January 23rd, 2007 7:14 am
Introducing I am Facing Foreclosure Sponsors
As some of you have noticed in the sidebar I have some sponsors. I would like to introduce them to you:
Sell Your House Fast:
House Buyer Network™ is North America’s largest home selling solutions service. Our professional, experienced home buyers have processed more than $25 billion in property since 2002 and over $12 billion in 2006 alone. We buy houses across the U.S. and Canada, so our home buyers can assist you in the home selling process no matter where you need to sell a house. We’re also the only company who gives you two options for selling a house fast.
This house buying service is great if you are trying to stop foreclosure like me or just want to talk to a local real estate investor about selling your house quick.
Of course, it helps to have some equity in your property. I actually tried contacting some of my local investors associates when I first started this blog in trying to see if anybody wants to take over my deals. Well since I was so over-leveraged nobody really wanted to take my “sinking ships”. I don’t blame them.
However I did work with an investor on negotiating a short sale (to sell the property for less than what I owe). I’m also getting help from real estate agent(s) who specialize in doing short sales.
The nice part about the House Buyer Network is that they will give you two options for selling a house fast. 1) They will put you in touch with a local investor and 2) they will put you in touch with a local “fast sale” agent.
Between the two you should be able to get some good advice and help with selling your house fast. There is no cost for this service. (I might actually use them to help me find a new Realtor and/or investor for my New Mexico and Burdett properties).
The reason I feel pretty good recommending their house buying service over the other “We Buy Houses” guys (many of them are scams, believe me, I know) is because they are very picky about selecting their local investor partners.
For example they wouldn’t let me take the Sacramento area (it’s available). Something about that I don’t have 2 years of full-time successful house buying experience. And I’m sure the thing about me facing foreclosure didn’t help much either.
Learn to Invest Without Paying Thousands of Bucks:
The people behind House Buyer Network just launched a new real estate investing education website.
Real Estate Investors.TV is the premiere real estate investment education website that includes the best online learning content from some of today’s leading real estate investment gurus.
I have spent over $30,000 on real estate investing education in the last two years: seminars, “boot camps”, books, tapes, etc. Now, I’m not saying it was all bad but a lot of it was “fluffy” and seemed overpriced (yeah I know, I got sold). One things for sure, is that some of the real estate “gurus” make more money selling seminars then they do on actual investing of their own.
I am actually glad to see that somebody went out there and put together some quality videos, audio and print materials from the “gurus” in one place for just 40 bucks per month for unlimited usage. And we’re talking full-length meat-and-potatoes videos, not teasers.
I still don’t know how they convinced these investing gurus to offer their stuff for next to nothing. You can see from my closet shelf that some of the courses that I paid thousands of dollars for are now available for a small monthly fee.
Get-Rich-SLOW…
Instead of the typical motivational “You Will be Rich Tomorrow” rah-rah (I know all about that) the focus of Real Estate Investors .TV is to give you nuts-and-bolts training that you can start to implement right away and learn to do real estate deals one-at-a-time with little risk. (Sorry, no crazy 8-houses-at-once with 100% liar loans cash-back-at-closing techniques covered here).
I was told that they don’t just let any guru on there. The gurus and videos are hand-picked for quality, ethics (I like this) and actionable content. Because of that there are very few mainstream gurus. Maybe because the “fluff factor” is higher on those guys.
I asked them why Robert Kiyosaki is not on there. The answer is because Kiyosaki’s stuff is meant more to be theory big-picture type of stuff and not necessary actionable step-by-step content.
Anyway, check out REI.TV while it lasts. This is some of the cheapest real estate investing education you will find.
(If you pickup a sweet deal as a result you owe me a wheat grass shot from Jamba Juice!)
474 Comments
January 23rd, 2007 at 7:18 am
first
January 23rd, 2007 at 7:34 am
Finally a good move. This blog gets a lot of eyes on it every day.. you should be making some coin with it.
January 23rd, 2007 at 7:35 am
Casey– its almost auction time in Modesto! Will you even bother to show up for it? Tell us how it went if you do!
January 23rd, 2007 at 7:47 am
Casey,
You could have learned a lot without spending thousands but you wouldn’t have listened to anyone. That’s just your style.
I have never spent a penny on seminars and have put together a nice portfolio of real estate investments. I think those who pay a lot for real estate education seminars just get snookered by the make fast money hype. The ones who usually plop down their credit cards are the ones most likely not to benefit. I went to several teaser seminars, including the RE Expo in SF and no way would I spend my money on the hooey that was being spewed.
You make good money in real estate by buying smart, taking care of the property and selling or renting for profit.
All the get rich quick crap is designed to help the vendor get rich quick.
I could recomment 5 books that would cost less than $100 and you’ll learn most of what you need to do OK.
Since Casey got taken and used the information to destroy his life with the overpriced seminar/education/crappolla he’s a great example of what not to do…
January 23rd, 2007 at 8:00 am
Leroy, yeah I had to find a way to monetize this blog but I didn’t want to go with Google AdSense because there is no control over the advertisers and it’s prone to click-fraud.
Now I’m only going to take sponsors with products and services I believe in and would personally recommend and products that would appeal to my “audience”.
But what exactly is my audience?
I figure there are 3 types of people here: 1) train-wreck watchers 2) people interested in real estate 3) people facing foreclosure
#1 crowd is just here for entertainment, they are not interested in any products/service and will never pay for anything. I think #2 will enjoy REI.TV for cheap but quality RE investing education and #3 can definitely take advantage of HBN to see if they can just dump the house quickly.
#1 crowd is definitely the most vocal and the most critical. They don’t care about what really happens as long as they have some good entertainment. Sometimes I wonder if I can EVER do anything right in these people’s eyes. I mean what would happen if the “slow motion train wreck” avoids collision? I know there ARE a few critics here who genuinely want to see me improve and they offer their criticisms in hopes of being constructive. I have a feeling though that the larger amount of critics here just want to see me fail one way or another.
And yes, there are supporters, however most of the supporters or “cheerleaders” as you guys call them here, don’t leave comments. They actually email me encouraging emails. When I receive those, it makes my day.
Anyway, this just experimentation stage to see if my sponsor is able to get any value out of my blog. After we see how things go we’ll be talking more about compensation and such.
Who knows, I might be able to cover my living expenses through this and continue to survive, work on settling my debts and learn how to do real estate the right way.
January 23rd, 2007 at 8:09 am
aaack!
Useless! Get a sponsor that sells fishy treats!!
thpptt!
S_t_C
January 23rd, 2007 at 8:26 am
“I figure there are 3 types of people here: 1) train-wreck watchers 2) people interested in real estate 3) people facing foreclosure.”
Percentages:
1) Train wreck watchers - 85%.
2) People interested in RE - 10%. These folks eventually convert to #1.
3) People facing foreclosure. 5%. These folks either move on or convert to #1 once they realize you’re a […]
“For example they wouldn’t let me take the Sacramento area (it’s available)Something about that I don’t have 2 years of full-time successful house buying experience. And I’m sure the thing about me facing foreclosure didn’t help much either………..ya think? […]
Another 400+ comments to come. Congrats.
January 23rd, 2007 at 8:31 am
Why haven’t you looked into the calendar idea? Even if A*y doesn’t want to participate, you can still ask Stephanie J, T., Kelli, and so on. I would pass on PrLinkbeech or whatever her name is.
January 23rd, 2007 at 8:32 am
Hey Casey,
I make my living as a landlord, and have been successful at Real Estate investing for over 25 years now. I never tried any of that idiotic nothing down, cash back at closing which always results in borrowing more than you can ever possibly repay. Today you’re up to your neck in debt and still think this is a viable way to make a living. I can assure you, it is not.
And I have read enough of your blog to know you have absolutely nothing of value for me to learn. In fact, I never thought anyone could be as naive, stupid, reckless and crooked as you. Until I read about your fiasco here of course.
I originally hoped you would learn your lesson, and get out of this mess. Burt after watching you repeat your same mistakes time and again and continue with your get rich quick scamming schemes, I hope you get serious jail time. Yes, you did knowingly rip off others bigtime, and you deserve to pay for it criminally. And not just a slap on the wrist either.
So count me in the “watching the train wreck” crowd for sure. I bet better than 95% of the people that follow this blog fit in that group too.
January 23rd, 2007 at 8:32 am
Is there an echo in here? I think we have been saying this for moonths: “I have spent over $30,000 on real estate investing education in the last two years: seminars, “boot camps”, books, tapes, etc. …. a lot of it was “fluffy” and seemed overpriced (yeah I know, I got sold). One things for sure, is that some of the real estate “gurus” make more money selling seminars then they do on actual investing of their own. ”
We were saying this back before you wasted more $$ and time at that “university” in AZ. I hope their website has much more solid info, though again the four books I listed the other day that cost less than $80 in total gave me a great education, supplementing the hands on learning. I am not crazy about anything that has a monthly fee as it is easy to forget you have subscribed and pay long after you stopped using it. And they add up - hence no cable/satellite at my place, no Tivo, etc. And no $40/month real esstate educaiton - but at least you are saying (even if not fuly believing) that solid education and a slow and steady approach make sense. That’s a first.
January 23rd, 2007 at 8:34 am
Hey-
The reason R.K. isn’t on there is because….
*bum bum bummmm!*
he’s…
a…
CON ARTIST!!!!!
*GASP*
January 23rd, 2007 at 8:40 am
I’ve been using that word to describe you since I started posting. Now you delete it?
January 23rd, 2007 at 8:40 am
Rock/Casey/Hard Place
January 23rd, 2007 at 8:45 am
Every time I read “sweet deals” it just makes me laff. Now I’m off to see if I can get sweetdeals.com.
January 23rd, 2007 at 8:52 am
Craven, I’m tired of personal attacks.
Yes Jobu, that’s a good way to describe it.
Dan, there IS a little bit of upstart money but nothing to brag about. From a sponsor’s perspective its a risky thing just being on my blog because of all the negativity. So I’m thankful for them giving me a shot.
Ethical Realtor, yes I belive that you can definately become successful just off of one RE book that you don’t even have to buy, just go to the library. I have a friend that did exactly that and is making $10K/month wholesaling properties with no risk. When I saw that I felt just a bit un-easy because of all the money I sunk into education.
If a personal is frugal + go-getter they can definitely succeed WITHOUT huge investment. I’m not frugal but I AM a go-getter that’s why at least I took action (even if it’s wreckless at first).
If we both become millionairs in 5 years what does it matter that I spent 30+ grand while he spent nothing on education?
However, in the mean time, spending nothing sure beats paying those credit card bills, so NOT blowing a bunch of credit money in seminars is probably a smarter route, unless those seminars are REALLY worth it. (few are)
The REI.TV from what I have seen so far is a great way to go ‘cuz in terms of being frugal and still getting pretty good education. (And no, I’m not just trying to plug my sponsor)
January 23rd, 2007 at 8:53 am
Who is coming with me to the auction tomorrow?
January 23rd, 2007 at 9:01 am
Casey,
We and FBI are coming to the auction just for you.
Do not run.
January 23rd, 2007 at 9:02 am
Frank in SF, would you post your book recommendations for the rest of us?
January 23rd, 2007 at 9:02 am
another useless website, if they can not help casey then they’re not a good one.
why should we try it if it’s not a good one??
we are not like casey who is still in dreamland.
January 23rd, 2007 at 9:04 am
It’s not $30 or so grand on RE courses now, Casey. It’s $50,000+ now, adding in the Phx “school.” Which btw, is not in any way accredited, which means no accredited school will take those credits.
But $50,000 on real estate seminars. None of which you had to spend, if I’m not mistaken.
January 23rd, 2007 at 9:07 am
Just an FYI..
I am the President of both HBN and REI.TV. My name is Duane LeGate.
Casey is being compensated at a rate better than he was getting for his Google Ad Sense.
I am trying to work with Casey to do the following:
1) Stop chasing the shiny object.
2) Forget about real estate for a minimum of 6 months (one step at a time folks)
3) Monetize his best asset (technology and blogging skills)
4) Contact ALL debtors and work out a plan
5) Pay back over time everyone he as intentionally or unintentionally screwed.
6) No more seminars
7) Responsibility for his actions
Those are just a few things.
If I think that Casey can walk the straight and narrow, I will work with him. It has less to do with money to me that responsibility.
I cautioned him in the past about the seminars, corporate credit, etc..
I am hoping that Casey can turn the corner. If so, I will help him in any way humanly possible. If not, I will turn into one of those train wreck statistics.
The ball is in Casey’s court. But for 1 week (a start), he has done everything I have asked of him.
Here’s to a new start in 07.
January 23rd, 2007 at 9:08 am
Adblock is a wonderful extension!
http://iamfacingforeclosure.com/images/rei-tv.png
January 23rd, 2007 at 9:08 am
Yo yo Casey,
Me and Be’zhawn (and Starkeiha his honky chick) wanna mosey on down and watch.
Lop some boogie. ah’ gots me some business cards t’pass around and maybe dig some mo’e bbusiness outta da damn sale. ah’ gotss five cribs in escrow, all uh dem at least $80,000.
Woddy gives me great referrals at da damn bail bonds sto’e, but his clients is a bit, uh, low income. Now Ishon gotss lots some cousins who mosey on down by t’see me. When ah’ ’splain how baaaad some time it be to be stealin’ real estate dey see da damn way. Slap mah fro!
Ah’ closed 19 os Ishon’s cousin’ last year alone. I’ll be dere Casey. Slap mah fro! Come on by Woody’s at 14d and J about 7:00 and pick us down.
Mah’ Navigato’’s in de shop digtin’ detailed.
Word
January 23rd, 2007 at 9:08 am
“Craven, I’m tired of personal attacks.”
I was just kidding Casey. Chopper’s post has made me see the error of my ways. I’ll be slaving away at my 8-5 long after you’ve made it.
Good luck at your auction buddy. Let me know if you need some gas money and I’ll throw it in your tip jar.
January 23rd, 2007 at 9:17 am
“If we both become millionairs in 5 years what does it matter that I spent 30+ grand while he spent nothing on education? ”
But YOU ARE a millionair. ooops, it’s in debt. Cmon R U saying that you’re offering free adspace just for the advertiser to see if it’s worth it ? looooooooooool They should have asked you money for advertising on your site. You probably would have opened a credit line somewhere for it. tss tsss tsss
January 23rd, 2007 at 9:18 am
Bwaahahahaha!
Of course your sponsors snookered you in with the “it’s a bit of a risk, let’s see how it goes” ploy. They want to pay as little as possible cause they’re get this… sneaky profiteering businessmen! By the time next month rolls around they know your sh#@t has hit the fan and there’s nothing left to see here people.
Either you’re the most clueless person to have walked the earth or pretty damn slick. Pocketing the cash back moolah, adsense revenue and now place your own ads. Squirreling it all away in a Nevada holding corp with overseas parent and playing dummy dum dum on the blog to reel in the fishes and give the DA the impression you’re just the poor little drummer boy being marched off into the front line.
January 23rd, 2007 at 9:18 am
Casey– I’d love to stop by the auction tomorrow, but unfortunately I have a real company to run… (wasting my time reading your blog is bad enough!). But do take a good video camera and record the proceedings– we all want to see the action online!
January 23rd, 2007 at 9:28 am
Tibetan Monk say…
When leg on fire, most people get water and put out fire. Look at leg and say, oh, leg damage, very bad.
When real estate losing money, most people think very bad, doing something wrong, cut losses, get out.
When Casey lose money in real estate, he think very good, double down. Then Casey try to dump holdings, not worth valuable time. Now, time to buy new income property.
Even monk know bad time to buy real estate.
Sell real estate in year of pig. Buy real estate in year of blood in street.
Casey still grasshopper.
January 23rd, 2007 at 9:31 am
I think you should go to jail, but I certainly approve of you trying to make a buck off of this blog. The fact that you’re trying to profit from a crime makes you a true, red-blooded American, just like OJ Simpson. There’s nothing wrong with making a buck off of this blog. In fact, I wish I came up with the idea of trolling the public in a blog like this to make a profit myself. I also believe that your blog can get you upto 50% out of your current situation.
As for all the haters: George W. Bush is a miserable failure and people put him in office. So, in America, intelligence doesn’t matter. As much as I dislike your ways Casey, you are the type of fool that Americans like to prop up. As long as you’re white, anyway.
January 23rd, 2007 at 9:31 am
If I had the time, I’d take the drive down the coast from OR to attend the little auction shindig.
You’d be able to identify me as the woman with the long curly-hair, driving up in a fern-green Jeep and approaching you with her hand poised to slap some sense into your little mop-head.
I still have *no* idea why I care at all what you do, Casey. I’ve thought on it a lot. You have a tendency for self (and spousal) destruction, and it irks me so much that you cannot step back and see it for yourself. If this were anyone directly involved in my life, I’d throw my hands up and walk away–let them flounder in the choices they made. But I always feel compelled to come here and fuss. WHY?
I guess it’s the Trainwreck thing. I must have a morbid fascination with trainwrecks.
Get some perspective kiddo. You shouldn’t be focusing on schemes to make money in the future, when your world is imploding RIGHT NOW.
January 23rd, 2007 at 9:32 am
Yes, Jim is right.
Take a video of the auction and the action down there.
And if the FBI does come, keep the tape rolling….
Loads O Money
January 23rd, 2007 at 9:32 am
Casey
Just because you take the crap posters to this site hit you with everyday, and you don’t take the easy route out and run and hide, tells me in the long run are going to be more successful than any of your critics. Even though I am 15 years older then you in a weird way you have a become a role model for me, teaching me not to avoid my mistakes but to take credit for them and deal with the consequences.
January 23rd, 2007 at 9:36 am
Bob, thanks for your positive comment. At least there is *some* good that is coming out of all this.
January 23rd, 2007 at 9:37 am
Stephanie thanks for caring… even if it’s just a little bit.
January 23rd, 2007 at 9:39 am
::Glare::
January 23rd, 2007 at 9:39 am
Stephanie J . said
“approaching you with her hand poised to slap some sense into your little mop-head.”
I think Stephanie has the funniest lines on this blog hands down!
January 23rd, 2007 at 9:39 am
Duane of HBN and REI.TV wants me to “Forget about real estate for a minimum of 6 months”. That’s going to be very hard. Hey if we can find a way to pay back and/or settle my debts through some other vehicle I’m all for it. I’m not giving up on real estate though. Because I failed in a big way, I’m all the more determined to learn from my mistakes and success in a big way but do it with 100% integrity.
January 23rd, 2007 at 9:40 am
Why isn’t Kiyosaki sponsoring you, since he obviously helped you get yourself into this mess? Or is this blog press enough for him? What about Prleechbiz?
I’m also not seeing any ads for the MLM that you’re neck-deep in.
Perhaps whenever you get a lawyer you should ask him to advertise on the blog. We know how wonderfully that worked for your realtor. Then again, once you foreclose, you could become the poster boy for CCCS, because your unsecured debt is going nowhere.
January 23rd, 2007 at 9:45 am
Stephanie J -
See? Even “Legion” is smitten’….
January 23rd, 2007 at 9:49 am
Ahhh man…Kick Duane LeGate to the curb. It looks like he got you on a leash. This is your blog and you make the terms. Who does that fool think he is. I’m sooo disappointed in you Casey. He has the audacity to think that he can stop you from “Chasing that Shiny Object.” Tell him “I’m Casey MuthaEffing Serin, I’m 2.2 Million in Debt and you can’t touch me. And no one can make me dance like a monkey.” AHHHHHH I get it now. Losing to the monkey helped you learn from the monkey. Ok. Then keep dancing Casey monkey. And I’m pretty sure I could round up some people and collect some money to give us a better Casey show. How much would it take for you to take one in the nads or eat a log from Sputnik, or what about a slap in the face from “G.” I bet I could round up about $1000. And we’ll take suggestions too. You willing to dance for that Casey Monkey. What if I threw in some Jamba Juice gift certificates. That’s like saving you $35 dollars every time you go in. Sounds like a win-win deal to me. So come on and let’s work on this SWEEEEET DEAL.
January 23rd, 2007 at 9:50 am
Lets see, you’ve had $2 million in debt over the last year, a negative net worth, and you think you will be a millionaire in 5 years BUT YOU DO NOT BELIEVE IN “GET RICH QUICK”?
This is why we keep coming back Casey! We love you!
Can you blog directly from the auction? We know how much you’ve spent on expensive electronic doo-dads!
January 23rd, 2007 at 9:58 am
I would NEVER use a product/company/service that supports Casey. In fact, I would blacklist them immediately.
Your REagent must have realized I would do this, as would others, which is why she had you strike her name from the site.
You really should get a Jamba Juice ad on this site, but by all means, Casey, make sure they give you CASH UPFRONT, not just a discount on fresh squeezed orange or something.
January 23rd, 2007 at 9:59 am
Don’t get me wrong, I AM into get rich quick… relatively speaking. As long as its ethical and sustainable.
The problem is that I came up short in my first attempt on both of those qualities. So I am hoping to settle my debt quickly and move on to doing real estate the RIGHT way this year: no liar loans, no shady stuff, one deal at a time (even if its a BIG deal).
Perhaps compared to my first attempt, the second one will seem SLOW. But relatively speaking, compared to say, working a job until I’m 65 and HOPING there is going to be some money for retirement…
… well that’s REAL slow. (Nothing against holding a regular job and putting away money into a 401k, but that just seems too risky for me since there is no control over the investment and I’m more of a self-employed type of person so a regular job is hard for me to stick to).
So I believe in Get Rich Slow but not TOO slow. I believe in Get Rich Quick but not TOO quick (meaning, no more illegal short-cuts).
Say 1-5 years until I have $5,000/mo in passive income for my first milestone of “financial freedom”? Yes that seem aggressive but with the connections I have made and the stuff I’ve learned the hard way I don’t see why not.
Real estate and/or business ownership is the best way to go to accomplish that goal. That’s why I’m still at it.
I’m looking forward to working with REI.TV people in seeing how I can learn to do things the right way.
January 23rd, 2007 at 10:08 am
Casey - so, in 1-5 yrs, if you don’t have your passive income goal obtained, will you stop? Or will you keep trying, & all the while wasting away prime saving years? Are you going to keep trying to do this and then one day when you are in your 40’s realize you have nothing? THIS is the time to save money & work - time & time again, studies have shown that if you are in your 20’s & save $$ for less than 10 yrs (i.e., STOP saving), you will have more money saved for retirement than someone who started saving in their 30’s & saved until they retired (i.e., NEVER stopped saving). You are wasting this magic time. Get a real job that pays money - you can do IT work, or translation work….or….
January 23rd, 2007 at 10:10 am
Casey,
My 6th grade teacher used to tell us:
“I’m working on my third million…I failed the first two times.”
Keep at it.
For the board:
Do you remember those investors that were making so much money in Phoenix and Las Vegas? Here’s what happened to one of them…also young, also an immigrant.
January 23rd, 2007 at 10:15 am
Kevin, why not do both? Maybe I can do the get-rich-real-slow thing by putting aside some money into some safe investment every monthly while buying cash-flowing real estate at the same time to “speed things up”. While working as a full-time real estate professional of some kind (agent / loan officer / wholesaler / rehabber). Best of both worlds?
And on top of that running an income producing website(s) and doing website projects there and here for extra cash. Does that sound like a solid plan?
January 23rd, 2007 at 10:19 am
Welcome to “Casey’s” Endgame.
January 23rd, 2007 at 10:19 am
Thanks for suggesting these two productions. Knowing your past, everything that you suggest or do is contraindicated on its face. So now I know at least two additional things to avoid in addition to fat and salt.
January 23rd, 2007 at 10:23 am
“(even if it’s wreckless at first).”
Freudian slip? The word is reckless. Your deals were a financial wreck, but certainly not wreckless.
I always wondered what your business plan was. Buy a house make payments for three months then sell it for 20% more?
That’s not a plan, it was not feasible and you did not even buy low.
January 23rd, 2007 at 10:26 am
“If we both become millionairs in 5 years what does it matter that I spent 30+ grand while he spent nothing on education?”
Here is where you went wrong. Smart investor pays nickle on the dollar, you pay dollar on the nickle. Bill Gates bought the original DOS from a small potato programmer for 25K after he secure 50 million dollar contract from IBM.
You pay 30K for information not worth 1K. As matter of fact, the information you got is not only worthless, it’s harmful to you financial health.
As for 5K passive income. Stop deluting yourself. Everyone with interest paying bank account have a passive income. You only need 1.2 million sitting in the bank earn 5% to have 5K passive income. The trouble is how to go from -0.5 million to 1.2 million.
On another note, if you are actively manage your property, it’s not passive income. So if you have a rental, and you are do the property management yourself, it’s not passive income. It’s no different than work for someone else in a 9-5 job, except you are working for your tenant and property.
BT
January 23rd, 2007 at 10:28 am
This could not have been said better and sum’s up who Casey is:
“And I have read enough of your blog to know you have absolutely nothing of value for me to learn. In fact, I never thought anyone could be as naive, stupid, reckless and crooked as you. Until I read about your fiasco here of course.
I originally hoped you would learn your lesson, and get out of this mess. But after watching you repeat your same mistakes time and again and continue with your get rich quick scamming schemes, I hope you get serious jail time. Yes, you did knowingly rip off others bigtime, and you deserve to pay for it criminally. And not just a slap on the wrist either.”
January 23rd, 2007 at 10:29 am
Casey,
Either this website is a scam or you are so delusional you deserve spending the rest of your life digging yourself out from under your massive debt.
You are so completely inept at “finding sweet deals” that it must have become obvious to you now. You’re still young. Claim bankruptcy, do your time (if any, I’m no lawyer), and move on.
You can’t keep charging Macaroni Grill and Jamba Juice forever.
January 23rd, 2007 at 10:31 am
Congrats on finally answering questions in a relatively decent turnaround. I don’t want to push my luck but I am sure a lot of people are wondering what happened to Amy? Did she ask yo to take out all links of her?
January 23rd, 2007 at 10:34 am
Holy crap Casey! Not giving up on RE? Wow, you truly are either brainwashed by those lame, sucker courses you’ve taken or you aren’t the brightest bulb in the box
Some people have it and others don’t. You’re like the guy who keeps panning for gold at the end of the gold rush. You may have found a nugget to get excited about, but that is it. You are wasting time on RE. Here’s where I get positive (I was at the beginning until I learned more about your past) for a minute: Why not stop messing around in things NOBODY will ever let you dabble in ever again (c’mon, that’s like allowing a failed CEO to run the successful competitor, he isn’t good, he failed, he moves ON). Nobody, not Chris, not the banks (it will take YEARS to rehab your credit if you magically pay everything off soon, but since you have a foreclosure, it’s the same as having a BK in the eyes of a lender) or a homeowner would let you deal with them. Why would they? You FAILED. I can appreciate not giving up, but even Donald Trump would tell you to regroup and find your strengths.
Why not go to school and learn more about computer programming? Why not be a blog superstar? Oh I know why (critic in me coming…back…can’t….stop…it)…you are addicted to anything that you perceive involves as little work as possible. Problem here is you cannot accept that RE is one of the HARDER businesses to coast in. You cannot coast…period.
Proof is in the puddin’ young’un. You wouldn’t even drive 1.5 hours to do your fiduciary duties and keep tabs on your house. NO ‘entrepreneur’ worth his own salt would EVER make the arguments you made against doing your job.
NOBODY. So basically, stick to your strengths. Blogging and computer programming aren’t sexy, but they can make you tons. Just ask that Adbrite guy who keeps bugging you. He made a fortune on a site called F–d company which made bets on tech companies failing. He also ran a porn site that made tons. I at least respect him (grudgingly) but at least HE ran with low risk ideas that paid off.
And no, I don’t work for Adbrite and could care less what you do there. I am just using them as an example.
January 23rd, 2007 at 10:35 am
Hey, it’s good to see you’re maturing a bit, in realizing that making money at real estate could take time and preparation, and that the people to listen to are the ones giving specific, detailed advice and not fluffy, feel-good stuff. You won’t get rich nearly as fast as you still want to, but follow the slow-and-steady advice and you will get there. And, taking care of your debts over the next year or so (by debt negotiation or bankruptcy) will be necessary, as you won’t want to be buying properties when you’ve got those credit card/deficiency judgments against you.
January 23rd, 2007 at 10:35 am
Casey, you would need to get licensed if you want to be any of those things. I have doubts you’d do the necessary work to get a license.
Sorry kid, you prove people like me right everytime.
January 23rd, 2007 at 10:38 am
Casey, you are mental.
Get help, please.
January 23rd, 2007 at 10:39 am
“Anyway, this just experimentation stage to see if my sponsor is able to get any value out of my blog. After we see how things go we’ll be talking more about compensation and such. ”
Did I just read that right? Our Favorite Flipper Failure has also now failed to successfully monetize this blog…YET AGAIN?!?!? As always our FFF has failed to understand that they people are doing BUSINESS and trying to NEGOTIATE the lowest possible COST to themselves.
Casey never has understood that fact and will continue to over-personalize business transactions further digging himself into a hole he cannot escape.
CS, you never responded…have you packed your suitcase (complete with home juicer) or looked for “sweet deals” down in Mexico?
January 23rd, 2007 at 10:41 am
Stephanie J
I think I’m falling for you, too. You must have quite a following by now. Please tell me you don’t wash your jeep. PLEASE!
January 23rd, 2007 at 10:41 am
Casey - nope, it doesn’t. You need, as you said, “some money” & that you ain’t got.
By the way, you could never become a RE agent, at least in my state. You have bounced checks, and you are about to not be able to pay your taxes, & besides you would lose your license within a day for comingling funds.
January 23rd, 2007 at 10:43 am
If I were a lender and I saw what you had done to me, I would immediately go after the wages that you get from your blog. If your honest intent is to repay every dirty penny, then your blog is the only real estate that’s making you any money at all.
I still think that unless you somehow magically repay everyone back, you honestly deserve to go to jail for a very, very long time. I will be so disappointed in our justice system if you don’t go to jail. Poor people who have no income steal petty items and go straight to jail. You stole hundreds of thousands of dollars and are sitting around posting to the web. You are worse than a lot of bank robbers and that’s why people need to stop cheering you on.
Sure, I don’t like the banks. The real injustice is how you’re doing what you’re doing while common petty criminals who have less net impact on society than you do are doing time. There’s no justice in your situation and it should make people very angry.
January 23rd, 2007 at 10:48 am
“putting away money into a 401k, but that just seems too risky for me since there is no control over the investment
…
working a job until I’m 65 and HOPING there is going to be some money for retirement…”
You are mislead by those dream sellers. Your 401k saving is in your control you can put them in different funds depend on your 401k plan. You have full control, I move my funds around a few times a year. If you quit or change jobs, you can rollover to another 401k plan or an IRA with a brokage firm, you have even better control, you can trade day in and day out to your heart’s content. You can take money out after 59.5 without penalty.
If you are making good money and your company sponsor roth 401k, you can put money in roth and after 59.5 of age, you can take out no tax.
Even if you are not 59.5, you can stop working say 55 and live on your savings for a while until you are 59.5.
So 9-5 job is not as bad as the deam sellers make it sound. There is benefit of sick leave and vacation, peace of mind when you go home.
BT
January 23rd, 2007 at 10:55 am
@ The Original Kevin & Legion
Thanks guys. That’s sweet.
January 23rd, 2007 at 11:08 am
Why do some readers belive that the “auction” for CS’s property is going to be conducted on the premises of said property? I have a hunch it doesnt work that way.
BTW Casey youre not off the hook for this omission either.
You claim that you offer “education” here and then don’t even attempt to clear up elementary issues regarding real estate, contracts, or financing. And so this blog offers no concrete practical education on these matters.
January 23rd, 2007 at 11:08 am
While working as a full-time real estate professional of some kind (agent / loan officer / wholesaler / rehabber).
Loan officer! LOAN OFFICER?!?! Oh my gawd! You’d never get past the most rudimentary checks. I think maybe you ought to strike that one from your list. Personally, I think you might not even be able to get a job as a bank teller. Seriously.
Good luck with the foreclosure tomorrow — well, as if you could somehow have any good luck with it — and keep us posted. I’m sure not envious of what you’ve got yourself into, and you do have cojones to even consider standing there at the auction to see it. Keep us posted.
January 23rd, 2007 at 11:09 am
Casey,
Out of curiousity. Did you join Robert Allen, Russ Whitney, Ron Legard? Which one did you join?
January 23rd, 2007 at 11:26 am
I’ve learned something here. There are many valuable information being posted here. Of course, the “useless” information far out numbers the useful one.
FYI, Cassey, there is no such thing as GET RICH QUICK. The only “quick” LEGAL big bucks you can ever receive are from you parents (ie inheritance) or hitting the lottery. The problems with these two are your parents have to be rich first (which you have not much control) and the odds of winning the lottery is ridiculous.
The alternative is to use the capital you have wisely to build something of value. Look at all the top companies in this country. Everyone of them have to go through some heavy dose of working hard phase. Your hero Kiyosaki said to read successful biz people’s life stories, have you done that? Bill Gates used to program til late night, wake up, and program again for many years until Microsoft made it. Microsoft stock was traded for about $5 in 1988 (split adjusted, corporate action adjusted would probably make that more like $.50). You claim to be an entrepreneur/investor, but frankly, I am not sure what you are an entrepreneur/investor of? Entrepreneur means you have to bring something of value (a product, service) to the table. You either have a product to sell or have capital to buy a product (and improve) - invest. You have nothing.
To become a millionaire, you need to come up with a product/service or system that brings value. Five year is probably not going to happen, but 7 year is possible (see Google as example).
Also your misconception of working at a job is not for “entrepreneurs” is totally incorrect. Every founders, early employees of the “geek companies ” (MSFT, appl, goog…) all started with many entrepreneurs. They work flexible hours, but they believe in their products, have a vision and did it.
Good luck.
January 23rd, 2007 at 11:27 am
Casey, you do not have good ethics to be an agent, you will mess up client’s deal…. into foreclosures…..
I would not dare to hire you… to much liabilities…
January 23rd, 2007 at 11:35 am
“I’m all the more determined to learn from my mistakes and success in a big way but do it with 100% integrity.”
“So I am hoping to settle my debt quickly and move on to doing real estate the RIGHT way this year: no liar loans, no shady stuff, one deal at a time (even if its a BIG deal).”
So, do you intend to settle your debts with 100% integrity?
January 23rd, 2007 at 11:35 am
Casey, Casey, Casey:
Once you’re convicted of fraud (or any of the “violation of trust”-type crimes), you will be disqualified from becoming a real estate or mortgage licensee in every state in the US.
Seek treatment for your mental illness, and seek legal assistance. Your delusions are becoming more powerful and dangerous.
January 23rd, 2007 at 11:35 am
“Duane of HBN and REI.TV wants me to “Forget about real estate for a minimum of 6 months”……. (100% success)
Haven’t you already accomplished that? I think not paying your mortgage, forgetting about your utility bills, and having your posters tell you about an upcoming auction on your property is forgetting about real estate.
“Nothing against holding a regular job and putting away money into a 401k, but that just seems too risky for me since there is no control over the investment”
Priceless comment. I’ve never heard of a 401(k) going a half million in the hole.
But forget about all of that lame stuff and press on Casey!
January 23rd, 2007 at 11:36 am
Casey,
You said “Nothing against holding a regular job and putting away money into a 401k, but that just seems too risky for me since there is no control over the investment…”
I’m not trying to be a “hater” but either retract that statement or provide some justification because you’re doing a disservice to the educational mission of this blog by making that unsubstantiated claim. What do you mean by “too risky” and “no control”?
I believe at least some, if not most, 401(k)’s have a wide selection of funds to choose from (I don’t have a 401k myself, but I do have a Roth IRA in which *I* choose which stocks to buy and sell.)
Here’s some choices for the 401k and IRA investor:
- Want to be in low-risk cash? Money market funds are yielding 5% right now.
- If you have a pulse on real estate-related companies, look into a fund like Fidelity’s FRESX for instance (>30% return last year)
- Do you think the real estate bubble is popping? Then get out of those types of funds and diversify among funds that track indexes, or precious metals, or international markets, etc … the individual *does* have control.
- If you don’t like the choices (or lack of) in your company’s 401(k), you also have Traditional or Roth IRAs available to you. Look for a “no annual fee/no inactivity fee” IRA account at a discount brokerage and you can choose from as many mutual funds, CDs, cash, bonds, ETFs, and individual stocks as you want.
As for the “too risky” argument - that sounds like RK’s opinion of mutual funds rubbing off on you. As you’ve already learned, no investment is risk free… even real estate can have some down years
I’ve heard RK’s arguments against mutual funds and I don’t find them convincing. His main arguments seem to be (1) too many fees and (2) “too risky”. He’d say - just look at Enron and WorldCom’s employees …. Well, I would hope the high profile demise of those companies was a wake up call for employees to diversify across many types of funds and also a call for employers to offer a wide range of choices: stocks, bond funds, precious metals, real estate investment trusts (REITs) and international funds… If those employee had the choice to be well diversified and put only 5-10% of their money in their employer’s stock even when it went to $0, it would’ve just been a small blip in their portfolio.
As for RK’s “too many fees” argument, he cites John C. Bogle’s figures. Well, Bogle is a founder of (and believer in) Vanguard Funds and a big advocate of no-load, very low expense ratio index funds. I’ve never seen RK specifically address index fund investing - they seem to resolve his “too many fees” argument. He just seems to lump all “fund/401k” type investing together since real estate is just so much better!
January 23rd, 2007 at 11:36 am
How are you doing Casey? Have you consider any other business opportunities outside of real estate? I have been working on a web based business plan, but my web design skills are min. I can send you a copy of my business plan via email or fax if interested. Talk to you later.
Frank
January 23rd, 2007 at 11:39 am
“Nothing against holding a regular job and putting away money into a 401k, but that just seems too risky for me since there is no control over the investment and I’m more of a self-employed type of person so a regular job is hard for me to stick to”
That is by far the funniest thing you’ve written in months! A 401K is too risky?? Here’s your sign.
Risky is investing in real estate when you have no clue what you’re doing. Risky is buying real estate in other states when you cannot be there to supervise construction or show the property. Having a normal 9-5 job with a 401K is NOT RISKY. It’s normal.
If nothing else, learn this. You take risks because you want to. You like it. You enjoy the drama and the stress. Being an average working stiff would mean you just live like anyone else. Who would read your blog then? Right. No one.
January 23rd, 2007 at 11:45 am
Yeah Casey, that sounds like a solid plan - for any of us reading this, not you. I would almost lay money on the table that not a one of your audience is nowhere near as deep in financial ruin as you are. Now for the first agenda on your “solid plan” - when are you going to start working full-time? And let me see, you are going to concentrate on putting away money for a “safe” investment “while buying cash flowing real estate at the same time” when you haven’t even tried to make a dent in the debts that YOU have accumulated? And did you really just mention loan officer as one of your new wannabe careers?
Bwhahahahahaha!!!!!!!!!!!
January 23rd, 2007 at 11:45 am
“Does that sound like a solid plan?”
No it doesn’t. It sounds like you’ve put a whopping five minutes of thought into it. You have no money to put into anything. You claim you aren’t going to BK, so you aren’t going to have any money for a very long time. Besides, what you’re talking about would have been an OK plan before you bought 8 looser properties and screwed the pooch. Wake up, you can’t do anything until you clean up this mess. Your website’s success is owing solely to your mishandling of every aspect of your situation. Why would any other web endeavor you undertake be successful? Do you have some skills that you haven’t told us about?
How about this for a plan: get a good attorney, declare bankruptcy, try to get as much debt as possible discharged, and let the chips fall where they may. Then, see how you stand and figure out where to go from there. By that time all of the GRQ gurus will have moved on to their next big thing (gold, day trading, beanie babies, crack cocaine, whatever) and you’ll have completely forgotten about real estate.
January 23rd, 2007 at 11:55 am
I second The Original Kevin’s point: “… if you are in your 20’s & save $$ for less than 10 yrs (i.e., STOP saving), you will have more money … than someone who started saving in their 30’s & saved until they retired…You are wasting this magic time.”
Do this calculation on a spreadsheet:
1) Start at age 20 and go to age 60.
2) Save at a rate of $100/mo. and assume a 12% return (I know that return is higher than market averages, but we’re ambitious investors and for the sake of drama… hey, this is iamfacingforeclosure.com!)
3) At year 60, you’d have over $1 MILLION DOLLARS.
4) For the same rate of saving ($100/mo) and the same 12% return, start at age 35 instead of 20.
You’d end up with only $180k. That’s a huge $850k LOSS!
Well, 15 years is a long time… how much do we lose if we start at about Casey’s age: 25 instead of starting at 20? Well, at age 60 you’d have about $581k instead of over $1M! That’s about half of the money! An expensive 5 years of stalling.
January 23rd, 2007 at 11:56 am
Casey, you dont know what it is like to be attacked. Try being stuck in a Chinese prison for a couple of months. Then you get out and are asked by the president to basicly give up your life!!! You escape, nobody believes anything you say and because of this you are forced to co-operate with a former terrorist, kill one of your best friends, and now it is looking like my dad and brother are next!!!!
You dont even know what troubles are. I cant believe Stephanie is showing you compassion.
January 23rd, 2007 at 12:11 pm
Answer me this, please, Casey.
Where are you getting your information regarding 401k’s? Unless you are obviously trolling and just trying to rile up the ‘haters’, these are the kind of statements that just show you don’t know much of anything and blindly follow your gurus.
January 23rd, 2007 at 12:13 pm
And one more comment regarding your 401k “risky” post.
Let’s say your company matches 50 cents on the dollar up to a given deferral amount, you have a 50% instant return on your investment. And that’s exclusive of the initial tax break you get depending on your tax bracket. And your return could be much greater, depending on your risk tolerance.
There…and I didn’t even call you a ‘tard.
January 23rd, 2007 at 12:15 pm
You’ve got it the wrong way around, I’m afraid. Being successfully self employed takes more self discipline and focus, and those are not your strong suits yet. You’d be much better off working a steady regular job for a few years until you acquire those skills (and yes, being accountable to a boss at a regular job, as boring and unpleasant as that might seem, can help teach those skills).
Again, if you took a long, honest look at yourself, you might come to the conclusion that for all your “connections”, you simply are not terribly good at the fundamentals of real estate investing: You are neither good at assessing the value of a deal, nor at improving the value of a property, nor at dealing with the financial details. You overpaid for your properties, did not fix them up efficiently, were unable to sell them (except the one that you traded in for a bigger albatross), you got unfavorable terms for your loans, and you did not track the numbers well.
All of this might still have been profitable 2 years ago, when the overall boom covered for a lot of bad decisions, but it’s not likely to work anytime in the next 5 years. So why not take off a few years from ANY “investing” except for investing in your own skills and judgment?
January 23rd, 2007 at 12:18 pm
I can tell you with the utmost certainty that once your houses are foreclosed on your readership will grind to a halt. No one cares what you do once you’ve gotten past that point. I’ll just wait to read about your prosecution for mortgage fraud in the newspaper.
This is not to mention that there is already a growing outflow of people getting their Casey fix on other websites. We can and will avoid this site if that is what it takes to ensure you don’t profit from this.
January 23rd, 2007 at 12:27 pm
To Mr LeGate–I hope you understand how radioactive Casey is, and how it will negatively impact your business. You want eyeballs on your websites, but do you want them to be bloodshot, rage-filled ones (since that is the emotion Casey seems to engender in most readers)?
As a potential home buyer, I would never consider doing business with someone who affiliated themselves with Casey or similar charlatans.
January 23rd, 2007 at 12:29 pm
I’ll say it yet again…
You cannot buy property
There will not be any more real estate for you for a very long time, no matter how many ‘advisers’ you have.
You have no money!
No one will give you credit!
How the blap are you going to invest???
January 23rd, 2007 at 12:29 pm
@@Somebody
Indeed, Vanguard’s S&P Index Fund (.25% management fee per year), has outperformed 80% of all other managed mutual funds every year for the last 5 years.
Here’s my Savings and Investment strategy.
GOAL:
Retire by age 50.
Steps:
1) Max out 401c3 Plan (government 401k) and put money into long-term high risk fund. That’s 5% of gross salary + 4% matching per year, about 9K per year.
2) Max out contibution to Roth IRA which is invested in said Vanguard Fund (4% of gross salary).
3) Maintain continous stream of 3-4% return fixed-length CDs with rolling maturity dates for big purchases (rolling about 10K each year, earns some interest.
4) Invest in home and renovate
5) Invest additional savings into rental properties for managed income post-retirement (Have homes paid off by age 50 and earning rental income).
Ignoring home renovation and investment income potential past age 50, my annual savings rate is about 17%, 17K, and depending on RoR, equates to about 2-3m by age 50, or 125K in “passive” retirement income + rental property profit.
January 23rd, 2007 at 12:30 pm
I’m learning that its best for me to keep my mouth shut about my thoughts on 401Ks, college degrees, and working regular 9-5 jobs.
But yes, I agree, being self-employed takes MORE discipline than 9-5. I enjoy this aspect of it thought. Working on self discipline and personal development is a passion of mine (even though some will argue otherwise).
January 23rd, 2007 at 12:34 pm
“So yes, income property is not as passive as having 10 mil in the bank spinning off interest but passive enough for my requirements of 5k/month for a basic level of financial freedom.”
Casey - you seem to think you can buy a income producing property with borrowed money and make passive income. In order to do that, the property has to produce higher yield than interest on borrowed money.
But the truth of the matter is the yield is almost in parity with interest rate, there is no way you make any money this way. This is something they don’t tell you at those real estate seminars.
Cash is king right now. The best income producing asset right now is cash. The MM is paying 5% and you can take the money out any time. That’s what I call sweet deal.
BT
January 23rd, 2007 at 12:39 pm
Casey, my man:
What you don’t seem to comprehend is that the market is tanking. And while for many of us this will be a good thing, I can’t see how it will benefit you because by the time it’ll make sense to buy, your credit will still be toast. So unless you’re planning to do some sort of real estate scam (steal identities, etc.) or use one of your family members’ credit, there is simply no way for you to get back in the game.
You took a gamble. You tried to be a big-time rehabber/flipper/specuvester but the market turned on you. You spent the cash back @ closing (which is a totally different subject) on living expenses and trips to Hawaii when you should have used it to fix up the properties quickly to get rid of them asap. You got 100% (+?) loans which meant you couldn’t lower the price when you probably should have in order to facilitate a quick sale.
You got in the game too late. You gambled and you lost. Let it go. Maybe in about 7 years you’ll be able to get back in the game and if that’s your dream, then fine….have at it, but for now you’ve got serious financial issues that you must address.
I know you dislike the thought of a full time job because you think it means you’ve failed but (and I’ve mentioned this before) maybe if you just take a break for 5-7 years to fix the mess you’ve created, you’ll make better choices the next time around.
This is what people have been hoping you’d realize… that your situation is dire and there are no immediate sweet deals in store for you. I’m sure 60% of this board would be supportive and encouraging if you’d just keep it real.
You’ve chomped down (like a pitbull to a mailman’s leg) on this ridiculous real estate mogul dream and you really just need to let go now. The “haters” have simply been trying (unsuccessfully) to get you to unlock your jaw by spraying you repeatedly with the cold water of truth yet you refuse to listen.
Get a job, Casey. Use the income to supplement what little you’re earning from the sponsors on this site and start paying back your debts. When that is taken care of, you may create a new post to discuss your heartbreak over giving up the real estate dream (for now) and even vent about your frustration in being an employee. I think if you just kept it real and took these steps, half the “haters” would turn into supporters.
Good luck to you, kid. You’re gonna need it.
January 23rd, 2007 at 12:40 pm
Stephanie J … after post #36…I offer you the highest praise I can. Will you please be my f** hag?
January 23rd, 2007 at 12:40 pm
“Working on self discipline and personal development is a passion of mine (even though some will argue otherwise).”
That’s just more Tony Robbins BS propaganda. Personal Development comes from doing real things in the world, not bouncing on a big blue ball.
Do yourself a big favor and get yourself evaluated by a goog Psychiatrist. Get him or her to read this whole blog. Be completely honest about things. I’m not trying to be a jerk, Casey… only tryng to tell you the truth. I think you might find benefit from some med for ADD or Bi-Polar. It’s worth a shot.
January 23rd, 2007 at 12:42 pm
“That is by far the funniest thing you’ve written in months! A 401K is too risky?? Here’s your sign.”
*heh heh* Good one Modesto Girl.
With regards to Casey’s statement: that is a very narrow minded view of a very complex and lucrative investment mechanism.
A 401k plan via a company is usually offered through a brokerage house such as Schwab or Etrade. Now while some funds do carry loads and fees, many others are no load funds. And as indicated by other contributors to this blog, you are free to move your 401k investments from one fund to another to mitigate risks. Furthermore, many of those brokerage houses will offer upgrade plans to 401k brokerage offerings thereby allowing you to buy and sell index funds or actual stocks within your 401k should you choose to do so.
Regardless, a 401k is FAR more flexible a retirement mechanism than any of its contemporaries. Not to mention the company you work for in that “dead end 9-5 job” usually has matching policies whereby they also contribute to your 401k savings. And to top it all off, a 401k REDUCES your taxable income.
Part of the problem that is a side effect of this real estate bubble is people are under the false assumption that real estate outperfroms other asset classes. That is false. In general, real estate is the lowest performing sector, behind bonds and stocks.
As many real estate hypesters love to point out, a property purchased in 1980 worth ‘X’ is now worth so much more. Yet in comparison to purchasing even the single S&P 500 index over that same timeframe, the returns would have been substantially more.
Food for thought.
January 23rd, 2007 at 12:47 pm
Too much foolishness, so little time.
To a certain extent, Casey’s correct: there are risks involved with a 401k. Particularly a poorly managed 401k. Nearly everyone I know could benefit by learning more about their retirement investment options and taking a more active interest in managing/monitoring the allocations. But its rather specious to say that speculating in real estate (especially by an amateur) represents a safer alternative.
One other quick comment… Casey, the RE seminars didn’t cost you $30k (or $50k or whatever). They cost you upwards of half a million, or whatever you ultimately wind up having to pay back. You had a misplaced belief that they would properly prepare you to be flipper, when in fact they didn’t come close. Either their content was worthless crap, or you don’t possess the intellectual capacity to successfully execute with proper instruction (or quite possibly both).
Anyway, your plan to hire a professional management company to handle all the issues… my only comment is that you need to be very well capitalized to get a decent company to consider you as a client. For a large apartment complex, you’re talking several hundred thousand dollars (at least) in liquid assets outside of your real estate holdings. You could some bum off the street to do it for much less (obviously), but if you want an established, quality property management company, they’re not going to consider you as a client. They have a brand name to protect.
January 23rd, 2007 at 12:48 pm
Very Interesting responses thus far…
I had a lady call and leave a message on my voice mail saying she had a house to sell, but there was no way she would use our service because we are sponsoring Casey’s website. She suggested he is a crook and a criminal and she could be right on both counts.
Please, for all of you to understand, there is NO WAY that I am endorsing Casey’s past behavior. I do not condone the seminars he has gone to, the methods in purchasing both in terms of “liar loans” and cash back.
I do not condone him chasing after every quick fix strategy. I am for him contacting every lender and making amends. I am for him owning up to his responsibilities, no matter how painful. I am for him settling down and focusing on first things first and put real estate aside for a while.. the longer the better.
That being said I have had MANY conversations, beginning shortly after this blog went up. I see a young kid who is blinded by the “i want it now” syndrome that so many people his age are affected with.
My goal in supporting this website is two-fold.
One, business. I want people to learn that there is a correct way to build wealth over time using tried and true investing strategies. I believe with the launch of REI.TV, I can offer people true actionable content for pennies compared to what it would cost to buy a book or tape. I think there are investors here that might benefit.
Two, personal. Maybe I have a soft heart. Maybe I am certifiable, but I think that Casey can be shown the light. It may not be soon, but I think I can help. I want to help Casey as much as I can as long as I see him going down the right path. I am not here to control him, but slowly guide him.
I am one of the few that doesn’t want Casey to file bankruptcy. That whole concept reminds me of making life into a monopoly game. Lose it all, then reshuffle the deck and start over. If Casey is ever going to do things right and have accountability… its as good a time as any to start.
I believe that Casey has talent. It is raw and so is he, but I believe that talent can be developed.
I have worked with people in almost as bad of shape and helped them turn their lives around.
If you choose not to do business with me because I am trying to help, that is a personal decision you must make. If I see Casey “veer” off course… you wont have any sponsor to complain to.
January 23rd, 2007 at 12:49 pm
Casey said: “I guess that’s expected when I am a “scammer” in their eyes.”
How are you not a scammer, Casey? You knew what you were doing was wrong. You scammed the lenders, and ultimately society. You don’t have the reputation and the ethics to be in business, not to mention to work in a fiduciary duty position for any client. Good ethics and reputation are an ASSET, even if you are broke or bankrupt, but you don’t even have this. You are shady and greedy, period.
January 23rd, 2007 at 12:51 pm
Ohh.. one more thing…
Casey is a poster-child for what can happen when someone buys into the “Get Rich Quick” programs that are so prevalent in this industry. His story is not unique. He’s just choosing to tell people about it. Whether that is right or wrong, I can’t say, but I do know that his behavior and experiences would have had better results had he had true guidance and education regarding real estate investing, in the beginning.
Again, I am NOT endorsing his past behavior, but want to help guide Casey into doing the right things.
January 23rd, 2007 at 12:53 pm
@Adam - Jeep is pretty dirty, as all proper Jeeps should be–tho it will get a bath to remove those de-icing chemicals & salt–we can’t have my stompy baby getting rusty.
@Jack Bauer - If it *is* compassion; it’s a very sad excuse for compassion, because I’m still in slappin’ mode right now.
I’ve made enough posts for today–this must be a record. All this attention; I’m blushing.
But this isn’t about me. It’s about our little fair-haired boy here–and his selective hearing.
January 23rd, 2007 at 12:53 pm
“When I refer to passive income from RE I’m always talking about having a trusted property management company to runs it all. ”
Property manager in good position to scam Casey. Can take kickbacks from contractor, pocket rent on unit he tell Casey is empty, etc. Read what John Reed say about property manager.
It hard to find property manager who not cheat. You not good at telling honest from cheater. Even Ogg see that.
If you still serious, call Ogg. Ogg manage apartments for you.
January 23rd, 2007 at 12:55 pm
In all seriousness I would guess that 90% of the people who go to this blog are what you described in your #1 audience.
I can’t even see why a person who is in forclosure would come to this site for advice. All you give is horrible advice about what to do in this situation.
Please put up an online poll to find out who your real audience is because I think the numbers will scare you. Limit it to one vote per user.
January 23rd, 2007 at 1:02 pm
I’m glad that your learning little by little. Each person is different, yet you still a grasshopper.
Quote:”When I refer to passive income from RE I’m always talking about having a trusted property management company to runs it all.”
No my friend, before you learn to manage your team you have to learn how to manage your tenants. Believe getting rich 1-5 years is not possible. Learn to evict, fix your property, keep records, pay a property’s taxes, utilities etc. Only then will you say to yourself that you are competent of establishing your team.
I manage a 4 family house in Brooklyn. The experience is enlightening and I learned what not to do from your blog.
If you still want to get in this game, your first team should be: landlord/tenant lawyer, electrician, plumber (charging good estimates of course) try learning general construction yourself.
Getting a job in the meantime will help pay for necessities. You must get a job, you’ll learn to be more disciplined working for someone else than doing it yourself.
keep your head up kid, the sun still shining
January 23rd, 2007 at 1:03 pm
casey, keep up the good work on moderation.
January 23rd, 2007 at 1:03 pm
BTW, when you describe a “put money into real estate and have a team of professionals manage it so that I don’t have to worry about the day-day issues” is basically what a Real Estate Investment Trust is (REIT). Now a good REIT takes a minimum investment of at least $20k (many minimums are several hundred thousand), but they’re a solid investment vehicle for diversifying one’s portfolio to create some exposure to real estate. If you want to try getting rich off of real estate without the headaches (and enjoy limited liability), its going to be difficult for a lazy amateur such as yourself to beat the returns of an REIT.
If you want to get rich off of rehabbing properties, you’re going to have to get your hands dirty. You have to know something about construction. Its hard work and there’s no guarantee that you’ll make money. If that doesn’t appeal to you, then find another means of generating wealth so that you have capital to invest in a professionally managed portfolio.
But you’re putting the cart before the horse if you honestly think that you’re going to earn any sort of significant return by a) not having capital to begin with; and b) not work. That you still don’t understand this basic underlining of a free market economy leads me to doubt that you’ll ever enjoy success.
January 23rd, 2007 at 1:15 pm
92. Casey Serin said:
“I’m learning that its best for me to keep my mouth shut about my thoughts on 401Ks, college degrees, and working regular 9-5 jobs.”
It’s what you say about these topics that enrage the masses, Casey. Because what you say makes little sense. 401k’s are not inherently bad (my company matches up to 4%) and neither are 9-5 jobs. There is nothing wrong with the way many of us choose to live our lives yet it’s glaringly obvious that there is definitely something wrong with the way you choose to live yours based on the amount of debt you’ve incurred.
The fact that you are in such deep sh#t and won’t take the advice of many who are fiscally (and otherwise) more responsible than you are can be extremely annoying.
I come here mostly to read the responses. I barely scan your blog topics because it’s usually what I consider either flame bait or regurgitated guru nonsense. I think deep down I am truly hoping you’ll eventually get a clue. C’mon, Casey… make me a believer.
January 23rd, 2007 at 1:18 pm
@ Jack Bauer
You think we could get the count down effect going on this site? God knows there is enough drama from CS but the tick-tock could add a nice effect as the jail time comes closer and closer…
January 23rd, 2007 at 1:24 pm
Casey:
Please take a look at this link:
http://www.smartmoney.com/debt.....fl=myyahoo
and reconsider the whole bankruptcy thing. Then read this:
http://finance.yahoo.com/exper.....life/21845
and reconsider real estate’s “get rich quick” possibilities.
While I agree with your friend Duane that you’re a “poster child” for the damage these idiot gurus can wreak, I don’t agree that you’ve completely eschewed their advice. You’re obviously so enamoured of the idea of making lots and lots of $$ asap without a lot of effort that you’re worshiping in the cults of these RE idols.
PS — anyone who advises you not to declare BK doesn’t have your best interests at heart. It’s that simple.
January 23rd, 2007 at 1:26 pm
My favorite Casey Quotes:
“I’m more of a self-employed type of person so a regular job is hard for me to stick to”
“being self-employed takes MORE discipline than 9-5″
“I never again want to manage my own property…I don’t have the attention-to-detail Guardian personality for it”
You don’t have the discipline for a 9-5, so you are going to be self-employed which takes more discipline? Lack of attention to detail is understating it, you are too lazy to open the mail.
Get a job and and dabble in real estate on the side. However, with your lack of work ethic and lack of attention to detail, you will continue to lose your shirt.
January 23rd, 2007 at 1:34 pm
Yo yo yo!
Right on! Casey, mah’ man. ‘S coo’, bro. ah’ been dinkin’. Maybe ah’ should let Mocha mosey on down on waaay down t’Modesto wid Be’zhawn and Starkeiha. WORD! Mocha looks some lot likes dat dat fine femahnaine ladee chick A–, but wid some little darka’ skin and some supa finer Booty. Slap mah fro!
(I knows dis cause I’m some real-uh-ta’ and ah’ seen dat fine femahnaine A– ladee some few times).
Man dat dat fine femahnaine ladee chick be hot but Mocha be HOTTER. Maybe I’ll let ya’ sit in de back wid Starkeisha and Mocha. WORD!.. Man we be havin some time! Right on! ah’ can’t wait t’get t’de courdoue and watch. Lop some boogie.
It some fast roll, mah’ man. ‘S coo’, bro. Right off 99, waaay down J street. Man! Dey gots some whacked waaay downtown in Modesto. ‘S coo’, bro. De streets all go off at some kind’a funky 45 degree angle fum de west uh de city. Slap mah fro! We’ll dig us some 40’s and plum watch de acshun! Right on! You’s in?
After we’s watch all da action I’ll take ya ta uh restaurant. A real one. Barbecue. We’ll gots lunch an’ uh few mo’ 40’san’ be on our way. We’ll be back by 3:30 or 4:00 at da latest.
You wiff us?
PS: Be’zhawn says he can cruize, so ya won’t gots ta pay fo’ gas.
w0rd
January 23rd, 2007 at 1:35 pm
There once was a fellow named Casey
His real estate deals were quite spacey
That incomparable scammer
Belongs in the slammer
And should be dispatched like John Gacy!!
January 23rd, 2007 at 1:38 pm
@ Stephanie-I am passed slapping mode, I am into full “Jack Bauer, tie a plastic bag over your head, cut your finger off and feed it to you mode”
@Ogg-If Casey hires you to manage his complex you call me if you have any problems with unruly tenants.
BTW, Casey even CTU provided me with a 401k, nice match also. Yes it is risky as are all investments which is why you diversify. Plus, the risk is about a billionth less than one you have done.
January 23rd, 2007 at 1:49 pm
“I figure there are 3 types of people here: 1) train-wreck watchers 2) people interested in real estate 3) people facing foreclosure”
I would guesstimate that 90 percent of your audience falls into category number one. As far as number 2 and 3 are concerned, coming to you for real estate advice is like asking Lindsay Lohan advice on the path to sobriety or asking Mel Gibson to sponsor a Bar Mitzvah at the Wiesenthal Center.
http://drhousingbubble.blogspot.com
January 23rd, 2007 at 1:49 pm
Good job selling your two sponsors. Probably the smartest post I have seen you make yet.
January 23rd, 2007 at 1:50 pm
casey,
stop belittling people that go to college, get a degree and then get a “9-5″. i have comp sci friends that make more than you as interns.
our solution might not be sexy. it might be conservative or elitist. but guess what? it works. the sum of five summers of research internships for me results in
January 23rd, 2007 at 1:51 pm
“I have a feeling though that the larger amount of critics here just want to see me fail one way or another. ”
Very few want to see you fail. But they are pointing out that your actions in the last three months are going to guarantee you failure.
January 23rd, 2007 at 1:55 pm
“From a sponsor’s perspective its a risky thing just being on my blog because of all the negativity. ”
Wrong. What you have is valuable. It’s called traffic. Doesn’t matter if your site is negative, positive, upside down, rightside up, if you’ve got the traffic, it’s yours.
You have enough traffic now to ensure a $1500 a month income. If you aren’t making that much per month then you are seriously doing something wrong.
January 23rd, 2007