m just going to eat it.
On the other hand, if CS leases a sandwich, he will make the bank eat it!
January 11th, 2007 at 9:25 am
How will you make $5k passive income? Your houses are not cash flow positive and you owe more than they are worth. You cannot buy any new houses. My prediction = you will not have $1 passive income in real estate (unless income doesn’t include expenses).
Does work part time mean that you’re actually getting a J-O-B like the rest of us losers, or does it mean you will only work on RE sweet deals part time?
January 11th, 2007 at 9:29 am
Ca$ey says:
$5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 9 months from today.
That’s 5K/mo net positive cashflow after property expenses, management and debt service.
Rules:
1) no lying
2) no money down
3) work part-time
No lying ? (uh-huh) No money down ? (good cause you don’t have any)Work part time ? (might be a strain)
WTF
January 11th, 2007 at 9:32 am
Here’s the key..you are going to create a post ‘tomorrow’ Everything is tomorrow, yet when tomorrow comes you continue to push it off another day.
5K a month? What type of job do you think you can get that will allow that?
Advisor/Consultant? Who would take advise from you? You must be crazy.
Get off the crazy juice, quit eating at Denny’s and get a real job that pays a hourly or a base salary.
Goals for 2008:
Avoid Bubba
Keep hands off ankles
Don’t drop soap
January 11th, 2007 at 9:36 am
Casey,
Is this a joke? You couldn’t meet your $3000/month passive income goal, so now your goal is to get $20000/month??? (assuming only $15K in monthly liabilities…) What happens when you don’t meet that goal? Are you going to set it to $500K/month passive income?? One million billion a month? Anyone can do it with the right self-help books! You only have to believe in yourself …
You have delusions of grandeur of biblical proportions. You don’t even seem to be thinking about the criminal implications of what you have done, and are not doing anything to take care of that.
Face it, you are too lazy and don’t have any sort of dedication (eating hamburgers at Denny’s??? Since when do they make fish hamburgers??? Especially at Denny’s???), so this “goal” is just you postponing the inevitable (and making it worse by the day).
I’m seriously going to try to find your pastor now. Obviously you can’t take care of this problem by yourself, and it’s going to be a much bigger problem for all of us if you continue. Russian people in Sacramento don’t need the kind of reputation that you have coming to us.
*sigh*
Vlad
January 11th, 2007 at 9:43 am
Casey,
Man, you really need to get your priorities in order. First order of business is to fix the situation you have created for yourself. 5K in passive income is an extremely aggressive goal for anyone to accomplish in 9 months, much less someone who is in your mess… Working deals with your history is going to be a MAJOR obstacle. You should consider making your yearly goals more in-line with your reality. You really need to put your energy into either selling the homes you already have, or figuring out the legality of your situation.
You need to have a clear objective for what you are trying to accomplish, AND STAY FOCUSED!
January 11th, 2007 at 9:51 am
Very simple problem with your plan:
You owe roughly 18k/month in debt/motgages/etc.
You propose to have 5k in net income per month from rentals after expenses.
So you would have to be making 23k/month from your rental properties.
You have 5 properties listed on your spread sheet. You would have to charge roughy 4.5k/month in to cover expenses and make your proposed profit.
I don’t know about you, but I wouldn’t pay $4,500/month for rent for those.
Realize that for the first 10-15 years mortgage/rental properties don’t make money, they break even (at best). After the first one is financially stable (3-5 years is a good time frame), the developer gets a second loan and invests it in a second building and uses the rental payments from the second to pay for the second. In the mean time, you work full time to pay for yourself. Once the first building has paid for itself through rent then you start making a profit on it (15-20 years after you initiate the mortgage).
January 11th, 2007 at 9:52 am
This has to be a joke? How could you possibly have $60K in passive income from real estate in 9 months? I’m really confused because this post makes no sense.
January 11th, 2007 at 9:54 am
“The definition of insanity is the repetition of the same action expecting a different result.” John Laroquette/Albert Einstein
You tried this last year. It didn’t work as you are now several hundred thousand under water.
Four step plan:
1.Get a job (not a part time one).
2.Pray they don’t throw in jail
3.File bankruptcy
4.Learn about real estate during the two hours a day you are not working.
January 11th, 2007 at 9:57 am
THIS IS THE MOST USEFUL ADVICE ANY PERSON HAS POSTED HERE. CASEY, CHECK WITH YOUR BANKRUPTCY ATTORNEY(S). IF YOU CAN AVOID FRAUD CHARGES AND WIPE THE SLATE CLEAN WITH CHAPTER 7 BY FIRST LETTING ALL YOUR PROPERTIES FORECLOSE, DO IT !!!
“IF I was you this is what I would do…let them foreclose…it makes no difference on your credit record now.
IF you file bankruptcy now and put the properties on there what does that do? absolutely nothing but get you in hot water and possible jail time for the fraud you have admitted to.
If you let them foreclose it all goes away quietly …..there is no win win solutions left in your predicament.
let them foreclose and close that chapter in your life…the loans for the houses are gone …in the past and done with.
They will all be foreclosed via trust deed foreclosure…the banks are already hemmoraging enough money on these deals…there is almost next to a zero chance that they will do a judicial foreclosure.
Short sales are not an option …it gives you income for the amount forgiven……would have worked great for last year because you had enough losses to offset any income you would have gained..but we are in a new fiscal year and your income would not be cancelled out by your losses.
You are not even holding these properties in a corporation or an LLC so we wont even get into the tax implications you could have sheltered that way.
Casey just let them be foreclosed and be done with it.
Now your faced with all of this personal credit lines and credit cards and business lines.
Well now you file bankruptcy on all of this since fraud will never come up for those …it would for the mortgages..but they are foreclosed and gone……no need to include them in the bankruptcy proceedings.
so you file bankruptcy and take your lumps and take the hit for all this unsecured personal debt.
The foreclosures fall off your credit in 7 years..the bankruptcy in 10.
Now you start with a clean slate (with the exception of jacked up credit) and you buy houses smart now..L/o’s subject 2’s.
yes it is easier to buy houses with good credit..but there are tons of acquisition strategies out there to get houses without your own money or credit.
And for the love of god….dont take cash back at closing..that is just friggin dumb.
SET UP RESERVES FOR A MINIMUM OF 6 MONTHS for every property.
This is a must and is a requirement for each and every property.
If you have to dip into the fund for vacancies or whatever…..repair costs…who knows……they are reserve funds to be used when the property is not producing for whatever reason.”
January 11th, 2007 at 10:00 am
If you are gonna dream why stop at $5000 a month…certainly a RE savy guy like yourself will acheive $10,000 or perhaps $30,000 a month passive income in 9 months.
January 11th, 2007 at 10:01 am
You are so trolling right now. It seems like every post gets more and more ridiculous just to generate comments. Seriously, what world do you live in? Please don’t classify me as a “hater”, just a realist who would like to know how this latest game plan is going to work. You know, given that minor issue about the 2+ million that is owed. Stop the bleeding before trying to take on more “investments”. I seriously doubt that your financial situation will be vastly improved in nine months, nor will the Sarcamento real estate market. Concentrating on selling the houses, getting out of debt and maintaining both your marriage and sanity should be enough to keep you busy for the rest of the year.
Most likely, these comments will fall on deaf ears and will be reiterated countless times throughout this post. Man, I really want the last five minutes of my life back.
January 11th, 2007 at 10:21 am
$5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 9 months from today.
Well… you’re still delusional, but at least you’ve stopped using the term “escaping the rat race”. As in, “avoiding real work”. Come to think of it, you’re only 24, so it’s pretty hard to “escape” something you’ve never really been in.
You might actually want to TRY real work for a change before you knock it, Casey. Sure, it may suck at times, but it does do two things that flopping houses does not: 1) supports your family, and 2) provides a sense of real accomplishment.
January 11th, 2007 at 10:27 am
Foreclosure sale on the Muncy property is 1/24/07. What’s your goal for that.
January 11th, 2007 at 10:28 am
Let me save you some time on your blog.
ENTRY DATE: September 10th, 2007
I failed to meet any of my goals. But it’s all good. Because failure is the stepping stone to success.
January 11th, 2007 at 10:41 am
Let’s see, you’re at least $23,000 NEGATIVE a month right now. To get positive $5,000 you’ve got to net $28,000 a month. In real estate, IIRC, the standard goal is to gross 1% of total investment per month. Assuming you magically net what you gross that puts you at another $2.8 million of mortgage debt. More realistically it would be much, much higher.
This assumes of course that you would actually RENT OUT the places that you own. Which you haven’t done, or even tried to do, on the eight properties you CURRENTLY OWN!!!
I hate the “you’re mental dude” posts, but clearly you are. It’s either that or you’re in some hardcore denial mode when trolling this site lets you escape your impending doom.
January 11th, 2007 at 10:43 am
I see that you are still working the No money down idea. Just add one more and you’d be making good progress.
“Walking away with cash in your pocket”, yea I saw a infomercial with John Alexander that said that. hey, I haven’t heard you mention him, you probably should take his courses and seminars.
Yea, add that to your goal list.
Cool.
Cow_tipping.
January 11th, 2007 at 10:47 am
And one more thing Casey:
How are these new properties going to be any different at all than the old ones? Have you come up with some bold new investment strategies that will make every deal a sweet deal?
January 11th, 2007 at 10:55 am
You’re still deluded. Bully for you.
January 11th, 2007 at 10:57 am
This is truly sad. In your videos, you seem like a really nice guy. I’m sure you have many admirable qualities, but Casey, please consider psychotherapy immediately. You don’t seem to want to listen to anything anyone has to say, and frankly, you’ve been given some damn good advice on this blog!
Why would you post to us that your goal is to get $5K of monthly positive cash flow going in 2007? WTF????? The only way that’s going to happen is if you get a well-paying, full-time programming job at $5K/mo. Clearly, you’re not facing reality.
I will say though, you have done something good by bringing a lot of good people together on this blog. I’m home all day, due to disability (but I have a college degree and was in Sr. Mgmt. for 18 yrs. before I was strickened with illness), and this blog has provided lots of pertinent information from your readers, as well as many laughs.
Cut up just one credit card, and you will see how good it feels. You’re so afraid to stop the madness, but just cut up one single card and I guarantee you will see……
P.S. Hey guys, I want a part in the movie too!
January 11th, 2007 at 11:05 am
To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units
January 11th, 2007 at 11:11 am
Casey:
Good to see that you are thinking big.
Head over to the Marcus & Millichap or CBRE office with your spreadsheet showing your net worth and liquidity and tell them you are looking for a SWEET deal on a 100-200 unit apartment building.
You will have many brokers who want to work with you and sell a nice $10-20mm apartment.
January 11th, 2007 at 11:22 am
I’m almost speechless on your latest goal.
Funny how you ignore all the sound advice on your blog but give a shout out to some twit that was hanging out at Denny’s at midnight at a table near you. I guess he was star struck to actually say hi to you so he blogged you a note. Too funny.
January 11th, 2007 at 11:22 am
I assume this includes a bankruptcy. Have you made a decision on that? It seems that you have.
January 11th, 2007 at 11:24 am
A 100-200 unit apartment building! What a laugh! You must be trolling now, with statements like that.
No bank around is going to lend you money for that with 0% down and your miserable credit rating. Zero chance, zero. Don’t even waste time dreaming of this because any apartment building that makes money will be snapped up by real investors who CAN borrow the money and have cash reserves to pay for operation and maintenance.
But maybe you can find yourself a crime-infested building on a toxic-waste site, something someone is desperate to unload because of continual losses and the hazmat contamination liability as well. Uh oh, oh no… the fecal finger is poised to sign…
Now wouldn’t that be classic, to add EPA to your list of government admirers?.
(And what are you taking about with terms like “this kind of cash flow”? Are you talking cash flow as in revenue, or income? Or are you just Kiyosaki-confused in your accounting terms?)
January 11th, 2007 at 11:28 am
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units ”
Hahahahahaha. With what, monopoly money? I hear Boardwalk and Park Place are for sale. You can put a hotel on them and charge more.
January 11th, 2007 at 11:33 am
ok casey you most definitely are trolling. get a job.
January 11th, 2007 at 11:33 am
Casey, you are setting yourself up for failure because your goal is not realistic. To get from broke to 5K monthly cashflow takes years, and if you have not learned it by now most “no money down” deals suck.
Check out this girl’s web site.
http://trishasblogsite.blogspot.com/
Of all the newby RE investors I have seen on the web, I would vote her most likely to succeed. Not to say that her success is guaranteed, but she is doing all the right things to maximize her chances. You could learn from her.
January 11th, 2007 at 11:33 am
And you have a lender lined up that is willing to loan you enough money to purchase said apartment complex? You have experience in managing rental properties?
What colour is the sky in your world?
January 11th, 2007 at 11:33 am
Unless the bank of Mormom is lending you the $, forget about buying apartment buildings with zero down.
January 11th, 2007 at 11:35 am
Ca$ey says:
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
Unbelievable says:
Give it up you freak !
January 11th, 2007 at 11:38 am
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units ”
Your trolling is as bad as your financial skills.
January 11th, 2007 at 11:40 am
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
on who’s credit? yours???????????
no RE investor in their right mind would partner up with you as a backer.
January 11th, 2007 at 11:41 am
why not just go ahead and buy the LA coliseum. I’m sure you could make lots of passive income from that. hell just go ahead and purchase the empire state building while you’re at it.
January 11th, 2007 at 11:41 am
Casey, I’d like to work with you on that apartment deal. My company provides hard and soft loans for commercial and residential under a variety of circumstances (sometimes difficult like your case). I believe in your dream of postive cashflow and can help you down that road.
January 11th, 2007 at 11:42 am
So, why didn’t you buy this 100-200 unit apartment building months ago? Have you developed a business plan to present to a lender for this?
January 11th, 2007 at 11:42 am
To buy an apartment building with 100-200 units you would need to buy a building that has 30-50 floors in a large urban area. That would cost you several million (if not tens of millions) dollars. With your current credit issues I cannot see you getting that kind of credit extended to you.
With a building that big you would need to have a superintentdent and a maintenance budget. That would eat up several thousand dollars a month.
January 11th, 2007 at 11:43 am
Ahhhh of course … an apartment building! Casey, you’re brilliant, absolutely, positively brilliant. I must say I’ve just transitioned from a so-called “Casey hater” (meaning a sensible, grounded, empathic, intelligent person) to a “Casey lover” (meaning a vapid, blindly positive, sheep-like moron).
January 11th, 2007 at 11:45 am
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units ”
Casey, you’d be better off investing in the lottery. at least their you have a .0000001 chance of coming out ahead. you have already proven that RE is not your forte’.
also, you have no construction / maintnenance background and you never even fixed up the properties you currently have. an apartment building rented out is 100 times more work. believe me,it ain’t passive income when you’re busy trying to collect rent from deadbeats.
January 11th, 2007 at 11:48 am
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units.”
Jesus wept.
January 11th, 2007 at 11:52 am
As for the people talking crap about Casey giving his Tithe, screw you. Give to Caesar what’s Caesar’s give to God what’s God’s.
Giving God his money is more important than giving anyone else theirs first.
You don’t Tithe off borrowed money, but you can give an offering off borrowed money depending on the situation. The money Casey borrowed is not money he can Tithe off of I.E. Credit Card and Mortgage advances. If you are in the situation where you gain income from borrowing money from your appreciating properties every few years, then that is money you can give off of.
Until that; God gets his off of any money Casey makes off of honest work, weather he owes people money or not.
January 11th, 2007 at 11:58 am
You’re going to buy a large apartment building!?! I’m sorry mate, but you’re nuts, and here’s why.
1) You have terrible credit. Where are you going to get the money from?
2) You have no track record of being able to manage your exsisting, much smaller, properties. What makes you think you could manage a large property.
3) You’re not able to manage your existing situation right now. Hell, you don’t even open your mail in a timely fashion. Where are you going to find the time to do this when you can’t take care of yourself now.
You’ve got to start thinking clearly sooner or later. It’s fairly obvious to most of your “elders” that you’ve gotten yourself into such a terrific mess that it’s going to take a decade or more to get out of it, and that’s if you started acting responsibly. There’s no evidence of that so far. Unfortunately I think that many of the comments on this blog are correct when they say your situation is only going to get worse. From my brief reading of your blog I suspect that your time in the near future will be consumed with court appearances, law suits, crushing paperwork, and unpleasant meetings with creditors and lawyers. And you’re thinking of buying a large apartment building! Unbelievable!!
Its really time you grew up, dealt with your problems in an intelligent manner, and acted like a man.
January 11th, 2007 at 11:59 am
Snigger. 100 units with positive cashflow and no money down. $5000/mo passive or $8000/mo active. That’s gross revenue of $90,000 per month for a purchase price of $10 million. And you’ll outmaneuver every REIT on the planet to win this deal how? Okay, fine, these things happen. Good, let’s go with it, you sew up this deal of the century and do everything right right up to the face to face with the commercial loan agent. He’s got your 460 minus FICO and $450k minus net worth and he… he… what?
Spagetti desperation. You are throwing everything you got to the weall to see what sticks. Flagpole investing, you run it up a flagpole and see if anyone salutes. You’ve placed your bet, doubled down, doulbed down twice more for an 8x bet. The house wins. Get it? The “house.”
January 11th, 2007 at 12:11 pm
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
Up to this statement you had them strung out pretty well….now, you overplayed your hand and EVERYBODY will realize you’ve been yanking their chain all along
Thought you were smarter than that……
January 11th, 2007 at 12:16 pm
LMAO….100-200 units. Oh sure…they don’t run credit checks for those…I’ve got a few 100-200 unit buildings myself lying around collecting dust…If any comment screams “troll” that one sure does. Completely unencumbered by the thought process…
January 11th, 2007 at 12:18 pm
Any thoughts on how you would, um, buy an 100 unit apartment building?
January 11th, 2007 at 12:21 pm
ON NO! Casey, you’ve just posted the WORST comment you could’ve ever made. WHAT ARE YOU THINKING? How are you going ot buy an apartment complex?????
Delusional.
January 11th, 2007 at 12:22 pm
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
Somebody please tell me he is being facetious. Somebody turn up the lights and tell me this is just some bizarre reality TV show entirely based on fiction. Or how about somebody tell me that this is simply a psychology student’s experiment?
Nobody, and I mean NOBODY can be this stupid. I don’t buy it anymore.
100-200 units?????? WITH WHAT MONEY????????????
January 11th, 2007 at 12:23 pm
Ogg find shift key. No more all caps.
Ogg bang head on cave wall. Apartment building not cheap. How you pay for it? Nobody lend money with Casey’s credit. Casey not have millions in cash. Also, who sell building with that cash flow? Ogg think nobody.
Apartment building good plan a year ago. Too late now. Even Ogg see that.
January 11th, 2007 at 12:30 pm
Hi Casey,
I have to agree with “casey has jumped the shark” about Zillow. I sold my Sacramento house in December 2005, even as the market was STARTING to collapse. Took me 3.5 months. Today, Zillow claims my former house is worth 2% more than I sold it for. I DON’T THINK SO!
Zillow estimates are high end. And they ignore the myriad ‘perks’ sellers now have to give buyers in order to seal the deal. You’re in this business. You oughta know.
January 11th, 2007 at 12:32 pm
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
WHAT?!? How are you going to manage it? You can’t even recruit/keep tenants for one of your single-family homes, let alone maintain/repair some of the units to make livable. Its not a lack of cash-flow that’s holding you back (although there is that, of course), its a total lack of ability on your part. How do you expect to handle covering over one hundred units?
Forget about if you could even raise the necessary capital to purchase such a place, for a moment. Even if you could swing it, you do you realize that monthly rents are not pure profit? Most well-run, established apartment complexes only clear 10-20% net profit (in a strong, but historically normal market). Usually a complex that’s up for sale has some serious issues (if it were a cash cow, then it wouldn’t be up for sale). You have neither the cash/credit nor the most basic skills to make it possible, and if you hire a half decent property manager there goes a good chunk of your potential profits. Let’s be serious for a moment: forget basic repairs… you haven’t yet figured out how to manage your monthly mail.
Someone would have to be beyond desperate to consider you as a slumlord. You’re not competent enough to manage a pet cemetery without violating a dozen state health codes in the first month, let alone a 100-200 unit apartment complex.
1. Buy apartment complex
2. ???
3. Profits!
Hail Looser Boy, Wannabe King of the Underwear Nomes!
January 11th, 2007 at 12:34 pm
Of course an apartment building that size would cost ten times what you’re debt for right now but if dreaming about it helps you fall asleep every night, dream on. If I were you, I’d be vomiting blood every night.
Judging by the pictures of your properties, you’d make a good slum lord.
January 11th, 2007 at 12:38 pm
At $100K/unit (a conservative number), you’re looking at a $10-20 million purchase. 10% down (hah!) is thus $1million in hard cash. Now, if you took the same downpayment and invested it in a CD at 6% annual interest (to keep the math simple), you’d be collecting 1/2% per month, or (wait for it) $5,000.
Of course, this would mean that you’d 1) have to actually have the downpayment, and 2) wouldn’t be able to think of yourself as a real estate investor, but frankly neither of those facts seems to have bothered you so far.
If you go with this idea, I can let you know where to send the $500 bird-dogging fee.
January 11th, 2007 at 12:38 pm
Talk about jumping the shark!
This is pure, unadulterated TROLL BAIT!
(If not, you are so delusional that it’s a waste of anyone’s time to give you rational advice.)
January 11th, 2007 at 12:44 pm
Casey,
Your goals for 5k passive cash flow in 9 months is 100% far fetched. You may be on th right track thinking about an apartment building though. When you need cash flow with out much or any down payment you need a low end kind of rental, not a house. The trade off here is management time. Income really isn’t passive when it comes to rentals, especially multiple rentals. Even with 5+ units, you are likely going to always have a vacancy or late payment issue along with maintenance. With a lower end/higher cash flow type rental, you are going to have more flaky tenants, with stories about how their pay check is coming in late and other various sob stories. With these types of low credit score and low income tenants, you will have situations where they don’t pay for a couple months, then leave the place trashed… holes in the walls, beat up appliances and stains on the carpet. It will be a job for you to manage, but it may lead to real passive income in the future after rents are raised.
January 11th, 2007 at 12:45 pm
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
And how do you propose to finance this? No-one reputable will go anywhere near this scheme with your track record, so you’re left with Cousin Vinnie and the boys, with 500% interest and the nail-studded baseball bat treatment if you default on a single payment.
Can I suggest borrowing a large bowl and filling it with iced water? And dunking your head in it every time you come up with a deranged scheme that’s simply an excuse to avoid tackling your current problems?
Your ONLY goal for 2007 - the only one that’s in any way sane and sensible - should be to avoid jail, avoid divorce and come up with a realistic way of reducing your debts to a manageable level. I note that your cheerleaders have yet to offer any useful counter-suggestions to the overwhelming consensus that bankruptcy is still the most plausible way forward.
January 11th, 2007 at 12:45 pm
To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units
Casey, you are under a great deal of stress, you’re probably not getting enough sleep, you’re probably not eating well, if at all.
Financial stress can make you unhinged. I know. My father and mother lost their home through foreclosure in 1986/87. My dad started believing in things that were not connected to reality. In his case, he though he would get a windfall from an inheritance. He was talking to a financial advisor as if it truly existed. He also started to subscribe to psychics and a belief in magic numbers. My father had been an engineer in Denver when the bottom of the oil market fell out. My parents literally fled their home and declared bankrupty. My mother had to go to a food kitchen. My dad, God bless him, a white-collar professional took a job pumping gas. I have so much respect for him doing so. My mother went back to school and became a special educator. Again, she’s my heroine for working with children with special needs. She’s very good at her job. It took 10 years to rebuild their lives but they did so.
Casey, you are not going to buying an apartment building. There will be no “passive” income. There will be no life on a “part-time” job.
Get some sleep, get some help.
January 11th, 2007 at 12:52 pm
> “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
I wish you luck. A low-end 100 unit complex may go for $5 million. You, obviously, aren’t going to get a loan, so you’ll need one or more partners. Maybe your family… I don’t know if they have that kind of money.
If you land one of your standard 9% loans, you’ll be paying $450,000 annually. That’s $4,500 per unit, or $375 per unit per month. If you rent for much more than that, you’ll make your goal IF you have 100% occupancy…
But why would anyone who can get a $5M loan team up with you and give you perhaps 25% of the revenues? Are you going to be the property manager? If so, I wish you luck. Managing a single rental ain’t for the squeamish, my friend. You don’t want to even think about what’s involved in managing 100 low-end apartments…
January 11th, 2007 at 12:52 pm
Casey - on 2nd thought, what a GREAT idea! The realism of the last few days was depressing, so let’s get back on the delusional track, eh?
You changed your monthly income by $20K in 2006, so changing it by only $5K should be easy for you! SWEET!
Oh … someone’s telling me the 20 was negative, so it’s actually a $25K/mo swing … oh, well, It’s All Good!
January 11th, 2007 at 12:58 pm
WOW - I’m really excited now!!! This will be mega-FUN to watch!!! Watch out Mr. Bankruptcy & Mr. Foreclosure - Mr. 2007 Laser Focus is going to plow right through you! YIPEE!!!
(they’re coming to make me take my meds now since I’m getting the other droolers stirred up)
January 11th, 2007 at 1:04 pm
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units…”
Yah, that should only cost you around $40 million.
No biggie.
I’m sure you’ll have much success finding some desperate property management group (try calling Sam Zell), dying to unload one of their sweetheart apartment comples (one that cash flows $5K a month, no less), and more than willing to owner finance the whole deal, with no money down from a bumbling stooge who has a history of loan fraud, ballooning of mortgage defaults, and a wake of broken promises all documented on a public blog. Smart business people love taking those kind of risks.
And managing 200 units should be a cinch for a guy with your unique brand of work ethic, ability to hyperfocus and organizational skills. My friend, this is a SLAM DUNK!
In all seriousness, Casey, you’ve missed your calling. It’s not real estate. It’s comedy. You’re freakin’ hilarious, a comedic genius. Ditch the blog and hit the funny ciruit, pronto.
Hell, you’re a ba-zillion times funnier than Pauley Shore. And look at that buffoon. He’s filthy rich and banging models. Hey, buh-dy!
January 11th, 2007 at 1:05 pm
You are soooo funny!
I especially like the ‘No Lying’ part.
If you had not lied in the first place your would not be in the position you are in. Now you want to buy a 100-200 unit apt building.
Maybe you should look at buying GM or Ford! Now there’s asome real fixer uppers. I bet you could get some cash back at closing.
In case you had not noticed, there is a negative sign in front of that $2,000,000.
Casey Shark Jumper
Number 1 priority: Stop lying to yourself.
January 11th, 2007 at 1:08 pm
“To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
You are trolling, who is going to lend you any money? I couldn’t borrow that money and I run a successful business. This site has to be fake.
January 11th, 2007 at 1:09 pm
Casey,
You are fearless.
January 11th, 2007 at 1:09 pm
all right, everybody out of the pool. party’s over. Blog makes no sense any more - 100-200 unit apartment building?
I think it would be equally impossible and infinitely more entertaining to us for you to attempt a hostile takeover of a REIT, or maybe do an olde tyme 10-man Faberge egg heist.
January 11th, 2007 at 1:12 pm
CASEY: “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”
Good golly gee, who is going to lend you the money to buy a 100-200 unit apartment building? I think you have officially checked out from reality. Your goals have a 0% success rate unless you win the lottery or befriend a senile multi-millionaire. The chances of you getting hit by lightning, while getting hit by a car, while be attacked by rabid sharks is much, much more likely.
Setting lofty goals is one thing - it can give one the impetus to achieve the difficult. Setting impossible goals is only going to add to the frustration, depression, and sense of failure. Making your riches in RE sometime in your life is a difficult goal, given you current track record, but it not impossible. Doing it in 2007, I’m afraid, it utterly impossible.
January 11th, 2007 at 1:20 pm
I don’t think you realize the other thing: Being a landlord is a full time job. My landlord has about 100-200 apartments in the same city. It keeps him busy 24hours a day, seven days a week. No holidays are a day off unless he can give the pager to someone else. If the heat or hot water does work, the roof leaks, a window is broken he has to show up, evaluate and fix the problem (and in cases of heat it has to be fixed immediately).
Thinking of heat, I would be very concerned about the MN house. Do you have someone checking in on it to make sure the heat is on and the pipes have not burst?
January 11th, 2007 at 1:24 pm
I didn’t know you could get s**t-faced-stupid-out-of-your-head drunk at Denny’s!
January 11th, 2007 at 1:26 pm
To Casey,
Easy, sell yourself as a slave to me and i’ll sell you my apt building ,120 units in San Diego.
Your Master,
#1 Broker
“We Make You Broke”
January 11th, 2007 at 1:29 pm
“2007 Goal: Rearrange the deck chairs on the Titanic”
Bring on the Sweet Deals!
January 11th, 2007 at 1:29 pm
Casey,
$5,000 passive income? I’m not sure if you even read your own liabilities worksheet. If anything, you have proven how to lose $5,000+ per month, passively.
Dr. Housing Bubble
January 11th, 2007 at 1:29 pm
Why not buy Trump Tower with no money down?
January 11th, 2007 at 1:31 pm
quote: