April 9th, 2007 5:37 pm
Corporate Credit Seed Money Paid Off
For those who have been following this blog closely you will remember that I borrowed about $4,500 at a pretty high interest (plus points) from a private lender a few months back. That money was to pay for consulting and costs of acquiring a corporation and applying for lines of credit.
Well, the guys at Corporation Brokers finally got us to a point where we’re getting approved for business credit. We’ve been approved for a couple of small accounts (about a month ago) and the bigger ones are still on the way. It’s a process and takes time.
Today, I’m proud to say that I paid off my private lender who let me borrow the seed money. He took a big risk on me since he knew my entire foreclosure situation (hence the high interest rate).
It felt great to pay that money back! Now it’s time to start looking for some sweet deals! Maybe we’ll have a come-back story after all…
240 Comments
April 9th, 2007 at 5:40 pm
Of course, now you’ve got to tell us how you managed to scrape together $4500, plus a high interest rate, to get access to this credit.
And while you’re at it, please explain how you’re going to put this new credit to work? Maybe start paying off the other sweet deals that you’ve lost interest in?
Nah.
April 9th, 2007 at 5:42 pm
Casey did you buy that stock or not? You never gave a clear, non-cryptic answer.
Where did you get the money to pay off the private lender?
April 9th, 2007 at 5:43 pm
Yeah that’s just what you need……………..more credit.
April 9th, 2007 at 5:43 pm
Well done! You managed to eliminate one debt by gaining another one. You must be some kind of genius or something.
I’m glad you’re going for the corporate credit angle, as I recall people saying that your corporate credit scheme was probably illegal. Sounds much more entertaining than just going BK and getting a job. For me that is.
April 9th, 2007 at 5:44 pm
You actually paid something off?
Holy S*** !!
April 9th, 2007 at 5:46 pm
Casey borrows his way out of debt….
April 9th, 2007 at 5:48 pm
Do I laugh, or do I cry .. . . ?
More credit means that you are going to do only one thing. . . . buy something. But you have absolutely N O I D E A how to buy anything. …. If you want to know how to buy may I suggest a few years in sales?
Then you will know E X A C T L Y what is running through that seller’s head.. . .. .
Snowflake, please don’t try and prove anything to your naysayers. . .. . We don’t want to be the root of any more meltdowns….
Anyone else see another train wreck on the horizon?
April 9th, 2007 at 5:50 pm
This is totally wrong! The fact that you are now flaunting your new credit on this blog is simply disgusting. To make matters worse, you bought this new credit with money you should have been using to pay off your loans. I’m disgusted and out of here.
April 9th, 2007 at 5:51 pm
So now you are scamming under the guise of your corporation, eh?
April 9th, 2007 at 5:52 pm
lol. Everyone has their crack-cocaine, and for you it’s loans.
:-)
April 9th, 2007 at 5:52 pm
No Way Casey!
Did I read that right? Are you borrowing money to pay off another creditor?
Doesn’t Corporation Borrowers know your situation?
Dude……I admire your guts for risks. But maybe its better to reflect right now rather than go for the sweet deals..
…sweet deals are out there….But remember to study them carefully.
April 9th, 2007 at 5:55 pm
So, someone’s helped you reload the gun you’ve pointed at your own head, huh?!
Sweet! It’s all good!
April 9th, 2007 at 5:56 pm
“…It felt great to pay that money back!…”
Let me see if I have this straight:
You paid back the money you borrowed with
money that you borrowed.
And you consider this progress?
If done properly, it is considered a pyramid
scheme.
i.e. borrow $5000.00, then borrow $10,000.00
and use that to pay back the $5,000.00
Then borrow $15,000.00 and use that to
pay back the $10,000.00
Then borrow $20,000.00 (easy, since you have
a good credit rating for paying-off your previous
loans), and so on and so forth.
You still have no way of generating INCOME,
boy!
You can’t borrow your way to prosperity!
Can’t you get that through your thick head??!!
Geeez
April 9th, 2007 at 5:57 pm
“…Maybe we’ll have a come-back story after all… ”
Don’t bet on it
April 9th, 2007 at 5:58 pm
When’s the clock on your server going to be set for DST?
I know, I know - you’re not good at attention to detail and follow-up. Why don’t you delegate it to your ‘tech guy’?
April 9th, 2007 at 6:01 pm
You are one glutton for punishment. Give it up and declare BK, close down this blog, get a job and move forward. What can you possibly do with credit now? There are no more ’sweet’ deals as there never was any in the first place.
April 9th, 2007 at 6:01 pm
Today, I’m proud to say that I paid off my private lender who let me borrow the seed money.
With what money? We know you don’t have a job, and we know you haven’t sold any houses, and we know you didn’t have the money ten days ago.
The only possible sources you’re mentioning here are your shell corp credit lines, and we know you’re short on cash.. right? Wasn’t that the whole point of your pathetic panhandling display?
So where’d you score $4500 in the last ten days? It wasn’t from the “bigger ones”, because you haven’t secured those yet. If it came from the smaller ones - the ones you had a month ago - then you could have paid CashCall out of that. Also, you could have paid back the four grand weeks ago.
The only answer that makes any sense is that you’ve taken out yet another loan, in addition to your new corp credit lines. And you’ve done it in the last week. That about right?
April 9th, 2007 at 6:05 pm
So you say that you are the proud owner of exactly how much new debt?
April 9th, 2007 at 6:05 pm
Anyone who would lend a dollar to a corporation that has you as an officer is an idiot and deserves to be separated from his money.
April 9th, 2007 at 6:06 pm
Let me get this straight……
You borrowed more money to pay off another debt?
You didn’t pay off the debt. You just owe it to another person.
You were just begging for a few hundred last week, and you paid off $4500 at high interest?
Something reeks in this story. I think it might be the storyteller.
Will someone please arrest this man before this gets any worse? HOMEY….HELP US PLEASE!
April 9th, 2007 at 6:09 pm
Well Casey, I have to give it to you! You found a way to keep me coming back to the site. It’s no way I’m gonna miss this next 6 month ride. corporate credit (no mention of % rate), no income/cashflow (for monthly payments), new fix and flips (still never learned how to do it correctly), no reserves, and all while simultaneously filing personal bankuptcy. You pull this one off and I’m calling Guiness!!!
April 9th, 2007 at 6:11 pm
so what you are saying is you paid off your lender with money your corp borrowed?
Have you not learned anything?
April 9th, 2007 at 6:11 pm
Casey, one simple question. And please answer. How do you intend to protect the sweet lines of credit when you’ve got all them thar foreclosures and many lenders chomping at the bit to take a chunk out of your hide while you pay other lenders the money you owe THEM? Just a question. You should have kept your mouth shut. No comeback here - you’ll get shut down as quickly as you got started.
DSW manbag.
April 9th, 2007 at 6:17 pm
I love America. Good luck on the new business Casey.
April 9th, 2007 at 6:18 pm
Mind tell us what business you are conducting?
April 9th, 2007 at 6:28 pm
Hey Casey,
That corporate credit thing has got to be a scam. They’ve suckered you into paying four and a half thousand for what?
On what basis would somebody lend your corporation money?
Will you give full disclosure regaring your situation to the lender ?
Loads o Money
April 9th, 2007 at 6:28 pm
Um…
it’s not “paying back” a loan if you borrowed the money to pay it back from someone else.
There’s a reason it’s called “robbing Peter to pay Paul“…
April 9th, 2007 at 6:31 pm
How much credit? I notice that you dance around that. So you got the standard $300 card from Office Max, ‘eh?
P.S. You have to be careful about showing favoritism in paying off your creditors. If you really like that guy, I hope you paid him cash and then forgot about the whole thing. The problem is if you BK, the BK court will order payments for the last 90 days that show preference (this one does) back into your estate so that it can be divided in a non-preferential way.
Read here about preferences (and also fraudulent conveyance):
http://www.hagenhagenlaw.com/C.....estion.xsl
April 9th, 2007 at 6:37 pm
Let’s see, ten days ago there was a begathon because you couldn’t make your bills. Then there was the magical investment of $4220 in a gold mine stock GSPG, and now another $4,500 appears to wipe off a debt. At the same time, you are bickering with CashCall on making a $220 monthly payment, and other debtors are left waiting.
Forgive me, but something really doesn’t add up here. At a minimum, I believe those well-meaning haterz who donated money during your begathon are now really kicking themselves raw. I can’t believe anything you say about money _ except you seem to have enough coming from an unknown source that you clearly want to avoid BK proceedings because that would expose the source(s).
What I do believe is you have played your creditors and us for rubes and suckers. What’s that old saw — something about fooling me once, shame on you. Fool me twice, shame on me.
April 9th, 2007 at 6:39 pm
How did you pay off the loan? Can you tell us, provide insight, advice, anything?
April 9th, 2007 at 6:41 pm
yeah Casey, you’re really on your way. You borrowed some money to pack back some other money you borrowed.
April 9th, 2007 at 6:46 pm
You’re proud you were able to borrow money to pay off another loan?
You’re pathetic.
April 9th, 2007 at 6:48 pm
Still you dodge the compulsive gambler question. However, every action you take further reinforces this conclusion.
Whatever scam you’ve undertaken to get your hands on more money, the end you come to will be the same…tapped out, meter on 0, circling the drain.
April 9th, 2007 at 7:01 pm
What great news!
This means the blog will continue!!
More hilarious mistakes, idiotic schemes, and financial fun!
More debt!
Can you imagine what the lad will buy?
Can you picture the point….soon…when the poor business partner wises up and makes a fast exit, and we get the
“well things didn’t work out with….” blog the next day.
Yay!!
April 9th, 2007 at 7:09 pm
How was it that you had to beg for money for paying cashcall and yet could pay off a loan-shark loan?
April 9th, 2007 at 7:12 pm
You have paid nothing back. You satisfied one debt by taking out another, one which you will eventually default on no doubt. Your corporate credit will be mud soon since you have no money to make those payments.
April 9th, 2007 at 7:13 pm
A few questions:
1. You are referring to “C Promissory Note 1″ with a value of $5,000 and an eye-popping interest rate of 36%, correct?
2. Did you paid off the note with your corporate line of credit?
3. Do you realize that you haven’t paid anything back, just transferred the debt to another bucker?
4. Who was this private lender? Was it someone affiliated with Corporation Brokers?
5. What happened to the Utah payment?
6. How much cashback did you take out of all your mortgages?
7. What’s the deal with CashCall? Why were you flipping out on paying them ahead of all your other creditors?
April 9th, 2007 at 7:24 pm
I guess I am being dense here, but the way I read this you are proud of the fact that you were able to convince someone to lend you money so you could pay another party you owed money to. How does this improve your situation?
April 9th, 2007 at 7:34 pm
You paid off debt with some other debt. You winner you!
asw stated
April 9th, 2007 at 7:36 pm
Well, since only a week or so ago, you have to have a beg-a-thon in order to come up with $200 and change for CashCall, I’m going to assume you — sorry, your corporation — took out a new loan in order to raise the money to pay the $4500.
Borrowing new money to pay an old debt is nothing more than just putting off the inevitable moment when the debt has to be paid off.
All you have bought is a little time.
April 9th, 2007 at 7:46 pm
Hi Casey,
Your story is very interesting. Just about everything you have talked about I have either done or been threw. From the cash call to the corporation to wondering about buyer fraud.
I am not really sure the hoops you had to jump in order to get all off these owner occ. Thats a little tough.
You have made a great deal of mistakes. For one you just took on too much.
One of your bloggs there is a reply from someone who said sell with owner financing. This is one of your best replies. If its not too late this is something you should look at. Learn from all the mistakes and do it again. Just protect yourself. All these people who promised you wealth, your so called network, was made up of people who had an interest in making money also. Are any of these people here helping you now?? Did you actually structure any of the deals or did someone do it for you and convince you everything was in your best interest?? Until you can structure deals, buy and sell yourself then you are just depending on others to make you money. Not going to happen.
I am a new investor also. I bought 12 properties in the last year. It has been very hard for me too. It was easy to purchase though. I am still at it because I have a strong network of friends and people who work for me. You have to have a strong network of people who have you in there best interest and not a payoff. I also have used the cash back, Cash Call and other things to get his going. I didnt however say any of them where Owner Occ.
The question about the Jail Time..
Your problem is you have just spent hours of your time proving you are guilty right here in this blog. Its just plain stupid. You have multiple lenders who dont know eachother and dont team up to go after anyone. If you stated owner occ then you may have had every intention of moving there. It doesnt make on bit of difference what happens after the loan closes. If you changed your mind or what ever. You personal finances could have dramaticaly changed after the loan closed also. The fact there is a stated program is becasue people have a hard time proving income. Ask yourself why, Why do people have a hard time?? If everyone earns money and reports it to the IRS then they should qualify for a full doc loan. Seems simple right.. The lender is asking you to state your income. Income includes rents, job or whatever sources you have at the time of the application. So you tell me where you went wrong.. Unless you stated you make 500k per year which would be very unreasonable.
Get all this crap off your blogg so no one has any reason to believe you lied. Everyone gets caught up in these situations sometimes in life. Its important to realize this isnt who you are and move on. I have failed at many things. Each time though I realize what I have learned has helped me be stronger for the next phase.
I can go on and on. I would just stop talking about so many things that really need to stay private. You are looking to this for advise you are not going to get. You have your answers and need to trust yourself. So far I havent seen one reply thanking you for the warning. No one is taking your advise. So this isnt why you are here.
E-mail me if you want to talk more. I can help you get past the rest of this..
April 9th, 2007 at 7:51 pm
Who approved your corp and how small were the small lines?
You know you could file BK, then pay someone to add you as an authorized cardholder for credit cards with a clean 2 year payment history. My understanding is you can get a 700 FICO about a year out of BK. From the Wall St Journal.
So tell us about the sweet deals.
April 9th, 2007 at 7:51 pm
Congrats, Casey! It may seem a drop in the bucket, but getting that loan paid off is a step in the right direction. Good going, but remember not to rest on your laurels! Eg, I’d get your s*** together financially before you go looking for any more sweet deals.
April 9th, 2007 at 7:52 pm
Yay for the comeback!! You are truly blessed by having a team of such great professionals working for you.
Robbing Peter to pay Paul, huh?
April 9th, 2007 at 7:52 pm
aren’t you just borrowing more money to pay it off?
April 9th, 2007 at 7:53 pm
ASW: juice
It’s my first post here.
So you’re happy because you’ve got more credit? How about getting some income first, before you spend more money which isn’t yours?
April 9th, 2007 at 7:56 pm
Casey, I would like it if you would answer one question:
Did you find the missing payment with the Utah property?
If yes, please answer the following question:
Where is it?
Not that you’re going to let this through or answer it.
April 9th, 2007 at 7:57 pm
Hey Casey, Why don’t you comment on the fact that ever since Nigel ended your business relationship he has been playing character assassin on a daily basis? Why do you stand for that? Do you think he’s still a good guy? He’s no better than most of your haters. In fact he’s far far worse.
April 9th, 2007 at 7:58 pm
Don’t be a looser Casey
Start moderating this blog in a timely manner
April 9th, 2007 at 7:58 pm
ARE YOU JOKING?
LOL
April 9th, 2007 at 8:02 pm
This post almost makes it sound like you used the corporation to pay off the loan… please tell me this is not true. If it is, you’ve just given a prosecutor all he needs to pierce the corporate veil, and hold you personally liable for the corporation’s debt. Furthermore, taking more debt to pay off previous debt is not success.
If it is not true, and you actually managed to pay back the $4,500 by your own hard work (and not the work of setting up a corporation, but your consulting jobs which actually earned you money) congratulations, you may be making a comeback. Now just make sure you work extra hard and follow through, as this tends to be your weak point.
April 9th, 2007 at 8:16 pm
i believe it when i see it ….and who really cares…you still owe and id be very interetsed to see your true intentions in paying it back..i bet you try to pull the ..ohh its not my debt ..its my real eastate business…lets watch another roller coaster unfold
April 9th, 2007 at 8:23 pm
So if I understand you correctly, you paid off one lender with money you borrowed from another lender? How exactly is this something to be proud of?
April 9th, 2007 at 8:29 pm
You’re not even writing your own stuff anymore, are you?
April 9th, 2007 at 8:38 pm
Hey Casey,
Do the U.S. economy a big favor and give it up. Please.
Adios,
Roberto
April 9th, 2007 at 8:40 pm
Basis for piercing the corporate veil
Although courts will generally not hold a shareholder liable for actions that are legally the responsibility of the corporation, even if the corporation has a single shareholder, it will often do so if holding only the corporation liable would be singularly unfair to the plaintiff and the shareholder’s actions were clearly designed to attempt to pass personal liability off to the corporation. Generally, courts are reluctant to rebut the presumption of limited liability and pierce the veil. In most jurisdictions, no bright line rule exists and the ruling is rather based on case-by-case decisions. In the US, different theories, most important “alter ego” or “instrumentality rule”, attempted to create a piercing standard. Mostly, they rest upon three basic prongs - namely “unity of interest and ownership”, “wrongful conduct” and “proximate cause”. However, the theories failed to articulate a real-world approach which courts could directly apply to their cases. Thus, courts struggle with the proof of each prong and rather analyze all given factors. This is known as “totality of circumstances”.
Generally, the plaintiff has to prove that the corporation was set up to perpetrate a fraud, or at least show that the incorporation was merely a formality and that the corporation never held proper shareholder meetings to distribute profits as dividends. This is quite often the case when a corporation facing legal liability transfers its assets and business to another corporation with the same management and shareholders. It also happens with single person corporations that are managed in a haphazard manner. As such, the veil can be pierced in both civil cases and where regulatory proceedings are taken against a shell corporation.
[edit] Factors for Court to Consider
* So grossly undercapitalized that fraud is likely
* Failure to observe corporate formalities
* Intermingling of assets of the corporation and of the shareholder
* Treatment by an individual of the assets of corporation as his/her own
* Failure to pay dividends
* Siphoning of corporate funds by the dominant shareholder(s)
* Non-functioning corporate officers and/or directors
* Concealment or misrepresentation of members
* Absence of corporate records
* Was the corporation being used as a “façade” for dominant shareholder(s) personal dealings; Alter Ego Theory
* Failure to maintain arm’s length relationships with related entities
* Manipulation of assets or liabilities to concentrate the assets or liabilities
* Other factors the court finds relevant
It is important to note that not all of these factors need to be met in order for the court to pierce the corporate veil. Further, some courts might find that one factor is so compelling in a particular case that it will find the shareholders personally liable.
April 9th, 2007 at 8:43 pm
Casey, please tell us how you managed to pay that huge loan off today when not only a week ago you were begging on your site for $ to pay cashcall.
Did that guy that owes you $ pay you finally?
Or did you take out another loan?
And, how on God’s green earth did you get approved for a busniness credit loan?
Don’t you think you should pay back some of those many many dirty pennies before you start borrowing more?
When will you just suck up and get a job and EARN some money? That is what most people do.
That is why you have so many “Haterz”, Casey. People look at you and how you operate and all they see is someone that thinks he is too GOOD to go out and work. That somehow you are ABOVE working for money. Instead you think it should be GIVEN to you.
Please respond. You dodge questions left and right; for once I would love you to answer.
April 9th, 2007 at 8:51 pm
Casey, I’ve been following your website for the last 3 weeks.
Surely a lot of people, including haters, would like to see you pull out of this mess you’ve got yourself into. But the reality is that you’ll lose everything and go into bankruptcy. It’s like watching a train wreck in slow motion.
As a budding investor, I look at your mistakes and tell myself “don’t do that”. Don’t buy at the top of the market. Don’t lie on the loan forms. Maybe if you had done some things smarter you would be successful.
After watching the video of you with Kiyosaki I realised that you were doomed to fail from the moment you started. You bought your first house for $360K when you had no assets, indeed you were $30k in debt, and you had to get rid of it right away because you couldn’t afford the loan repayment. The other 7 (seven!) houses were acts of desperation as you took on more and more losing positions to try to cover your previous mistakes.
Even now you are still trying to do sweet deals. Casey you must be the world’s biggest optimist. But you’re also lazy and incompetent, and you can’t take advice. Some good advice has been posted here by your haters. you should really take time out to follow it for a while.
Don’t pretend to be an investor until you’ve got positive net worth. If that takes 7 years of bankruptcy, then so be it.
Don’t take on debt which you can’t service. Buying a house leaves you with a house, which doesn’t bring in any money unless you rent it out, and a big mortgage, which takes a lot of money every month. You need cashflow. Your favourite guru Kiyosaki told you this in Rich Dad, Poor Dad. But you didn’t listen to him. If you don’t have cashflow to cover mortgage repayments, then don’t do the deal.
Your surest way to financial freedom is to get a job. Use this job to get money coming in which you can invest, or turn into businesses which will pay you money. If your businesses succeed, you can quit your job and invest fulltime. If they don’t succeed, you’ve still got your job.
There are a lot of people who are wracked by credit card debt. These people are stupid. Don’t be like them. Never take on more debt than you have assets. Never take on more debt than you have cashflow or other assets to repay. Always calculate your cashflow on the deal; it either has to be positive or you need to be able to cover the outgoings. Never agree to 10% or higher interest rates on debt.
Becoming rich is a matter of 99% hard work and 1% taking advantage of opportunities. Not the other way around.
April 9th, 2007 at 8:56 pm
Casey:
SWEET… Corporate Credit…
I bet you took the Mrs. to Macaroni Grill tonight…
Make sure to take plenty of photos on your next trip to Hawaii or Tahoe…
April 9th, 2007 at 9:01 pm
You just don’t… learn… at all, do you?
Somebody months and months ago posted about the Martingale betting system, how you’re using it, and how it doesn’t work. Read up on it, you compulsive gambler, you.
I shudder to think of whose credit you’re hosing in order to get this to work.
April 9th, 2007 at 9:02 pm
Caey,
2 Qs:
1. Where did you get the money for that? I know you had that CD duping gig and some small web work, but I didn’t think it paid 5k.
2. Why didn’t you form the corp yourself? You could have gotten a registered agent, formed a Nevada corp, and done it yourself for *A LOT* less. (And yes, people on this board claim that corporate credit still takes a signer in good standing, but that’s easily circumvented - legally/cheaply)
-Stevie
April 9th, 2007 at 9:04 pm
I’ve been reading this blog with varying degrees of interest for a couple of months, but this entry has finally made me post. Do I understand correctly that you’re paying off the original loan using this new nifty-neato platinum-level “corporate credit”? So you still owe the money, just to someone else? It’s hard for me to see how this can “feel great”–paying off a debt with money earned by the sweat of one’s brow “feels great.” Transferring a debt from one column to another feels like–a shell game. How is this an accomplishment? Call me negative, but I’m not seeing the progress.
April 9th, 2007 at 9:08 pm
Uh, borrowing from peter to pay paul? Yay. We’re all really impressed down here, let me tell you.
April 9th, 2007 at 9:17 pm
AHHHHHHHH!!!!!!!!!!!!!!!!!!
asw: craziness (seriously)
April 9th, 2007 at 9:25 pm
Please Casey…
Not more “sweet deals.” That’s the thinking that has gotten you into all of this trouble.
April 9th, 2007 at 9:31 pm
Wheeling and dealing… I don’t see details or anything of substance. This is like reading spam email, I’ve got lots of that already thanks. Come on, please keep us in the loop regarding bank phone calls, CashCall, rent money, etc. Even grocery items would be better than the guru spiel.
I’m praying this whole things ends soon with a bang and not a slow decline into a sponsored link farm or whatever you planned - a portal, or something awful like that. It’s been a cool ride, you got your $300 fare, now I want to see the destination. What will it be? BK odds on favorite. Jail distant second. Horrid marketing portal third. Please PLEASE don’t go there, though.
Carry on.
April 9th, 2007 at 9:41 pm
So you are saying that you paid off the personal loan by taking on corporate debt?
April 9th, 2007 at 9:45 pm
You are mentally ill. But, you’re also clever enough to post next to no details about your latest scam so you can keep people coming back for another month by leaking out 1 bit of information at a time.
So, should I conclude from your post that you paid off your private lender using money you borrowed through your corporation?
April 9th, 2007 at 9:54 pm
So let me get this straight - a week ago you were begging people for a quick cash injection, practically on bended knees, and now you’re telling us that you had $4,500 all along?
I bet that will go down a storm with people who actually sent you money. And I’m sure your many, many creditors will be equally impressed.
April 9th, 2007 at 10:13 pm
Oh, well …
April 9th, 2007 at 10:34 pm
Way to go Casey.
You borrowed money at high rates to buy a corporation that would let you borrow money? Interesting approach.
So have you made sure all the documents for the corporation are up to date? (Directors’ minutes, shareholders’ minutes, taxpayer ID#, state filings, etc.) Do you know anything about what you’re getting into other than what the salesmen have told you? If you haven’t done everything by the book, and made sure your corporation is adequately capitalized, you might lose a lot of liability limitations that would otherwise be available.
Some things never change.
Still no good ideas about how to make money.
Still looking for ways to get deeper into debt.
Good to see you’re learning from your mistakes.
And where’d you get the $4,500 to pay off the private lender?
Seriously dude, somebody quoted the “underpants gnomes” episode of South Park the other day. You need to rent it and watch it about 50 times until the meaning sinks in.
April 9th, 2007 at 10:34 pm
He banned me that Troll
April 9th, 2007 at 10:36 pm
Serin is going to jail. asap
April 9th, 2007 at 10:43 pm
Let me guess… You borrowed more money to pay him. Why does this make you feel good? If you had earned the money it would be a different story.
April 9th, 2007 at 10:48 pm
keep plugging away Casey.
April 9th, 2007 at 10:49 pm
You were on here begging for $200 to pay off cashcall (which was my ASW) and somehow you managed to pay off $4500 at high interest?
You’ll either have a comeback story (which I doubt, no offense… I just don’t see it happening) or you’ll be able able to start iamfacingforceclosure-again.com
Good luck with it though!
April 9th, 2007 at 10:49 pm
So does this mean you REALLY DID BUY those GSPR shares?
asw=mogul
April 9th, 2007 at 10:54 pm
How much are the “small accounts” and who are they with? Are we talking real cash or a $200 credit line at Office Depot?
April 10th, 2007 at 12:06 am
Sorry Casey - you blew $4,500 on this corporate credit thing before I read your blog.
I could have given you the link to a few good message boards where you would learn how to build up credit with small accounts, buy a shelf corp, get store credit lines, open and file a D&B # and buy a PAYDEX score. It’s pretty basic stuff - not worth even close to $4,500 worth of knowledge.
April 10th, 2007 at 12:57 am
Rule #1 of Finance:
When you find yourself in a serious hole, stop digging.
Seriously Casey, at what point will you stop and recognize that you’ve just wasted a year of your life looking for a quick solution to your problems? Your net over the last 12 months has been NEGATIVE! Even when “brilliant” guys like Trump fail, they don’t fail for 12 months straight!
Susie was right, you are addicted to real estate gambling. Right now you sound exactly like a day-trader or an out of control gambler. Find a support group.
April 10th, 2007 at 1:50 am
So, you’ve robbed Peter to pay Paul.
Brilliant! (NOT)
Let me guess. You’re going to try to transfer all your unsecured debt and 1099’s to this corporate shell of yours. That’s a tall order, bub.
asw: “fixnflip”
April 10th, 2007 at 2:06 am
Ok, Ill bite. How did you get the money to pay him back?
April 10th, 2007 at 2:06 am
Is this what your blogs are going to look like when the last home is finally foreclosed? ZZZZZZZZZZZZZzzzzzzzzzzzzzzz………………
April 10th, 2007 at 2:49 am
How did you pay the money back?
I assume you borrowed it from one of the new small corporate credit lines. In which case, you haven’t paid back anything. You just switched lenders.
Big Deal.
April 10th, 2007 at 2:54 am
How much for the Burdett Way house? Oops nm, foreclosed. How much for the Larchmont Dr. house? Oops nm, foreclosed.
How much for the Muncy Dr. house?
Time for the speculative jerks to stop inflating the costs of home ownership for regular people.
April 10th, 2007 at 3:02 am
Now you should go out and buy a shovel. Go dig a hole deeper than the one you’re in.
April 10th, 2007 at 3:09 am
Casey, how do you plan on obtaining more houses? Lease options?
FT
http://www.milliondollarjourney.com
April 10th, 2007 at 3:10 am
way to fail forward…..but what about all your unsecured debt??? How are you going to deal with that…
April 10th, 2007 at 3:11 am
let me guess, you took out another loan to pay off this loan, because god forbid you actually EARN any money, right?
April 10th, 2007 at 3:13 am
What about being down to your last $40?
And you wonder why everyone thinks you’re a liar.
April 10th, 2007 at 3:17 am
That’s quite impressive. From unable to pay cashcall $220 to banking $5000 after taxes and expenses in one week. Mr. King will be interested with your priorities but that’s not important. What’s important is your twisted view of money. You didn’t really “pay off” a debt, you moved debt arround. In this case you started with $4500 in personal debt to purchase an aged Nevada corportion. You proceeded to install yourself as an officer and then with a wave of the pen paid off that personal loan plus interest and a little extra for yourself by calling it a business expense. Even if the veil were not pierced (it is) you are $5000 (plus 5x$135 I/O pmts) poorer. Much as you’d like to believe otherwise, Casey Corp. debts are your debts too. Okay, so now you have a corporation that: 1) you bought without doing enough research, 2) paid too much for, 3) is worth less than you paid, 4) isn’t producing any income, 4) is bleeding money, 5) is inconvieniently located far away. Gee, sound familar? Youjust did with a company what you did with houses.
April 10th, 2007 at 3:20 am
Casey,
1. I am glad the service is working for you.
2. Based on some other services out there and what it takes to set up business credit if you do it yourself the pricing for Corporation Brokers seems pretty pricey. Any particular reason you went with this company? Did you compare them to any others? If so what made Corporation Brokers the better choice?
Really curious as I keep putting off taking the time to get my LLC’s credit established. Too busy running the business to grow the business so something that I need to fix.
April 10th, 2007 at 3:21 am
“Well, the guys at Corporation Brokers finally got us to a point where we’re getting approved for business credit. We’ve been approved for a couple of small accounts (about a month ago) and the bigger ones are still on the way.”
So … from that and reading your previous comment about Corporation Brokers, you are going to establish a corporation, use it to borrow money from multiple lenders (small accounts? bigger ones on the way?) and then use the borrowed cash to repay your personal debt.
This sounds like another case of robbing Peter to pay Paul. How is your corporation going to service its debt, since it has no assets and it has to pay interest to whatever lenders it has contracted with? Sweet deals? I think you should forget them.
Casey, you sound happy to get more credit. Are you insane? Easy credit is what got you into this mess - double digit interest rates and no cashflow are keeping you in it.
Lending yourself money from a corporation which has no assets and is not a going concern is probably illegal. If your corporation can’t service its debt then you’ll have more than just bankruptcy to face; you’ll be up against the corporate regulators too. And they’ll pierce the corporate veil like so much tissue paper because no legitimate corporation would act in that manner.
Again: Get a Job. Paid work will allow you to exchange your physical effort for cash, at a known and predictable rate. This is called “earning money” and people who do this are called “breadwinners”. That’s because they bring home “bread”, which is another word for money, and they are “winners”. As opposed to “losers”, who are people who lose money chasing sweet deals.
After getting a job, be sure to spend money at a lower rate to your earning rate. That will allow you to “save money” which eventually becomes an “asset” and which, at some time far in the future, you can use to “invest” or run your own business.
April 10th, 2007 at 3:26 am
Can you tell us the interest rate he charged? And where did you find the money to pay him back?
April 10th, 2007 at 3:36 am
how in the world…
April 10th, 2007 at 3:49 am
This just continues in your tradition of wasting money on gurus, boot camps, etc- just in another field.
I have corporate credit- lots of it. I have flawless DnB, Experian Biz, and Equifax Biz files. I have many low rate cards, LOCs,etc. I get credit limit increases regularly. Just got an extra 8 grand on one of my cards today. Last month Bank of America gave me a 10 grand increase on my Visa. It’s nice.
How much did I pay for a corporation? I think I paid a total of a couple hundred for setup, first year franchise fees,etc. My yearly recurrring costs for corporate fees are in the $100-200 range.
How much did I pay to “credit builders”? ZIP. I think anyone who is at least semi-literate can easily build their own credit. Now, I don’t know if Suze Orman is right and that you are a “highly intelligent young man.” However, I think you are at least reasonably bright.
You don’t need corporate attorneys, “credit building team”,etc.
Maybe if you were working and bringing in a good income and want to start a side biz, it might make sense to delegate some of these things and pay for it.
But you have all the time in the world. You could read a couple hours of material and learn how to do something yourself. But you are addicted to “Gurus” and scam artists,etc
How can anyone take you seriously when you beg for $200 to pay Cashcall ( also a big waste of money, but you never listen about that either) and all that, but you are spending THOUSANDS on more “guru” junk.
Why are you still paying for guru and bootcamp stuff? Did you trade-in Russ Whitney for Ray Reynolds?
April 10th, 2007 at 3:55 am
These “Corporate Credit” folks sound just like the scams you should be avoiding, Casey, with their claim of “Raise unlimited amounts of Corporate Credit for your ventures”. They may not actually be a scam, but it sounds like one, and that’s why you should stay away. At least until a few years later, when you may be able to tell the difference between a scam and a sweet deal.
Casey, I think you hold a distorted view of what constitutes a business partner. When you pay these dudes $4000 for a corporation and some lines of credit that doesn’t make them your partner. That makes you their mark. You could have registered the corporation yourself for much less and gone out to find the easy credit for nothing.
April 10th, 2007 at 4:09 am
Awesome stuff Casey, I am waiting for that comeback story.
Wishing you the best,
Brenden
April 10th, 2007 at 4:11 am
How is taking out more credit going to help you long-term?
Are you simply recieving credit offers in the mail? Because that’s not exactly the same as actually obtaining said credit.
What are the interest rates? What are the late-payment fees? What are the loan amounts? How is this possibly worth it?
Are you just trying to pay off your personal loans before filing bankruptcy?
April 10th, 2007 at 4:14 am
Wait, are you saying that you are proud because you used borrowed money to pay back other borrowed money?
Isn’t that how this started in the first place? What are you thinking? How can you be proud of this? GET SOME JOBS!!!! I say jobs because until the debt is repaid fully i.e. not more borrowed funds, you should be making every effort to EARN all you can. Now get youi head out of your *ahem* and start seeking gainful employment.
April 10th, 2007 at 4:29 am
I don’t care what it takes turnip head, you’re going down. I am forwarding all this crap to your state’s Attorney General. You are using a corporation to absolve personal debt. It’s illegal. You’ve finally done it snowflake. You found the perfect way to get your butt tossed into jail.
April 10th, 2007 at 4:38 am
For business credit? What business? Please tell me you aren’t actually thinking of recreating this entire mess and going back into your “real estate business?”
That’s ridiculous. You can be an entrepeneur when you are a little more mature.
For now be a man and take care of your family… and get a SECURE job.
April 10th, 2007 at 4:38 am
Whaaahoooooo!
Go get’em Casey! Make that deal today! You are totally awesome and persistent.
good luck
April 10th, 2007 at 4:39 am
Hey Casey,
Whats happening with the comment moderation. Its getting pretty slow - also your updates are pretty slow coming. You just need to write about what you have done that day if you have nothing else to write about.
Also, whats up with the last comment #222 on the Suze Orman stuff. I think somebody was asleep !
Loads O Money
April 10th, 2007 at 5:02 am
If you ever become a “success”, it will prove not all get-rich-quick schemes fail.
;^)
April 10th, 2007 at 5:04 am
Let me guess. You used the corporate line of credit to pay back the private lender, right?
April 10th, 2007 at 5:05 am
Desperate attempt to drive web site traffic back up.
Whoops! I fell for it.
April 10th, 2007 at 5:06 am
Casey, I sincerely hope your corporation will be able to borrow $20 million at least. I love this site and I’d be sad if it died. And it will die if you can’t come up with some kind of act to keep it going. This latest scam looks rich in entertaining possibilities.
April 10th, 2007 at 5:17 am
May I ask where you got the money to pay the private lender? Did you borrow the money on corporate credit to pay back the private lender? If so, you just borrowed from Peter to pay Paul and that is nothing to be proud of. If you managed to earn the money to pay it back, then way to go! You are on the right track.
April 10th, 2007 at 5:19 am
Are you smoking crack? Face the facts— you are just robbing peter to pay paul!!!!!
April 10th, 2007 at 5:32 am
So you begged money from your loyal readers on this site to get CashCall current, but somehow you found the money on your own to payoff the $4,500 Corporate Credit Seed Money? It’s hard for me to understand how you were able to pay the one, but had to beg to pay the other.
April 10th, 2007 at 5:36 am
Isn’t this a case of robbing Peter to pay Paul? I fail to see how this measurably improves your debt situation.
If you paid this out of income rather than debt, I would be more impressed…
April 10th, 2007 at 5:51 am
Yo, CS:
A unique opportunity for you. Already fixed up, just needs a few more add ons for a giant flip.
http://www.homesdatabase.com/c.....UZcCO2EVmh
April 10th, 2007 at 5:55 am
Casey, how many more scams will you fall for before you finally say “ENOUGH”?
The 2+ million you borrowed to buy real estate, that money went into other people’s pockets. Someone made a big profit off your borrowing and you were left holding the bag. You were set up to fail, Casey.
And now this corporate credit, it’s the same thing. You borrow, someone else pockets. You are being set up all over again, Casey. When will you learn?
April 10th, 2007 at 6:14 am
“That money was to pay for consulting and costs of acquiring a corporation and applying for lines of credit.”
Could you tell us which corporation did you acquire? I mean, how many corporations can be fully acquired these days for just $4500? You might be able to acquire only a portion of the outstanding shares with that money.
Any chance this acquisition is actually the shares in GoldSpring? That would be about right on the ballpark of $4k.
BTW, what’s your opinion about Corporation Bankers? How expensive are their services? How effective are they? What do they need to get someone going with a corporation and financing?
April 10th, 2007 at 6:15 am
Don’t be so hard on Casey. There’s hundreds of companies on the bulletin boards that sell for under $1 a share. These companies have no business to speak of, they are just shells to raise money and default on.
Casey’s company is not really in business… it’s just a paper corporation that he uses to raise money with.
Casey… is this your plan? If so, more power to you. Hundreds of people do this, and never get in trouble.
Keep blogging about it, and share the secrets. I’ve come to the conclusion that an honest life is a sucker’s life, and will start looking for some easy schemes (sweeet deals) to bring in more side money.
Screw America… its a corrupt country that deserves to get hosed (my opinion… not necessarily Casey’s)
April 10th, 2007 at 6:15 am
Fabulous.
Just what we need to liven this place up a little.
That flippin stuff was getting boring wasn’t it? No excitement any more.
Turn the channel Casey, you’ve got the remote.
Hey, Corporate Credit. This should be fun.
April 10th, 2007 at 6:20 am
Hey Casey
As happy as I am about you paying off your private lender I would have to agree with most of the people here. All your doing is borrowing money to pay off money. I’m not sure what the terms are for the money you used to pay off a private lender, but I pray it is at least a lower interest rate than the private lender loan. The question I ask is how are you going to pay for the new loan. I know you said you have some part time work hear and there. Still is it enough to cover the new money 100 percent plus living expenses. I wish you luck, but I don’t think it was a great idea to start borrowing money.
Just my two cents Casey. Would be interesting if you could post the actual details of the new money, interest rate, terms and etc.
April 10th, 2007 at 6:21 am
ASW: equity (also known as, “something which Casey entirely lacks”)
Casey, how much did you borrow from CashCall, and what was the interest rate? Was it all at 96%? If not, how did the interest rate suddenly become 96%?
April 10th, 2007 at 6:33 am
Michael: “Uh, launder. To clean.. No.. Wash.. Here it is: ‘To conceal the source of money, as by channeling it through an intermediary.’ To conceal a source of money..”
Samir: “That.. that doesn’t really help us, Michael.”
Peter: “I can’t believe what a bunch of nerds we are. We’re looking up ‘money laundering’ in a dictionary.”
–
Oh, by the way Casey.. you *do* know that by running this through a Nevada shell corporation, you’ve crossed state lines and made any resulting crimes federal, don’t you? Starting with wire fraud?
And that laundering puts this under RICO - the organized crime statutes - and pretty much establishes intent to defraud?
No more “I didn’t know it was wrong” for little Snowflake.
Tick tock. Tick tock.
April 10th, 2007 at 7:49 am
So, you’re incorporated, is that right? When can we buy shares in your corporation? You goin’ public anytime soon?
April 10th, 2007 at 7:53 am
Casey, you what?
Let me get this straight. You borrowed money to pay off a borrowed money? Borrowed money from Peter to pay Paul.
Just great… Just great.
You also spent over $4000 to create a corporation?
You can do that with couple hundred dollars and build your credit.
Stop gambling Casey.
This is getting serious.
April 10th, 2007 at 7:56 am
Casey, what accounting software do you use?
Is it double-entry? Does it automatically download statements from your bank accounts?
April 10th, 2007 at 7:58 am
Casey,
What exactly is there to be proud of, paying off one creditor with money borrowed from another creditor? Is the second creditor charging you much less interest than the first?
April 10th, 2007 at 8:09 am
Casey, Casey, Casey ….
Will you ever learn?
Have you got your income taxes ready?
April 10th, 2007 at 8:20 am
Got a registered corporation number for us?
April 10th, 2007 at 8:21 am
So you think you can help people?
All you’re doing is showing people what NOT to do.
I pity the poor fool who reads this blog and thinks of you as a “success” and follow your lead to more and deeper debt.
This is bad.
Bad.
Please update your spreadsheet and disclose your earnings since last September.
Bad.
April 10th, 2007 at 8:26 am
To everyone:
Oh, check out that web site on the money helper “Corporation Brokers”, DVD available. This is the real-estate courses all over again except these guys help you fill out the bank forms and take a cut. IE they get cash and you get the liability.
Casey,
Think about this. Except for the loan people who are losing cash to you there are people making money off you all over the place. Real-Estate courses, real-estate agents, now these corporation brokers. You are accumulating debt. They are accumulating cash.
April 10th, 2007 at 8:28 am
SacramentoIT , dittos on that one my freind…
Do what he says Casey, that’s some sound advice.
April 10th, 2007 at 8:32 am
Casey,
You got skills in one area, and that is borrowing money. I say this trying to get you to think; you have a lot of experience in borrowing from mortgage lenders, hard money lenders, business lines, personal lines of credit, and cash call. Even in the face of your dwindling credit, you manage to get folks to lend you cash. Maybe you should right a book for those facing foreclosure, “How to Milk Credit Even When The Cow is Dead.”
My surprise lies with these lenders funding you. Ultimately they are the party responsible for giving you the funds. I’m glad you are able to take $20 out of your right pocket and place it in your left and feel wealthier because of it. I think you need to go to Arizona to make deals, I heard the market is hot.
April 10th, 2007 at 8:36 am
So what is the name of this corporation? And what did you pay for it? Is it even located in CA??
This is pure craziness… but I think it is just a hook to keep people into the blog.
April 10th, 2007 at 8:50 am
Nigel did not like this idea. He’s dogging you out on your RV too. Did you ladies have a fight?
asw: manbag
April 10th, 2007 at 8:56 am
Look all of you haters™ are not really listening to what I say to you. I will give the details so you can see that what I am planning to do will be a sweet™ way to put together a win-win™ deal for all involved.
I actually have 2 new corporations. The idea is that C1 will (once I establish my corporate credit™ - days away!) buy a property. I am thinking that C1 will buy either Larchmont™ or Burdet™ from the lender, because a) I can get a really sweet™ deal as an REO purchase, and b) I am familiar with these properties. I feel strongly that I have learned from my mistakes™ on these properties and if I can now but them at 30-45% below market allowing me instant equity!
OK, so C1 buys Burdet™ and immediately executes a sale/leasback to C2 thus establishing an asset for C2. C2 can then collateralize that asset in order to buy Larchmont™ from Lender2. Lender2 will only be very happy to have Larchmont™ off of their books and thus will give C2 an extremely favorable purchase price.
I plan to use the services of Darnell da Realuhter™ (I met him last week and he’s really cool) so that Lender1 and Lender2 never learn of my identity (I am not so sure that they woud want to complete the transaction if they knew, but this is my plan so I can pay off every dirty penny™ that I owe.
I came to meet Darnell early last week durng my team building™. He is kind of a physically imposing figure, sort of like Mr. T, but without the mohawk and with more “bling”. After we discussed the particulars of the transactions, he suggested that as a goowill gesture he would discount his commission to 7.5%. That seemed reasonable given the circumstances.
Once C1 and C2 have assets, I will form C3 as a holding company. The holding company will then seek private equity™ (much as a hedge fund) to make an offer to purchase C1 and C2 as independent subsidiaries. The structure of C3 will either be an LLP or a Limited Partnership (I’ll decide for sure once I get to the end of the book, I’m only on the chapter about Partnerships now) and with the new structure of a holding company with private equity investors™ It will be a slam dunk to get a revolving line of credit from a bank (I may want to use Wells Fargo as a way to pay some of their dirty pennies™ back).
In any event I feel blessed™ that I live in a country that allows an individual to have multiple business entities under single control. Also, I am completely indebted to the many highly qualified™ members of my business team™. Without their singular expertise, none of this would ever have been possible.
I now feel confident that I can close on my first (of many!) apartment buildings by July (I have my eye on one in Norwood that is extra sweet™)
April 10th, 2007 at 9:18 am
Casey - congrats!
As Kiyosaki would say, you’ve found “a greater fool” to give you $ for sweet deals.
Good job!
April 10th, 2007 at 9:22 am
Casey may never see the jail cell for his mortgage fraud, but I bet he’ll see the jail for this tax evasion through this corporate scam!
Is he doing business out of Nevada? If he is, he’s bound to get screwed!!!
April 10th, 2007 at 9:24 am
ASW: donation….I certainly hope you won’t be asking your readers for anymore of those.
Casey, why don’t you answer your questions? We all want to know how you paid that 4500 back. Did you earn the $ or did you borrow it? If you borrowed it, you didn’t pay anything back. You just took on more debt.
Please answer your readers. We are still here. Don’t you think you owe us some answers?
April 10th, 2007 at 9:32 am
I am astounded and aghast.
The simplest question I would ask is this: Did the net amount of money owed (totaled between Casey and CaseyCo) change at all? Or do we still owe $175,000 (barring interest, late payments etc). If that number hasn’t changed then you have not made any progress; all you have done is replaced one line on your debt sheet for another (replacing mystery man for corporate credit).
It still does not answer the fundamental question: How do you plan on paying your bills this month? You need to come up with $3,000 to pay off this months bills.
He never looks at the problem at hand- He is always looking to the horizon, to the problem far away- Never where he is right now.
April 10th, 2007 at 9:47 am
Casey,
Why don’t you invent something and use a invention company to patent and market it for you. They’ll only charge you $10k for the service and get your name out there!
Then, BAM! Your widget is selling in Wal-Marts and Targets across America!! SWEET! Just like my anti-spam word! Which is SWEET again!
April 10th, 2007 at 9:50 am
Casey,
Does “Corporation Brokers” know your entire foreclosure situation, like your mystery seed money lender does? Do the companies with which you have new loans know your foreclosure situation?
You lied to Cashcall on that phone call in late March. They asked how much income you had, you said $1500/mth, then when they said they couldn’t make any agreement, you “raised” your income to $2000/mth. And you’re dancing around your financial situation with them. “We do have additional payments that we’re doing for err… for… some of the credit cards when we can.”. Right.
Then Cashcall asks “Exactly what’s going on…?” and you say “It’s because business just kinda took a dive.” and “But now it’s just kinda a slow spot.” These are lies. Foreclosing houses because you haven’t paid the mortgage in 6 months is not a “slow spot”. Furthermore, you didn’t have a business. It was just you, desperately trying to prop up losing deals with more losing deals. You never had a business, so there was nothing to “dive”.
Then Cashcall sums your income and your expenses and finds that you are spending more than you earn. That’s a no-no because it means you don’t have any money to pay back cashcall. And at 96% interest, cashcall will soon own the clothes off your back.
So you tell Cashcall that it’s really $1500. And then Cashcall says they can’t modify or defer. And then you tell them it’s $2000. That’s another lie.
Cashcall are ignorant about the nature of your “business” because they asked you “you mean you lost clients?” then you reply by conflating “lost clients” and “also doing some real estate transactions”. This makes it sound like if your business hadn’t “lost some clients” it might be okay now. But of course that’s misleading. You never had any clients, and even if you did (for web design or similar), that’s completely irrelevant to your financial situation. The real reason you can’t pay cashcall is you borrowed a lot of money and spent it all, without creating any income. That’s not an excuse, just a fact.
It’s surprising that Cashcall didn’t grill you mercilessly about the foreclosures. They let you off the hook to pretend that your consulting business will somehow grow and mitigate your otherwise dire financial situation.
Later on Cashcall said they’d settle for $9752. From a “roughly $10,000″ loan. And then they say the full balance is $10,374. Casey, exactly how much did you borrow from Cashcall, and how much did you repay? The full balance is roughly more than your original loan amount, even what, 9 months after you got the loan? When did you buy Burdett anyway?
I just noticed on your financial statement, ‘G’ has 9 credit cards. That’s insane. And your “normal payment” is less than half the minimum amount due. So much for “taking care of her credit”. Dude, minimum amounts are set to an amount which ensures you will be paying very little off the principal. Credit card companies want you to pay lots of interest; that’s how they make their money. If you pay off the principal too quickly you’re less valuable to them as an easy money sucker.
April 10th, 2007 at 9:53 am
Casey, keep attacking the debt/income problem. There’s no need to build any fundamentals, have patience, planning or foresight. Just keep running headlong into brick walls at full speed– you will break through eventually!!
Keep at ‘em tiger.
April 10th, 2007 at 10:01 am
You were so insulted when Nacho called you a slow learner yet you prove it again and again. You just can’t learn.
You’ve acknowledged it’s your own fault we start assuuuuming when you don’t give us details. Yet, slow learner that you are, you can’t seem to actually give us details.
ADMIT IT: YOU LOVE TO STIR THINGS UP!
If you did actually earn that $4,500-plus, you surely would’ve mentioned it to CashCall as a projected source of income.
So unless you won the Lotto or a rich uncle died, that leaves borrowing. From Peter. To pay Paul.
You feel so great about “paying off” a loan — but you’re not! You may be lowering the interest rate, which is fine and dandy, but you’re not paying anything off.
And you really don’t see that you’re a slow learner?
April 10th, 2007 at 10:07 am
ASW: cashflow
Woof, woof! I approve! Casey can do no wrong! Now where’s my rubber chew toy? It’s all good! Woof, woof!
April 10th, 2007 at 10:21 am
Now I am not certain, but doesn’t this type of action violate the conditions of Sarbanes-Oxley?
If I recall correctly, one of the major criticisms of the actions of individuals like Kozlowski or Ebbers is that they were using corporate loans to finance their own personal endeavours.
Correct me if I am wrong, but isn’t that now illegal? Especially considering the notion that this ‘corporation’ is nothing more than a shell entity that is used to acquire debt instruments?
April 10th, 2007 at 10:22 am
Casey,
Since you were migrated from Russia, I wonder which parts of the two cultures messed you up.
I wonder why the great country of America wanted to accept a trash like you.
Alien
April 10th, 2007 at 10:42 am
One the one hand, I guess it takes big money to make big money.
On the other hand, you need to start EARNING, not borrowing money.
You only shifted your debts, you did not pay anything off.
For pete’s sake.
ASW: Millions. ha!
April 10th, 2007 at 10:54 am
Casey:
Here’s what you need to do:
1. Buy yourself a shovel.
2. Dig Hole Deeper.
3. Live there.
Now THAT would be a SWEET DEAL.
You’re truly one of the dumbest people I have ever read about.
But, good luck with all of “THAT”.
It’s all good.
April 10th, 2007 at 10:57 am
Casey silver is over.
Please don’t invest in it.
April 10th, 2007 at 12:00 pm
So, you’re deeper in debt. BFD.
April 10th, 2007 at 12:02 pm
Every scam has a mark, the person who is going to get ripped off. If you are in a scam, and can’t tell who the mark is - it’s YOU.
April 10th, 2007 at 12:03 pm
Hey,
Lots of posters seem interested in helping dig our Casey out of his self-created hole. For all you would-be mentors out there, why not consider me instead: steady six-figure income, about 100k in savings, interested in investing in cashflow-generating rental properties, but can’t figure out how to get past the 30% downpayment required on a commercial loan for a multi-unit property (and in SF those are the only ones that make any sense — 4-units and under have ridiculous GRMs). My husband and I are personally pre-qualified for $750k (because that’s all I asked for — at our income level we should qualify for $1M).
Send me your magic tips — I am an independent professional project manager (e.g. detail-oriented, runs her own business) and my father is in the contracting business. We can handle fixer-uppers and, unlike Casey, know what ’sweat equity’ means.
-Cube Farmer
ChinaProjectMgr@gmail.com
April 10th, 2007 at 12:06 pm
http://finance.yahoo.com/q/bc?s=GSPG.OB&t=5d
Bought at 0.0034 Casey ? But were you able to sell above 0.0034 ?
Is your new credit line opened for daytrading ? RE is over for you, you have to find a new game. Is it DT ?
April 10th, 2007 at 12:07 pm
Do you believe Casey really paid that loan back? Think about it, who will ever believe that his corporation was able to get a line of credit or a credit account. No way, Jose. If you believe this s*** , you are stup…
April 10th, 2007 at 12:10 pm
Casey:
Now that you have a corporation how long until the IPO.
If you come up with a cool stock cirtificate (say you sitting on the blue ball in the funny hat with your man bag) people may “invest” just to get the stock cirtificate (and be able to joke that they made an “investement” even dumber than pets.com).