December 4th, 2006 10:50 am
More Facing Foreclosure Interviews
Here are a couple of smaller Facing Foreclosure interviews from about a month ago. Finally got a chance to post them. If you’ve been following me for a while the content is not new, just a different angle. Check it out:
- Facing Foreclosure on The Practical Investor Radio
Download MP3 File (5 MB) - Facing Foreclosure on TheDonMcDonald Show
(click link and press play)
88 Comments
December 4th, 2006 at 11:06 am
Zzz, boring…
Please post another guaranteed 200+ comments entry.
Does anyone have any other good blogs to read? I need a new trainwreck.
December 4th, 2006 at 11:08 am
Shouldn’t you be working right now instead of posting on your blog?
December 4th, 2006 at 11:14 am
Casey,
If it were me, I would quit doing blogs and interviews for a while and concentrate on getting a job. THIS SHOULD BE PRIORTY # 1(I am yelling again)
Have you been smoking dope????
Can you pass a drug test????
If not, CLEAN UP!!!!!
If you can,GET A JOB!!!!
Jesus Christ, what does it take to get through to you.
If you get a job and can prove it, I will send you 20 bucks.
I Promise or my name aint BILLY JACK.
December 4th, 2006 at 11:22 am
DRIVE A TRUCK IN IRAQ. IT PAYS $200K PER YEAR AFTER TAX.
December 4th, 2006 at 12:02 pm
I send you $10,000, so stop wasting time on internet and get ur a** up and get to work
December 4th, 2006 at 12:10 pm
Daily page hits must be going down, Casey seems almost TOO eager to put up new stuff.
December 4th, 2006 at 12:16 pm
He’d be too busy trying to find out how he can borrow so he can “flip” the sand dunes.
December 4th, 2006 at 12:17 pm
cLuStEr_fK - only $200,000 / yr? I know folks there that are taking home $2000 per DAY - that’ll be over a half-mil per yr…
C’mon, Casey…. Iraq is ripe for flipping!!!!
December 4th, 2006 at 1:07 pm
I know that I would pay five dollars to have a three minute telephone conversation with you. I could ask you questions, particularly some of the ones you aren’t bringing up here. I’m sure there are many more who would do the same thing.
20 phone calls in one hour = 100 bucks. Think about it. You could do it all via paypal, and either call the people or have them call you.
December 4th, 2006 at 1:32 pm
Well, your AbleBuyer site hasn’t changed, and there doesn’t seem to be any ads on Craigslist as of yet.
You haven’t added any new details to the properties linked here on the right.
How are you doing with your goals for this week? Can you give us a daily update?
December 4th, 2006 at 1:44 pm
Get a Life!!!!
Not you Casey. You have a life.
I am telling all of you “Nay Sayers” and “Haters” that post on this webite to GET A LIFE!!!!
You (Casey) have made many mistakes, costly mistakes and stupid mistakes, but at least you have a dream. Without mistakes there are no lessons learned. No growth in life.
Everyone of you are telling Casey “to go BK, get a job and give up”, because all of you negative people are all quitters. You all want Casey to just quit and give up just like you would. Hell, none of you would even try.
If Casey’s doctor told him he had a 1% chance of living. Casey would say to himself, “I’m in that 1%”. All the rest of you would say to yourselves, “Is my life insurance paid up?” or “Should I order a stainless steel or a wood casket?”.
I’ll venture to say that all you “Nay Sayers” and “Haters” don’t make any goals at all. “A Dream,” you ask yourself, “What’s That?”.
So for all you “Nay Sayers” and “Haters”, Just line up at the slaughterhouse with the rest of the cattle.
Good Night and Good Luck
December 4th, 2006 at 2:42 pm
HERE’S SOME GOOD IDEAS FOR YOU TO MAKE QUICK $
1. REQUIRE PEOPLE TO PAY YOU $10 FOR EACH COMMENT POST ON YOUR WEBSITE
2. REQUIRE NEWS MEDIAS TO PAY YOU $1000 PER INTERVIEW
3. SELL YOUR ORGANS,I.E. ONE KIDNEY FOR $10K, ONE LIVER FOR $20K, ONE BALL FOR $25K ( ILLEGAL IN USA )
4. RUN A BET WITH PEOPLE, I.E. BK => 2:1, DIVORCE => 5:1, DEPORTED => 3:1, PROBLEM SOLVE => 1:200, => GO TO JAIL => 1:50
5. GO TO TRAIN OR SUBWAY OR TRAIN STATION AND PICK UP COINS ON THE WALKWAY EVERYDAY,
6. BE AN ESCROW, YOU RUN THE SHOW
7. THIS IS EASY..
STEP 1. FIND A RICH LADY AND MARRY HER (NO PRENAP.)
STEP 2. DIVORCE HER IN 5 DAYS AND GET 1/2 OF HER MONEY
STEP 3. REPEAT STEP 1 FOR 10 TIMES AND YOU’LL BE RICH
December 4th, 2006 at 3:23 pm
Readers:
For all of you visiting this blog. YOU are the true idiots here. Did you realize there is a viewing fee for this trainwreck? The reason he constantly post information and updates is to generate viewers clicking on his ads (notice how the ads are now in each update?). Let see if Casey has the guts to post this on his site. If he dose, Kudos to him.
Read this below:
http://www.realmeme.com/roller.....Meme+Miner
“Update: The first graph shows a comparison of StevePavlina.com and IAmFacingForeclosure.com network traffic. StevePavlina.com estimates $4700 Adsense revenue for Jan 2006 and Casey’s traffic almost half as large. I estimate that Casey’s site will earn around $20-25K during its projected lifespan.
Alexa.com says that the “national broadcast event” for IAmFacingForeclosure.com didn’t generate much traffic as shown in second graph. A downward trend is confirmed by the pattern of lower highs. The odds are good that Casey’s site has peaked in traffic.
The last graph is my prediction of future traffic. Traffic will rise steadily at the end of the IAmFacingForeclosure.com drama and then drop dramatically after the finale. Yes, I know it’s obvious, but what the heck, I get another claim of “successful prediction” out of it!”
December 4th, 2006 at 4:03 pm
re: viewing fee.
It gets old hearing about ads when I see none whatsoever.
The technology is at your fingertips so stop whining about ads.
I use Firefox with the Adblock and Noscript extension. Once you block all the major adservers, you’ll never see an ad again anywhere.
December 4th, 2006 at 4:09 pm
re: “For all of you visiting this blog. YOU are the true idiots here.”
No my friend, you’re the idiot for browsing a web full of ads.
December 4th, 2006 at 4:19 pm
Hey ! ! What timedid you get up this morning ? ? ? I felt kind of empty without the little “good morning!! I love being an early riser!” Guess you decided that it was pointless huh? Kind of like getting a job??
December 4th, 2006 at 4:20 pm
You’re getting desperate, aren’t you?
“Pay attention to me!”
December 4th, 2006 at 4:46 pm
Recommended Reading for Casey (continued)…
“How Market Yourself into Incarceration!”
By Ida Notblogged.
Just follow this award-winning step-by-step tutorial to self-fulfillment. Learn how to use every available media-avenue to attract as much attention to your crimes as possible!!! Maybe your 100% pure honesty will protect you!
and then following this book, I recommend:
“Easy Living” by Pulizter Prize Winner: Biff “Mommy-Killer” Jones.
A Best Selling Guide on how to secure a responsibility free life, with few expenses, no real job, and free access to the internet, books on self-help, gym, and 3 squares a day. You’ll even learn now to function in a miminalist environment, to shed all your earthly trappings, perhaps find God, and to appreciate the love of your fellow man.
Available now at Barnes & Snoble.
December 4th, 2006 at 5:14 pm
ADSENSE,
Thanks for the info. I run Mozilla and do not see or click through on anything this LOOSER has to offer. ( and yes, I realise what Casey’s “game plan” has been from day one)
I’ll do ya one better. There are things you do not know about Casey. This is not information readily to the general public, but if you have some connections or talk to people that truly know him, it puts this entire circus show in perspective.
Casey, why not tell the fine people about your last “get rich quick ” scheme and how that did?
December 4th, 2006 at 6:36 pm
The National Association of Realtors reported that home prices have now dropped 3.5 percent since last October. That is the biggest drop on record. That now makes three months in a row of dropping prices, which unbelievably is the longest stretch of declines on record.
Even though those statistics are literally history in the making, the real story is most people are ignoring the comments made by the Federal Reserve chairman this Tuesday. He admitted, possibly for the first time, that the housing correction could, quote, “turn out to be more severe and widespread than most people thought” and that it could, quote, “be a drag on the economic growth into next year.”
Just think about it logically for a second. To most of us, our biggest asset is our home. Now, are you willing to splurge more on the TV or a big vacation if you think your home is worth $300,000 or $500,000?
People`s perception of their own wealth is all that really matters, because perception becomes reality to them. But to me, this isn`t just about our economic security. This is about real security, as well.
Our economy is so important in preventing the perfect storm that we`ve been talking about from forming against us, because our financial health is what bonds all of us together, and it`s what enables us to fund our military and keep ourselves safe. Unfortunately, this latest story shows us that we are more fragile than most of us are willing to admit.
December 4th, 2006 at 7:50 pm
Wow, he’s awesome. BadjerJim you are a breath of fresh air. Love your commentary. Just what’s needed in this Yod (meant to type this way) forsaken place that we call Casey’s blog. Thank you for the words of encouragement… I’m sure it meant alot to Casey.
December 4th, 2006 at 8:20 pm
Keep your head up sunshine.
Although things in your personal life have begun to spiral out of control, I want you to stay positive in things eternal.
From what I can gather by reading various bumper stickers, there is a gentelman named Jesus, who appears to have some contractual obligation, to love some of the most downtrodden looking individuals, to whcih I have ever seen.
My guess, is that you would make his short list.
Casey, I do believe that I can help you out of your worldly troubles. I do believe, I have the plan.
J. Whittimer Lightning
December 4th, 2006 at 9:28 pm
Casey,
You started this blog to see if others are in the boat with you. Looks like you are all alone. Don’t see anyone confess anything even close to what you have got youself into.
Doesn’t that bother you after more than 3 mo of blog, no one claim he/she has done anything that are remotely close.
Let’s face it, your experience have very little education value, because nobody with common sense will try your stuff. Yes they may lie a little on a loan app, but they buying their 1st house and they have a job. You on the other hand, have no job and 30K credit card debt and you thought buying a house is a good idea to wipe out credit card debt. Wao! what a genius solution. Instead of having 30K unsecured debt, you proceed to buy a house and have 350K collaterized debt. You then repeated the process 7 more times until the bank pulled the plug on you.
To think you can find many people that are in the same boat with you is laughable. Now you don’t want to work. Still trying to do one last deal that will wipe all your debt clean. Blog away and go after bad publicities will not save your a$$.
When asked what you have learned. You said don’t lie. But you continue lying to yourself and your family. You continue borrow from your friend and family and making false promises.
You are like drug addict and your addiction is borrowing money. Like the drug addict require more and more drug to feel the same effect, you require to borrow more and more money to get through each day.
Most immigrants are hard workers, but you sir have no work ethics. I am not sure you can even go back to web design work any more. How long will Chris keep paying you for doing nothing?
You’ve cornered yourself to a financial disaster and no amount of blind optimism can save you.
BT
December 4th, 2006 at 10:00 pm
Casey:
it is obvious you find those of us who make “harsh” comments to be “haters.” That is not the case. You must realize at this point that we don’t know who the “real” Casey is.
On one had, we wonder if you are a 24 year old selfish and self-absorbed fraud and con man who got caught… so, to to mitigate the damage, you’ve started a new scam (this blog).
A second option is you are immature and lack basic common sense and don’t understand the reality of the hole you’ve dug yourself into….
The third option is that you suffer from a variety of personality and mood disorders - some of which there is not treatment or cure…..
The final opton is, of course, this entire blog is a huge joke for which you are laughing all the way to the bank.
Regardless of “who” the real Casey is - shame on you.
You said when you started the blog you said: “Hopefully this will help you if you’re in the same situation or know somebody who is.”
You’ve yet to deliver on that promise.
Tell us who the real Casey is…. and make it soon… I see Dateline and/or 60 minutes in your future. Then, Nancy Grace will seek you out. These won’t be easy interviews. these journalists will dig deep, they will find the “truth” and expose you…. and it won’t be a pretty picture.
December 4th, 2006 at 10:23 pm
Be careful who you kick when they’re down people. You may end up working for them someday:
http://www.sfgate.com/cgi-bin/.....F4AI81.DTL
December 4th, 2006 at 10:34 pm
Just think about it logically for a second. To most of us, our biggest asset is our home. Now, are you willing to splurge more on the TV or a big vacation if you think your home is worth $300,000 or $500,000?
Wealthyboomer:
This explains your name. The reason we don’t have the “economic security” you whine about is precisely because of “splurging” on TVs and big vacations.
That’s bad enough, but when you build up those IOUs overseas, no military in the world is going to save you.
But don’t worry. I hear that when Hu Jintao asks you to bend over, he usually uses lube.
December 4th, 2006 at 11:12 pm
Casey,
I know that what you are going through is difficult, and that sometimes these comments are either ironic, sarcastic, or hateful. But I think you are doing a good thing by blogging about your debt. I’ve been thinking about your problem recently, and I think I have a solution for you. I know a lot of people in the comments offer solutions, but perhaps my suggestion may provide you with a different angle to the problem. The solution, in my honest belief, is:
Identity theft. You’r credit score is ruined, so doesn’t it make sense to steal someone else’s? It’s an efficient way out of your problems without doing too much work. You have some knowledge of web work, and can probably set up a phishing site pretty quickly. You could probably even ring up someone else’s credit card to pay off some of your debt, and considering its not yours, you don’t even have to pay it back.
With this solution, you could probably buy 7 more houses. Given the experience and wisdom you have obtained through this ordeal, there is no reason why you wouldn’t even come out on top when all is said and done.
Anyways, I just thought I’d offer you my two cents, whether you decide to pursue it or not. Best of luck!
December 5th, 2006 at 12:29 am
no doe
no ho
December 5th, 2006 at 5:27 am
Casey,
Please stop talking about what your plans are and actually do something about your perilous situation. While most of the messages here are flamage, there has been some excellent advice sprinkled in. You appear to ignore it. Why ask people what you should do when you don’t listen to their advice?
December 5th, 2006 at 5:54 am
Hey kiddo, did you wake up early again this morning? Are you staying regular? I hope all is well for you and yours.
signed, Buzz Saw
December 5th, 2006 at 6:47 am
I said it the first week of this blog. Casey is playing an elaborate game of “Why Dont You … Yes, but.”
The object isnt to get valid suggestions of what to do to get out of these situations, but to reject the ideas.
Because he is smarter than anyone else.
His conman personality allows him to seem sincere, but he is still convinced he can finagle his way out of this mess.
December 5th, 2006 at 7:10 am
Wonder if your cable cut you off? You might need to be making trips to the library to do your posts now.
You LOSE at life.
December 5th, 2006 at 7:17 am
aaack!!
Man, you get up EARLY. Even earlier than my owner, but he usually feeds me before he goes to work. You see, he’s one of those SUCKERS with a j.o.b. I think he also has two houses, some nice cars, adequate pension savings, and travels around the world a lot. Like I said… a SUCKER.
Give me some fishy treats, fool!
S_t_C
PS - Pet me.
December 5th, 2006 at 7:42 am
Casey, the main problem you have is that you don’t have any formal education or a trade. That’s why its so hard for you to get a job that will pay a reasonable wage and/or have good upside potential. Why not look into sales? That’s a job where a guy with little formal education can still do well for himself (provided he can close!!). That, or go back to your web-design/prorgramming job — that’s a skill which is in demand out here.
I imagine that you are like many people (myself included) who look at corporate/government jobs as a tedious dead end (I worked both for several years). With enough experience (and, in my case, education since I own a high-tech business), you CAN go out on your own and make a go of it. As long as you are cognizant of the need to establish and maintain a competitive edge and barriers to entry among your competitors.
That’s the problem with real estate– back in the day (last year) any fool who could hold a pen imagined himself being the next Donald Trump. There was no barrier to entry and you generally could not maintain any competitive advantage over the other speculators. Truth is, massive RE speculation is best left up to the pros (who themselves still lose tons of money on occasion). Time for you to look to greener pastures!
December 5th, 2006 at 7:55 am
Great summary! Dee.
As usual, I agree with you 100%.
As for Jail bait: It’s people like yourself that have damaged the real estate and home loan industries, and this country as well, to such a point that they/it openly condone(s) the likes of Ocwen, Litton, Fairbanks, EMC. AmeriQuest, etc.
BTW: It will be people like us that will once again pay the price for cleaning it up, just like the S & L scam.
If we’re lucky at all law enforcement will, for once, focus on the ones who are most deserving of their attention, and therefore you just may skate away, but don’t count on it… I have a hunch Scapegoats are going to be in very high demand quite soon.
Ohio
Unread post Yesterday at 11:22 PM Reply with quote
After reading all I could stomach I just want to say you are a brainless freaking idiot if you actually “BELIEVE” your dealings may be legit.
You need to go away little boy and bother another forum. You got yourself into your own mess. I don’t believe you are as stupidly innocent as you would wish your readers to believe.
Your brand of theft is no different than the theft we have been subjected to.
You are a criminal and I hope you get everything that’s coming to you.
Ohio
Unread post Yesterday at 11:32 PM Reply with quote
I respectfully request that this thread be locked and this crook banned from this forum.
Nye Lavalle
Unread post Today at 01:17 AM Reply with quote
Not so fast folks, I went to web page and then to other sites and blogs and learned more about LIAR LOANS that is what they are termed. What you have id fraud being really sanctioned and commited by the lenders who provide incentive for the fraud and no the end game.
The brokers are given a drug to sell then to go out and push it without any thought as to the consequences. Think how many bad loans like these are out there and need to be “liquidated” because of the actions of the Scammer Wall St folks who push this off on the street dealer brokers.
They then create the EMCs and Ocwens of the world to be the hit men and liquidate loans and if you are a problem they throw you to the toxic waste dump.
Yeah, the guy is an idiot, but he is an idiot who was pushed into the system by crooked Wall steeters and their conduit dealers to see how much of their drg they could push!
Ohio
Unread post Today at 09:02 AM Reply with quote
Fraud is fraud no matter what you call it. God gave me enough sense to know the difference and the integrity to choose my path.
Integrity won’t always pay the bills but it’s better than worrying the feds are just a half step behind me.
This person is not a victim. The fact that he defrauded a lender instead of a borrower makes no difference.
Blaming the industry is fine because they have created alot of this themselves by being so lax in the lending business BUT that does not mean any one of us have the right to do what is morally and legally wrong.
December 5th, 2006 at 7:57 am
Oh and the word is RISER
not rizer
LOOSER
December 5th, 2006 at 8:21 am
Jamba Juice supplier warns of bad berries
Unit of organic food company SunOpta recalls frozen strawberries that may be contaminated with Listeria organism.
December 5th, 2006 at 8:21 am
Hey knucklehead, if she is on the loan it’s reporting to her credit. It doesn’t matter who’s on title, idiot. If she was on the loan, her credit is screwed. And yes, the lender does report to the credit bureau. You are a gullable fellow aren’t you?
Do you do anything productive throughout your day? You talk about how much work you’re doing, yet you get no results.
December 5th, 2006 at 8:22 am
Casey,
The advice that people are giving to you should not be taken as (hate comments) Its sound advice to correct your problems, I see it all the time, your credit and life will be much better after the BK.
However its clear that you set this site up from the start as a source of income as many others have pointed out.
The big question is, why not take the steps to fix your problems and at the same time you have some cash flow from your site? Why are you not filing for BK protection under current laws?
91q45
December 5th, 2006 at 8:26 am
From today’s LA Times:
A Newport Beach man pleaded guilty Monday to fraudulently obtaining mortgage loans resulting in more than $2.7 million in losses to the federal government and commercial lenders.
In a plea agreement, Lorenzo Espinoza, 39, admitted engaging in a scheme from April 1995 to May 2001 to defraud the Department of Housing and Urban Development and several commercial lenders by using “straw buyers” to arrange fraudulent mortgage loans. The loans went into default, leaving lenders and the Federal Housing Administration holding properties worth less than the amount funded in the mortgages.
At his sentencing March 12, Espinoza faces up to 26 years in prison
December 5th, 2006 at 8:37 am
Mr. SERIN,
If you are unable to jettison these properties, I recommend assembling a team of attorneys to advise you in real estate, tax, bankruptcy, and criminal matters. You can use your advertising revenue to afford monetary retainers, and your newfound notoriety might be impetus enough for them to waive their fees. As it stands, you have not developed a plan of action now — and it seems unlikely you will be able to do so in the coming months.
I see that you are using Google AdSense and Amazon.com links to gain advertising revenue. However, where is the obligatory CafePress merchandise? Your Adobe Photoshop skills, combined with your androgynous appearance, may provide a much-needed source of revenue.
I remain,
M. SINGH
December 5th, 2006 at 9:00 am
“Some of you are thinking this is a scam. Espcially when somehow I get a loan for another 4K. How did i get that? I would love to tell you the full story on that one but i’m not quite ready yet. ”
Yes, I know this is a SCAM. Give me a break, you’re not quite ready yet to tell us. Of course you’re not, that would reveal this is a scam.
Casey, some of us know more than you think. So do the respective DA’s in the counties where your properties languish. I agree with Robert Cote. I give this until about April 2007. By then, all of this nonsense and drama will be played out and the Prosecutors will have enough information to proceed in their cases.
Casey, enjoy your free time while it lasts.
December 5th, 2006 at 9:14 am
I was under the impression he borrowed the 4K from his “poor dad”.
Funny how his various mentors and rich dads have never truly helped Casey, but his poor dad who never did a ’sweet deal’ in his life is the one actually trying to help.
Something to think about, that.
December 5th, 2006 at 10:01 am
Git a job or im gunna ship you to Irack.
GWB
December 5th, 2006 at 11:13 am
When are people going to realise that prices dropping isnt the end of the world. If something appreciates 50, 60, even 100% like many market places did over the last 5 years or so and they drop 3.5% for one month, it still is up a tremendous amount overall???? Also, you really have to look at real estate from a local level, statistics can be manipulated very easily to tell any store you want. 3.5% decrease is an average for the entire country. What you really need to know is what was the percentage for your location? This is where Casey bombed, he bought at the top of the peak, so any drop would hurt him. There are plenty of locations where you can still flip and make a profit, I just dont think Sacramento is one of them. Casey seemed to have a problem with buying site unseen. Basicly, he screwed up in the worst way at the worst time. Cheers
December 5th, 2006 at 11:27 am
I’m got the perfect way to get out of your troubles.
See, lots of people are running foreclose rescue scams such as:
“Lonni Ashlock, 56, Waterford, California, Ronald Buhler, 25, Riverbank, California and Sue Walls, 58, Notary Public, Ceres, California were ordered to stand trial after a month long preliminary hearing. They will be arraigned on charges arising from their alleged participation in a foreclosure rescue scheme on December 4, 2006.
According to media reports, Ashlock and Buhler lied to gain the trust of seven families facing foreclosing and then tricked them into signing over the deeds to their properties for a fraction of the property values.
Buhler would allegedly seek out people about to lose their homes and offer to help through a wealthy friend. According to media reports, silent partner John Myrtakis of Matel Realtors, would secretly put up money to help bring homeowners current on their mortgage payments. After obtaining the deeds to the homes, Buhler and Ashlock would rent the homes back to the homeowners and promise them they could reobtain title in two years. However, the homeowners were generally evicted and the homes taken and then transferred among numerous LLCs, according to media reports.
The judge found that there was sufficient evidence to believe that a crime was committed and ordered the defendants to stand trial.”
So Casey, get yourself scammed then whine to the DA about it.
December 5th, 2006 at 11:53 am
Hey WTF - Tell us what YOU know about Casey that some of us don’t yet. Otherwise, you’re just as guilty of playing hide-the-weenie as Casey is.
THX
December 5th, 2006 at 1:12 pm
So… Casey doesn’t want to tell us where the 4k came from… isn’t it obvious?
He probably got it from all the traffic on his website. If he came out and told everyone, fewer people would come to his website, thus he’s keep it under wraps.
Casey - in a couple of months, when people are sick and tired of your horeshit and you are no longer generating ad revenue, what are you going to do?
December 5th, 2006 at 2:08 pm
JOBU, you’re a genius. You must create your own blog and give us the specifics of how you do it all. At the same time, can you also gloat about it and have a stick so far up your a** that we can all sit around and admire you for it? Please post the name of your website when you get one. Thanks.
December 5th, 2006 at 5:10 pm
Hey YNEONE
JOBU isn’t a genius, he sounds like a normal guy to me.
December 5th, 2006 at 6:56 pm
W.O., you are delusional.
December 6th, 2006 at 8:07 am
YNEONE
Delusional ? I think not.
December 6th, 2006 at 9:11 am
JOBU, I also mentioned you getting your own website remember? Way too much information. LOL.
December 6th, 2006 at 9:38 am
I think Jobu is THE MAN.
Education, Hard Work, and Common Sense.
The cat’s meow!!!
Bartender: Give Jobu that refill! (and pass me across some fishy treats if you got ‘em…)
S_t_C
December 6th, 2006 at 10:45 am
Ruh-roh, sounds like fijirobe is in trouble and in denial! Spill it, Fiji, what’s the damage you’re looking at? (Casey isn’t giving us any details, so I’m getting bored.)
yneone: you crazy.
December 6th, 2006 at 10:51 am
Jobu,
That’s a good explanation of your strategy. I contend that it was probably easier to put 20% down 10 to 20 years ago because of lower prices. Obviously that’s the safest strategy for a long term hold. I’ve also read The Millionaire Next Door and its sequel The Millionaire Mind. They really opened my mind to a lot of financial concepts.
I’ve been scouting some real estate for investment purposes recently. You can read my thoughts on real estate investing if you’re interested.
Nigel
December 7th, 2006 at 12:43 am
Jobu’s story is a common one. I know an older fellow, a highschool dropout, who managed a convenience store. The old guy saved up from Day One, and started buying rental properties, inexpensive stuff, but all with positive cash-flow, all near home.
Pretty soon he was a regional manager for several convenience stores, and owned a small real estate empire all of it free and clear of debt. He continued to work at his J-O-B while extending his holdings, only buying undervalued, cash-flowing properties. He offered fair rental terms, screened tenants carefully, and did his own maintenance.`
When the owner of the convenience stores died, the heirs sued my acquaintance. By now, he was worth substantially more than the owner, so the heirs were sure he had to have embezzled the money somehow.
During pre-trial, my acquaintance produced every check he had ever written since he first got a checking account in 1964. He accounted for every receipt for every expenditure, and showed where every penny that ever came into his hands came from.
The heirs dropped that suit right quick.
Is this guy the anti-Casey or what?
December 7th, 2006 at 7:13 am
Nigel,
I wouldn’t call it easier necessarily. It all depends on how much you have saved and what price range you are looking at. I do agree that the dollar amounts are much higher in my areas now. But hey, you buy what you can afford (unless of course you are Casey).
I probably could not buy these SPECIFIC properties today. They won’t cash flow positive at today’s prices. I have a preconstruction property scheduled to complete in January. I have a partner on that one to lower my share of the downpayment and lessen the risk. That property went under contract almost 2 years ago and I could not/would not buy that one at today’s prices either. If I was looking to buy anything else (which I am not currently but I always have an eye on certain markets), I would still put 20% down. If I found a property and could not afford it myself, I would work with my partner again.
Yneone,
Feel free to skip over my posts if you deem them too long.
Bartender, Jobu needs a refill. And shoot Sputnik some fishy treats.
March 24th, 2007 at 2:40 pm
I have been reading this website since yesterday, since I saw it in the Economist. I am in Canada, and the type of loans that Casey was able to get he would not be able to get in Canada.
I don’t put all the blame on Casey for doing what he did. The banks or people who lent him the money are businesses, and it is partially their fault for lending him any money without checking his income or making him pay a down payment. If Casey came up to any of the bloggers here and asked to borrow even US$5000, anybody who would lend him the money would be crazy or stupid. In Canada you could not get a credit card without proof of employment or bank statement showing you had a large amount of money in your account (+$10000).
In many developing countries, Casey or people like him would not be able to approach ten feet of a loan officer without a kickback or a bribe. Even with a bribe, a person asking for a business loan would have to have collateral that equals the amount of money he is borrowing. So if he wants to borrow $20000 he has to have $20000 in secured assets.
In my opinion, it agent problems also play a large part where the individual mortgage broker only gets rewarded for selling a mortgage, but does not punished when things go wrong. I personally think each individual mortgage broker should be partly liable financially (reduction in wages or commissions) if things go wrong. The same way doctors get sued for malpractice.