January 10th, 2007   11:48 pm

2007 Goals (Rough Draft)

My one goal this year:

$5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 8 months from today. That’s 5K/mo net positive cashflow after property expenses, management and debt service. (Too aggressive??)


1) no lying (For Sure!)
2) no money down (?)
3) work part-time (?)

First order of business: put up a blog at www.AbleBuyer.com tomorrow to track my progress. (Blog is up… still considering title, content, update frequency, search engine strategy, how much time to dedicate to it, etc)

Next: get out of my current mess as quickly as possible and eliminate all distractions. (Bankruptcy? Repay all debt? Settle Debt? How? Still considering…)

At the same time: start building my team of advisors and professionals so I can start analyzing deals and financing options as soon as possible. (Started talking to people about my goal… there is progress)

UPDATE Jan 13th:

As you can see here and from the comments, the 2007 goal is still in planning stage. I made the goal and then as I started talking about it here and with other people, different issues and concerns started coming up.

This morning I spent several hours talking to my wife about goals. Her 2007 goals/intentions for me and/or us:

  1. Save her credit - no late marks and no BK!!
  2. Pay off her 27K of debt ASAP
  3. Have 12K set aside for a year of school at UC Davis which she will transfer to in the summer
  4. Stable income - what I have right now doesn’t feel stable to her

I’m glad we talked. Our communication hasn’t been the best lately about all this stuff. She did appreciate me making a detailed financial statement and sharing it with her this morning.

She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note. That’s my fault because I have been running around like crazy trying to fix this mess so that she doesn’t have to worry about a thing and neglected to discuss some of this stuff with her. However, not discussing important financial decisions really hurts our marriage. Better communication should be my goal for 2007 too.


  • Well, you’ve decided to get a job. That’s progress, of sorts.

  • hey casey, looks like I’m the first to see this post and possibly even comment by the time I click submit. Sounds just about right since I’m sitting right across from you as you post this blog from your phone and eat this burger in front of me. The post looks good, and I’m feeling that good things will begin from here on out. Keep pursuing because I have no doubt you’ll get through this and climb up to the very top of this mountain!

  • What about Muncy and the foreclosure auction in two weeks?

  • Who cares. Muncy update…?

  • Now I know for sure that you are a phoney! I was not sure if this whole thing was for real or not, but now I know without a doubt this blog is fake. With that said, it is still free entertainment. It’s kinda like when you see a t.v. show you know it isn’t real, but you watch anyways because it’s entertaining.

    Mark my words! In 2007, Casey Serin will be 2006’s LonelyGirl15.

  • I won’t comment on how realistic your goal is. I am sure plenty of others will do that for me.

    However, I can’t help but mention that you have your steps backwards. Getting out of the mess you are in should be a far higher priority than starting another blog.

  • Casey,

    I think one of your goals should be to learn how to spell. On your site http://www.ablebuyer.com you spelled ‘remodeled’ “remodelled”

    In fact, you don’t even have to learn how to spell, just get in the habit of copying and pasting everything you type into a program with spell-check.

  • Dude, how about starting with some obtainable goals for 9/10/2007, rather than hoping for $60k net passive income in 9 months.


    If I were you my one goal would be:

    To make it to my 25th birthday without finding myself divorced or thrown in jail.

    If you do that, anything else is a bonus.

    Christ dude, I’m starting to think that rather than seeing an attorney, you need to get some counselling or psychotherapy immediately. I’m no shrink, but I’m pretty sure there’s some delusional behavior here. Call 211 and ask for a referral to a community counselling agency and get some help. Plus, if you get a diagnosis of mental illness, you might be able to plead “diminishied capacity” at any future
    legal proceedings. Who knows, the blog might even HELP with that approach, as no sane person would brag about doing things as a** -backwardly as you have.

    Rather than telling us about any more of your goals, start telling us about HOW you’re going to take care of your situation.

    Nevermind, keep digging, schadenfreude is fun too.

  • shouldn’t getting out of your “mess” be your first and only goal for 2007,08,09,etc…?

  • ha ha ha ha ha ha ha ha ha ha ha…………….

  • From reading AbleBuyer, I see that that Young Casey has decided to add violation of Federal and state securities laws to his list of accomplishments.

    Fortunately for Casey, I doubt anyone would be so foolish as to actually invest in Casey’s ponzi scheme.

  • Hi Casey,

    In case you missed it from the last thread, the Muncy property is going to trustee sale in 2 weeks.

    So, you can take that one off your spreadsheet!

    Just a few more and you’ll be back in the game. It sounds like you have a goal set and you’re on your way as the dead properties get cleared out!

    Good Luck!

  • 13. from behind bars?
    January 11th, 2007 at 1:00 am

    You’ll be in jail by then, lol……

  • How do you plan on obtaining more properties? With your credit history, are you going to do sandwich lease options instead of straight bank mortgages?


  • I’ll bet that by 9/10/07 you’ll realize that yet another bunch of scam-gurus(this time the “new rich” gang) has led you astray. In fact, I’d be willing to be you $5k I’m right but I know you’d just ditch out of that debt too.

    “No money down” - You are spun out of reality if you believe that can happen given your circumstances.

    Just when it seems you are waking up to the real world, you fall right back into your deluded fantasies.

    Ask yourself what “CJ” is going to gain from all this and you will find the reason for his enthusiam. Anyway, have fun with all this. You won’t be able to escape reality so easily in another month or two.

    Watching you get so close to having a clue and then falling right back into your same old foolish delusions has gotten boring.

  • You’re on crack.

  • Thanks CJ… good times hanging out at Denny’s.

  • 18. YOU'RE A TROLL
    January 11th, 2007 at 2:01 am

    This post proves it. I will not be back. Oh, and Tim from MB: Get a freaking life.

  • Are you still planning on waking up at 5:00 a.m.? According to my calculations, that is only 3 hours of sleep. Yikes!

  • http://www.mypublicnotices.com.....dId=358898

  • So you’re not going to file for bankruptcy?

  • This is a re-post but even more applicable now. A quote from Seinfeld:
    “You know you really need some help. A regular psychiatrist couldn’t even help you. You need to go to like Vienna or something. You know what I mean? You need to get involved at the University level. Like where Freud studied and have all those people looking at you and checking up on you. That’s the kind of help you need. Not the once a week for eighty bucks. No. You need a team. A team of psychiatrists working round the clock thinking about you, having conferences, observing you, like the way they did with the Elephant Man. That’s what I’m talking about because that’s the only way you’re going to get better. “


  • 24. Coyote Investor
    January 11th, 2007 at 4:28 am

    2007 Goals:
    1. Learn to fly
    2. Pick out cape style and color. It must be ORGANIC and developed from cruelty free animal products.
    3. Get boots that match cape.
    4. Find tall building.
    5. Step off….

  • Well I feel goofed on right now.

    1. Casey, you’re eating at Denny’s the day after posting that your monthly nut is well over $20,000 and you have no job.

    2. I hope the judge you stand before decides to make an example of you for being so brazen and simultaneously ignorant.

    I used to think there was hope for you as a foolish young dude, but now I think you’re having a good laugh at all of us. If I’m wrong, may you rot. If I’m right, you’re a really smart guy who deserves to be rich.

  • “…Thanks CJ… good times hanging out at Denny’s…”

    Still spending money on dining out?

    Geez, wish I could dine out more often.

    I “brown bag” my lunch @ work every day.

    Yeh, I have a job; just one of those idiots
    that work every day, I guess.

    And what’s this about “burgers?” I thought
    that I read somewhere that you were not
    going to eat meat ???

    Was that a soy burger?

    I would think that you were making this all
    up, except that no one is creative enough to
    make up stuff as ludicrous as your 2007

    “…Next: get out of my current mess as quickly as possible and eliminate all distractions.

    At the same time: start building my team of advisors and professionals so I can start analyzing deals and financing options as soon as possible. ..”

    This stuff is as “rich” as you are not.

  • 27. Forgetaboutit
    January 11th, 2007 at 5:32 am

    I would like to see what your face looks like when reality snaps back and catches you right between the eyes.

    How EXACTLY do you plan on buying enough properties to see you through $5k a month of passive income? Or maybe the better question is what sucker have you tricked in to backing your scheme?

  • Casey… please. Stop. It is not going to happen. Will you ever grasp the dire reality of your situation?

  • 29. Loads o Money
    January 11th, 2007 at 5:59 am

    Hey Casey - how much of that Getting it Done book have you read ?

    What page are you on ?

  • Haha, this post made my day. You want to go from making $5000 a month after taxes and expenses and in just 9 months to boot. Hey that’s a reasonable goal. And maybe in your spare time you could build a rocket. If you get finished with it and still have time to kill you work on colonizing Mars. I’m sure there’s prime real estate and sweet deals to be had there.

  • If you really mean what you say then you are still deep in denial……man when reality hits it’ll be ugly. Prediction: If all of this is true then one of your goals for 2007 will be to avoid the earthly recriminations for your actions. You will kill yourself.

    If none of this is true well then congrats on hoaxing many of us long and hard. I hope the cheap thrill was worth it.

  • 32. FuturesTrader
    January 11th, 2007 at 6:06 am

    lol. You are one guy who can’t cut his losses. IMO, no harm in you stating your intentions over and over to generate comments. Just that if your financial picture from the last post is real, you are going nowhere.

  • John above has it right. Casey you’re mentally ill dude.

    Accepting that, and seeking help, would be the biggest step you can make toward getting yourself out of this mess.

  • casey’s putting together the dream team of advisors etc….the dream team is right. Anyone who would buy into your goal of 5k passive income in 9 months with this mess drowning them would have to be dreaming. Whatever you’re smoking..I don’t want and I like good ganja.

    With your delusions you would have made a great cult leader. heck you may have become rich that way casey maybe you oughtta look into that.

  • Unfortunately, Casey, the banks will have one rule.

    1) Do not loan money to Casey and G***** Serin.

  • “How do you plan on obtaining more properties?”

    he will find someone to sign for him i presume.

  • Let’s make a grand assumption (ha ha) that Casey somehow gets out of the mess he is in, somehow avoids jail, and prepares to start on his goal for 2007 without all this other stuff hanging over his head. Movie goers, suspend your disbelief if you can.

    (Editor’s note: All mispellings of ‘loser’ are intentional).

    Casey talking to home seller of a sweet property he has found: “No, I’m not the internet looser you have been reading about” (breaks first rule of ‘No Lying’).

    How do you plan to find good cash flow properties for no-money down? You CANNOT get a loan at all from any traditional source. Nobody doing any type of seller financing is going to sell to you. You have no money to give them as a downpayment and no one will do 100% owner financing to a looser like yourself. If it was such a sweet rental and they can’t get any equity out, they can just rent it instead of doing a sweet deal for you. Oh yea, and another thing, you are a miserable FAILURE at determining good property values, fixing up houses, renting houses (none rented), and everything else related to real estate. In fact, your only talent seems to be fraudulently filling out loan applications. But remember, no lying in 2007.

    Okay, so maybe you say, I’ll find the properties and use some hard money lenders. Not gonna fly. The hard money lenders will check out the property and if it’s a good deal, they will kick your sorry looser a** to the curb and buy it themselves. If you are planning to swoop in and steal some cash flow producing properties from other flipper looser in desparate straights such as yourself, you will need some cash, which you don’t have.

    I guess if you somehow ‘worked’ part-time, that would be more work than you are doing now. Organizing your office is not work.

    Face it Casey - you are now the hunted. You are the guy that the guru’s tell all the scaminar students to seek out. You bring nothing to the table in the real estate game. You can’t do it yourself and I don’t see any reason why someone else would want to partner with you or back your latest delusional plan with their $$$.

    Oh yea, did you remember to roll out the trash yesterday?

    Bartender, Jobu Needs a Refill.

  • Which Denny’s do you hang at?

  • oh and is CJ ‘chris’? or some other delusional ‘advisor’.

  • $5000/mo passive income by September 10th, huh?
    Wow! Are you ever in LA LA Land!

    My bet is that IF the reality of your flop here sinks in…you will decide to end it all. And that is a big “IF” when it comes to your ever understanding your financial reality. Even after you get indicted.

    The only other question is how….Will you eat a bullet? Down the pills in your med cabinet? A bridge? Rope? So many choices……

  • Yo Ca$ey


  • Your goal is what? Achieve $5000/monthly income by september? With the mess you are in and your current financial standing, if you actually acomplish this, then you SHOULD start a seminar, and I’ll be there EVERY TIME. Holy smoke, I don’t know what you are smoking, man, but sh*t, I want some too. I used to think you are naive, ambitious and will learn from mistake. It seems you haven’t. You are about the saddest person. You aren’t optimistic, you are delusional, idiotic, unrealistic.

    Do you know how much $ it’ll take to achieve $5k monthly passive income? Have you ever done background checks on those self proclaimed gurus? Have you ever read these gurus being interviewd in media such as Business World, Wall Street Journal? Seriously, if you ever achieve this (legally), write a book, start a seminar, I’ll attend.

    You know who you remind me of? Nick Leeson (the dude who bankrupted Barings). Come to think of it, it may be good that you are unemployed. Because if you were employed, you just might set the 1.6 billion record mess that Nick created.

    A big sigh!!

  • Casey - I have read this blog with interest and have actually learned a good bit about real-estate investing and what to AVOID doing.
    This post takes the cake - do you not realize the situation you are in? Talk about “rose-colored glasses”.
    If you can figure out how to get out of this mess and have 5K a month passive income and work PART-TIME, please let us all know.
    Your only goals should be to keep your marraige together, get out of the financial mess YOU CREATED, avoid jail time and secure a REAL F/T job (like most of us losers…haha).
    Anything else is a fantasy - but you are good with those, apparently.

  • So let me get this straight, 60k in passive income… that would mean you have 600k (assuming 10% ROI, which is aggressive for passive investments, VERY aggressive for california realestate). How the heck do you plan on going from -2 million to +600k?

    Dude I’ve been working my balls off for a few years now and have been slowly (keyword) building passive income and am no where near 5k/month after expenses. Do you really think you can do it in 9 months??? I guarantee that you won’t, I will come back in september to verify that it has not happened.

  • 45. Granite Counter Flop
    January 11th, 2007 at 7:06 am

    Your revolution is over, Mr. Serin. Condolences. The bums lost. My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me, Serin? The bums will always lose.

  • When I read this, my image is an old-school Vegas casino where you’ve taken out a huge line of credit, blown it in a glorious meltdown, and are desperately playing nickel slots with the remaining change in your pockets before the casino goons catch you and take you into a backroom.

  • yeah, you kind of ruined this blog with this “2007 goal” post. i am a big fan of this blog, but it’s impossible to get out of your mess with 2.2m of debt and some charging 30% interest AND start buying and making $5,000/mo.

    whether or not your’e real or a troll, this last blog entry showed us you are simply trying too hard for the drama factor. you had it going great with your financial spreadsheet and 300+ comments. now you ruined it with these silly 2007 goals.

  • Ok, so your goal is attainable!! Don’t listen to them. If it wasn’t for the idiots who over clicked on your adsense you would almost be there!! I mean $2,000 a month just from adsense?? That’s awesome!! My adsense only brings in about $20 a month.

    You will make it Casey! I beleive in you!

    It is hard to be young and determined!! Trust me I am young and determined! When people see this, they take advantage, trust me! My husband and I were burned by a contractor who stole 14k from us and a mortgage broker who got 6k from us!! That is 20k!! Our personal savings!!

  • 49. C.M.O.T. Dibbler
    January 11th, 2007 at 7:18 am

    It’s a shame you don’t have any ad income from your blog anymore. You’re certainly going to get traffic from this entry. Have you ever considered the catering business as a fall back?

    Sausage inna bun? Get it while it’s hot!

  • There’s no way you’re going to be able to get the credit necessary to buy housing (or for that matter an In ‘n Out burger).

    Couple that with the deflating of the housing bubble and it makes it nearly impossible for the competent RE investor to actually make any money at this point. And, it has to be said, you are *not* a competent RE investor.

    I don’t say this to be mean or to be a ‘hater’. I say it in the vain hope that you will read something other than the ’self help’ type books on RE investing before you try to jump in again.

    You seem to lack the basic, fundamental understanding of finances, and given that, it will make it impossible to be successful as an investor. You seem to lack the basic planning skills that make it possible for investors to succeed (ie setting a plan (including an escape hatch that doesn’t include declaring bankruptcy), sticking to that plan and evaluating your progression toward you goals in minute detail every day).

    You need to set realistic goals. In fact *all* of the books you read state that. You are engaging in the belief that you can simply skip all the hard work between 1) read self-help book and 25) make $$$$.

    I would have thought that you learned your lesson, if not in terms of RE investing in a down market, at least in the rather distinct problems of not planning your approach excrutiatingly.

    And incidentally: Again, you’re doing things exactly backwards. You seriously need to try at least for a few weeks, going directly against your instincts. Because your instincts are horribly bad, but if you work, you can train yourself from your inability to make good decisisons.

  • In keeping with your “No-Lies” credo, I suggest you man up and announce your second foreclosure. Nobody is going to bail you out of this one- with the amount it would take to bail you out of that one I’m afraid it’s a fait a compli.

    Fess up!

  • >At the same time: start building my team of advisors and
    >professionals so I can start analyzing deals and financing
    >options as soon as possible.

    You haven’t built a team of advisors and professionals?!?! Seriously, I am amazed. Your idol, Robert IdiotSucky recommended this from the get-go (even I have to agree with him on that). You have bought 8 props (9, if you count the condo way back) and you don’t have a team yet? Do you only read the front cover and the back cover of the books only?

    I’ve always said Robert IdiotSucky’s book is more inspirational than anything. There are some very good points , but also some potentially extremely damanging points he made. Casey, you seem to ignore the good and retain the bad.

  • Hey Ca$ey

    Check it out


  • Casey:

    Achievable goals for you:

    1. Ignore your properties. They are going to s*** anyway.
    2. Don’t waste your time trying to find a job - it’s not in you.
    3. Surf the Internet as much as you can and look for income possibilities outside real estate.
    4. No more financial statements. You can’t afford anymore red pens.
    5. Surf, surf, surf, for any business opportunities. Use your programming skills and launch sites to generate income.
    6. Ignore your creditors. You can’t pay them anyway. Chances are if you ignore them then they won’t force you into bankruptcy and write off debt instead.
    7. Consider any field to make money: resell, import, code site, etc…
    8. Get an online merchant account! Launch a web store and make some income.
    9. Get positive. Your .com should be: iamfacingincome.com
    10. Life is short. Don’t moderate another post. Your new words to live by: Surf, launch, income.

    You shouldn’t be reading this. Close this window and get surfing.

  • Nine months from now I’d like to be playing point guard for the Boston Celtics, but it’s just not going to happen.

    Between now and 9/10/07, what steps are you planning to take to achieve the lofty goal of $5000/mo passive income? How do you plan on turning $-25,000/mo into $+5000/mo? If you figure it out, please let all of us know.

  • One more comment:

    A ’sweet deal’ is coming. It’s going to come from CJ or someone else.

    In this deal, someone’s going to offer to get you back on your feet with your mortages by providing you with the money to become current with the mortgages on your property.

    All you’ll need to do is sign over the deeds of the property to them and they’ll continue, for an unspecified amount of time even help you make the payments on the mortgages. They’ll even offer ‘cash-back’, call it $10,000 per house to help you get yourself restarted.

    Then they’re going to walk away with the deeds, leaving you on the hook for the mortgages, only now without the actual properties.

    This has probably already been floated to you by someone as part of a ‘brainstorming’ session on getting out of your difficulties.

    Because you seem to have a bit of difficulty spotting the difference between ’sweet deals’ and ’steaming piles of crap’… this deal and any like it are ‘crap’, not ‘deals’

    Just don’t say you weren’t warned when you do it. Because you will.

  • Who is more delusional, Casey thinking he’ll have $5K passive income in 9 months, or Saddam thinking he’s still dictator with a noose over his neck.



    I have three college degrees, graduated first in my class, am saving 50% of my income, working very hard, living very frugally, investing with great forethought, and hope to have $100k annual dividend income in 5 more years.

    There’s no quick way to wealth, otherwise we’d all be doing it.

  • Casey,

    Cash flow on residential property is a myth. Almost all money is made on appreciation or buying below market and selling at market. Its virtually impossible to generate positive cash flow, unless you put substantial money down (30% ore more) in addition to buying 10% or more below market.

    Where you live in California, homes often sell for 25x annual rent (or more as the price goes up). Even in other states like Arizona for instance, a $200K home might rent for $900 per month. After spending a good bit of that income (we’ll say 25% even though its probably more like 40%) on taxes, insurance, HOA, maintenance, and reserves (not to mention vacancy), you are looking at generating no more than $8000 per year ($667 per month) and probably a lot less IF YOU OWNED IT FREE AND CLEAR!!

    When you factor in debt service, to simply break even, you would need to own that property at 55% LTV or better just to break even w/ a 6% interest rate. (No way in hell anyone would loan a crook like you money at that rate.) That means your note can be no bigger than about $111K on a $200K property to break even.

    You make me sick. You are -$700K or more net worth and it is dropping by an additional -$20K a month and you are still looking for passive cash flow from more of your sweet deals? Your gurus should go to jail for aiding and abetting a known criminal.


  • Did CJ take a picture with you? I’ll bet he put the words “I’m with Stupid” on it, and is posting it on the net.

  • Work part time?
    Work part time??

    You’re kidding, right?

    You have *got* to be kidding.

  • If this was a film, and I was directing, Casey would now stand in front of a full length mirror and say, to himself, “I’m a star. I’m a star. I’m a big bring shining star.” Start music. Cut to credits. End of film.

    Casey, after the learning experience of a lifetime, you have learned nothing. You are a fool. I will not be returning either. You are a waste of my precious time.

  • Dude, reality is going to kick you right in the mouth a lot sooner than you think. No way you can buy more property unless you find a private lender to scam.

  • 63. BoominInBoise
    January 11th, 2007 at 8:36 am

    Whatever. You’re delusional, or you’re a troll, or somehow you’re making money based on hits, doesn’t really matter.

    I’m up to about $5000 a YEAR in passive income, and pretty happy about it. But hey, start pulling in $5,000/mo and you might be out of debt in around 30 years - way to go!

    Reminds me of the classic Steve Martin bit: “You can be a millionaire and never pay taxes” How? “First, get a million dollars…”

  • Oh God not again!

    Did we go through a time warp or something? $5000 in passive income??? If you can’t do 3, what makes you think you can do 5???

  • T. Roll.: “remodelled” IS the correct spelling in most parts of the world (outside of the USA).

  • @ Casey Jumped the Shark

    You’re it.

  • You are being overly optomistic, especially in a downspiraling real estate market. It seems to me like you are setting yourself up for failure.


  • 68. Reality Central
    January 11th, 2007 at 8:52 am


    Most rational people might have a goal of buying one house over the next year.

    If that one house is yielding 5K per month, that would be some nice house, one you’re not likely to afford to purchase.

    Look at it another way:

    Let’s say I can make $5,000 per month by investing say, as little as $100,000. I’m not saying I can, but just assume that I can.

    That’s a great return on investment — 5% per month.

    Now let’s say I’m bidding against you for a portfolio of properties with this exact rate of return. Who do you think is going to win? Me, with my downpayment or you with only a song and dance?

    Oh, and get a FULL-time job. No reason you can’t look at houses on evenings and weekends.

  • 69. Darnell da realuhter
    January 11th, 2007 at 8:53 am


    I jet an’ gots uh couple o’ 40’s wiff muh ma f*** niggas an’ miss all da excitement. Casey now has uh plan ta move fo’wad! It sounds like he be on da right track. Let all o’ da zistin props jet an’ start from scratch. That’s smart nig.

    Next, ta fing mo’ houses he’sgoing ta need uh realuhter. That’s ME. I humbly offer muh ma f*** services ta ya. I say start looking in No’h Highlans. Stay away from Land Park - it’stoo whitey.

    Try ta git uh leeze pochase an’ flip flip flip! Dis summuh gonna be hot in da Sac town real estate biz, muh ma f*** nig. All da trends show it be ready. Togedda mo fo, Casey, we’s make us some saweeet bank.

    Get rid o’ yo’ mailman. I gots one dat gets me pimp-tight deals fo’ $250. Word.

    Gotta jet. My Escalade need a oil change.


    PS: Yo wants ta know how to gets on me? Ax downtown. Go ta superior bails bonds an’ ax fo’ Woody. Wwoody iz da nig. he’s tigh yall see? Woody knows how ta git ahold o’ gool old Darnell. Woody will do ya right. you know das right!

    Don’t make me come ovah there b***…

  • 70. Time Will Tell (Wow)
    January 11th, 2007 at 8:53 am

    Either a troll or dumb as a rock with no hope of redemption.

  • My plan for 2007 is to become the King of Sardinia.

  • 72. Time Will Tell (Wow)
    January 11th, 2007 at 9:19 am

    sandwich lease options

    Now why would I lease a sandwich? I’m just going to eat it.

    On the other hand, if CS leases a sandwich, he will make the bank eat it!

  • How will you make $5k passive income? Your houses are not cash flow positive and you owe more than they are worth. You cannot buy any new houses. My prediction = you will not have $1 passive income in real estate (unless income doesn’t include expenses).

    Does work part time mean that you’re actually getting a J-O-B like the rest of us losers, or does it mean you will only work on RE sweet deals part time?

  • Ca$ey says:

    $5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 9 months from today.

    That’s 5K/mo net positive cashflow after property expenses, management and debt service.


    1) no lying
    2) no money down
    3) work part-time

    No lying ? (uh-huh) No money down ? (good cause you don’t have any)Work part time ? (might be a strain)


  • Here’s the key..you are going to create a post ‘tomorrow’ Everything is tomorrow, yet when tomorrow comes you continue to push it off another day.

    5K a month? What type of job do you think you can get that will allow that?

    Advisor/Consultant? Who would take advise from you? You must be crazy.

    Get off the crazy juice, quit eating at Denny’s and get a real job that pays a hourly or a base salary.

    Goals for 2008:
    Avoid Bubba
    Keep hands off ankles
    Don’t drop soap

  • Casey,

    Is this a joke? You couldn’t meet your $3000/month passive income goal, so now your goal is to get $20000/month??? (assuming only $15K in monthly liabilities…) What happens when you don’t meet that goal? Are you going to set it to $500K/month passive income?? One million billion a month? Anyone can do it with the right self-help books! You only have to believe in yourself …

    You have delusions of grandeur of biblical proportions. You don’t even seem to be thinking about the criminal implications of what you have done, and are not doing anything to take care of that.

    Face it, you are too lazy and don’t have any sort of dedication (eating hamburgers at Denny’s??? Since when do they make fish hamburgers??? Especially at Denny’s???), so this “goal” is just you postponing the inevitable (and making it worse by the day).

    I’m seriously going to try to find your pastor now. Obviously you can’t take care of this problem by yourself, and it’s going to be a much bigger problem for all of us if you continue. Russian people in Sacramento don’t need the kind of reputation that you have coming to us.



  • Casey,

    Man, you really need to get your priorities in order. First order of business is to fix the situation you have created for yourself. 5K in passive income is an extremely aggressive goal for anyone to accomplish in 9 months, much less someone who is in your mess… Working deals with your history is going to be a MAJOR obstacle. You should consider making your yearly goals more in-line with your reality. You really need to put your energy into either selling the homes you already have, or figuring out the legality of your situation.

    You need to have a clear objective for what you are trying to accomplish, AND STAY FOCUSED!

  • Very simple problem with your plan:

    You owe roughly 18k/month in debt/motgages/etc.

    You propose to have 5k in net income per month from rentals after expenses.

    So you would have to be making 23k/month from your rental properties.

    You have 5 properties listed on your spread sheet. You would have to charge roughy 4.5k/month in to cover expenses and make your proposed profit.

    I don’t know about you, but I wouldn’t pay $4,500/month for rent for those.

    Realize that for the first 10-15 years mortgage/rental properties don’t make money, they break even (at best). After the first one is financially stable (3-5 years is a good time frame), the developer gets a second loan and invests it in a second building and uses the rental payments from the second to pay for the second. In the mean time, you work full time to pay for yourself. Once the first building has paid for itself through rent then you start making a profit on it (15-20 years after you initiate the mortgage).

  • This has to be a joke? How could you possibly have $60K in passive income from real estate in 9 months? I’m really confused because this post makes no sense.

  • “The definition of insanity is the repetition of the same action expecting a different result.” John Laroquette/Albert Einstein

    You tried this last year. It didn’t work as you are now several hundred thousand under water.

    Four step plan:

    1.Get a job (not a part time one).
    2.Pray they don’t throw in jail
    3.File bankruptcy
    4.Learn about real estate during the two hours a day you are not working.


    “IF I was you this is what I would do…let them foreclose…it makes no difference on your credit record now.

    IF you file bankruptcy now and put the properties on there what does that do? absolutely nothing but get you in hot water and possible jail time for the fraud you have admitted to.

    If you let them foreclose it all goes away quietly …..there is no win win solutions left in your predicament.

    let them foreclose and close that chapter in your life…the loans for the houses are gone …in the past and done with.

    They will all be foreclosed via trust deed foreclosure…the banks are already hemmoraging enough money on these deals…there is almost next to a zero chance that they will do a judicial foreclosure.

    Short sales are not an option …it gives you income for the amount forgiven……would have worked great for last year because you had enough losses to offset any income you would have gained..but we are in a new fiscal year and your income would not be cancelled out by your losses.

    You are not even holding these properties in a corporation or an LLC so we wont even get into the tax implications you could have sheltered that way.

    Casey just let them be foreclosed and be done with it.

    Now your faced with all of this personal credit lines and credit cards and business lines.

    Well now you file bankruptcy on all of this since fraud will never come up for those …it would for the mortgages..but they are foreclosed and gone……no need to include them in the bankruptcy proceedings.

    so you file bankruptcy and take your lumps and take the hit for all this unsecured personal debt.

    The foreclosures fall off your credit in 7 years..the bankruptcy in 10.

    Now you start with a clean slate (with the exception of jacked up credit) and you buy houses smart now..L/o’s subject 2’s.

    yes it is easier to buy houses with good credit..but there are tons of acquisition strategies out there to get houses without your own money or credit.

    And for the love of god….dont take cash back at closing..that is just friggin dumb.

    SET UP RESERVES FOR A MINIMUM OF 6 MONTHS for every property.

    This is a must and is a requirement for each and every property.

    If you have to dip into the fund for vacancies or whatever…..repair costs…who knows……they are reserve funds to be used when the property is not producing for whatever reason.”

  • 82. WHY only $5000 a month????
    January 11th, 2007 at 10:00 am

    If you are gonna dream why stop at $5000 a month…certainly a RE savy guy like yourself will acheive $10,000 or perhaps $30,000 a month passive income in 9 months.

  • 83. Boris the Blade
    January 11th, 2007 at 10:01 am

    You are so trolling right now. It seems like every post gets more and more ridiculous just to generate comments. Seriously, what world do you live in? Please don’t classify me as a “hater”, just a realist who would like to know how this latest game plan is going to work. You know, given that minor issue about the 2+ million that is owed. Stop the bleeding before trying to take on more “investments”. I seriously doubt that your financial situation will be vastly improved in nine months, nor will the Sarcamento real estate market. Concentrating on selling the houses, getting out of debt and maintaining both your marriage and sanity should be enough to keep you busy for the rest of the year.
    Most likely, these comments will fall on deaf ears and will be reiterated countless times throughout this post. Man, I really want the last five minutes of my life back.

  • $5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 9 months from today.

    Well… you’re still delusional, but at least you’ve stopped using the term “escaping the rat race”. As in, “avoiding real work”. Come to think of it, you’re only 24, so it’s pretty hard to “escape” something you’ve never really been in.

    You might actually want to TRY real work for a change before you knock it, Casey. Sure, it may suck at times, but it does do two things that flopping houses does not: 1) supports your family, and 2) provides a sense of real accomplishment.

  • Foreclosure sale on the Muncy property is 1/24/07. What’s your goal for that.

  • 86. Voice of Reason in a World Gone Mad
    January 11th, 2007 at 10:28 am

    Let me save you some time on your blog.

    ENTRY DATE: September 10th, 2007

    I failed to meet any of my goals. But it’s all good. Because failure is the stepping stone to success.

  • Let’s see, you’re at least $23,000 NEGATIVE a month right now. To get positive $5,000 you’ve got to net $28,000 a month. In real estate, IIRC, the standard goal is to gross 1% of total investment per month. Assuming you magically net what you gross that puts you at another $2.8 million of mortgage debt. More realistically it would be much, much higher.

    This assumes of course that you would actually RENT OUT the places that you own. Which you haven’t done, or even tried to do, on the eight properties you CURRENTLY OWN!!!

    I hate the “you’re mental dude” posts, but clearly you are. It’s either that or you’re in some hardcore denial mode when trolling this site lets you escape your impending doom.

  • I see that you are still working the No money down idea. Just add one more and you’d be making good progress.
    “Walking away with cash in your pocket”, yea I saw a infomercial with John Alexander that said that. hey, I haven’t heard you mention him, you probably should take his courses and seminars.
    Yea, add that to your goal list.

  • And one more thing Casey:

    How are these new properties going to be any different at all than the old ones? Have you come up with some bold new investment strategies that will make every deal a sweet deal?

  • You’re still deluded. Bully for you.

  • This is truly sad. In your videos, you seem like a really nice guy. I’m sure you have many admirable qualities, but Casey, please consider psychotherapy immediately. You don’t seem to want to listen to anything anyone has to say, and frankly, you’ve been given some damn good advice on this blog!

    Why would you post to us that your goal is to get $5K of monthly positive cash flow going in 2007? WTF????? The only way that’s going to happen is if you get a well-paying, full-time programming job at $5K/mo. Clearly, you’re not facing reality.

    I will say though, you have done something good by bringing a lot of good people together on this blog. I’m home all day, due to disability (but I have a college degree and was in Sr. Mgmt. for 18 yrs. before I was strickened with illness), and this blog has provided lots of pertinent information from your readers, as well as many laughs.

    Cut up just one credit card, and you will see how good it feels. You’re so afraid to stop the madness, but just cut up one single card and I guarantee you will see……

    P.S. Hey guys, I want a part in the movie too!

  • To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units

  • Casey:

    Good to see that you are thinking big.

    Head over to the Marcus & Millichap or CBRE office with your spreadsheet showing your net worth and liquidity and tell them you are looking for a SWEET deal on a 100-200 unit apartment building.

    You will have many brokers who want to work with you and sell a nice $10-20mm apartment.

  • 94. Craven Moorehead
    January 11th, 2007 at 11:22 am

    I’m almost speechless on your latest goal.

    Funny how you ignore all the sound advice on your blog but give a shout out to some twit that was hanging out at Denny’s at midnight at a table near you. I guess he was star struck to actually say hi to you so he blogged you a note. Too funny.

  • I assume this includes a bankruptcy. Have you made a decision on that? It seems that you have.

  • 96. NoVa Sideliner
    January 11th, 2007 at 11:24 am

    A 100-200 unit apartment building! What a laugh! You must be trolling now, with statements like that.

    No bank around is going to lend you money for that with 0% down and your miserable credit rating. Zero chance, zero. Don’t even waste time dreaming of this because any apartment building that makes money will be snapped up by real investors who CAN borrow the money and have cash reserves to pay for operation and maintenance.

    But maybe you can find yourself a crime-infested building on a toxic-waste site, something someone is desperate to unload because of continual losses and the hazmat contamination liability as well. Uh oh, oh no… the fecal finger is poised to sign…

    Now wouldn’t that be classic, to add EPA to your list of government admirers?.

    (And what are you taking about with terms like “this kind of cash flow”? Are you talking cash flow as in revenue, or income? Or are you just Kiyosaki-confused in your accounting terms?)

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units ”

    Hahahahahaha. With what, monopoly money? I hear Boardwalk and Park Place are for sale. You can put a hotel on them and charge more.

  • ok casey you most definitely are trolling. get a job.

  • Casey, you are setting yourself up for failure because your goal is not realistic. To get from broke to 5K monthly cashflow takes years, and if you have not learned it by now most “no money down” deals suck.

    Check out this girl’s web site.


    Of all the newby RE investors I have seen on the web, I would vote her most likely to succeed. Not to say that her success is guaranteed, but she is doing all the right things to maximize her chances. You could learn from her.

  • 100. C.M.O.T. Dibbler
    January 11th, 2007 at 11:33 am

    And you have a lender lined up that is willing to loan you enough money to purchase said apartment complex? You have experience in managing rental properties?

    What colour is the sky in your world?

  • 101. Jack Ambramoff
    January 11th, 2007 at 11:33 am

    Unless the bank of Mormom is lending you the $, forget about buying apartment buildings with zero down.

  • Ca$ey says:

    “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Unbelievable says:

    Give it up you freak !

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units ”

    Your trolling is as bad as your financial skills.

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    on who’s credit? yours???????????
    no RE investor in their right mind would partner up with you as a backer.

  • why not just go ahead and buy the LA coliseum. I’m sure you could make lots of passive income from that. hell just go ahead and purchase the empire state building while you’re at it.

  • 106. EasyMoneyLender
    January 11th, 2007 at 11:41 am

    Casey, I’d like to work with you on that apartment deal. My company provides hard and soft loans for commercial and residential under a variety of circumstances (sometimes difficult like your case). I believe in your dream of postive cashflow and can help you down that road.

  • 107. Nadia Belemi
    January 11th, 2007 at 11:42 am

    So, why didn’t you buy this 100-200 unit apartment building months ago? Have you developed a business plan to present to a lender for this?

  • To buy an apartment building with 100-200 units you would need to buy a building that has 30-50 floors in a large urban area. That would cost you several million (if not tens of millions) dollars. With your current credit issues I cannot see you getting that kind of credit extended to you.
    With a building that big you would need to have a superintentdent and a maintenance budget. That would eat up several thousand dollars a month.

  • Ahhhh of course … an apartment building! Casey, you’re brilliant, absolutely, positively brilliant. I must say I’ve just transitioned from a so-called “Casey hater” (meaning a sensible, grounded, empathic, intelligent person) to a “Casey lover” (meaning a vapid, blindly positive, sheep-like moron).

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units ”

    Casey, you’d be better off investing in the lottery. at least their you have a .0000001 chance of coming out ahead. you have already proven that RE is not your forte’.

    also, you have no construction / maintnenance background and you never even fixed up the properties you currently have. an apartment building rented out is 100 times more work. believe me,it ain’t passive income when you’re busy trying to collect rent from deadbeats.

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units.”

    Jesus wept.

  • 112. Mr. Mortgage
    January 11th, 2007 at 11:52 am

    As for the people talking crap about Casey giving his Tithe, screw you. Give to Caesar what’s Caesar’s give to God what’s God’s.

    Giving God his money is more important than giving anyone else theirs first.

    You don’t Tithe off borrowed money, but you can give an offering off borrowed money depending on the situation. The money Casey borrowed is not money he can Tithe off of I.E. Credit Card and Mortgage advances. If you are in the situation where you gain income from borrowing money from your appreciating properties every few years, then that is money you can give off of.

    Until that; God gets his off of any money Casey makes off of honest work, weather he owes people money or not.

  • You’re going to buy a large apartment building!?! I’m sorry mate, but you’re nuts, and here’s why.

    1) You have terrible credit. Where are you going to get the money from?

    2) You have no track record of being able to manage your exsisting, much smaller, properties. What makes you think you could manage a large property.

    3) You’re not able to manage your existing situation right now. Hell, you don’t even open your mail in a timely fashion. Where are you going to find the time to do this when you can’t take care of yourself now.

    You’ve got to start thinking clearly sooner or later. It’s fairly obvious to most of your “elders” that you’ve gotten yourself into such a terrific mess that it’s going to take a decade or more to get out of it, and that’s if you started acting responsibly. There’s no evidence of that so far. Unfortunately I think that many of the comments on this blog are correct when they say your situation is only going to get worse. From my brief reading of your blog I suspect that your time in the near future will be consumed with court appearances, law suits, crushing paperwork, and unpleasant meetings with creditors and lawyers. And you’re thinking of buying a large apartment building! Unbelievable!!

    Its really time you grew up, dealt with your problems in an intelligent manner, and acted like a man.

  • 114. Robert Coté
    January 11th, 2007 at 11:59 am

    Snigger. 100 units with positive cashflow and no money down. $5000/mo passive or $8000/mo active. That’s gross revenue of $90,000 per month for a purchase price of $10 million. And you’ll outmaneuver every REIT on the planet to win this deal how? Okay, fine, these things happen. Good, let’s go with it, you sew up this deal of the century and do everything right right up to the face to face with the commercial loan agent. He’s got your 460 minus FICO and $450k minus net worth and he… he… what?

    Spagetti desperation. You are throwing everything you got to the weall to see what sticks. Flagpole investing, you run it up a flagpole and see if anyone salutes. You’ve placed your bet, doubled down, doulbed down twice more for an 8x bet. The house wins. Get it? The “house.”

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Up to this statement you had them strung out pretty well….now, you overplayed your hand and EVERYBODY will realize you’ve been yanking their chain all along

    Thought you were smarter than that……

  • LMAO….100-200 units. Oh sure…they don’t run credit checks for those…I’ve got a few 100-200 unit buildings myself lying around collecting dust…If any comment screams “troll” that one sure does. Completely unencumbered by the thought process…

  • Any thoughts on how you would, um, buy an 100 unit apartment building?

  • ON NO! Casey, you’ve just posted the WORST comment you could’ve ever made. WHAT ARE YOU THINKING? How are you going ot buy an apartment complex?????


  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Somebody please tell me he is being facetious. Somebody turn up the lights and tell me this is just some bizarre reality TV show entirely based on fiction. Or how about somebody tell me that this is simply a psychology student’s experiment?

    Nobody, and I mean NOBODY can be this stupid. I don’t buy it anymore.

    100-200 units?????? WITH WHAT MONEY????????????

    January 11th, 2007 at 12:23 pm

    Ogg find shift key. No more all caps.

    Ogg bang head on cave wall. Apartment building not cheap. How you pay for it? Nobody lend money with Casey’s credit. Casey not have millions in cash. Also, who sell building with that cash flow? Ogg think nobody.

    Apartment building good plan a year ago. Too late now. Even Ogg see that.

  • 121. The Guy Next Door
    January 11th, 2007 at 12:30 pm

    Hi Casey,

    I have to agree with “casey has jumped the shark” about Zillow. I sold my Sacramento house in December 2005, even as the market was STARTING to collapse. Took me 3.5 months. Today, Zillow claims my former house is worth 2% more than I sold it for. I DON’T THINK SO!

    Zillow estimates are high end. And they ignore the myriad ‘perks’ sellers now have to give buyers in order to seal the deal. You’re in this business. You oughta know.

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    WHAT?!? How are you going to manage it? You can’t even recruit/keep tenants for one of your single-family homes, let alone maintain/repair some of the units to make livable. Its not a lack of cash-flow that’s holding you back (although there is that, of course), its a total lack of ability on your part. How do you expect to handle covering over one hundred units?

    Forget about if you could even raise the necessary capital to purchase such a place, for a moment. Even if you could swing it, you do you realize that monthly rents are not pure profit? Most well-run, established apartment complexes only clear 10-20% net profit (in a strong, but historically normal market). Usually a complex that’s up for sale has some serious issues (if it were a cash cow, then it wouldn’t be up for sale). You have neither the cash/credit nor the most basic skills to make it possible, and if you hire a half decent property manager there goes a good chunk of your potential profits. Let’s be serious for a moment: forget basic repairs… you haven’t yet figured out how to manage your monthly mail.

    Someone would have to be beyond desperate to consider you as a slumlord. You’re not competent enough to manage a pet cemetery without violating a dozen state health codes in the first month, let alone a 100-200 unit apartment complex.

    1. Buy apartment complex
    2. ???
    3. Profits!

    Hail Looser Boy, Wannabe King of the Underwear Nomes!

  • Of course an apartment building that size would cost ten times what you’re debt for right now but if dreaming about it helps you fall asleep every night, dream on. If I were you, I’d be vomiting blood every night.

    Judging by the pictures of your properties, you’d make a good slum lord.

  • 124. Donald Trumpet
    January 11th, 2007 at 12:38 pm

    At $100K/unit (a conservative number), you’re looking at a $10-20 million purchase. 10% down (hah!) is thus $1million in hard cash. Now, if you took the same downpayment and invested it in a CD at 6% annual interest (to keep the math simple), you’d be collecting 1/2% per month, or (wait for it) $5,000.

    Of course, this would mean that you’d 1) have to actually have the downpayment, and 2) wouldn’t be able to think of yourself as a real estate investor, but frankly neither of those facts seems to have bothered you so far.

    If you go with this idea, I can let you know where to send the $500 bird-dogging fee.

  • 125. Casey's A Drama Queen
    January 11th, 2007 at 12:38 pm

    Talk about jumping the shark!

    This is pure, unadulterated TROLL BAIT!

    (If not, you are so delusional that it’s a waste of anyone’s time to give you rational advice.)

  • Casey,

    Your goals for 5k passive cash flow in 9 months is 100% far fetched. You may be on th right track thinking about an apartment building though. When you need cash flow with out much or any down payment you need a low end kind of rental, not a house. The trade off here is management time. Income really isn’t passive when it comes to rentals, especially multiple rentals. Even with 5+ units, you are likely going to always have a vacancy or late payment issue along with maintenance. With a lower end/higher cash flow type rental, you are going to have more flaky tenants, with stories about how their pay check is coming in late and other various sob stories. With these types of low credit score and low income tenants, you will have situations where they don’t pay for a couple months, then leave the place trashed… holes in the walls, beat up appliances and stains on the carpet. It will be a job for you to manage, but it may lead to real passive income in the future after rents are raised.

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    And how do you propose to finance this? No-one reputable will go anywhere near this scheme with your track record, so you’re left with Cousin Vinnie and the boys, with 500% interest and the nail-studded baseball bat treatment if you default on a single payment.

    Can I suggest borrowing a large bowl and filling it with iced water? And dunking your head in it every time you come up with a deranged scheme that’s simply an excuse to avoid tackling your current problems?

    Your ONLY goal for 2007 - the only one that’s in any way sane and sensible - should be to avoid jail, avoid divorce and come up with a realistic way of reducing your debts to a manageable level. I note that your cheerleaders have yet to offer any useful counter-suggestions to the overwhelming consensus that bankruptcy is still the most plausible way forward.

  • To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units

    Casey, you are under a great deal of stress, you’re probably not getting enough sleep, you’re probably not eating well, if at all.

    Financial stress can make you unhinged. I know. My father and mother lost their home through foreclosure in 1986/87. My dad started believing in things that were not connected to reality. In his case, he though he would get a windfall from an inheritance. He was talking to a financial advisor as if it truly existed. He also started to subscribe to psychics and a belief in magic numbers. My father had been an engineer in Denver when the bottom of the oil market fell out. My parents literally fled their home and declared bankrupty. My mother had to go to a food kitchen. My dad, God bless him, a white-collar professional took a job pumping gas. I have so much respect for him doing so. My mother went back to school and became a special educator. Again, she’s my heroine for working with children with special needs. She’s very good at her job. It took 10 years to rebuild their lives but they did so.

    Casey, you are not going to buying an apartment building. There will be no “passive” income. There will be no life on a “part-time” job.

    Get some sleep, get some help.

  • 129. The Guy Next Door
    January 11th, 2007 at 12:52 pm

    > “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    I wish you luck. A low-end 100 unit complex may go for $5 million. You, obviously, aren’t going to get a loan, so you’ll need one or more partners. Maybe your family… I don’t know if they have that kind of money.

    If you land one of your standard 9% loans, you’ll be paying $450,000 annually. That’s $4,500 per unit, or $375 per unit per month. If you rent for much more than that, you’ll make your goal IF you have 100% occupancy…

    But why would anyone who can get a $5M loan team up with you and give you perhaps 25% of the revenues? Are you going to be the property manager? If so, I wish you luck. Managing a single rental ain’t for the squeamish, my friend. You don’t want to even think about what’s involved in managing 100 low-end apartments…

  • 130. Casey's A Drama Queen
    January 11th, 2007 at 12:52 pm

    Casey - on 2nd thought, what a GREAT idea! The realism of the last few days was depressing, so let’s get back on the delusional track, eh?

    You changed your monthly income by $20K in 2006, so changing it by only $5K should be easy for you! SWEET!

    Oh … someone’s telling me the 20 was negative, so it’s actually a $25K/mo swing … oh, well, It’s All Good!

  • 131. Casey's A Drama Queen
    January 11th, 2007 at 12:58 pm

    WOW - I’m really excited now!!! This will be mega-FUN to watch!!! Watch out Mr. Bankruptcy & Mr. Foreclosure - Mr. 2007 Laser Focus is going to plow right through you! YIPEE!!!

    (they’re coming to make me take my meds now since I’m getting the other droolers stirred up)

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units…”

    Yah, that should only cost you around $40 million.

    No biggie.

    I’m sure you’ll have much success finding some desperate property management group (try calling Sam Zell), dying to unload one of their sweetheart apartment comples (one that cash flows $5K a month, no less), and more than willing to owner finance the whole deal, with no money down from a bumbling stooge who has a history of loan fraud, ballooning of mortgage defaults, and a wake of broken promises all documented on a public blog. Smart business people love taking those kind of risks.

    And managing 200 units should be a cinch for a guy with your unique brand of work ethic, ability to hyperfocus and organizational skills. My friend, this is a SLAM DUNK!

    In all seriousness, Casey, you’ve missed your calling. It’s not real estate. It’s comedy. You’re freakin’ hilarious, a comedic genius. Ditch the blog and hit the funny ciruit, pronto.

    Hell, you’re a ba-zillion times funnier than Pauley Shore. And look at that buffoon. He’s filthy rich and banging models. Hey, buh-dy!

  • You are soooo funny!

    I especially like the ‘No Lying’ part.

    If you had not lied in the first place your would not be in the position you are in. Now you want to buy a 100-200 unit apt building.

    Maybe you should look at buying GM or Ford! Now there’s asome real fixer uppers. I bet you could get some cash back at closing.

    In case you had not noticed, there is a negative sign in front of that $2,000,000.

    Casey Shark Jumper

    Number 1 priority: Stop lying to yourself.

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    You are trolling, who is going to lend you any money? I couldn’t borrow that money and I run a successful business. This site has to be fake.

  • Casey,
    You are fearless.

  • all right, everybody out of the pool. party’s over. Blog makes no sense any more - 100-200 unit apartment building?

    I think it would be equally impossible and infinitely more entertaining to us for you to attempt a hostile takeover of a REIT, or maybe do an olde tyme 10-man Faberge egg heist.

  • CASEY: “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Good golly gee, who is going to lend you the money to buy a 100-200 unit apartment building? I think you have officially checked out from reality. Your goals have a 0% success rate unless you win the lottery or befriend a senile multi-millionaire. The chances of you getting hit by lightning, while getting hit by a car, while be attacked by rabid sharks is much, much more likely.

    Setting lofty goals is one thing - it can give one the impetus to achieve the difficult. Setting impossible goals is only going to add to the frustration, depression, and sense of failure. Making your riches in RE sometime in your life is a difficult goal, given you current track record, but it not impossible. Doing it in 2007, I’m afraid, it utterly impossible.

  • I don’t think you realize the other thing: Being a landlord is a full time job. My landlord has about 100-200 apartments in the same city. It keeps him busy 24hours a day, seven days a week. No holidays are a day off unless he can give the pager to someone else. If the heat or hot water does work, the roof leaks, a window is broken he has to show up, evaluate and fix the problem (and in cases of heat it has to be fixed immediately).

    Thinking of heat, I would be very concerned about the MN house. Do you have someone checking in on it to make sure the heat is on and the pipes have not burst?

  • 139. Casey's A Drama Queen
    January 11th, 2007 at 1:24 pm

    I didn’t know you could get s**t-faced-stupid-out-of-your-head drunk at Denny’s!

  • To Casey,

    Easy, sell yourself as a slave to me and i’ll sell you my apt building ,120 units in San Diego.

    Your Master,

    #1 Broker

    “We Make You Broke”

  • “2007 Goal: Rearrange the deck chairs on the Titanic”

    Bring on the Sweet Deals!

  • Casey,

    $5,000 passive income? I’m not sure if you even read your own liabilities worksheet. If anything, you have proven how to lose $5,000+ per month, passively.

    Dr. Housing Bubble

  • Why not buy Trump Tower with no money down?

  • quote:

    To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units

    More bullsh!t, mom.

  • 145. Chris Johnson
    January 11th, 2007 at 1:32 pm

    A 100-200 unit apartment building? With a loan, low-to-no down payment, at today’s prices, that brings in a positive cash flow? I haven’t seen it here in Southern California, because I’ve looked, and retail/office space is the same story. But, of course, I’ll be following your blog with interest.

  • I see you got your wonderful multi-unit idea from this blog:


    Are you planning to get your financing through this site:


    You saavy invester, you!!

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units’

    If that statement right there doesn’t PROVE he is trolling us, nothing will. Hell Casey, why not just plan on buying Jamba Juice, Starbucks, and Macaroni Grill outright?

    If you ever pull this off, I’m gonna be pissed. And I am going to short the living daylights out of whatever bank would allow you to do something like this.

    I’m just hanging out for the entertainment value now which is fading fast with this stupid moderation.

    Tim from MB - Get a life, the kids not listening to a thing you say.

  • An apartment building? Dream on, dude…

  • And who do you think will lend to you in your current situation? Get real, this has to be fake.

  • 150. Hi...I'm Dolph DeRoos
    January 11th, 2007 at 1:57 pm

    Wow…and how the heck do you propose “buying” an apartment building, Casey?

    Bad credit & million dollar loans do.not.happen.period!

    And who the heck would work with you? I don’t mean to sound like these supposed “haters” of which you are so fond of bringing up, but c’mon? I advise small entertainment companies for a living. I give GOOD advice in the world of selling and marketing. People make money off of my suggestions and direction. I still have to provide a resume, I still have to show what I’ve succeeded in to get people interested in what I have to offer.

    You expect people to come on board and work with you for what? Apparently you won’t pay them upfront, I am not too sure anybody would work pro-bono for money on the backend as you would most likely spend it on Jamba Juice or sweet rims or something like that.

    Wow, Case, you are a bit deluded.

  • 151. yougottabekiddingme
    January 11th, 2007 at 1:58 pm

    OMG! Can you IMAGINE Casey as a landlo9rd?

    Tenant: Casey, man, my toilet’s backed up and the a/c’s on the fritz.

    Casey: (sounds of crickets chirping)

    Tenant: Casey? Man, where are you? This stuff needs FIXED already!

    Casey: (crickets)

    Tenant: OK, here’s a certified letter, demanding the apartment be brought up to liveable standards.

    Casey: (guess..yep, crickets)

    Tenant: Fine. F-you! I’ll get it fixed and take it out of my rent for the next 6 months.

    (6 months later) Casey: Hey, how come I’m not getting any rent?

    Tenant: Because you’re a worthless excuse for a landlord and I had to pay for repairs YOU are liable for. So sue me.

    Casey: Why is everyone so mean to me? I’m only failing forward? I’ll have to go console myself with a nice big Jamba juice.

  • In Latin America, they have a snake called a fer-de-lance, or barba amarillo which _ unlike most snakes _ hunts you down and attacks you. That, my friend, is your debt load. You can dream about all of the rosy futures that you wish, but there’s that viper is out there in the jungle looking for you. It will strike when you least expect it, but strike it most definitely will. So play your silly games, and make your pie-in-sky plans, and dream of a future of money just rolling in. But unless you do something to kill off that debt load, it’s going to get you.

  • I guess Casey is still trying to monetize the blog with a post so obviously trolling for comments. So here’s my recommendation for the Year 2007 Goal:

    Psychiatric Help. Seriously, find out why the goal of “passive income” is causing you to damage the lives of all around you. This applies even if the blog is fake and all the money from the houses and credit is hidden in an Uzbek account.

    @Casey: To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units

    Right, Casey with no cash and no credit is going to find someone so eager to get rid of their apartment building they will sign it over to him with no money down, maybe cash at closing for “repairs”. Then Casey will use his incredible management skills (as shown in his handling of the Dallas Deed-In-Lieu, the Utah mortgage wrap, and the upkeep of all his local properties) to remove problem tenants, improve the property, raise rents, and attract new tenants to make the building cash flow positive.

    No wait, that sounds uncomfortably like work. Perhaps, Casey, you expect that someone is essentially going to GIVE you an apartment building that is already so cash-flow positive that you will have $5k left over every month after paying the lease/mortgage and the professional property management team you will need to run the place since you certainly won’t be up to handling it.

    If Casey were to somehow get his hands on an apartment building, purchased sight-unseen, it would be full of crack-heads, located atop a toxic waste dump that the property owner is responsible for cleaning, and the center of a criminal investigation. But the $5000 cash back at closing makes it a Win-Win SWEET DEAL!

  • 154. FuturesTrader
    January 11th, 2007 at 2:05 pm

    100-200 units? You have not been able to manage 8 full housing units. I both laugh and cry for society reading your comments. You were featured in an industry magazine for loan officers as being a case of mortgage fraud. Please explain how you intend to finance a 100-200 apartment building with your credit record, no investors, and the notoriety you have.

    First you tried (in a racist manner, I think) to blame global trends in outsourcing for not having a job. Then, you trolled us all with the tithe. Now, you ignore the Utah situation and have no comments regarding the Muncy foreclosure.

    I try so hard not to be a hater, but someone needs to stop you from 1) screwing up with other people’s money, 2) breaking our laws, and 3) ruining other people’s lives. I discuss with friends often about criminal matters, and usually I’m a fairly forgiving fellow. However, you clearly are a threat to society and someone has to intervene.

  • 155. Casey's A Drama Queen
    January 11th, 2007 at 2:09 pm

    This gets my vote for your most outrageous, over-the-top post yet. Though I do think you’ve stretched the believability factor a bit far, even for you.

    Clearly designed to incite the crowd. Shooting for a record 400 replies?? I have to admit I’m hooked, though I still wouldn’t pay $0.01 for the movie or book.

    But I think you can top this. E.g. you haven’t introduced Ivan and Boris, the Russian debt collectors yet; and I’m sure there’s family drama yet to come.

  • buying an apartment? please explain. (?)

  • Have you gone insane? Where do you think you’re going to get the money to buy a 100+ unit apartment building? That will require several million in loans for even a low-end property in a non-overpriced area. Who is going to loan you $4M+ all in one shot?

    BTW, my “goal for the month” is to earn a million dollars a month (that’s $1,000,000/month) through passive RE investments by February 2007. I think our chances of meeting our goals are about the same. I.e., 0%.

  • Too Funny! Well, at least your not trying to start a new hedge fund just 4 months after $6 billion of losses in your first hedge fund like the founder of Amaranth Fund.

    Keep on trying, Casey. There’s always Mexico!

  • 159. Casey's A Drama Queen
    January 11th, 2007 at 2:16 pm

    I like these delusional posts more than the depressed ones.

    As a strategy for getting there (I must have missed your description of the ‘hows’), here’s a thought:

    Pay mailmen $1K for referrals for either apartment complexes or strip malls, $2K for shopping centers, and $5K for sub-divisions.

  • 160. Casey's A Drama Queen
    January 11th, 2007 at 2:20 pm

    How did your 2006 “rules” work for you?

    I think you were just magnificent about adhering to the “work no more than 40 hours/week”.

    (Or was that 40 hours/month?)

    January 11th, 2007 at 2:25 pm


    1) no lying
    2) no money down
    3) work part-time

    No lying? hahahahahhahhahhah, nigga please , :) ))

  • 162. Casey's Biggest Fan
    January 11th, 2007 at 2:27 pm

    And how are you going to buy a 100-200 unit apartment building?

  • Maybe this guy will invest with you…


    I like his website… makes me think I should try being this innovative.


  • “$5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 9 months from today.”

    Say what? Now I know Casey is really a troll with half mil under water and no ad income. But still he is trolling for readership, perhaps for a movies deal

    “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Well this is certainly better than bird dog a deal for $500. Hello, anybody home? reality check, where are you gonna get the money to buy a 200 unit apartment building?

    This is not a goal, it’s a wish.


  • hahaha
    poohbear serin.
    remember what happend last time when you wanted to strike gold fast?

    why not start slow…. and work for 4 dollars an hour…. then MAYBE you’ll get a raise.
    ya. and stop wasting your time at Denny’s over priced food isnt worth what ever money you have. and i hope to GOd that you’re still not going to Jamba Juice……

  • […] Casey has a new plan! He wants to be earning 5000$ of passive money (ie, money he earns from investments) a month in 9 months. He will do this by buying an apartment building. […]

  • 167. J. Whittimer Lightning
    January 11th, 2007 at 2:48 pm

    It’s all about you Casey, isn’t it?

    You need an intervention,,you are so far gone it is not even funny anymore.

    I would love to see your lazy a** try to manage the ownership of 100-200 apartment units,,that would be a giligans island mishap adventure to watch. Let me know if it ever comes through, I would be glad to fund the documentary.

  • Sounds like a great plan! I’m sure yuo will have no trouble! Then you can buy a McMantion and a Porche Cayenne!!

  • An apartment building? How on earth do you plan to do that, Casey? You realize that they cost even more than houses, right?

  • To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units

    That’s easily a multi-million dollar investment. And commercial real estate is not like residential — you can’t do crazy no-doc 100% I/O loans for those kinds of property.

    So, how exactly are you going to do this?

  • If you robbed a bank every month that would generate the sweeeet cash flow neccessary to keep your delusional world running smooth.

    It’s similar to the current scam you have been operating but you don’t need to lie on the application.

    Does god hate liars or thiefs more?

    Is there a difference?

    Rob bank = 20 to 30 min of time,
    return on investment 5-6 grand per stop.

    $12,000 an hour / minus gas for the get away car, and as you run out of local banks you will need to find more which will certainly lower your return per hr, but at least it’s a start.

    You will be going jail sooner or later so does it matter?


  • Casey, you will fail, bookmark this post.

  • Casey,

    I guess the 100-200 units is flamebait where you are yanking people’s chains. However, on the off hand chance you are serious, I recently attempted to purchase an 11 unit building. FYI unlike you I have a net worth of almost 100K and enough money to put down 20%-and it was my intention to put 20% down. Yet reputable lenders turned me down. Why? For 1 thing I told the truth on my loans that I was recently laid off even though in the 1 month since I was turned down I have since secured another job. Even though I had 40K cash in reserves in case my cash flow went negative they turned me down. Even though with 20% down I would have had a 10% cap rate from DAY ONE they turned me down. Flippers like you are the unspoken reason I was turned down, the losses will seep through the system and credit standards will be tightened more and more. If you are more realistic about what you can accomplish then you grow up. Grow up!

  • 174. patient renter
    January 11th, 2007 at 3:05 pm

    I’m being honest here: I don’t think your goal is possible.

    Housing cost to rent ratios are far too out of whack to make money from renting any property that you can buy today. If you’re going to treat real estate as investment/income then you have to act like an investor would. Right now real estate is incredibly inflated and only recently was at all time historical highs. Would an investor buy a stock when it’s inflated and near its all time high? I know you’re passionate about real estate, but as an investment, now is not the time. The writing is all over the walls, the big name investors have long ago cashed out. You should consider trying something else for a few years till real estate makes sense again.

  • Casey,

    The only 100 unit building you will be getting yourself into is Cell block D down at the Folsom prison.

    I would consider investing in Vaseline between now and then.

  • 176. Casey is a Genius
    January 11th, 2007 at 3:16 pm

    Great…Just when I was about to put you up against a Crack W**** . You have to post something stupid like this. A Crack W**** will demolish you in the “2007 Goal” Matchup. And you know I only try and promote classic made for TV matchups. It’s challenging enough to create a decent matchup against you. And stop making it too obvious that you’re just trolling for hits. That stupid comment about purchasing a 200 unit apartment is just too obvious. Aren’t I right…Tell him Nigel. Maybe Casey will listen to you. Errrrrr…Nevermind. I know he listens to no one.

    Casey, you are looking more like lonelygirl15 with stupid posts like this….Hmmmm. Maybe that’ll be our next matchup. But I have plenty of other people waiting to go up against you like Scott Peterson, A 3 Year old Crack Baby, The Gimp from Pulp Fiction, A guy who collects Bull Sperm, Charo, K-Fed, One of the fattest twins in the world(You know those twins that make a Harley look like a moped. The fat one on the left wants a piece of you), Sputnik even tried to fool me as he dressed up in a monkey costume, but I’m sorry Sputnik you are too good for this matchup. I mean the list goes on and on. I guess I have a lot more work cut out for me figuring this one out.

  • Don’t listen to the haters, Casey. The real estate market is almost finished digesting its recent gains, and soon home prices will go up in value once again.

    It’s a new paradigm, and everybody who doesn’t buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase.

    Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.

    This asset bubble is different than all of the others - it will never slow down, or pop. The gains are permanent.

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units…”

    It’s like you are trolling your own blog. That is mathematically impossible. Or you just making stuff up to provoke people.

    Maybe your new strategy is “Make this blog appear like a parody and a ridiculous joke, so any DA who looks at it will just move on.”

    Another option is you’re absolutely delusional. The pressure has driven you insane.

  • Casey,

    I would like to know how you plan to get a loan to buy a 100-200 units apartment. I cannot wait to see how you would do this.

  • Ok, It’s official with this “I will have to buy an apartment building” comment…Not only is casey a troll, he is a big, ugly, wart-covered troll, of the kind you don’t talk about at parties.

    Casey: Stop taking up space and do something useful with your life.

  • @ Casey Serin: “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Are you baiting us now? ::swings fist wildly::

  • 182. J. Whittimer Lightning
    January 11th, 2007 at 4:08 pm

    You and George Bush should have a show together

  • OK, this is what I’ve decided based on today’s post: Casey is not a troll, he’s an underpants gnome! (Google South Park if you don’t understand.)

    His plan:
    Step 1. Collect underpants.
    Step 2. TBD
    Step 3. Profit!!

    While we’re setting completely unrealistic goals with no associated action plan, I shall set forth the following goal for myself in 2007:

    I shall, by the start of next winter (so I can escape to some warm tropical island), have made enough money off the development of a new “killer app” to retire and live luxuriously off the interest of my investments.

    What killer app? What special knowledge and skills do I possess that will enable me to succeed where so many others have failed? Bah - don’t bother me with details. This is such an excellent goal that I think I’ll leave work early and reward myself by hanging out at Denny’s, sending text messages to my friends. Since I don’t have a Jamba Juice nearby, I think I’ll get a dessert coffee at Starbucks on the way home.

    Aaah, I’m looking forward to joining the ranks of the young and delusional.

  • How are you going to buy a 200 unit apt. building? You can’t even afford Jamba Juice.

  • Either speed up moderation or turn it off. Otherwise, this blog will die pretty fast.

  • Ok, this has to be a joke. Or you are completely dillusional.

    The “have to buy an apartment building, say 100-200 units” comment can only be there for the purposes of provoking outrage.

    You must know that it is utterly impossible for you to purchase that type of property, or any other for that matter.

    Just assuming for a moment that this is on the up and up, as everyone with an ounce of sense has told you, all that needs to concern you now is damage limitation….trying to find regular work to cover your day to day expenses, and pay back your unsecured creditors; going for some kind of bankruptcy where this whole mess can be structured in some way; and preparing for the knock on the door from the law

  • 187. Absolutely Stunned
    January 11th, 2007 at 4:39 pm

    How will you manage a rental unit, much less 200, from the federal pen? Who will loan you $0.75 for a Coke much less an investment property? You’ve burned that bridge for many years to come. Your views and outlook have gone from distortion to outright madness.

    You remind me of the Iraqi Information Minister, Mohammed Saeed al-Sahaf, as he denied American presence while our tanks were knocking down the building behind him.

    Turn yourself in.

  • I think that 100-200 units comment will make a lot of people upset, like that whole vegan thing. Tim we need you to contribute 2000 words please ha ha.

  • 189. The sweetest of all sweet deals
    January 11th, 2007 at 4:44 pm

    “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units.”

    You can, and you will, do much better than that. Listen to this sweet deal:

    - Large, sprawling 5000+ unit complex
    - Spacious courtyard
    - Very, very friendly community
    - Furnished units
    - Gated and highly secured
    - 24/7 security service
    - High occupancy rate
    - Complementary food service

    Best part of all, you have already earned this baby, so you won’t have to do a thing to get it. It will be coming your way soon. Very soon. Just keep doing your usual thing and you’ll be there before you know it.

    Truly the sweetest deal ever.


  • If you despise the current environment that has created situations such as Mr. Serin’s……….

    Ron Paul has just announced his bid for President.

  • 191. Cashflow Retard
    January 11th, 2007 at 4:58 pm

    Before you get up to a $5000/mo cashflow point you need to climb up to $0/mo from your current -$20,000/mo. How fast can you do that? Should be a piece of cake.

    But in your delusional, math-challenged, “vegan”, “entrepreneur” world, -$20,000 is just $20,000 with a tiny little line in front of it, almost the same thing. So more likely, you’re going to end up with -$25,000/mo. Sweet.

  • Do you have a plan on how you might convince someone to finance this deal you speak of. If you do please share.

  • HOW?



    Kid, you are f _ _ ked. Admit it. What a d _ _ b m _ t _ e _ f _ c _ e r.

  • Hey Casey, define what you mean by ‘No Lying’.

  • For anyone facing foreclosure - and this includes you Casey - read this article from MSN.


  • 196. Boo Effing Hoo
    January 11th, 2007 at 5:20 pm

    I would like to second Legion’s comment. That’s exactly what I did when I read this.

    You’re nuts.

  • 197. Helpful Article from MSN
    January 11th, 2007 at 5:34 pm

    The following was on MSN -

    Since Casey hasn’t provided provided any insightful articles or information - this posting is from MSN for those reading this blog who are, like Casey, facing foreclosure.

    By Liz Pulliam Weston
    Real estate markets are slowing. Interest rates are ticking up. And the phones are ringing at ByDesign, a Los Angeles-based credit counselor, as homeowners start to panic about not being able to make their mortgage payments.

    “The number of people asking for appointments to talk about foreclosure is definitely up,” said Susan Ulaga, the nonprofit service’s senior vice president of counseling. Rising rates “are really putting a crunch” on homeowners with adjustable-rate loans.

    Nearly a quarter of the nation’s mortgages have rates scheduled to reset this year or next, which means higher payments for millions of homeowners. How many will default isn’t known, but the Mortgage Bankers Association, which tracks delinquencies and foreclosures, expects a “modest” uptick in both by the end of the year.

    If you’re in danger of falling behind on your mortgage, or if you’re already delinquent, it’s important to know what’s ahead and what your options are. Usually, the faster you move, the more choices you’ll have about your financial future.

    The timeline
    30 days: Your troubles actually start as soon as you miss a single payment. Lenders may not contact you until you’ve skipped a second payment, but most will report the first late payment and every subsequent delinquency to the credit bureaus. Even a single late payment can devastate your credit score, the three-digit number that lenders use to help gauge your creditworthiness. Each subsequent “late” further decreases your score, making it more difficult and expensive to get a loan or a refinance that might help your situation. In addition, lenders typically tack on late fees of 5% or so for each missed payment.

    90 days to one year: Eventually, if the payments aren’t made, the lender will file a “notice of default” with a local courthouse and send you a letter saying that the foreclosure process will start unless you make good the missing payments.

    How quickly the notice is filed depends on the individual lender. Some hold off if you contact them to work out a payment plan or otherwise explain your situation. Others are more aggressive and start the process as soon as possible to try to protect their investment.

    “They may do it as early as 90 days, or as late as a year,” explained Anthony Hsieh, president of LendingTree.com. “It really depends on the lender’s temperament.”

    Usually, this notice means that the amount you owe has shot up as well, since the lender typically adds substantial fees to cover its legal costs.

    The notice of default “is a big threshold,” Hsieh said. “Once you get into that state, it’s a whole different world. Your options are fewer.”

    The notice of default is generally picked up by the credit bureaus, further depressing your credit score and making refinancing the loan extremely difficult.

    (In addition, the notice tips off scam artists that you’re in trouble and may be vulnerable to various “equity skimming” schemes. One common ploy: The scam artist promises to take over your payments, but instead rents out your house and keeps the rent payments as pure profit. The home goes into foreclosure, your credit is trashed and you’ve lost any equity you had in the home.)

    90 days more: Borrowers typically have 90 days from the notice of default to make up the deficit before the lender sends out a “notice of sale,” which sets a sale date for the house (typically within the next 15 to 30 days).

    Some lenders will allow you to keep your original loan if you can make up the missing payments plus any late fees and legal charges. Others will insist you refinance with another lender. You can also halt the foreclosure, at least temporarily, by filing a lawsuit or filing for bankruptcy. For either legal option to work, you’ll have to be able to come up with a payment plan to fix the deficit.

    Your options
    Lenders today typically offer a variety of solutions for people who have fallen behind on their mortgages. Among them:

    Temporarily reducing or waiving payments.

    Setting up short-term repayment plans to help you make up the deficit.

    Adding the unpaid balance to the principal of your loan and increasing your payments slightly to cover the extra amount.

    If you have certain types of loans, you may have even more options. If you have a mortgage insured by the Federal Housing Administration, for example, you may qualify for an interest-free (and payment-free) loan to get your mortgage current. The money doesn’t need to be paid back until you pay off the mortgage or sell the house.

    If you can work out a solution with the lender quickly enough, you can contain or even avoid serious damage to your credit. That’s among the reasons housing experts typically urge you to call your lender as soon as you know you’ll have trouble making a payment.

    This is good advice, but trickier than it may seem at first, for two reasons:

    Lenders can make it tough to get to the right people. The folks you want to talk to are in the “loss mitigation” department. But many lenders don’t routinely route borrowers to that department until they’ve missed several payments. Until then, you might be dealing with the lender’s collections department, which typically offers one option: Pay up now. If you’re serious about keeping your home, you may have to really push to get to right people.

    “The loss mitigation department (is) where the options are really going to open up,” ByDesign’s Ulaga said.

    You have to be able to make the payments. If you agree to a lender’s “workout” or “loan modification” solution and then fail to make the agreed-upon payments, you’ll be in a world of hurt. At best, you’ll have “a lot fewer options the second time around,” Ulaga said. More likely, Hsieh said, the lender will simply accelerate the foreclosure process.

    This can be a big problem if the financial crisis that caused you to fall behind isn’t over. If you don’t know where you’re going to get the money to make the payments, trying to work out a solution with your lender will be tough.

    “If you’re honest like that, (lenders) are not going to want to work with you,” said New Jersey bankruptcy attorney John Amorison. “If you’re dishonest, you breach the agreement.”

    That’s no reason to hide from your lender or ignore its letters, Hsieh said. Even if you can’t work out an agreement, keeping in contact is usually the right choice: “At least you know where you stand.”

    Filing a lawsuit or bankruptcy carries similar risk: If you don’t have the money to make the payments, the foreclosure can proceed, and you may have further damaged your credit score.

    9 steps to getting out of this mess
    So what to do? First, you’ll need to take a hard, clear-eyed look at your financial situation. To that end:

    Make a budget. Sketch out a spending plan for the next several months, including expected income and expenses. See what costs you can trim to free up as much money as possible for home payments. You may need to pay the minimums, or even less, on other debts. In certain very limited circumstances — such as when you are absolutely sure your financial hardship will be short-lived — it may make sense to skip payments on some bills so you can pay your mortgage. Read “How to not pay your bills” to learn about the consequences that may follow. Another option: borrowing money from friends or family, or tapping retirement funds. Do the latter only if you’re convinced you can make future payments; you don’t want to drain your retirement funds if you’re only going to end up losing the house.

    Consider getting help. Legitimate credit counseling services, those associated with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies, typically have housing counselors that can help you evaluate your options. Or you can find a housing counseling agency approved by the Housing and Urban Development Department by calling (800) 569-4287. If you have a Veterans Administration loan, you can call (800) 827-1000 to get a referral to a financial counselor.

    Check your refinance options. If you have equity in your home, your credit rating is relatively intact and your lender hasn’t yet filed a notice of default, you may be able to get another loan with more affordable payments. An experienced mortgage broker, preferably one affiliated with the National Association of Mortgage Brokers, can let you know your options. Be cautious about jumping into another risky loan, though: adjustable, interest-only or “option” mortgages might just put off the day of reckoning and you could find yourself facing even higher payments down the road.

    Be realistic. Many times, Amorison said, people struggle to hang on to a house that they simply can’t afford when they’d be far better off without it.

    “People are just too tied to their homes,” Amorison said. “It’s just property.”

    That may seem harsh, but it’s far better to sell a home while you still have equity and some semblance of a credit score than to have it taken away in foreclosure.

    Get organized. If you are going to try for a loan modification, you’ll need to prepare a small mound of documentation. The lender will specify what it wants, but typically you’ll need to supply the details of your financial situation, a budget, documentation of your hardship (a letter from your doctor explaining an income-reducing illness, for example, or your layoff notice from your employer) and a “hardship letter” that outlines, in heart-rending detail, the circumstances that led you to fall behind and the improved prospects that will allow you to get your financial life back on track.

    You may also want (or be required) to provide a market analysis of your house, Ulaga said, to document how much equity you have in your home. A real estate agent can typically prepare this for free in exchange for the chance of winning your business should you decide to sell.

    Leaving home
    If a loan modification or refinance isn’t possible or feasible, your options come down to these:

    Sell the house. If you have enough equity in your home to allow you to pay off your mortgage in full, after deducting any real estate agent commissions, then a quick sale is usually your best option. You’ll preserve what’s left of your credit score and your equity, leaving you in a much better position should you want to buy another home in the future.

    Offer a deed in lieu of foreclosure. If you can’t sell the house for what you owe, but you’re not deeply “upside down” on your mortgage, this may be an option: you propose handing over the deed to your home and your lender agrees to release you from your mortgage. This usually keeps you from having to pay any deficit that might be owed on the property, while the lender avoids further legal costs related to a foreclosure.

    Lenders can’t be forced to accept a deed, however. Typically, lenders require that the borrower make “a really good effort” to sell the home first, Ulaga said, and show that their delinquency was due to “unavoidable hardship” before they’ll agree to a deed in lieu of foreclosure.

    Negotiate a short sale. If you owe substantially more on your home than it’s worth, you may be able to get the lender to accept less than it is owed by negotiating a “short sale.” You essentially sell the house for whatever you can get, and the lender agrees to accept the proceeds and not go after you for the deficit.

    A short sale can further damage your credit scores, often showing up as a “settlement” that indicates you paid less than you owed. You may also face an IRS bill on the unpaid debt, which is generally considered income to you. A skilled negotiator may be able to avoid these consequences or at least minimize them, so you may want to consider getting an experienced attorney’s help.

    Allow the foreclosure to proceed. This is generally the worst choice. In some states and in some circumstances, the lender can even go after you in court for any deficit between what the house eventually sells for and what you owe. An attorney or housing counselor can let you know if that’s a possibility.

    Even if the worst happens, though, the damage to your financial life needn’t be permanent. If your situation improves, you may be able to get another mortgage, at a reasonable interest rate, within a few years. For more details, check out “Bounce back fast after bankruptcy” for suggestions on how to rebuild your credit after financial disaster.

  • How are you going to build a team of, well, anybody ? Who in their right mind would follow you, after reading your blog ? Just curious.

  • Just stay a vegan. The rest doesn’t matter. The meat eaters are being poisoned with each morsel of contaminated, toxic, bite of tortured, distraught animal meat. Farming practices are hideously barberic and the meat eaters are eating the energy of disgust and despair.

  • 200. Colonel Trautman
    January 11th, 2007 at 5:47 pm

    It’s over, Casey. It’s OVER!


  • 201. Underwear Model
    January 11th, 2007 at 5:48 pm

    He just said buy an apartment building!!!

    Come on! He is egging everyone on. Next thing he’ll say he is spending $25,000 on seminars on buying an apartment building. Then watch the comments roll in!!! Hahaha

  • Oh yeah, please tell us, the ignorant unwashed masses, how owning and operating a 100-unit apartment building will constitute “passive” income. You couldn’t even manage 4 houses– let alone 100 units!!

  • Read a real blog. One that doesn’t post fake stories on real situations. One that doesn’t encourage enraged comments.

    He has not taken any advice since day one - good advice. It is obvious that the blog is his reality and his life is his fairy tail.

    it’s about Apple & Macintosh

    January 11th, 2007 at 5:54 pm

    Ogg predict 350 post.

  • Aww - c’mon!! You can’t put this big hunk ‘a troll bait in front of us, and then not release our comments!


  • As I look at your 3 “rules”…

    1) no lying
    2) no money down
    3) work part-time …

    I’m tempted to say “pick any 2″, but the more I look at the list, it’s probably “pick any one”.

    But, then, I don’t think you’re capable of #1, or can pull off #2 with your record. I think you could _probably_ do #3.

  • Casey -

    Simple question; how do you plan to purchase new properties given your credit rating? (and assuming you get rid of those old properties)

  • 208. I'll be mortgage-free in 2008
    January 11th, 2007 at 6:23 pm


    9/10/07 is only eight months from yesterday, not nine.

  • “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    ZOMG. I was down for this blog up until now. Even got first post today.

    There’s no way you you could be this dumb.

  • Casey - what skillset do you bring to the table in making this goal a reality? What’s your value-add to a partner or investor? Serious question.

    There’s dreams and there’s goals - the above is a wild dream for someone with your net worth, financial history, and financial & legal exposure.

  • Hey guys I know I’m a little slow with moderation (have 227 comments waiting) but I was busy talking to a BK attorney today and another adviser. Now I got a business meeting to catch. Comments will be released by tomorrow morning.

    Also, we got a final approval letter with a list of conditions from Countrywide for Larchmont shortsale. And I want to thank a couple of you for noticing that my Muncy property is going up for auction. With all the craziness lately, that caught me by surprise. I bet that notice is somewhere in the pile of mail. This weekend I want to finally catchup up with everything and get going with my goal.

  • RE: “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Where’s the cheese for that deal big guy. Why limit yourself to such small stakes. Find a deal like Stuyvesant Town (NYC apartments just sold) with thousands of units. Think of the passive income with that.

    I’ll bird dog for you here in NY metro area, I’ve even got a mortgage guy who never fails getting a loan. You might have a bit in common with him, he’s Russian too.

  • Casey , I think you must be a real good marketing guy or ,you are the most pathetic BS PCER . However to get your name out there is no small feat.. The Big Dog.

  • T. Roll,

    No, he didn’t mean “remodeled.” He meant it the way he spelled it: “remodelled.” As in Art Modell. Casey abandoned that dump like Art Modell abandoned Cleveland.

  • Casey said
    “To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units”

    Why stop there? Buy a state, or a country…hell buy the world! Don’t worry, you can borrow it!

  • 216. Robert Coté
    January 11th, 2007 at 7:06 pm

    I know I’m a little slow with moderation

    Gee Beaver, ya think?

    I was busy talking to a BK attorney today

    I call BS. You know why? Because if you were with an attorney of any kind you’d never post again.

    and another adviser.

    BS #2. You have dozens of the planets’ best for free. Not one would meet you in person. Not one could afford the risk. Even if you met with an advisor with an o any one of them worth the time would run so fast you couldn’t touch their shadow.

    Comments will be released by tomorrow morning.

    Snigger. SELECTED comments… Right?

    Muncy property is going up for auction. With all the craziness lately, that caught me by surprise.

    Huh? Why? Because you ain’t been paying? Because you brg bout cash back? Where was the surprise here sport?

    I bet that notice is somewhere in the pile of mail.

    Gee, Beaver, yah think? Best case, what would you do in response to someone owing you money and not even being reachable?

    You cannot answer the phone or door or open the mail. What about all this doesn’t have sphincter factor seven written all over it?

  • Every day:

    1. Bring in mail
    2. SORT mail into 3 stacks. (a) - urgent, need to open NOW. (b) - open later (hours or days later, not weeks later). (c) - put in trash.
    3. OPEN urgent mail
    4. ACT or plan ACTION on urgent mail

    It takes a few minutes to do 1, 2 and 3! No suprises that way. That’s basic responsible adult behavior!

  • Man you’re nuts. People tell me I’m nuts but I’m net-positive nuts. Stop making insane goals and start making sane ones. You could have a stable life if only you went bankrupt, got a job, paid cash, and learned to budget.

  • You should be mortified that someone else told you first via blog post about Muncy!

  • On Jan 3 in “Getting Motivated and Organized” you were going to open your mail. And here 8 days later, you’ve still not done so.

    You had to have at least scanned ALL the mail in order to have opened the financial ones to construct your spreadsheet.

    You HAD to know there were some SERIOUS NOTICES there! Who are you trying to fool?

  • 221. wealthyboomer
    January 11th, 2007 at 7:30 pm

    Okay, you’ve now listed WHAT your goals are. Now list HOW you are going to go about attaining them.

    What are your steps to acquiring the team of advisors and professionals?

    What are your steps to get out of your ‘current financial mess’?

  • 222. Michigan Guy
    January 11th, 2007 at 7:55 pm

    Casey my man, you’re not dreaming enough! Why have a goal of 5K per month when you can dream of 10K, 20K, whatever? Why have a goal of a part time job when you’re doing so well as a layabout?

    All you need is pixie dust, or a winning lottery ticket.

    Dream on… but reality is on it’s way to you.

  • Congratulations for meeting with a BK attorney, if nothing else. What did he/she have to say?

  • Casey, I’ve got a SWEET deal for you!

    You’re looking for a big payout in like a big multi-unit building?

    Here’s a place in Manhattan - with the highest rents in the country! 96,000 sq. feet to split up however you like (obviously you’d be on the hook for conversion costs, but hey, you seem to have that all under control with your other properties).

    Talk about a SWEET DEAL! With no money down, you could lie on your loan application and your monthly nut would grow from $20,000+ a month to…er like $185,000 a month. And you’d have to probably hire a management company to handle those freaky New Yorkers… And also you’d be another $26 million in debt but it’s only WOO WOO MONEY!

    I dunno man, talk to your advisors.


  • 225. Ethical Realtor in DC
    January 11th, 2007 at 8:49 pm

    Hey, I’d love to lend you a few million - after all you’ve proved yourself to be a great judge of properties, able to run the numbers conservatively and maximize the income from your holdings, a great manager who keeps him properties in good condition which keeps tenants happy, an able manager of your personal finances who never spends on pipe dreams when the basic expenses of being a property manager/owner are calling.


    I believe in dreaming big, but I also believe in not setting ridiculous goals. It took me a couple of years to build that much passive income and that was in a growing market iwth 8% cap rates and my impeccable credit record. A declining market with

  • 226. Michael Cooke
    January 11th, 2007 at 8:49 pm

    If anyone on this site works for the bank or business lending industry please explain this post to me. I’m totally confused and begging to know your single minded lending logic.

    I have a positive cash flow business, stable finances, and student loan debt. However my credit score is atrocious. It still haunts me from college. My parents made too much money - and I am white. Therefore I could not get the full funding I needed. So I took out credit cards and used them to finish college.

    The credit score number gives a 2 dimensional picture (at best) of the applicant. It says nothing about my other payment history, business, or personal responsibility

    So please explain your logic to me. How is it that Casey borrows however much he wants continuously while and I get the middle finger? Casey has $150,000+ of unsecured credit card debt totally separate from his loans. How did he get this money? From his houses that he does not even own?? He has title - but not ownership. There is a BIG difference. Now he gets even more money thrown at him??

    I would be shocked if Casey gets financed for this “apartment building, say 100-200 units”. Someone must be bailing him out. Ethir that or this is just wishful thinking intended to get a rise out of his audience.

    I truly cannot understand why I cannot get the financing I need to invest in my current business, and start a second business that has already been secured though a buyers deal becuase of something that happened in a long time ago in College. I’ve been a perfect picture of financial responsibility ever since graduation day.

    But Casey is 2.2 million in debt and gets an apartment building.

    This is completely insane.

  • 227. Ethical Realtor in DC
    January 11th, 2007 at 8:56 pm

    “I want to thank a couple of you for noticing that my Muncy property is going up for auction. With all the craziness lately, that caught me by surprise” - proof that your priorities are so far off the mark that you are doomed, my dear child.

  • If your situation as presented in this blog is real, you need to come to terms with the fact that you can’t just shed this year like an old snakeskin and start 2007 fresh and new…you have to deal with the repercussions of your 2006 activities before you can even think about your plan of passive positive cashflow.

    And this from your AbleBuyer site, “Learn With Me to Invest in Real Estate and Build Wealth Fast with Integrity”….well, it leaves me baffled AND speechless.

    Finally, I’d love to know what Stephanie J. wrote that didn’t make it to the comments.

    I’m officially baffled and intrigued. If you’re trolling, you’ve got me hooked.

  • Hi Casey,

    I’m not sure, but I don’t think you can give preferential treatment to friends and relatives when filling for bankruptcy. In other words, loans to those folks can’t be paid back will other loans are forgiven (I’m not sure about this — your bankruptcy attorney can probably fill you in).

    This might be one of your main concerns — you may piss off those close to you during a bankruptcy. However, it will help remove all distractions if you can remove *all* loans (even those from angry family members).

  • sadly..the delusion is getting worse…where the hell do you think you will get finance ? with your record..not a single soul will touch you

  • 231. Laughing@UintheBronx
    January 11th, 2007 at 9:49 pm

    Casey the clown spake thusly:

    “At the same time: start building my team of advisors and professionals so I can start analyzing deals and financing options as soon as possible.”

    Oh you sad pathetic fool. I feel sorry for you, I really do. Has it not penetrated your thick head yet that you have absolutely no aptitude for this, and learning it is well beyond you.

    Consider the past eighteen months of your life: you got yourself into this mess through real estate ‘investing’; and you then proceeded to mismange the situation to the point where you are now burning over $20K a month.

    To get yourself into your $5k a month income position, you would have to realize the equivalent $25k a month in passive income. $25k!!!!!! DOES THAT PUT THINGS INTO PERSPECTIVE FOR YOU?????????????

    I don’t think even on his most confabulating day your rich dad robert kiyosaki would claim that he could realize that kind of success in nine months. Pull your head out of your a** man.

    Remember, your goal is actually to realize the equivalent of a passive income from investment properties equal to $25k a month ($300K P.A.) in nine months. And do this starting from a -ve $2.2 million net worth. Not even the most mendacious guru would claim this is possible.

    And don’t bother telling me I am twisting things, or confusing things. I am not. I have simply reduced your plan to the simplest terms. Something you should have learned to do a long time ago.

  • Another broken record!

  • 233. Sound Advice
    January 11th, 2007 at 10:09 pm

    I accidentally sent my post a little early. So I am continuing roughly where I left off…

    Casey, please pay close attention to this post. This is intended for you, not anyone else on your BLOG.

    You have a unique situation which requires a unqiue solution.
    I think you should leave for a while — maybe a few years, maybe more. Go somewhere that you can make a good salary while only working part-time, live well and still save up money.

    As I was saying in my previous post, this is only really relevant if/when your marriage ends, unless she wants to come with you.

    I recommend getting out of California. Go somewhere else where you can do web design and your money will go a lot further.
    I would probably suggest this to anyone with your programming skills — But you have another unique skill: You speak Russian. What about relocating, at least for a few years, to Moscow?

    With your programming skills and entrepreneurial spirit, freelance work will be easy to come by. There are plenty of sites such as rentacoder.com which cater to American companies hiring Russian or Indian programmers. Your obvious mastery of English gives you another edge for this sort of work.

    Hang out for a few years, make loads of money, put aside some of it for your comeback. With some time distancing you from your crimes, the chances of prosecution will be much lower.

    You’ll return to the U.S. before your 30th birthday. You’ll be a little older, a LOT wiser, and in a much better financial position.

    You have plenty of reasons to leave, and with your command of Russian, you also have the opportunity. TAKE IT!

  • Casey says: “First order of business: put up a blog at www.AbleBuyer.com tomorrow to track my progress.”

    After all the homes are forclosed on will you change the name of this blog to iwasfacingforclosure.com?

    How about a blog called caseyssweetdeals.com where people can send you deals that will give $5K a month in income with no money down?

    Good Luck on the new blog.

  • Casey, with no job and no credit left, is going to have to start worrying about food soon. I would not want to be in his shoes. People, make sure you leave a little in the tip jar.
    And it is nice to aim high, but you have no idea how hard it is to just break even, let alone clear $5k from rentals. I think people do that who have held onto property for 20 years. I suppose if you have dozens of units — have you penciled it out yet, kid? Maybe take some baby steps first. Get one cheap duplex or fourplex. A part time job in a restaurant — all you can eat!

  • If you could get $5k/mo in passive income by buying an apartment with nothing down, everyone would be doing it. Which in turn would decrease that down to zero. Don’t listen to the gurus. No bank is going to believe that you are going to be the sole owner occupant of 200 units and allow you to put nothing down.

    In the real world, you have to 20-30% down to buy non-owner occupied real estate. With large apartments, that’s more likely to be 30%. A 200 unit complex will cost you 10-30mill depending on how nice it is and where it is.

    How are you going to come up with $2M-10M down payment when you have a $400k negative net worth, with no real income?

  • I am not sure you should really be trying to do this with Real Estate at all based on your track record. I don’t even know if its possible ( see track record). Maybe if you “partner” with someone really generous or something.

    However, I think this whole idea about getting your “team of advisors”‘ is a Big Joke.

    That is some BS straight out of the Rich Dad/ Fake Dad and RE “bootcamp” scam artists.

    Stop following the “Guru” scam artists!

    Try buying property that isnt overpriced by 50% and not taking out 150% LTV loans in a declining market, wasting cash ( if you took cash back, why arent the houses “fixed up”?), needing to sell a house for $100,000 over market and rip off some other schmucks,etc.

    You know, buy a house actually priced at less than 100% and sell it for MORE and/or buy “cash flow positive” rentals. Key point: MOST rentals are not cashflow positive.


    There’s many alternatives to AdSense.

    You are wasting a perfectly good opportunity for extra cash. Be smart, do it now!

  • yep somewhere in the pile of mail and you think you could manage a 100-200 unit building(as if). you have no organizational skills, no business sense, no discipline, no idea what hard work is and oh yeah you definitely have a mental condition.

    the fact that you think you can have 5k of passive income in 9 months tells us that you are delusional.

    Seriously though you threw that 100-200 unit comment out there as troll bait right?

  • Wow…Casey has lost his friggin mind.

  • 241. you are mentally ill
    January 12th, 2007 at 3:55 am

    You need help. If you are this far out at 24 I can only imagine what you will be like at 40 (the age MI really starts to kick).

  • “… And I want to thank a couple of you for noticing that my Muncy property is going up for auction. With all the craziness lately, that caught me by surprise. ..”

    Why should this be a surprise when you are not
    making the payments?

    Why am I not surprised that you were surprised?

  • Hey Moron,

    Every time you talk to some shill buddy of yours about yet another “sweet deal”, think of yourself being repeatedly sodomized in a prison shower. If that can’t shock you into some kind of straight thinking, nothing can.

    You have engaged in serial criminal acts and are undoubtedly contemplating more (or you’re so stupid you don’t know you’re being lured into breaking the law). I’m going out on a limb here and guessing that you’re considering “straw man”-type transactions masquerading as legitimate wholesaling. That’s pretty much all that’s left for someone in your pathetic state of affairs.

    The best course of action for you right now- assuming that you don’t aspire to become a human pin cushion- is to move to a country that doesn’t have an extradition treaty with the US.

    Argentina would be my choice.

  • You need to be locked up

  • 245. Craven Moorehead
    January 12th, 2007 at 6:15 am

    Now you are thanking people for noticing what’s going on with your property because you haven’t opened your mail. News flash genius….all of that certified mail is important so you may want to open it instead of spending time on your “business meetings” at Dennys at midnight.

    I guess you’re too busy working on your apartment complex to deal with your current catastrophe.

    This post is going over 400. We just can’t get enough.

  • Haha… wow… I just realized late last night after talking to a friend that Jan 10th to September 10th is actually EIGHT months! (If you haven’t noticed by now - attention to details is one of my weaknesses).

    A few knowledgeable people told me that my goal of 5K cash flow in 8 months is a little too aggressive - that I may end up cutting corners and in my impulsive fashion get into bad deals, repeating my mistakes from 2006. I do see the logic in making my goals achievable.

    I also learned something from my bankruptcy attorney that is going to affect my plans for 2007.

    Because of these things I may have to amend my goal(s) today in my classic READY-FIRE-AIM approach (I’m still learning the value of AIMING before FIRING). You guys already knew by now that the stuff I say is never “written in stone” right? (I like to call it “thinking out loud”)

  • Oh yeah… I gotta moderate them comments huh… 272 waiting.

  • Ca$ey says:

    “I also learned something from my bankruptcy attorney that is going to affect my plans for 2007″

    How about giving us the details ?

  • Ready-Fire-Aim huh? How about Fire-Oops-Regret?

    This seems like a good idea.


    Bartender, Jobu Needs a Refill.

  • “..A few knowledgeable people told me that my goal of 5K cash flow in 8 months is a little too aggressive…”

    “Too aggresive?”

    How about “impossible, “unrealistic” “unobtainable”

    “.. I do see the logic in making my goals achievable…”


    “..I also learned something from my bankruptcy attorney that is going to affect my plans for 2007. ..”

    You gonna be in prison, maybe?

    Earth calling Casey

  • “..To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units ..”

    Just who is going to loan you the Millions$$$ to
    buy this???

    Wells Fargo?


    Your inlaws?

    Earth calling Casey

    Earth calling Casey

    Are you out there Casey??

  • “I also learned something from my bankruptcy attorney that is going to affect my plans for 2007.”

    LMAO - I bet you did! (BK atty to Casey: “No one will lend you another dirty penny for 10 years; your 2007 goal should be to stay out of jail”)

  • “A few knowledgeable people told me that my goal of 5K cash flow in 8 months is a little too aggressive -”

    A little? Are you high? The only way you get to $5k a month is if you can find enough jobs, and enough hours in a week to earn it from getting a J O B(s).

    NOBODY is going to lend you the millions that you would need to buy a 100 to 200 unit complex. NOBODY! Even if they did, your management “style” would lead to numerous violations and issues in dealing with this many people. Face it, you had to deal with yourself in the house deals and you weren’t able to that. Throw 100 to 200 families into the mix and you are screwed.

  • 254. Craven Moorehead
    January 12th, 2007 at 7:19 am

    Good morning sweet pea. While you were sleeping, you’re negative net worth increased by $10k. And you didn’t even have to lift a finger.

    Keep plugging away though. You are one monster of a sweet deal away from making this hole thing work!

  • Jesus, you can’t even stick to a plan for 24 hours…

  • Judging by your last comments perhaps your main goal for 2007 should be to grow up and learn to be a responsible adult.

  • Hey Idiot,

    Turn…off…moderation. Problem solved.

  • What is it you learned from your BK attorney, Case? That you’re f***ed and can’t do any more sweet deals because you’ll probably be in Pelican Bay this time next year?

  • I like the “Aiming” analogy. LOL

  • Well, maybe if you were to “write it in stone” then you might actually complete a task!

  • 261. Cashflow Retard
    January 12th, 2007 at 8:53 am

    “I’m still learning the value of AIMING before FIRING”

    No, you’re not learning anything. And you never will. And this is hardly the only basic thing in life you haven’t and will never learn. And if you haven’t yet learned simple, basic things like this at your age, you never will.

    You are the very definition of a functional retard.

  • 262. IF $5000 a monthin 8 months is attainable...
    January 12th, 2007 at 9:02 am

    Why didn’t you attain that in 2006 already?

  • Casey said:

    “Oh yeah… I gotta moderate them comments huh… 272 waiting. ”

    Ain’t this rich!?! Casey is spitefully holding back the moderation! Hahahaha!! OMG this is friggen hilarious!!

    That’s right, Casey….you hold them comments hostage. That’ll fix everyone for messing with your AdSense revenue, won’t it?

    PS: What would Jesus do? LOL

  • 264. Voice of Reason in a World Gone Mad
    January 12th, 2007 at 9:47 am

    “You guys already knew by now that the stuff I say is never “written in stone” right?”

    You mean to say that the things you say have zero credibility? Yeah, we get that.

  • I don’t see how you can go from negative 23k / month cash flow to a positive PASSIVE, no less, 5k cash flow in such a short period of time, if ever. Funny math and wishful thinking, that is.

  • 266. I Call Bullshit
    January 12th, 2007 at 9:57 am

    OK, I figured this out. Casey is a college student and is pulling our legs. He may indeed own these properties, but he is not hurting despite his posts. Blog started in September, right after the start of the new school year. I think what he is actually doing is taking the irresponsible behavior of our politicians and doing the same on this blog.

    2007 goals?? Get real. Sounds just as lame as our current a****** president’s lofty ambitions of balancing the budget by 2012.

    Fake site Casey, but I love the analogy. Nobody is this stupid, but America sure is.

  • “attention to details is one of my weaknesses”

    Realizing that September 10th is 8 months away is not missing a detail.

    You have tunnel vision Casey. You don’t just miss the details, you are missing everything that does not follow your “perfect storm” plan to wealth.

    Your focus on wealth is driven by greed and you are blinded by it.

  • Casey, you crack me up. Believe me, owning an apartment complex that size is NOT passive income! You are spinning out of control and need to get a grip on reality. Forget about buying another piece of property until you get this whole thing taken care of.

    The only truly passive income sources are trust funds, C.D.’s, and bonds. Mutual funds and Stocks are much more passive than managing property.

  • Your idea of moderating the comments is limited to only posting your own comments or deleting comments you don’t like.

  • maybe you should shut this thing down if you can not moderate comments at least daily.
    the BK attorney probably told you to watch what you say and what others say

  • Ca$ey says:

    “Oh yeah… I gotta moderate them comments huh… 272 waiting”

    Yeah ? Gotta ? Them comments ?

    Surely you can write/speak better than this.

  • “I just get so idealistic about this stuff sometimes.. maybe too many personal development and success books. Maybe I need to go on a diet from those.

    Ya think?

  • ok…but you didn’t answer THIS question…..


    I think a GOOD Criminal Attorney would benefit you more than a BK attorney. (Casey, PLEASE notice the GOOD in that sentence.)
    Better make sure said attorney knows federal AND state fraud laws, INCLUDING the states you purchased property in. I did a little research, and Texas fraud law is MUCH STIFFER than California’s. And BECAUSE the Dallas house is foreclosed, I think that might come back and bite you.

    Casey, I do not believe you when you say you “didn’t believe you were doing anything wrong.” On the VERY FIRST PARAGRAPH of the VERY FIRST post on your HOMEPAGE, you have the word “liar loans.” From the GET GO, before ANY of these properties where in the shape they are NOW, you knew. Four year olds know “lying” is wrong. You are 24. You knew it. From the very beginning.

    I believe your character will be shaped by what you do in the next month. I am anxious to see what that will be. I wish you good luck.


  • $3,000 is hard to live on in California for 2, even in Sacramento.

    $3,000 a month is a normal middle class salary for one person, but most households have both people working, bringing in $6,000-$7,000 a month. This is just middle class.

    I know many rich people, they own several businesses and make about $250,000-$300,000 a month.

  • 275. Coyote Investor
    January 12th, 2007 at 12:17 pm

    Thanks for answering people’s questions. It makes the blog much more enjoyable. Let us know what the BK attorney suggests as possible courses of action. I personally see a major disconnect and monster denial between 3k/mo. gross and the debt service. BTW I believe you are on the hook for the difference between your loan on a property and the foreclosure price. That is why people are saying you will have to BK. That number will likely triple or quadruple your debt number and up the monthly nut you’ll have to crack. (’Nut’ and ‘crack’ being the most important words in that last sentence.)

  • 276. Stephanie J.
    January 12th, 2007 at 12:31 pm

    ” ..maybe too many personal development and success books. Maybe I need to go on a diet from those.”

    Now that’s a worthy diet. You’d be shedding pounds of crap and gaining precious time and funds.

  • A note about your foreclosures: if the properties sell at auction for less than the value of the loan, the difference will be “forgiveness of debt” in the eyes of the IRS, and it is taxable income.

    (Hopefully you already knew that. Good luck!)

  • Check out the subprime lender blowup fiasco underway.


    Ain’t NOBODY ON PLANET EARTH going to loan you a dime buddy boy. As someone else on this thread recommended, get into therapy.

  • Still reading comments (I took a break to drive down to show Burdett property but they didn’t show up)… Man people are so negative about my idea for an apartment building. It’s really not that hard. Find a motivated seller who is willing to owner finance it for me, as long as the building will support the payments. If I do need to bring some of my own financing to the table I can take on a credit partner (I have a few with 700+ FICOs) and come in with a 70% LTV commercial loan and have the seller carry back 30%. If the lender doesn’t allow no money down deals than I can get some credit lines and/or partners to come in with a downpayment. Done!

    Ok, ok, the hard part is finding the motivated seller and a property that will cashflow as of today. Most properties where the seller is motivated either have management issues (high vacancy or high costs) or have some serious deferred maintenance. So the 5K cashflow would be a pro-forma and could be achieved at a later date after some additional investment of time / money and/or new management company. To find the right combination of motivated seller and the right property will take lots of searching and analyzing deals, marketing to attract this type of a seller and also some good connections.

    I know I know, here I am talking as if I have experience with it. The reality is I don’t, its all just theory and other people’s experience. I will not know for sure until I try it.

  • “Man people are so negative about my idea for an apartment building.”

    I think you’ll find the word is “incredulous” rather than “negative”. There’s only one goal that matters, and that’s climbing out of your present hole - not digging an even bigger one.

    “It’s really not that hard. Find a motivated seller who is willing to owner finance it for me.”

    …and who’s sufficiently incurious not to Google the name ‘Casey Serin’, presumably.

  • Seems to me that small goals are plenty challenging for you.

    “Goal” doesn’t mean “fantasy”, boy. A “goal” is something you WORK FOR.

    I think you’re absolutely right–you SHOULD quit reading those fantasy books and start learning to deal with reality. It will serve you better in the long run.

  • Casey, here’s where your idea to purchse an apartment building makes no sense. You say you need a “motived seller” willing to do owner financing so you don’t need credit. While you might find someone to float a second mortgage, I can’t imagine where you’ll find a seller willing to carry a note for 100% financing, which is what you’d need. If you found a property that cashflows at the purchase price, what incentive could the seller possibly have to finance the whole purchase? Motivated sellers are motivated because the want CASH! Not because they want to carry a mortgage so that you get all the benefits of ownership while they assume all the risk.

  • 283. Craven Moorehead
    January 12th, 2007 at 12:59 pm

    “What would I do if I retired early? Good question. I wouldn’t really do anything different. I would continue being an entrepreneur but in a much more relaxed way………..”

    Just when I think you can’t say something any more retarded, here you go.

    I’m sure you will have no problem finding a seller that’s pulling in a few grand a month in cash flow that will be motivated to sell to you, at the same time carrying the financing.

    I like your “early riser” posts better. At least they were funny.

  • 284. Stephanie J.
    January 12th, 2007 at 1:03 pm

    You won’t rent 1 house, but you’ll take on an entire apartment complex?

  • Nothing wrong with goal of $5000 monthly income from an apartment building. Just admit that is not passive income. That is income from owning a small/medium size business. The business is renting apartments. That will be a full-time job. My father owns only 3 investment properties and it is a lot of work!

  • Why does anyone need you, Casey Serin, to make easy money off an apartment building? I mean, your idea sounds great and I have a 750+ FICO score but once I find my motivated seller with the perfect property, wouldn’t I just keep all the profits for myself?

  • I sure hope noone is stupid enough to help you into tens of millions of debt. you have a track-record that isnt so clean of good management, even ethical behaviour is way off the charts for you.

    YOU are the weakest link.


  • I can see it now…. Casey Serin- Slum Lord

  • How much do apartment buildings go for, by the way? Not to be too detail-oriented…

    And don’t you need some sort of city permit or something to own multi-family units?

  • 290. FuturesTrader
    January 12th, 2007 at 1:36 pm

    No. The hard part is maintaining all the paper work, keeping the numbers, etc. If your credit is trashed, then who needs you on board when they are risking their own hard earned money and cash?

    If anyone brings you aboard for any business operation, it’s purely because of charity. You haven’t demonstrated any competency at real estate, management, or real estate management for that matter. You’d drag down any venture.

    Very expensive insurance policies for liability purposes.

    Payroll for office employees (including more $$$ to pay employer tax on the employee payroll).

    Landscape gardeners.

    24-hour security and people available for plumbing and other emergencies.

    Lawyers for evictions and/or tenants who skip on you.

    More cash flow for your phone lines, construction workers for repairs (you have to paint each unit and do repairs inbetween each renter) and many other payables.

    There’s plenty more, but it’s the same as your other properties, Casey. If you’ve figured out a way to purchase the property, be careful what you ask for!!! You haven’t tended to any of the other properties you’ve purchased. Do you really have what it takes to tend to a huge apartment complex ??? Sorry buddy, the answer is clear.

  • The 100-200 unit apartment complex is a good idea, where you net $5K a month. Really. Any idea on how much an apartment complex like that would cost?

    Let’s suppose I qualify with a nice credit score. Why should I partner with you? You certainly have no cash to bring to the table. What experience do you have in rental of such magnitude?

  • Wow….we haven’t gotten this many responses from you to actually questions in a really long time. Perhaps you should take forever to moderate more often?!

  • You are stupid, you will fail. BOOKMARK THIS POST!

  • Who the hell is going to sell a building to a guy 2 million in debt? Seriously Casey, what are you smoking? Do you understand what it means to be a landlord? The problems beging once you buy the building…

  • why bother with this site if all you post is your own comments??

  • How the heck am I supposed to e-stalk my McDreamy (Miguel) if you don’t release the comments?

  • I took 5 minutes out my real job (I know, I only make about $45 an hour) to respond to your 1/12/07 12:50 post.

    1.You have already answered the big questions. Why would a seller be motivated if he has good cash flow/occupancy? Your answer - he probably wouldn’t.

    2.Why would anyone co-sign with you/what do you bring to the table? You have no business skills/and no money.

    3.With regard to business skills, you have lost your shirt in the last year and continue to make bad and impulsive decisions (ie the personal note on the short sale).

    4. If you find a “sweet deal” which will proforma in the future, you will need cash and/or credit to make it happen. You have neither.

    Here’s the long and the short, you don’t have the financial or business ability to buy an apartment building. You will simply dig a bigger hole.

    January 12th, 2007 at 2:06 pm

    Ogg have been trolled. Ogg have lost.

  • P.S. To hell with an 100-unit apartment complex, why not buy the Brooklyn Bridge. I hear it’s up for sale and you can charge a hefty toll for everyone who crosses over it each day.

  • There’s something - lots of things, probably - you’re not saying.

    Do you have one or more wealthy relatives or family friends who will step in to help you if you can make this mess less messy? Is that why you always claim to have so many alternatives for personal loans and notes and future assurances of money to get an apartment building?

    Because, if you’re on your own, and you get past bankruptcy, there is no way you’ll finance a business or personal thing of that magnitude for many years. You’ll have a credit history damaged not only by bankruptcy, but by multiple foreclosures and other flaming red flags. To finance a business, you will need an enabling, capable financial partner. In essence, you’ll be an employee - but you can call it something else. No “rat race” for you.

    Are you one of those kids who can bumble through life and get bailed out by family time and time again?

  • Aw come on people…

    Look we all know Casey is a Con. He conned six figures in cash back sweet dealz form the banks, claimed to have spent them on “remodelling” and is now facing foreclosure. As planned.

    Once his credit is wrecked and the houses cleared he’ll find some other chump with a clean SS# and make them an offer they can’t refuse… six more homes, cash back at signing and they split the loot 50/50. That’s why he’s restarting the Able Buyer BS… so he can find a new partner to bilk the banks out of more money.

    The only idiots here are the folks brown bagging their lunches, working hard to pay their bills and who honestly believe that Mr. Serin is going to get anything more than a slap on the wrist if anything. These people just have to believe Casey is going to get his wild ride in prison because if he doesn’t then this world really isn’t fair and playing by the rules is for chumps who eat cold cuts every day.

  • Ok, I thought that blog was real. But now, I get it. It’s all crap. It’s probably some kind of sociological psychology student memoir/work or something about people’s reactions on internet. All of this cannot be true.
    Did you notice that no friend of his intervenes on this blog ? All his family is supposed to read it and nobody posting ?
    Anybody to check if anything here is true ? Anyone going to the auction ?

  • Fantasy Island! Casey sez:

    “G is not getting a job anymore. Instead she is taking more classes so she can finish faster. With 3,000/mo base income I should be able to support both of us. She is determined to get a degree so that she can have the education to get a real job if she needs to in the future.”

    She is going to divorce once she gets a degree.

    “So if I’m in debt, should I stop living like a normal person?”

    Yes because being insolvent is not considered “normal” for the average person.

    “What would I do if I retired early? Good question. I wouldn’t really do anything different. I would continue being an entrepreneur but in a much more relaxed way.”

    DAAAAAAAAAAAAMN! I wasn’t aware Casey could go about his entrepreneurial activities in an EVEN MORE RELAXED fashion.

    “Yes, I know, I know, my goal is very aggressive. I tend to get overly optimistic at times.”

    Your problem is not optimistic goals. It’s pessimistic performance.

    “I’m not trolling. If you know me personally you will know that I get a little bit crazy about setting big goals because setting a small goal doesn’t seem like enough of a challenge.”

    I exhibit several known neuroses.

  • First off, not all of the mortgage costs will disappear.. so don’t bet on it. Forget further ‘cute deals’ or ‘buying more RE will get me out of this”. There is an old Real Estate saying, “When old money starts selling, watch out”. McMillin is selling big time (they own apartments + are in construction) in San Diego.
    1) On any loan that the bank has to absorb losses on, you will get a 1099 for the amount of debt forgiveness. This is taxed at income rates.
    2) You may be able to offset loss of the property on foreclosure as a capital loss.. check with BK attorney/Tax person on this. Note that capital gains/loss tax rates are NOT the same as income (they are usually less). One fly in this ointment is that you financed in excess w/ cash back.
    3) 2nd mortgages and HELOCs are generally recourse loans. This means that even if the property gets foreclosed on, you owe the money… debt will not be gone w/ the property gone.

    Instead of looking for the next ‘rescue deal’, identify your liabilities on foreclosures (be honest). Identify all loans that are recourse(HELOCs/2nds - ie from 80/20s.. the 20% financing is usually recourse). Identify how much you are likely to be hit with on 1099s from ‘debt relief’. Also calculate cash burn from these items (interest rate on 2nds and IRS 1099 debt relief derived income * IRS time payment charges).

    As for the apartment complex;
    1) who in their right mind will put their 700+ FICO score at risk so you can use their credit history to make a buck, particularly considering your history and lack of follow-through. Prove yourself responsible first.
    2) With the ‘old money’ in the game selling, it probably is NOT a good idea to buy. In the next 3 years, you will find out why they are selling. Basically, rates of return on capital are closely related to the Federal Reserve rate (with adjustment for risk). If the dollar return is fixed ($ rent), the derived value of the capital investment will adjust so that the rate of return will match.

  • Casey, are you interested in investing in France ? I have a sweeeeeeeeeet deal for you. Here in Paris, I could sell you a nice iron tower which makes easy dollars. Imagine, millions of visitors every year PAYING just to climb to the top. No problems to solve with renters, stuff to fix… Easy passive income… Well I don’t own the tower but who cares ? You don’t own any money either to pay for it.

    Cmon, That blog is getting really stupid. No Adsense revenue anymore. Why lose so much time on it ? Speaking about buying 100 units building now ? Well you’re so stupid you could have bought the WTC on september 10 (but with no insurance of course).

  • Now you seem totally delusional… motivated seller and owner financing don’t seem to go together - if I really want to sell that’s because I need the money now, not over 15 years or whatever. And who would lend money to you?

    OTOH apartment buildings are better as investments than single family houses.

  • Casey, Casey, Casey…

    “G is not getting a job anymore. Instead she is taking more classes so she can finish faster”

    And who, pray tell, pays the tuition? My guess is that it isn’t you. Are you sure she’s not out shopping full-time for a new husband, instead? Sounds like pretty decent cover to be gone for a few hours every other day w/o questions. Not that’s I wouldn’t the do the same thing in her shoes, but you gotta watch your six here. Have a buddy tail her a couple of times - a PI is a luxury you don’t can’t afford. Getting stabbed in the back hurts a lot less when you can see it coming - even if there is little you can do about it either way.

    While your goals are cute, there is no value in setting unrealistic goals. Then again, if you think you can do your list, my basic list should be little more than a checkpoint for you:

    0: Avoid criminal record.
    1: Have your marriage still intact by 25.
    2: Dump all of your houses that produce no net income (foreclosure/shortsale/whatever) by 25.
    3: Have no more than $100000 of debt you are liable to pay by 2009.
    4: Have $2000/month of income (job or otherwise) after all expenses and bills have been paid by 2009 (mostly depends on how successful you are with dumping your liabilities).

    As far as buying a profit-producing property, you actually have three problems with this:

    -unlike the Sweet Deals you got on your properties, something that actually has a decent potential of turning a profit w/o rent skimming will have aggressive competition. Beware of a property that no one else seems to want to touch - there is likely a good reason for that. The market has already been mostly picked clean of deals you are looking for.

    -should you overcome the above, there is still the matter of purchasing the property with less than stellar credit that you’ve got.

    -had you followed everyone else’s advice and rented out a couple of your properties, you would’ve had at least some basic experience as a landlord by now to come up with a better plan.

  • 309. wealthyboomer
    January 12th, 2007 at 2:45 pm

    Casey, here are some books that will help you in your current situaiton.
    They are from Eden Press

    1. 101 Ways to Disappear & Live Free

    2. How To Beat The Bill Collector

    3. Credit

    4. Prviacy–How To Get It–How To Enjoy It

    5. The Paper Trip 1–For a New You Through New ID

    6. The Paper Trip 2–For a New You Through New ID

  • xxx 4) My burn rate: you guys keep referring to my burn rate on my properties and stuff. If those things go to foreclosure the loan disappears and the burn rate disappears with it. On purchase money loans the properties is all the lender gets to satisfy the debt (as far as I know). My real burn rate is the unsecured debt payments. Those I’m trying to refinance to a lower rate or settle somehow, so I don’t have to BK if I don’t have to. xxx

    No, no, no. For God’s sake man, understand the nature of the debts you have agreed to take on. You cannot possible believe banks will let you hike the real price of properties you mortgage, then walk away after pocketing the difference between the real price and the stated sales price.

  • This is priceless.
    Where’s Homey Da Clown when we need him?

    Homey, did you find that Amy the Realtor gal?

  • Casey, actually you could do what you just posted about running an Apt. complex but you need to re-educate your self on lead investing as well as partnering. I have ambitions like you do but I’m not taking the route you did to get there. My goals are to obtain rental houses 1 at a time and have them cash flow for a year or two. After a few years of positive cash flow from the deals sell them and take the cap gains to roll into a larger investment such as an apt. complex.

    First take care of the mess your in. You used creative illegal ways to get there now use creative legal ways to get out.

    Then find a mentor that is actually doing what you want to do and then, listen and do just as they telll you how to do it. They are the mentor because they have been there and made the mistakes that you are insisting on doing again.

    For some good podcast to listen to go here

    Good Luck.

    By the way I have one house rented out and making positive cash flow with 39k equity in it. I purchased it as a foreclosure and used my own cash to fix it up and get it rented out. It’s making 1k a month in rent and the payments on it are only $856.01. This was my first RE deal and I had no expierence other than learning from a mentor who taught me what to do. I failed a few times to listen and made some costly mistakes but now that it’s cashflowing and on autopilot i am free to go on to the next deal.

    In those pod cast you will see some of Trey Stone he had filed BK and had no job. With mentoring he borrowed some money from his Dad and put together a business plan and became the lead investor on an apartment complex. He is also a passive investor in other deals. But he also works in the business as well as on the business to get where he is today.

  • “Ogg find shift key”

    That is the funniest line on this board!

  • You are not being very creative. You can make $5K “passive income” renting out the existing properties. How? Get 10-12 immigrants to live in each house as tenants at $300/person/month (get them to make some improvements while they’re living there). I know a lot of people who do this and make a killing.

    The numbers make sense and you will have positive cash flow right off the bat. Your 4 remaining properties are in undesirable areas anyway. The neighbors won’t make a fuss about having 12 people crowded in the house next door.

    I’m sure you have enough connections to make this work. Good luck!

  • 315. wealthyboomer
    January 12th, 2007 at 3:19 pm

    This article reminds us a bit about CASEY.

    In late October, Ms. Dresner tried auctioning off 28 of her properties, but some bids were as much as 40% lower than what she paid. One three-bedroom ranch house she purchased in July 2005 in the middle-class Lake Park neighborhood fetched a high bid of $400,000; Ms. Dresner and a partner paid $690,000 for the house, according to county records.Ms. Dresner won’t talk much about her investment experience, but prefers to focus on the positive. “I did very well in the beginning,” she says. “I look at the overall picture. You don’t just look at one year.”

    But it’s increasingly evident that investors and speculators here and elsewhere played a greater role than previously thought in pumping up the real-estate bubble — especially near the end of the run.
    In late October, Ms. Dresner tried auctioning off 28 of her properties, but some bids were as much as 40% lower than what she paid. One three-bedroom ranch house she purchased in July 2005 in the middle-class Lake Park neighborhood fetched a high bid of $400,000; Ms. Dresner and a partner paid $690,000 for the house, according to county records.Ms. Dresner won’t talk much about her investment experience, but prefers to focus on the positive. “I did very well in the beginning,” she says. “I look at the overall picture. You don’t just look at one year.”

  • 316. Darnell da Realuhter
    January 12th, 2007 at 3:55 pm

    Yo Yo.

    Sac Realuhter say:

    “Don’t listen t’de haters, Casey. Slap mah fro! De real estate market be mos’ finished digestin’ its recent gains, and soon crib prices gots’ta go down in value once again. ‘S coo’, bro. It’s some new paradigm, and everybody who duzn’t steal, now, gots’ta be priced out fo’ever. Ah be baaad… Any fool who duz steal gots’ta be rewarded wid some lifetime uh riches, as deir propuh’ty gots’ta continue its 30% yearly price increase. Renters, and any fool bo’n in some future generashun, gots’ta not be able t’affo’d some $10,000,000 starta’ crib in 15 years. Dey gots’ta live in tent cities, and Hondas. Dis asset bubble be different dan all uh de oders - it gots’ta neva’ slow waaay down, o’ pop. Jes hang loose, brud. De gains is puh’manent. Man!”

    So’s dis be baaaad news. But t’win ya’ need t’be creative. You’s need t’be smata’ dan de rest. Man! Oppo’tunity be found whre oders ain’t. Dere is two unique oppo’tunities about t’appear. Ah be baaad… De fust, if housin’ fails, be definately n apartments. Man dose sucka’s gots ta live somewhere, right?

    De second, since ya’ is lookin’ at owna’ carry, be industrial. You’s need t’look down Buzz Oates. Roll out by West Sac and ya'’ll see signs dat say “You’s be enterin Buzz Oates Crib” on dem. WORD! He builds dem. WORD! He pays cash. Lop some boogie. He owns dem free and clear. Ah be baaad… Rap t’him. WORD! Why? 8 po-cent might sound baaaad. Plus ya’ only gots’ta gots 1 o’ 2 tennants t’a buildin’, not 200-300 o’ mo’e.

    Get hold some Darnell, ah’ show ya’ sucka’al. You’s dig?

    That’s all I’ve gots ta say. Man old Darnell here, he be sayin da truth. You jet’san ax Woody where I be. He sho yo. I gets ta ya an’ I shos ya da truth. Man, together I gets ya outta dis hole ya done dug.

    Call Darnell first! ya’ll is mad stupid.

  • It’s rather sad that this blog has so ridiculously jumped the shark.

    Kind of like teasing the “slow” kid in high school - stops being fun after awhile because there’s no challenge in it.

    Casey is so deeply and profoundly challenged when it comes to logic, analysis and learning …. I do finally and firmly believe he’s hopeless.

  • Read this


    It isn’t going to happen for you Ca$ey

  • From Wikipedia:
    An entrepreneur (a loanword from French introduced and first defined by an Irish economist named Richard Cantillon) is a person who undertakes and operates a new enterprise or venture and assumes some accountability for the inherent risks. In the context of the creation of for-profit enterprises, entrepreneur is often synonymous with founder.

    Most commonly, the term entrepreneur applies to someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether for a profit or not-for-profit outcome.

    Business entrepreneurs often have strong beliefs about a market opportunity and are willing to accept a high level of personal, professional or financial risk to pursue that opportunity. Business entrepreneurs are often highly regarded in U.S. culture as critical components of its capitalistic society.


    You might be an Entremanure, but that’s about as close as you get to Entrepreneur………..

  • Ralph said:

    “Managing an apartment building of 100-200 units is a lot of work…more than you can imagine.”

    It will be easy and you can have the manager open all the mail so you won’t have to…

    You can even have Jamba Juice day so all the residents will like you.

    Another good tip is to tell all the residents that you will buy them dinner at Denny’s on their birthday.

    I forgot to remind you to ask the brokers to only look for no money down deals where you get at least $60K cash back so you can double your monthly income from $5K to $10K.

    P.S. West Sac is HOT (great place to look for SWEET deals)…

  • 321. Bubble Watcher
    January 12th, 2007 at 4:10 pm

    $5,000 per month in income??? With NO MONEY DOWN?!?!?!?

    I’m a RE professional, I rent, and I haven’t purchased a residential property for investment. The fundamentals are simply not there.

    I know other RE professionals, who have been at the game for decades finding good investment real estate (commercial and otherwise), and have made themselves quite wealthy doing so.

    To get $5k per month today in cash flow, the best of these guys with the best credit, finding the best deals would need to put down +/- $400-$500k.

    Either you’re an incredibly brilliant investor, and they are idiots, or vice versa. I’m going with the vice-versa.

  • These last posts of yours.. interesting.

    They made me actually see a human side of you. I’m glad you’re starting to realize that you need to change the way you’re thinking.

    I agree on your diet on success books. R Kiyosaki wasn’t rich before he wrote Rich Dad, Poor Dad. Most of those books are garbage, man.

    Anyway, stay positive, but .. no, you cannot live like a normal person when you have the debt of 10 normal people.

    Shrug, keep truckin though dude. You seem like a nice guy and I hope you get out of it.

  • 323. RE_ONLY_GOES_UP
    January 12th, 2007 at 4:19 pm

    There are thousands of investors looking for the same deal. How are you going to compete?

  • Casey, think of all you’ve learned from your experience.

    You’ve learned that you can use corporate credit instead of personal credit when you buy your apartment building! And that’s just one thing!

    Here’s a great lead for you. It is a complex in Sacramento.

    It’s called “The Village at Carmichael”. It has 148 units, it costs $13.5 million and has an assumable loan of 8.25 million at 5.87%.

    It is also really close to you! (Carmichael, CA.. 10 miles from Sacramento)

    It looks like it is generating rent of $1.3 million and after debt service on the assumed loan and you’d have to get an interest only loan on the remainder, you might be able to get your $5,000 a month!

    Here’s a link to more info about it:


    Of course you’d have to include maintenance and property taxes but that one right there might make your goal! Check it out!

    It sounds like you have a plan to just let your properties be foreclosed on and then wash your debt by declaring BK or by just refi and paying the minimum payment.

    If you could do a deal like the above to generate cashflow, you could pay everything off and take a vacation!

    The haters don’t want you to make it but it looks like you will be able to. You’re moving forward, slowly and surely!

    The 9 to 5ers will do nothing but complain. Ignore them, they don’t know what they are talking about. All they know how to do is sit at a desk for 7 hours a day and listen to the radio stuck in traffic.

    You are an entrepreneur. You are out on your own trail. When you do that, everyone will tell you that you are crazy. But you know you are moving forward. Have faith!

  • “If you know me personally you will know that I get a little bit crazy about setting big goals because setting a small goal doesn’t seem like enough of a challenge. I know that what I need to learn is to set achievable goals.”


    What you need to learn is to ACHIEVE goals. Any fool can set goals.

  • 326. Casey's A Drama Queen
    January 12th, 2007 at 5:21 pm

    “I know I know, here I am talking as if I have experience with it. The reality is I don’t, its all just theory and other people’s experience.”

    BINGO - you hit on a real key point here, sport. You know this stuff well enough academically (never I thought I’d apply that word to you!), and talk well enough to get yourself in a lot of trouble. But you don’t have the experience or skills (or even basic adult functional skills for that matter), to execute.

    It’s been fun - I’m retiring this posting name and may or may not be back.

  • 327. Crasey Serin (no picture)
    January 12th, 2007 at 5:54 pm

    Goals for 2007:

    1. Be an astronaut and walk on the moon

    2. Invent cure for cancer

    3. Work part time

  • […] Casey Serin January 12th, 2007 at 6:39 am […]

  • 329. Lonely_girl15
    January 12th, 2007 at 6:04 pm

    Tell me you’ll buy my apartment building. The landlord is really MEAN!


    Fellow posters, let not your heart be troubled.

    As you can see, young Casey is already contemplating what to with his leisure time, AFTER he retires, AFTER he attains financial independence, AFTER he takes care of a few current, rather pressing matters…

    and all by September of this year.

    The disconnect with reality is beyond measure, and vastly entertaining.

    HOWEVER, all is possible with, as Casey, mentioned, the proper team of ADVISORS.

    With that in mind, may I nominate the following:

    Marketing: HOMEY DA CLOWN
    Translator: OZZIE TIM
    Accounting: OGG THE CAVEMAN
    Security: SPUTNIK THE CAT
    Outside Sales: DARNELL DA REALTOR


  • 331. wealthyboomer
    January 12th, 2007 at 6:04 pm

    Here is a start for you and your professionals:

    Bank received 30 room motel via bankruptcy.

    Motel is in small town on state hwy.

    16 rooms are approx. 14 years old. (One building)
    …brick building with gable roof-rooms back to back

    14 rooms are approx. 8 years old. (Second building)
    …wood building with gable roof-all rooms face ONE side

    ….Motel has always had a manager operate
    ….large lobby and motel laundry
    ….living quarters

    Town pop. is approx. 1,000 - in Oklahoma.

    Bank is asking $400,000, will fiance with 20% down….
    must refinance and cash bank out within 2-3-4 or 5 years?

  • 332. Georgia Girl
    January 12th, 2007 at 6:09 pm

    “My burn rate: you guys keep referring to my burn rate on my properties and stuff. If those things go to foreclosure the loan disappears and the burn rate disappears with it. On purchase money loans the properties is all the lender gets to satisfy the debt (as far as I know). My real burn rate is the unsecured debt payments. Those I’m trying to refinance to a lower rate or settle somehow, so I don’t have to BK if I don’t have to.”

    You may want to consult lawyers in Texas and New Mexico. In some states If a foreclosed house sells for less than the value of the loan, you still owe the balance.

  • OK Casey, I was wrong and you were right. I went out and bought myself a 200 unit apartment building with no money down and DAMN, you the man! This is the best idea ever. Everyone should do this. The cash is gonna be rollin’ in like the tide for anyone who does this. There are like dozens and dozens of 100 unit apartment buildings out there just waiting for us rat-racers to snap up so we can start living the good life of passive incomes, sleeping in, and not lying to people.

    One bad bit of news, Casey. Due to your poor credit I have no choice but to reject your rental application.

  • Helloooooooo Casey:

    I suggest that you start brothels and/or meth labs in all your houses. That is your only chance.

    You are the hunted, not the hunter.

  • My Dearest Casey -

    Just a quick note to say I’ve checked in after an all-too-long hiatus, after being chased out of your “blog” by bottle-throwing, anal-sex obsessed frat-boys, illiterates, and various turd-burgers who imagine that having half a brain and knowing the difference between Lalique and Tiffany is the same a being quote pretentious unquote.

    I am simply amazed and the growth of your fan base. I expected things to have calmed down by now: wrong again! You seem to have acquired - by the sheer magnetic force of your near-simian simplicity and child-like ability to infuriate - a battalion-sized crew of angry villagers about to take the castle by storm. Thank God for the internet! Otherwise they’d be taking it out on you in person, torches in one hand, copies of the bankruptcy code in the other. Instead they expend thousands upon thousands of useless words, hurled into the electronic storm like confetti into a hurricane. Whew!

    I am particularly touched to see some of the “old crew” still posting - “star”, I’m looking in your direction - but I’m afraid such behaviour must now raise more questions about their mental health than yours. But as the kids say: whatever.

    Keep swinging, old boy. Your commitment to an “alternate reality” is positively buddhist in its sublimnity, to say nothing of its ability to make your fans nuts. Holding off on the moderation and then letting it all flow through at 200+ comments at a time is a nice touch too.

    I remain,

    Yours, simply -


    PS. Nice bit of modesty regarding the “hard part” of your “plan”. Yes, the “hard part” typically is “hard”, but don’t let that get you down.

  • The last person I openly wished a prison term upon was Richard Nixon. I never got my wish with him.

    However, I sincerely hope you go to prison…and I think it’s about a 3-5 shot that it happens. The only way you don’t do real time is thru some sort of “diminished capacity” defense. There is no doubt that you are a certifiable idiot.

    I now understand the old concept of “debtor prisons”. Back in the 18th century, the law knew what to do with people like you. A few days shackled in the public square, pelted with rotten vegetables, followed by an eternity of backbreaking labor. You were born in the wrong place and time.

    January 12th, 2007 at 6:37 pm


    YO YO YO Casey!!!

    Lordy Lordy, u don’t stop scammin. No sir. Nots fo one dam secund.

    I likes ur new scam. You knowz dat Ablebuyer? U gonna start usin cauz dat ole one dun be allz used up lyke an ole crack ho an you gots to bild up da traffik fo dat new scam.

    Well chek dis out cuz.


    Yessa, dat be yo new scam FO SHO. Homey noez u gonna use dat nu blog to gets LOTS of referuls so u kin makes alls dat passiv inkum u be talkin bout. FO SHO.

    U dun steel anuder peeps idear AGIN. Y caint u figur owt sumthin by yoself fo wunce?

    Yu dunn herd it hear firs. FO SHO.

    DAT be da troof.

    I hopes dat DA man gets ahold o yu befo yu scam mo peeple. Dam eben Homey noz hows too ad munths.



    PS. Homey gonna goez too dat 4closure sail on dat houz on da 24. I wanz too sees dat Casey kat an says HI.

    PSS. I gonna bringa Sputnik so hee kin makes da big ole poop in yo shoozes. haha

    PSSS. Did da FBI callz yu yet?

  • “If I do need to bring some of my own financing to the table I can take on a credit partner (I have a few with 700+ FICOs) and come in with a 70% LTV commercial loan and have the seller carry back 30%. If the lender doesn’t allow no money down deals than I can get some credit lines and/or partners to come in with a downpayment. Done”

    I guess I should ask the question..if these credit partners and/or partners have all of this credit/capital, why do they need you Casey? What do you bring to the table, other than a proven track record to mis-mange your own properties? What will you put into the partnership to make it an equitable venture?

  • Mr. Mortgage - “As for the people talking crap about Casey giving his Tithe, screw you. Give to Caesar what’s Caesar’s give to God what’s God’s.

    Giving God his money is more important than giving anyone else theirs first.

    You don’t Tithe off borrowed money, but you can give an offering off borrowed money depending on the situation. The money Casey borrowed is not money he can Tithe off of I.E. Credit Card and Mortgage advances. If you are in the situation where you gain income from borrowing money from your appreciating properties every few years, then that is money you can give off of.

    Until that; God gets his off of any money Casey makes off of honest work, weather he owes people money or not.”

    Great post Mr Mortgage. Either you are as big a troll as Ca$ey, or you’re functionally retarded. Either way, Comedy Gold, keep it up!

    My favorite part is when you talk about the money Ca$ey makes from “honest work”


    Please make it stop I’m gonna piss myself.

  • Wow, your b-day is on Sept 10th, the day the terrorists were doing their final prep before flying planes into buildings.

    I think it’s a sign that you will make the $5k passive income, easily. (Drum roll please…..)


    Real simple, use your Burdett property as a safe house for Osama Bin Laden.

    Nobody would know because it’s so ghetto cops never come by there anyway, and you know Osama is good for the money. And MAYBE you could convince him that it’s an upgrade from the cave he is living in… that is if you manage to clean that toilet and slap on a fresh coat of paint on the place.

    As a bonus you can turn him in later and then get an extra $20 million from the US gov’t.

    Now that would be SWEEEEEEEEEET!

    -Big Cheese.

  • Casey,

    Whenever I read your blog I cue up Dire Straits “Money for Nothing” and keep it on repeat while I read the comments.

    When are you going to get the song to play automatically on your website?

    -Big Cheese

  • 342. Cashflow Retard
    January 12th, 2007 at 8:10 pm

    “A few knowledgeable people told me that my goal of 5K cash flow in 8 months is a little too aggressive - that I may end up cutting corners and in my impulsive fashion get into bad deals, repeating my mistakes from 2006. I do see the logic in making my goals achievable.”

    It took a few people to tell you this before you realized how idiotic you sound when you spew crap like this? Do you also have a team of advisors to tell you not to eat dirt?

  • “Man people are so negative about my idea for an apartment building.”

    Oh Casey, you gotta be kidding. Is your middle name Martingale, by any chance?

  • 344. wealthyboomer
    January 12th, 2007 at 8:22 pm

    What Makes a Market Bubble-Proof?
    By Kendra Todd, winner of “The Apprentice 3″
    January 10, 2007
    As I discovered after a recent column, to the list of subjects best avoided if you want a civil discussion — religion and politics — you can add the real estate bubble. Plenty of people disagreed with my take that, overall, the “bubble” was nothing more than a long-overdue correction expected in markets across the board. That’s only natural after the run-up in prices we’ve seen over the last few years. Yes, some markets are experiencing considerable value declines that can be classified as a “bubble,” but I could probably count those markets on one hand.

    Avoiding the Pain of the Next Correction
    What does this mean? It appears that we have hit the low of the market’s down cycle and are slowly recovering. Median prices on resale homes nationally are down 3.6 percent from a year ago, but we should start seeing prices stabilize. As prices bottom out, the buyers who have been sitting on the bench waiting for the best deal on a home will get into the game, increasing competition and driving prices back up again, though I wouldn’t expect another boom any time soon.

    But real estate is a local phenomenon. If you’re stuck with a house in a market where the prices have dropped noticeably, like San Diego, Las Vegas or Miami, and homes are languishing on the market for six months and beyond, this is scant comfort. For you, the bubble is real. So because real estate is cyclical, the question becomes, what area can you buy in that will not be subject to the next bust cycle? How can you spare yourself the pain and stress of the next correction?

    Bubble-Proof Markets
    Business 2.0 magazine has its own list of the top five “bubble-proof” markets — areas where annual appreciation outpaces the national average by at least 30 percent. These perennially healthy markets will come as no surprise to anyone:

    San Francisco
    Los Angeles
    New York

    The trick is finding markets with similar traits and investing in them before they become boom markets themselves.

    Here are some of the keys to locating bubble-proof markets:

    Income growth. Prices will continue to appreciate in markets where people are continually competing for a shrinking share of higher-end homes. The five markets cited by Business 2.0 are rich cities. Look for regions where the demographic data suggest a steady increase in personal income (you can find such information at the Commerce Department’s Bureau of Economic Analysis website, www.bea.gov); greater activity in the move-up housing market is likely to follow.
    Limited housing stock. One of the reasons markets like Boston and San Francisco are so inflated is that there’s little land to build new homes. Look for regions where either physical constraints or political concerns — a strong environmental lobby, for instance — have prevented large-scale construction of new housing or infill.

    Denver’s geographic building limitations, for example, may bode well for market recovery and value stability in the future. At one time, Las Vegas’s governmental land holds helped jumpstart the market’s growth and staggering 50-percent-plus annual appreciation in 2005. This is simple supply and demand: The fewer homes, the higher the prices. Avoid areas where massive new residential construction has flooded the market.

    Job growth. New companies moving into an area or expanding are an excellent harbinger of future real estate demand. Watch the news media covering regions of interest to you and look for stories about medium to large employers moving into the area, or about companies that are hiring.
    Migration to a region. Some places have attributes that will always keep demand for residences high unless the economy tanks. Oceanfront areas are always hot, but are often priced beyond the means of most buyers. Other factors that can bring a steady flow of new residents to a place are great schools, a world-class university, spectacular weather, national parks or a thriving arts scene.

    No Market is Change-Proof
    Information is always your ally in looking for markets that will give you the smoothest ride over the years. Get as much information as you can and don’t worry about the “hot” markets on the coasts. Chances are you can find more than one bubble-proof market within 100 miles of where you live.

    Keep in mind, however, that while some markets are bubble-proof — I define this as being unlikely to experience a decline in prices of more than 5 percent in a single year — no market is change-proof. The real estate market is fluid, and no boom lasts forever. You must always remain alert and have good information so you can weather the ups and downs that are always on the horizon.

  • 345. Sac -o- sh**
    January 12th, 2007 at 8:24 pm

    “I’m not trolling. If you know me personally you will know that I get a little bit crazy about setting big goals because setting a small goal doesn’t seem like enough of a challenge.”

    You want a challenge? How about a $2.2M debt and -$500K net worth? That a big enough challenge for you? Or did you forget about all that the moment some new scam artist started dangling the shiny new ball in front of your face that says “100-200 unit apartment buidling”?

  • 346. Come to Bubba
    January 12th, 2007 at 8:31 pm

    “If you know me personally you will know that I get a little bit crazy about setting big goals because setting a small goal doesn’t seem like enough of a challenge.”

    You want a big challenge? You want a really BIG challenge? Try fending off Bubba when he comes after you for some sweet lovin’. And one thing about Bubba, he’ll get a “little bit crazy” when he don’t get his sweet lovin’. Yeah.

  • Casey,








  • 348. casey has jumped the shark
    January 12th, 2007 at 8:41 pm

    ON a lighter note here is your President elect results for the national association of realtorsTM. I just got the email a bit ago.

    On January 5, 2007, the following candidates were interviewed by the Nominating Committee for the office of 2008 President - Elect:
    Joseph Ditchman (OH)
    Christopher McElroy (CO)
    Philip McGinnis (DE)
    Charles McMillan (TX)
    J. Lennox Scott (WA)
    Bruce Wolf (CO)

    The Committee nominated Christopher McElroy, Colorado, for 2008 President Elect.

    The Committee found the following to be qualified:

    Joseph Ditchman (OH)
    Philip McGinnis (DE)
    J. Lennox Scott (WA)
    Bruce Wolf (CO).

    Therefore, the Nominating Committee announces the following slate of officers for the National Association of REALTORS® for the year 2008:

    President: Richard F. Gaylord, CIPS, CRB, CRS, GRI, Long Beach, CA
    President - Elect: Christopher S. McElroy, CIPS, CRS, GRI, Fort Collins, CO
    First Vice President: Vicki Cox Golder, CRB, Tucson, AZ
    Treasurer: James L. Helsel, Jr., CCIM, CPM, CRE, GRI, SIOR, Lemoyne, PA

    For 2008 Regional Vice Presidents:
    Region 1: Judith E. Moore, MA
    Region 2: Mary A. Davis, NJ
    Region 3: Elizabeth Blakeslee, DC
    Region 4: Donna O. Smith, SC
    Region 5: J. Randle McKinney, AL
    Region 6: Barbara Lach, OH
    Region 7: John A. Veneris, IL
    Region 8: Daniel L. Berry, IA
    Region 9: Samuel A. Rader, OK
    Region 10: Virginia Cook, TX
    Region 11: T.R. “Bob” Snowden Jr., WY
    Region 12: Michael J. Flynn, WA
    Region 13: Robert Bailey, CA

    The Board of Directors will vote on the Nominating Committee’s slate for 2008 at the 2007 Midyear Legislative Meetings, in Washington D.C.

  • 349. Questions for Casey cause I just gotta know
    January 12th, 2007 at 8:42 pm

    Why are you a vegan?

    Why is it so important to you to be “rich”?

    What is so terrible about just having a job you like and paying your bills on time?

    Do you have ADD?

    What is your part time job?

    How many hours are you going to be working at said part time job?

    How do you get along with your in laws?

    What is a day in the life of Casey Serin like?

    What are your parents saying about all of this?

    What is your pastor saying about all of this?

    Where do you think you be this time next year?

    Do you ever worry? If so, what is your biggest worry right now?

    If you had all the money you ever needed, what would you do all day? And what would you do with it?

  • Maybe Casey can pull of success and his luxurious “$5,000/mo of passive income”. After all, this is the society where negative past achievement seems to qualify you for future riches and success (Donald Trump, OJ Simpson, George W. Bush… want me to stop?)

    I wish I could compete

  • Casey:

    Forget about a little 100-200 unit apartment think big… How about taking ove the 53-story condominium and hotel towers planned for the foot of Capitol Mall?

    Developer John Saca was stupid enough to think a luxury condo project would work in Sacramento so he may be stupid enough to make a deal with you…

    Listen to “RE Agent”
    It’s a new paradigm, and everybody who doesn’t buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase.

    Swoop in now before the Spring bounce and you will make millions…

  • 352. wealthyboomer
    January 12th, 2007 at 9:40 pm

    So you want to buy an apartment building so you can create some ‘passive’ income.

    What do you have to bring to the table for this to actualize?

    Good Credit?–NO!
    Real Estate PASSION?–NO!
    Successful Experience?–NO!
    Contracting Experience?–NO!
    Marketing Experience?–NO!
    Management Experience?–NO!

    The other people you supposedly know who have the above, will be doing it all themselves WITHOUT NEEDING you as their partner!

  • P2 -Your link to “Check out the subprime lender blowup fiasco underway.” at http://ml-implode.com/ and the stories posted there are not entirely true.
    I worked for HMIC for a short period and know everyone involved. First, they were not a subprime lender. Second, the problems arose because they did not make enough loans to generate a profit. They denied just about everything. They also allowed themselves to expand into offices with too much overhead and paid executives too much money. Cash is always a problem in mortgage banking, which is different than a bank where cash deposits create cash flow. They did not have a big enough presence on Wall Street and were merged with another mortgage lender still in business. They did not go away, just merged and changed their name. I will forward on your link to the ex executives for reading. The stories have an interesting way of being distorted.
    OwnIts story is a little different, as was North American Mortgage - which no newspaper ever got right. Journalists tend to be lazy.
    The reason Casey got his loans has a lot to do with real estate agents, loan officers and appraisers – not the mortgage bank trying to lend to the deserving. Believe it or not all underwriters look for reasons to deny loans. The loan officer and real estate agent fight and argue for loans to be approved.
    I think many saw the movie “Catch Me If You Can” where a con artist cashes bogus checks with banks. It is no different for a mortgage bank when a loan officer packages a loan file to look a certain way. Just like a phony check, a phony loan file is often hard to detect, especially if the loan officer involved is respected.

  • Man… I almost gave up on my goal today… started giving into the “realists” around here who are saying my goal is too aggressive/impossible. But then, earlier today, a couple of important connections materialized.

    One of them being a big commercial lender with deep pockets. They have been watching my blog for a couple of weeks and are familiar with my story. Amazingly they are willing to fund me if the deal is good.

    The only thing is they don’t like to mess around with loans less than 10 million. I guess I better start looking at big deals right away.

    So I’m back to being excited about my 2007 goal now that I have a funding connection.

    This weekend… I am going to finish setting up AbleBuyer.com, make a couple of amendments to the 2007 goal and send a formal announcement to my mailing list. Also I need to finish sorting all my email and snail mail as well as finish organizing my office.

    I want nothing hindering me once I get moving next week.

  • 355. Michigan Guy
    January 12th, 2007 at 10:21 pm

    “9) I’m not trolling. If you know me personally you will know that I get a little bit crazy about setting big goals because setting a small goal doesn’t seem like enough of a challenge. I know that what I need to learn is to set achievable goals.”

    Let’s see now, you are finding getting up in the morning a challenge… Taking a shower is a challenge… Opening the mail, oops, that’s too hard… Now you want to borrow a few million $$$? (a few million more)?!?!?


  • Yes.. and these mysterious connections, big commercial lenders with deep pockets… will want some earnest cash right up front… and will operate much like a 419.. just some more upfront ‘earnest’ cash for an unforeseen problem.

    Ya don’t got a clue.. some of the people posting to this web site operate on the multi-million dollar level, and they have been giving you some sound advice which doesn’t seem to register.. you just got one more ‘magical’ deal in the oven that will cure it all.

    You are on a track, thinking that if you just go faster, you can make it through the mountainside where the tunnel was supposed to be… Just like Buckaroo Banzaii.. which you are not.

    Remember, wherever you are.. there you are!! ;-)

    Had my say, gave my advice, now to just watch the train wreck because I know that mountainside ain’t moving.

  • @ yougottabekidding me

    LMAO! We need to include this in the movie, for sure!

  • @Rob BBB, thanks for the link, I’m going to crunch some numbers and check this thing out… my first lead… sweet! (Did I mention I pay finders’ fees to bird-dogs)

    @anon… welcome back! Love your analysis, every time. Can you please email me, I want to ask you something.

    @wealthyboomer… is that a real deal? What’s the NOI? Seems a bit small for my taste buds.

    @Sac Realtor … not a bad idea… I should contact John Saca and see if he needs an alternative funding source… I just saw the front page Sac Bee article that you’re referring to when I was picking up stuff at Wal-Mart today. Didn’t read the article but the headlines said something about him running out of funds because of budget overruns. I can relate!

    Man I am spending WAAAY too much time on comments here. I really need a solid plan to outsource moderation once I really get going with my goal. I love all you guys but I can’t be distracted. This goal is for real. Too bad WordPress doesn’t make it easy for me to give somebody a “comment moderation” account and an ability for me to audit it.

    One idea - do weekly interactive podcasts with updates and let you guys call-in at the end. As long as you guys don’t bring up too much about In-n-Out, Jamba Juice, Macaroni Grill, etc (a little bit is OK)

    I’m logging out for the night… here is some fun stuff to keep you amused, those guys at Flipper Nation are still at it

  • You say G’s not going back to work because you can support the two of you on $3K/mo. (before taxes and tiths [sic]). You also plan to save her credit, but your spreadsheet is zeroed out with no payments to her credit cards. Oh, and you (and presumably G) are not going to file bankruptcy, which means the payments need to be made every durn month. Good thing you’ve got that goal of $5000 in passive income, because a measly three thou ain’t going to cut it.

  • “One of them being a big commercial lender with deep pockets. They have been watching my blog for a couple of weeks and are familiar with my story. Amazingly they are willing to fund me if the deal is good.”

    It’s not amazing to me at all. Time and again you’ve got involved in some “sweet deal” with another party, only to find yourself squeezed like a lemon and hung out to dry - BECAUSE YOU LACK EVEN THE MOST BASIC BUSINESS SKILLS TO REALISE WHEN YOU’RE BEING TAKEN FOR A SUCKER BY PEOPLE SMARTER THAN YOU.

    Seriously, why would anyone who claims to be familiar with your blog give you money with your track record and the blindingly obvious fact that you cannot possibly pay it back? Quite apart from the fact that you may well be forced into bankruptcy and even jail a few months down the line? I mean, would you?

    I can pretty much guarantee these people are not thinking “let’s help Casey make $5,000 a week out of the kindness of our hearts” - it’s far more likely to be “let’s dump some of our unrentable properties onto a fool who won’t notice that he’s in hock for their full cost until after he’s signed the contract”. People who have a spare $10 million are not renowned for their altruism.

    Casey, you keep going on about “big goals”, but as I said many weeks ago you really need to master strategy and small details. The South Park underpants gnome references are dead on.

    The ONLY thing that matters to you this year is reducing your present liabilities and trying at all costs to stay out of jail. You are not going to achieve this by pursuing mathematically impossible dreams - quite apart from anything else, you’ll waste valuable time that you desperately need to spend on far more important things.

    Such as opening your mail, which is another reason why you’ll never make it in business - how the HELL did you not realise that one of your properties was in foreclosure until someone told you in a BLOG COMMENT?

  • 361. Hi...I'm Dolph DeRoos
    January 13th, 2007 at 12:12 am

    What the hell is the reason for setting goals if you are too lazy or bipolar to see them through? If I knew you, I’d stop knowing you! Why? I can’t stand people who Talk Talk Talk Talk Talk about things and never finish or even start.

    You’re a good hustler, kid. Problem is your laziness will NEVER get you anywhere. Dreams are great, but you need to be more realistic.

  • 362. Hi...I'm Dolph DeRoos
    January 13th, 2007 at 12:14 am

    Casey: Wealthyboomer’s offer is too “small” for your “tastebuds?”

    Are you freaking kidding me? Oh yes, this coming from a kid who thinks taking out loans with cash upfront on crap properties is a genius. Wow.

  • 363. Hi...I'm Dolph DeRoos
    January 13th, 2007 at 12:16 am

    All these bizarre leads keep popping up? Are these real? Seems to me to be a friend of Casey posting nonsense that can’t be for real.

    Seems staged to me. And trust me, my specialty is teaching marketers to use the internet in a way that won’t make them obvious plants on message boards.

    I call b.s.

  • done with this blog it’s toast for now. ill check back in 8 months to see how casey is doing. I wonder if he will have come back to reality by then. Let’s hope not LOL.

  • Your one goal should be to become debt free in 2007. That is more realistice.

    As for owning property that will cash flow 5k per month, you need to be a manager of these properties. You have shown that that aspect of real estate ownership skills have not been developed.

    Casey, you one goal is a stretch to say the least. My suggested goal is realistic and will happen whether you are proactive or not.

  • 366. Clueless Commenter
    January 13th, 2007 at 7:15 am

    I don’t think anyone has mentioned this, but I don’t think your 2007 goal is very realistic. It’s difficult to get loans when you have bad credit. Also, you might want to hold off on buying any more properties because the housing market is in a downturn. I don’t know why no one has brought that up yet. Finally, let me be the first to tell you that vegans don’t eat fish. Just so you know.

    P.S. Does anyone know if Nigel has a website? Anyone? Yneone?

    P.S.S. I really don’t know why my previous comment got deleted. It was less obnoxious and negative than many of the ones that made it through. And as you can see, I have so much to add to the conversation.

  • so you’re pretty much ready to screw all your creditors and you’re already thinking ahead to your next 10 million dollar loan? you are unfreakinbelievable. i was never of the mind that you belong in jail. i figured that you were just a clueless dumbass but your callousness is just too much.

    before you start playing with 10 million dollars of someone else’s money, how about you commit yourself to salvaging one of you local properties? get it in shape, clean it up and market it. if you did that at least you’d show that you can do something productive in real estate.

  • Hey Idiot,

    Is that “big commercial lender with deep pockets” the Crown Prince of Nigeria?

    I swear to God, if you say boo here about taking on one penny more in debt, I will personally turn you in the the FBI.

  • He’s trying to look crazy, mental institution is better than prison.

  • …a big commercial lender with deep pockets. They have been watching my blog for a couple of weeks and are familiar with my story. Amazingly they are willing to fund me if the deal is good. The only thing is they don’t like to mess around with loans less than 10 million. I guess I better start looking at big deals right away.


    Here is a start for you and your professionals:

    Bank received 30 room motel via bankruptcy.

    Motel is in small town on state hwy.

    Bank is asking $400,000, will fiance with 20% down….

    @wealthyboomer… is that a real deal? What’s the NOI? Seems a bit small for my taste buds.


  • “One of them being a big commercial lender with deep pockets. They have been watching my blog for a couple of weeks and are familiar with my story. Amazingly they are willing to fund me if the deal is good. ”

    Who is this lender Casey?

    Is their target market buyers who don’t pay their loans, buyers with bad credit, buyers with negative net worth, buyers with negative cash flow, buyers who lie on their loan application, buyers who are currently in foreclosure, buyers who are considering bankruptcy?…

  • Too bad WordPress doesn’t make it easy for me to give somebody a “comment moderation” account and an ability for me to audit it.

    Wordpress does give you this ability. It has pretty flexible levels of permission. I just created a user on mine that had moderation and posting rights only, and that’s all you’d need. As for auditing, WP is open source, so there might be something out there. If there isn’t, hey, you’re a web guy. Write a plugin.

  • 373. My problem with you Dear Child
    January 13th, 2007 at 9:45 am

    When you first started this blog, I really truly thought that here is a kid that got himself into a world of trouble and is trying to figure out the best way out of mess.

    I thought you wanted advice from the grownups. I thought you wanted to make things right. I thought…. just call me a delusional bleeding heart.

    However, you are nothing but a lazy con artist that WON’T do ANYTHING to make things right! You jumped the shark alright, in life. Everyone else gets to pay for your greediness and because of that, I truly hope that karma is real.

  • 374. Great Marketing Campaign
    January 13th, 2007 at 9:56 am

    You are a Genius. Of course you’re not here to keep stirring that pot. You truly believe this. You know how to keep the fire going on this blog. Soooo many people are upset with you, but I applaud you. Don’t listen to all these people who call you an idiot. If you are an idiot, what would that make all these people who hang on every single one of your words. Your audience are followers and you are the leader. So now that you have your big lender who won’t take anything less than 10 million. It is time to shine. You’ve talked the talk and now it’s time to walk the walk. Show us the money. There are plenty of motivated sellers out there who want to get rid of these big unit properties. Check out this link.


    If this isn’t an example of a motivated seller, then I don’t know what is. I expect you to follow on this as soon as you read this. You better jump on this or you will be nothing more than a troll that everyone claim you to be. Don’t lose your audience. Who cares if people keep telling you that you can’t fly. Go after it and close that chapter of the comeback story. SHOW US THE MONEY!!!!!!!!!!! or keep trolling. You decide.

  • Please if you are not trolling, write up a spreadsheet showing how a $10 mil apartment building would cash flow out with no down.

    Then we could tell you what you have left out.

  • It’s like a train wreck in slow motion.

    “Not content to be a mere 2 million in debt, Casey Serin boldly looks toward a full eight figures of debt in as short a time as possible!”

  • No body in their right mind would give you funds close to 10M. Quit lying. I have doctors who make $350K base salary having to run through hoops to get 10M, let alone some 24-year old with NO job, 8 foreclosures trying to get the $$$. Quit lying, no one believes you.

  • Casey: like a medieval alchemist, you have transformed my initial support for you into incredulity, and now into active loathing. Anyone who loans you a nickel at this point should be seen by the same mental health professional that many of us have been pushing on you. You POS.

  • […] Casey Serin January 12th, 2007 at 9:58 pm […]

  • 380. Casey's Certifiably Insane
    January 13th, 2007 at 11:27 am

    Such BS. My hip boots are no longer high enough.

    You are fooling a diminishingly very small number of “believers” like yneone. I hope you’re not fooling yourself - but I think you are.

    If you want others to believe your BS, you’re a con man. If you believe your own BS, you have SERIOUS mental issues.

    You appear to be clinging desperately to the belief that you are relevant and important. ‘$10M, podcasts, apartment buildings, moderation assistance…’ - just the final delusional throes of a sad, pathetic man.

  • You are blowing smoke. 100 unit apartment buildings are rare, carry multimillion dollar price tags, and are almost never for sale. Furthermore you don’t need that many units to clear $5K. Speaking the truth also mean not saying anything when you are not certain of its truth value. Have you picked up a calculator, or put pencil to paper? Figures are most easily verifiable. The steps are: 1) think, 2) speak.

  • How quickly we have moved beyond “repaying every dirty penny” as a goal!

    Whats the deal Casey? Can you share a little bit about your decision to not repay folks?

  • Hey Casey,

    I found an owner financed deal where you can get about $4,500 passive income on a $2.75 million apartment building in the bay area. Check out the numbers below and I’ll give you the contact info for 1k finders fee if you take the deal.

    Base Rent
    Occupied Rooms $192,300
    Gross Potential Rent $192,300
    Laundry Income $ 2,400
    Gross Potential Income $194,700
    Vacancy/Collection Allow. (%GPR) 0 %
    Effective Gross Income $194,700
    Less: Expenses $ 51,161
    Net Operating Income $143,539

    Loan Payments $ 90,766
    Loan Payment based on a $1,450,000 ARM @ 4.75%

    EXPENSES Current

    Insurance $9,320
    Management $0
    Repairs & Maintenance $2400
    Property Taxes 1.15% $26,105
    Garbage $3,111
    Landscape $1,200
    Gas & Electric $3,600
    Water & Sewer $5,425

    Total Expenses $51,161

    Oh sh*t, they want 975k down, sorry dude. It would have been a sweet deal though.

    It looks like you can get 5k “passive” income from apartment buildings IF you have a large down payment.

    So why would someone do this if they could get the same income for their 1 mil from a CD? Because they are patient and know they are not going to get rich quick off of such a deal. They will pay down the building over years to build their net worth and grow their income slowly as rents rise.

  • Man…. Casey you are one profeshnul sounding entraypraynoor with all that “Man…” stuff. I’m surprised you didn’t get a sweet deal like this offered to you sooner!

    There is simply no reason at all for an honest/legit businessman to partner up with you unless they are clueless enough to think you’re an interesting form of free “publicity”. In which case you’re still a clueless RE “investor” who does nothing more than figurehead which is maybe not such a bad idea given your abilities.

    FAR more likely they are looking to scam and want you as the perfect fall guy. Heck they could claim you scammed them in the process!

    Or better yet you’re just being trolled and too dumb to realize it. “Hey man here’s a sweet deal for you”. Yeah just don’t declare bankruptcy yet and sign these documents admitting to your guilt.

    Oooh it might even be an undercover ploy from the local DA!

  • 385. Michael Cooke
    January 13th, 2007 at 1:02 pm

    “I know many rich people, they own several businesses and make about $250,000-$300,000 a month.”

    I hear people make comments like this all the time. More details please.

  • 386. Michael Cooke
    January 13th, 2007 at 1:06 pm


    It sounds like you have a much better resume than me, and still cant get the credit needed for your business….does not seem fair.

  • “Stable income - what I have right now doesn’t feel stable to her ”

    lol….you think? …ttranslation: she can’t count on you to feed her unborn child.

  • “She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note.”

    dude, how would you feel if she did that to you? you are sooooo inconsiderate. you truly are clueless about EVERYTHING around you. right now she’s planning on her exit strategy from your sinking ship.

  • @Dean: thanks for the tip about WordPress, I must have missed that feature, will try it out. Or maybe trick somebody who knows PHP to make a plugin for me, my PHP skills are starting to get rusty.

  • Trainwrecks is down.


  • I love you guys. I especially like the name “cashflow retard”. I come her to read the posts from the public, not lil snot nose.

  • Casey:

    Good luck getting organized we are looking forward to the photos (make sure to keep the blue ball)…

    Michigan Guy:

    You can’t get rich fast unless you borrow a lot of money (I bet you are renting or living in your parent’s basement)…


    Don’t say “No” say “how can I” (I bet you are not wealthy or a boomer)…

    Vague Guru:

    It sounds like you need a new guru (and what the hell is a yneone)

    Casey is on the right track and if he get’s organized) and listens to Tim from the Monterey Bay Area he will be fine…

  • Casey says:

    Or maybe trick somebody who knows PHP to make a plugin for me.

    Conning people is just a game with you. You dont feel real unless you have tricked someone. The lenders, the buyers, the readers and the long suffering Mrs. Casey.

    No wonder she didnt know about the 50K note and the other obligations. She knows from experience not to believe a word you say.

  • Now that you’ve access to the 10 mil, it’s time to start planning your next moves!

    Don’t listen to these “realists”. If they knew what they were doing, they’d be running these 100-unit complexes already.

    You’re probably going to want to incorporate and use the corporation to buy this apartment complex. You’re gonna need some employees too to run the place for you while you focus on the high level strategies and business deals.

    Seems to me the thing to do next is to set up your organization and draw yourself an org chart. I think that’s one of the templates that come with Powerpoint. An org chart would be a powerful tool to show your lenders that you’ve thought this out and that you know what you’re doing. Some people like to color code their org charts but personally I like black and white. Be sure to use bold font for your name.

    Second thing on your list should be how much money cash back you can get from a $10 million loan. I think you should get a minimum of a $1 million back but you’re the expert on this. Man this is going to be such a sweet deal!

  • Wow 400 plus comments. This really worked LOL

  • 396. Ethical Realtor in DC
    January 13th, 2007 at 2:52 pm

    “She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note. ” In the month I’ve been reading your blog, you’ve said this aobut 4 times. You don’t learn. Insanity is doing the same thing and expecting a different result. You do deals without her knowledge, she gets pi$$ed. Get it? Right.

  • Or maybe trick somebody who knows PHP to make a plugin for me, my PHP skills are starting to get rusty.


    It’s already written. Check the Wordpress setting Author/Publisher/etc.

    You need to find a reliable person who’s willing to spend his/her time moderating.

  • 398. soap on a rope
    January 13th, 2007 at 3:25 pm

    You are either the best marketing genius alive or an escapee from Belluvue Medical Hopsital.

    Who writes your material? I have a new Television project that needs a team of crack writers. Email me. This stuff is outstanding.

    Only in America can an unemployed 24 year old uneducated immigrant amass over two million in debt, fail miserably,then openly talk about ten million dollar deals. All without a hint of remorse or any sense of responsibility.

    This is better than South Park.

  • 399. Georgia Girl
    January 13th, 2007 at 3:27 pm

    “Save her credit - no late marks and no BK!!
    Pay off her 27K of debt ASAP
    Have 12K set aside for a year of school at UC Davis which she will transfer to in the summer
    Stable income - what I have right now doesn’t feel stable to her ”

    Boy the sex must have really been good to get a woman to believe promises like this from someone with your track record.

  • “Save her credit - no late marks and no BK!!”

    Casey -

    She may not have a BK but she already has late marks and at least one foreclosure. You need to be honest with her and pull her credit reports so she can see that her credit has already been seriously impacted. Stop pretending to her that you can save her credit.

  • 401. FuturesTrader
    January 13th, 2007 at 3:37 pm

    Bird Dog, why would he want that loan finances with an unreasonable ARM? Sure it’s 4.75%, but if that ARM goes up (and it will), it squeezes out the profit along with it.

  • Just wanted to add that LOTS of people manage to work part or full-time while going to school full-time. I did it and everyone I know did it. Almost anyone who doesn’t have a rich daddy does. At least part-time or summer job. During the summer I worked EVERY DAY and worked every weekend during the semester. My last semester I worked TWO full-time jobs and went to school full-time. You also scrimp by NOT going out to eat every day, living with 3-4 roommates,etc.

    Unless you are taking a very heavy load ( like 19+ credits in a challenging program, not part-time in community college.) AND going to college YEAR ROUND ( winter and summer sessions also)..college is NOT a full-time 365 day commitment that precludes working.

    In fact my ex-GF, who was an immigrant( from ex-Soviet country) not eligble for financial aid, managed to pay her own way through a $30,000/yr private college by WORKING. And she was only a waitress, but she made enough just in the summer. It’s called WORKING- long hours, double shifts, whatever it takes. Then during the school year she worked part-time in the college post office, took Chrstmas seasonal jobs,etc. Then when she was done she got a “real job” and never looked back. None of this ” I wont work and will go to community college part time but dont know how I am paying for it honey lets go to the macaroni grill BS.”

    People also manage to work full-time while starting a biz or investing part-time. Then if the biz overtakes your income and time, then re-eavaluate your “job.” I have done this as well. Another option is to have at least 1 Spouse have a “real job” and cover health insurance and other benefits for the family while the 2nd spouse takes a lower level job ( manual labor, retail, restuarant, warehouse, loading trucks, whatever) and does biz on the side.

    Why? Because they need to and they are willing to work and do what needs to be done. I am all for education and entrepreneurship, but at some point you have to pay bills and not be a drain on society. Very few people have the luxury of only doing what they feel like and refusing to earn a living and pay bill.

  • Here i am organizin’ the office and thinking… maybe I should just give up on my 5,000/mo passive income dream for this year. Settling my debts and rebuilding my financial situation should be my first priority. I need to focus on generating some serious cash this year and get back to zero and then do my cash flow goal next year… I am always thinking 2 steps ahead of myself… need to slow down a bit.

  • I’m getting tired of being personally insulted on this blog over and over again… people that know me are shocked that I let that kind of stuff through (they get offended for me)… thing is that I don’t take it personally so I didn’t mind before and I like to keep the freedom of speech thing going here. That’s why I’ve kept it very organic here and only rejecting very few comments.

    Can I ask to not be insulted anymore??? Constructive criticism is fine but no more personal attacks. Being kicked when one is down is no fun at all.

  • you are such an insulting husband it really blows my mind. i’ve had to shift to believing you’re playing an elaborate joke.

  • what sucks is people like you can lie on all these apps. and all it hurts is honest people like me, he’ll never face charges of any kind, etc… if this is a true story…

  • Here’s a suggestion regarding the “personal attacks” problem that you can apply in other areas of your life as well. If you want something, ask for it, and be specific. If you want commenters to behave in some certain way, say so, in a place that they’ll see. Be detailed, and be specific.

    The alternative is just to randomly chastize people for something they didn’t realize was unacceptable or undesirable. For example, most people who are saying, “Casey is a moron because …” still have your best interests at heart, and may not realize that this presentation offends you.

    Also, please get help with moderation. You might solicit volunteers from this blog, and look at their posting history to see if their philosophy agrees with yours. Give them instructions on what to pass and what not, deferring to you on anything questionable, and I think it would work out just fine.

    Another suggestion is to post top-level blog entries more frequently, rather than posting in the comments. We need fresh meat!

  • “Still waiting for that corporation credit thingy to kick in. I bought a 4 year corp a few weeks ago, got my personal guarantor lined up and am still in the process of switching everything into my name. We should be getting some juicy credit lines pretty soon.”

    No, no, no, no, NO!

    Casey, this is totally deranged. You should NOT be taking on more debt at this stage. Quite aside from anything else, I seem to recall someone (probably Tim from Monterey) explaining in considerable detail why this “corporate credit thingy” is almost certainly illegal if applied to your situation.

    I haven’t got time to track down the original comment, but I do recall a cut-and-paste from Wikipedia’s article on “piercing the corporate veil”, which says that as a director you can and probably will be held personally liable in corporate cases where even a few of the following boxes get checked:

    - 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
    - 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.

    In order to convince us that you know what you’re getting into, could you please address all of those bullet points and explain why they don’t apply to your situation? Because it looks as though quite a few of them do - starting with the basic rationale for your corporation’s existence. Let’s face it, if it’s not being used as a façade for your personal dealings, to cite one item on that list, what use is it in the first place?

  • Can I ask to not be insulted anymore??? Constructive criticism is fine but no more personal attacks.

    That’s perfectly reasonable. If I were you, I’d be killing off the insults. There is plenty of good, useful discussion without the egregious attacks.

  • “Still waiting for that corporation credit thingy to kick in. I bought a 4 year corp a few weeks ago, got my personal guarantor lined up and am still in the process of switching everything into my name. ”

    what do you mean you bought a 4 year coup?
    What is a personal guarantor?

  • Here’s a general rule of thumb for you. Every time you’re faced with a business transaction of any kind, try asking yourself these questions:

    1. Do I understand this deal?
    2. Do I understand what will happen if I fail to keep up my side of the bargain?
    3. What are the chances of me having to deal with (2)?

    And if the answers are “no”, “no” and “very” - as seems to be the case with pretty much every deal you’ve made in the last few months - then either walk away or get advice from someone competent to give it BEFORE signing. And if the other party wants the contract signed in a hurry, even before you’ve had a chance to read the small print, that alone should be enough to trigger the alarm bell.

    My concerns about this “corporate credit thingy” are twofold: first, that it’s a very unwise idea in the first place (and very probably illegal, at least in terms of the use to which you plan to put it), and second, that you don’t really understand what you’re doing. And when you’re leaking money as fast as you currently are, you can’t afford to do anything whose implications you don’t completely grasp from top to bottom.

    January 13th, 2007 at 4:43 pm

    “Or maybe trick somebody who knows PHP to make a plugin for me, my PHP skills are starting to get rusty.”

    Ogg bang head on cave wall.
    Ogg bang head on cave wall again.


    Why you trick somebody? Why you no ask nicely, or offer to pay? Why you have to con?

  • Casey, if you can’t deal with a few insults now and then, then you’re simply not ready for life. Remember: sticks and stones may break your bones, but words will never hurt you.

  • If you stopped acting like an idiot, people wouldn’t insult you, think about it like that.

    Because it’s hardly my area, but isn’t setting up a corporation and taking a personal loan from it to transfer your debts … fraud? Like, indictable fraud?

    Also, stop saying anything about being a vegan, or living a vegan lifestyle when you’re either just lying for the heck of it or you’re too dense to understand, when it’s been explained to you dozens of times, that that’s not in any way what you’re doing. How do you not understand why people insult you? I’m still angry about the vegan thing, but along you go.

    You make ridiculous, untenable plans to borrow more money and get into new “sweet deals” when you still owe a ridiculous amount of money and seem to have just mentally moved past the entire thing. When those of us who don’t charge tons of money we don’t have, see you blithely going on, spending money you have no intention of paying back, it makes us angry. How do you not understand?

  • Casey,
    The few Russians immigrants I have done business with think capitalism is ripping people off. Capitalism is about building a better mouse trap–providing value. Just rember a quick buck is great as long as you are providing value.

  • @Casey
    “Being kicked when one is down is no fun at all. ”

    Then maybe you should try getting up instead of jumping off more cliffs?

    You are at best grossly deluded and at worst criminally retarded.

    You belong in jail for what you have done and the fact that you run around with perceived impunity while contemplating more fraud to perpetrate is an insult to every honest taxpayer in this country. I wish there was a way to have you deported, you are truly scum and people like you make this country a more expensive place for every one of us by leaching whatever you can out of the system.

    You have no idea what an honest day’s work is, never have and by all indications never will.

  • @casey:

    “Can I ask to not be insulted anymore???”


    You just did.
    “Constructive criticism is fine but no more personal attacks.”

    You have ignored all constructive criticism except T from MBA’s insistence on a spreadsheet (and this was probably only done for troll bait). Notice the absence of his comments on this thread. Maybe he doesn’t feel like letting you and your plight waste his time anymore.

    “Being kicked when one is down is no fun at all.”

    Neither is reading this blog when you make idiotic posts.
    Such entries alienate your supporters and, with the blatant nature of your trolling comments, incense your haters (like me).
    Following this method to it’s logical conclusion; you’ll be left with only haters.
    By perpetuating this blog you will, in effect, be asking for insults.

    OT: Are there provisions made for vegans in prison?

  • 418. dumberer and dummererst
    January 13th, 2007 at 5:19 pm

    She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note. That’s my fault because I have been running around like crazy trying to fix this mess so that she doesn’t have to worry about a thing and neglected to discuss some of this stuff with her

    shes gonna leave your sooner than later!

    youve got a corporation setup to loan yourself $30 GRAND!!!

  • Ca$ey asks (begs)

    “Can I ask to not be insulted anymore???”

    Only if you PROMISE to quit doing stupid things

  • Casey - hang in there. This is just a short note to say that a lot of readers read this and think: “Well, he did some dumb things”. Then they insult you but it’s just because a lot of them don’t have 2 things you have: your combination of youth and passion. Their insults are really focused inwards at THEIR OWN unhappiness and regrets. I check in on this interesting website and think “Hmm, it’s good that he’s doing that” or “That’s not such a good idea” but overall I hope you get out of this, succeed, and become rich. I think I speak for a lot of folks who read a little but don’t have an insult to hurl, and thus type nothing.

  • So the plan is to:

    1. Start a corporation
    2. Have the corporation borrow $30k from lender
    3. You borrow $30k from the corporation
    4. You don’t pay the corporation back the $30k
    5. Corporation defaults on the loan
    6. Corporation shuts down
    7. Repeat process as needed

    I don’t think you’re the first person in history to have thought of this scam. I feel bad for your personal guarantor.

  • Casey-

    You made yourself a public figure, this is only the start of the personal insults.

  • Oh, this post is going over 600 comments.

    Casey, the insults will stop when you start acting like an adult.

  • hi casey
    long time reader occasional commenter
    where do i start?
    i feel conflicted when i read this blog - firstly i admire you for having the guts to go through with it all and not just cave and find an hourly job
    i do believe that you can set high goals (aim for the moon and if you miss you’ll land in the stars) and i like that you set high goals (I do too - )
    my main question is - whyyyyy arent you doing anything about advertising onthis site? PLEASE if you read this (and i hope you will) take a couple of hours and find a company to put a couple of banners on your site or pop ups or whatver and MAKE SOME MONEY out of it! that could be your $5k right there
    when you go through a financial crisis it is very very easy to miss what is right in front of you so take some time and get some ads up!
    the detractors on this site are from people who have nothing better to do than to drag other people down and again i admire you for continuing to write and be so open when you are getting so many disparaging comments and so few positive ones
    good luck kiddo

  • Can I ask to not be insulted anymore??? Being kicked when one is down is no fun at all.

    You have painted an enormous bullseye on your KICK ME shirt, then bent over and spread ‘em. Being insulted after flagrantly inviting insult is no different than having a house foreclosed when you don’t make the payments. But…

    Since you asked so nicely, I won’t be insulting you anymore, or visiting this blog. It’s gotten to be entirely too dispiriting. Best of luck, genuinely.

  • Do you know why you’re being insulted, Casey? Any guesses why?

  • re:
    “maybe I should just give up on my 5,000/mo passive income dream for this year”

    Gee, ya think?

  • “people that know me are shocked that I let that kind of stuff through” — You know that you have no choice if you want to keep your audience.

    “Can I ask to not be insulted anymore?” — You can ask…(see below)

    “Being kicked when one is down is no fun at all” — You’re being kicked because you’re ignoring and being arrogantly dismissive of sound adult advice.

  • 429. Casey's Certifiably Insane
    January 13th, 2007 at 7:16 pm

    If you don’t like the abuse, either:

    1. Stop accepting comments - we’ll all go away
    2. Stop posting - we’ll all go away
    3. Stop posting ridiculous ideas, act like an adult, focus on your problems, and listen to others’ good advice

    Your behavior is responsible for the type of responses you are getting. Take responsibility.

  • Casey,

    The sympathy light is off. You can’t expect to not be insulted, when every day you ignore good advice that hundreds of people are trying to give you, purely in an effort to help. Not to mention the fact that you keep referring to all those who are trying to help you as “realists,” in a deprecating fashion. Hell, I feel insulted, and the only advice I’ve given you thusfar has to do with matching your self-described faith with your all-too-apparent actions.

    If you’re truly better than everyone else, as you imply when you make comments like that, then a few harmless insults shouldn’t bother you. If they do, maybe that’s your own God-given conscience kicking in.

    Here’s some hints:
    Psalm 37:21a “Evil men borrow, but do not repay their debt…”
    Romans 13:7 “Pay everyone what is owed: taxes to whom taxes are due, revenue to whom revenue is due, respect to whom respect is due, honor to whom honor is due.”

  • … I suspect 500+ on this one, dear hearts…

    Yours, in brevity


  • 432. he did it for the lulz
    January 13th, 2007 at 7:28 pm

    long time lurker- first time voicing unbelievable disbelief-

    Casey- how many awards/trophies/ribbons do you have hanging on the walls of your bedroom?

    you know- a blue ribbon for managing to show up to class 80% of the time. a trophy for maintaining a high C average in junior high (well, excepting math, cuz everyone knows that s*** is hard!).

    you are the ultimate product of our current cultural cacophany. you’re good enough, you’re smart enough, and gosh darn it, people like you! therefore, you somehow “deserve” whatever it is that you think that you want- money, a very narrowly defined idea of success, the free time to pursue an existence of consuming (useless) goods.

    is this a “personal attack”?
    no sweetheart, you have no “person”. you are a construct of mass marketed dreams, mediated ideals and synthetic religion. there is no YOU.
    do you feel that, sometimes, in the middle of the night, when you can’t sleep, that you are not real? that all of your thoughts are illusions? of course you don’t! you have been engineered not to!

    I love you Casey! I wish you all the bling in the world! I would vote for you for president! you are so special! you have a good heart! you “mean well”! you are so full of “potential”! that’s what “taking risks” is all about! “falling forward”! “getting saved”! LOL!!!!!!111!!!!

    btw, my looser husband and I are going to Paris this spring for vacation, lords know he deserves it, being a total looser VP at Universal, you know, working for a living. it’s the risk-taking, balls to the wall go getters like you that are making me think we should never come back!
    au revior tete du merde!

  • 433. Casey's Certifiably Insane
    January 13th, 2007 at 7:43 pm

    “She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note.”

    –> Shame on you, but also shame on her. She has overwhelming evidence by now that you can’t be trusted and won’t keep her in the loop. She should be reading your blog to protect herself. She now shares responsibility for another $77K in debt.

    “That’s my fault because I have been running around like crazy trying to fix this mess so that she doesn’t have to worry about a thing and neglected to discuss some of this stuff with her.”

    –> And, again, also her fault if she still trusts you with an ink pen in a community property state like CA. Your mess is her mess.

    “However, not discussing important financial decisions really hurts our marriage. Better communication should be my goal for 2007 too.”

    –> This is going to be a very bad year financially in your household. If she today truly doesn’t understand what’s coming at you BOTH, you’ll be lucky to keep her.

  • “Constructive criticism is fine but no more personal attacks. Being kicked when one is down is no fun at all.”

    Casey, you bait your readers and set yourself up for attacks by your antics. If you exhibited responsible behavior, I expect you’d receive the same.

    Your actions are offensive to those who “play by the rules”…..think about it.

    Just an observation.

  • FuturesTrader,

    I guess the only reason why someone would want an ARM would be to optimize short term goals. He could have better cash flow for now now and still get the benefits of appreciation when he sells or refinances.

    I’d get an arm if I invested in rental homes in CA again. I did it once and made about 300k in 3 yrs. You got to time the market right though and have a bit of good luck. Anyway, apt buildings are set up more like a business. I guess I’d rather wait to time the market again and go in on 2 or 3 houses. But I can wait 5+ yrs. Looking at the historical charts, it will take at least that long for the market to turn around.

    That post about Los Angeles and San Francisco being “bubble proof” was a bit silly. You got to look at the big picture….not just price stability. Rents are so low compared to mortgages in these areas, that when prices are flat, in effect the bubble did burst for investor (speculators) because you have to have high appreciation to offset the negative cashflow. It’s worth investing when you have a 25k negative cash flow when you have 75k+ appreciation.

    I agree with Casey…people should quit it with the low blows. He’s providing you with entertainment and some education. Yeah…he’s not a very sophisticated investor yet, but what 24 yr old is.

  • “Being kicked when one is down is no fun at all.”

    Welcome to the real world. You better toughen up if you expect to be a high-rollin money folding “investor”.

  • 437. Casey is NOT Mormon
    January 13th, 2007 at 8:25 pm

    ….because if he (they) were, they’d already have at least two kids, lol….. Tithing isn’t just a Mormon thing, but intense pressure to pop out kids is! Also, hard work, financial responsibility and emergency planning are strong LDS issues. Lastly, Casey hasn’t gone on the required 1-2 year mission that is a major milestone for LDS boys.

    UncleC (not Casey’s real uncle)

  • 438. Casey is NOT Mormon
    January 13th, 2007 at 8:35 pm

    (continuation) Casey would have been excommunicated within weeks or days of this blog achieving notoriety. The spreadsheet and/or the prior Wells Fargo checking acct post would have been the coup de gras, for sure, lol….

    UncleC (not Casey’s uncle, not LDS)

  • 439. Mr. Mortgage
    January 13th, 2007 at 8:39 pm

    “I’m getting tired of being personally insulted on this blog over and over again… people that know me are shocked that I let that kind of stuff through (they get offended for me)… thing is that I don’t take it personally so I didn’t mind before and I like to keep the freedom of speech thing going here. That’s why I’ve kept it very organic here and only rejecting very few comments.

    Can I ask to not be insulted anymore??? Constructive criticism is fine but no more personal attacks. Being kicked when one is down is no fun at all.”

    Even though comments like this are expected when you post your life issues for the world to see, I can see how it can get old fast when you are upside down and underwater.

    What I have found out over the years is that, most of the successful people in the real estate industry have used “shady” practices one time or another… Some more than others. All these people getting bent out of shape about lying on your loans should be mad at half of America, I work in the industry I focus my practice on getting people in houses they can afford, and doing my best to make sure they make the money they say they do. If you can’t prove it to me then I can’t do the loan for you, go to the guy down the street, he will get the loan done for you. I can say that 60% of people lie on their loan application; they also have the help of the loan officer and everyone else in the office, to make the loan happen.

    And about the bull crap about the bank being innocent and victimized by “stated income” loans, its their own fault. These loans were never made to be mainstream loans, they were specialized loans. When 40% of America now states their income… What does that tell you… The writing is on the wall for them, they are just making too much money to complain. They knew this could happen and they rolled the dice, if it comes back snake eyes that’s the banks fault for allowing it’s self to make risky investments, the bank knew exactly what they were doing.

    Bottom line, at least Casey attempted to do something about his goal and take a risk, at least he didn’t steal your identity and try to buy the house that way.

    Our whole economy runs off “shady” deals by our own government and huge corporations. Does it make it okay? Hell no, but…….

    Casey does some “shady” loans and you guys want blood.

    If you guys knew how much your mortgage company screwed you and is still screwing you; you might find yourself thanking Casey for getting a hit in for the little guys…………………..

  • “Can I ask to not be insulted anymore??”

    Your posts do nothing but invite insults. The only reason I come to this site is to read the posts by the “Casey Fan Club”.

  • Casey, people are insulting you because you are frustrating the heck out of them. There are a lot of people with a lot of life experience contributing serious advice here…

    I’ve been up and down and back up again, and now have my own business with a $400,000-$500,000 turnover, having started off as an imigrant banking about $150, about ten years ago.

    You’re still worry about your office being tidy…my is chaos, but that is because I work about 12 hours a day…

    As so many people have been saying, you need to forget about the pipe dreams; get a job which will cover living expenses and the debts to friends; let go of the properties; and just try and get to some sort of situation where EARNED income exceeds expenses.

  • “She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note.”

    Did you mention to her that the Muncy property is going to auction on the 24th?

    January 13th, 2007 at 9:49 pm

    LOL, Casey, you would have my sympathies IF you were just anormal working joe that fell on hard times and got behind on their mortgage,

    but you tried to GAME the system, I hope in the end you get your comeuppence

  • “Can I ask to not be insulted anymore??? Constructive criticism is fine but no more personal attacks. Being kicked when one is down is no fun at all.”

    Mood swing? Wow, you were just about to make a multi million dollar sweet deal too. It’s all good!

  • Why do you cling to the notion that there are sweet deals out there waiting to be plucked? Anything like that might be snagged by a realtor, or other such insider, and certainly never pointed your way. There are always good deals out there, but anything too good to be true usually is. Perhaps it is a property that backs to a busy street, which takes a long time to unload.
    Waiting for your shipload of juicy credit to come in? Have you picked up the phone and negotiated a 0% rate with these a**holes yet? You have not learned anything about credit yet…it is for rich people who don’t need it: you show the slightest need — and blammo, no credit for you! You are not going to get change from a dollar from these people. You should see how much money they are making off of you (interest is on the monthly statement). This is what is killing you.
    Maybe you should focus on making money for a while — start with one day.

  • Aelfscine said: “However many hundreds of thousands of dollars of debt he’s stuck with, even after foreclosure and bankruptcy, however much jail time is possible, Casey is immune to it all, because he’s put it behind him now.

    He’s making new deals, moving on to the next big victory, blowing off any consequences of his actions as uninteresting.”

    There is so much truth in this statement that it absolutely bears repeating.

  • 447. Corky the Retard
    January 13th, 2007 at 11:37 pm

    Did you really just say that you are going to secure $30,000 for a corporation and then have that corporation give you a personal loan.

    What are you telling the lender that the $30,000 is for?

    Once again you are trying to defraud creditors in your little ponzi scheme.

    I may be a retard, but I am filing complaints with your Attorney General and those of the other states that you have transactions in.

    Borrowing money is not a JOB.
    Borrowing money is not a business.
    Borrowing money is not a career.

    You deserve to be insulted,,even by a retard like me, you fraud…….

  • I think I am in love with Casey. I hate seeing him in this situation. I’m begining to think I’m more strange than him.

  • Catherine:

    If you have any material corrections to the Impode-O-Meter, let me know (same goes for anyone else). But otherwise, what you wrote seems perfectly compatible with what I’ve reported and opined, and seems an excellent condemnation of the systemic problems in mortgage banking.

    I want to make crystal clear that there are no controversial claims at the site. When I receive word of a lending company shutting down, I post it. I will note rumors, but specifically as rumors. Only confirmed items go in the count and the list, and supporting evidence (generally a press release or other media story) are provided.

    Further, there is no claim to specialize only in “subprime lenders”; they just happen to be a major segment in trouble. In fact I explicitly state on the page that I believe the problems will spread past the “subprime” sector.

    I never once, not even remotely, claimed that HMIC was subprime.

    So please read the text that has been provided and don’t assume things from text that isn’t there.

    I will actively combat anyone slandering my work. And I welcome the informational contributions of other concerned citizens who want to find and propagate the truth.

  • “I’m getting tired of being personally insulted on this blog over and over again…”

    the drama, insults, and trainwreck are the reason your blog is as popular as it is. if you start to take out the ingrediants your readers will move onto something more entertaining.

  • Casey,

    1) try renting the homes out to immigrant families or college students. you could charge them ALOT more than renting to a family. i speak from experience. me and my college roomates rented a big 4/2. we all paid $300/mo (8 of us). the landlord got an extra $1,200 more per month then any of the other rentals nearby. we had cheap rent per person,he made more money …win-win

    2) lately you have been jumping in and posting more often within the comment sections. it’s a good touch and one of the reasons your comments are increasing. keep it up.

    3) once in a while you tell us something you learned at a seminar. you SHOULD do this more often. that kind of info is very interesting to all of us. 99% of us will never attend one and it’s neat to how the “gurus” creatively finance RE deals. please post more of the “how-to’s” you’ve learned.

    you may have gotten in over your head, but the fact you bought 8 properties so quickly on limited income is interesting. tell us what the seminars are teaching you.

  • I have to ask: what’s wrong with you? You may call yourself an entrepreneur, but you are a failure.

    I am personally reporting you to the proper authorities on Monday and presenting the crimes you’ve committed. Your blogging days are over.

  • 453. face it... your wife wants out
    January 14th, 2007 at 2:27 am

    It is clear to us… are you the only one who doesn’t see it?

  • Jack said “My last semester I worked TWO full-time jobs and went to school full-time.”

    Be careful Casey about these types of stories. You also hear ones from businessmen that say they started their business with $500 in their pockets and worked a full time job while doing their business on the side.

    All of it is complete b.s. Nearly everyone is a liar and it serves them right to be taken advantage of by those who can lie more convincingly.

    This is why I support your attitude and your way of thinking. Whether you realize it or not, you want to exploit people or organizations in whatever way you can. And that, my friend, is the secret to becoming wealthy.

    It’s too bad that your timing is off and you’ve been paralyzed by the tremendous pressure of pulling yourself out of this hole.

  • 455. Hi...I'm Dolph DeRoos
    January 14th, 2007 at 3:32 am

    Hey dude…You bring it on yourself. You duck and weave when good points are brought up, YET, you cry about “haters” and the like.


    I have doubts you are down as far as you are proclaiming. The kinds of goals you are setting sound like somebody who isn’t being completely upfront with all of us.

    Do what you want, but if you insist on posting it, some folks will fry you and others like myself will be here to point out the inconsistencies.

    I am not going to censor myself for your friends and family. Wanna save them the grief? Stop posting the blog.

    If you weren’t involved in a pyramid scheme in the past, I’d have more sympathy for you. I did at first, but then I did my little google thing on you and found that info AFTER reading your first posts here.

    Oh well…I guess you are mad because you can’t monetize this blog the way you’d hoped, eh?

    And if you think Ablebuyer is going to allow you to get those “sweet deals” going, think again. Too many people are on to you my little friend.

    LOL…keep up with the touchy feely plans and thinking you are some kind of investor. Yep, you may have “invested” but you aren’t an investor. See the difference?

    Oh and lastly, you also know that we see the reason for the posts of late, right? You brought this on yourself with the lame Podcast, the lame terms such as sweet and early riser and you brought this on yourself when you asked for cash back on every new property you had purchased. The staged photos don’t help either.

    Be honest with us and we might listen.

    But thanks for letting us vent. I really do appreciate that. You can be quite infuriating.

    Nobody is ever going to give you serious consideration since you have proven NOTHING in the business world. Take THAT advice from somebody who has seen it all.

  • In all your postings I have yet to read about anything that could remotely be considered “running around like crazy” in a productive way, as you imply.

  • 457. Unbelievable
    January 14th, 2007 at 4:47 am

    Here’s another question that you keep avoiding. I plan to keep asking about this until you answer.

    What is going on with the Utah property ?

  • 458. Unbelievable
    January 14th, 2007 at 4:48 am

    How can I get a very bad tiny head (like yours) next to my comments ?

  • Casey,

    If I were G, I would be beyond annoyed with you that signing the 50K note happened without discussion after she asked you not to enter an agreement with prbizlink and you did so anyway.

    You’re very impulsive. She isn’t. Not only are you squandering a valuable resource by not involving her in these decisions, but you’re making her feel unimportant. She isn’t going to leave over finances (I think she would’ve already if she were going to), but the lying has got to stop. Lies of omission are still lies.

  • Yes, Casey your goal for this year should be sorting out this mess and getting back to square one. When you are there you can reassess and see what is possible. Doesn’t matter if that means setting new goals before this year is out.

    You can also add the second goal of getting employment income of $5000 per month but it isn’t going to come from “passive” real estate. More likely from some mix of jobs/consultancy - working with guys like Chris, web design etc. Maybe shock, horror a regular job, though your credit record and Google record might preclude a lot of those at this stage. Plus it’s pretty much impossible without a degree or experience to earn that in a regular job.

  • Sounds like what happened to me, I put the guru in the father figure role. You have done the same thing.

    Following Robert Kiyosaki’s personal advice has cost me over $500,000. He said stocks would be falling 2 years ago. Luckily I’m going to come out of this OK but be careful who you listen to.

    I would pick a different mentor.

  • Casey,

    Hate to tell you but 80 percent of your post come from people insulting you. How are you even considering buying an apartment complex? You need to file bankruptcy and move on; many on this blog have given you solid advice but you fail to listen. Even when you respond, you only choose the most outlandish comments. Why don’t you respond to folks that give you “realistic” suggestions. Believe it or not, some people want to see you get out of this mess. In terms of succeeding, that will be up to you after you clean up this mess…forget the mess in the office.

  • Casey,

    I lost a lot of money by daytrading in almost 2 years. When I was finished I had 200 dollars in a savings account because I paid all my debts and not one creditor of mine was stiffed for even one penny. I had to move back into my parents home at 29 and was insulted and humiliated many times. It forced me to grow a thicker skin. When you grow up you will too. You OTOH will stiff your creditors and unlike me you have shared many details of your failures with the world. I am not even going to address your potential criminal liability. If I were facing that from what I did daytrading I would never have started a blog detailing what I did.

    You brought these insults on yourself that’s the bottom line. Even if you end this blog you will continue to be insulted. By family,in-laws,mortgage officers and prosecutors and anyone who comes in contact with what you did. My God a blogger here is the one who told you one of your houses was going to be foreclosed on!
    Some people never grow up and I suspect you are one of them. Please note I am not insulting you I am telling you the truth. I suspect this comment will not make it through. That’s OK but it won’t chaange reality.

  • You are being insulted becuase you are acting like an fool

  • Re: I’m getting tired of being personally insulted on this blog over and over again…

    You’re the one continually airing your dirty laundy on the Internet for all the world to see. Seems to me like there’s a really simple solution to end the insults.

  • “I’m getting tired of being personally insulted on this blog over and over again…”

    Then stop making the same bad, delusional choices OVER AND OVER again.

    You’re in this mess because you caused it. And then you thought — let me publicize it to the whole world. BRILLIANT.

    If you didn’t want the feedback, you shouldn’t be blogging.

  • You don’t want to be insulted?

    What do you expect when you post “goals” that are so far off from any possible reality?

  • Casey …you want passive income but how about some active income instead. Get a job and forget these pipe dreams that you have. In terms of getting insulted, what did you expect?

  • 469. Clueless Commenter
    January 14th, 2007 at 10:44 am

    I agree that being kicked when you’re down is not fun for you, but the fact that you’ve been letting people for the most part say whatever they want is what has made this blog fun as a reader. It’s interesting to watch (and be part of) the mass of frustrated humanity heaping (justified) negativity on you as you go cluelessly on your merry bipolar way, ignoring all sane advice in favor of the most convenient carrot that’s being dangled in front of your face at the time. (And also avoiding facing your problems by doing important tasks such as cleaning your office and juice fasts. “I really need to do something about all this debt… hey look… a butterfly! Sweet!”)

    What’s the point of giving constructive criticism when we all know you’re going to ignore it? We’ve all said our fill and it’s obvious you aren’t listening. The only way anything is going to sink in is after you wake up in a daze after smashing into the canyon floor. I generally skim through the comments skipping the ones with constructive financial advice because it’s all been said a thousand times before. If you want to make this blog an unending stream of Tim-style posts, I won’t keep coming back. I agree with most of what those guys are saying, but I’m not coming here to reinforce my opinions. I want to read you post something that makes me think WTF or for somebody to make me laugh.

    And for guru’s sake, take care of the moderation issue already. Find four people who can be relatively unbiased, come up with some basic modding rules (no racism, no profanity, don’t say G’s name, or whatever), give them the permissions, and be done with it. Then if you don’t want to deal with the negativity, don’t read the comments. Reading this blog is becoming a chore. Nothing happens for a day, then all of a sudden there’s 400 comments to read through at once.

  • Wow, you’re really zeroing in on that insanity defense, good job!

  • 471. TNT from the Bay Area
    January 14th, 2007 at 11:17 am

    “Can I ask to not be insulted anymore??? Constructive criticism is fine but no more personal attacks”

    It’s called “tough love” Casey. Periodically, people need to be blunt in order to get their point across.

    How do you expect them to react at this stage? You’ve ignored all the constructive advice provided by many members of this forum and have continued to focus on an unachievable dream of financial independence. Don’t you suppose that your conduct and statements to date may be causing extreme frustration for those who have been trying to help you and your situation?

    And quite frankly, the notion of you being bipolar may be accurate. Perhaps that is difficult for you to accept, but how else do you quantify some of your actions? “I’m excited….I’m realistic….I’m excited…..I’m realistic….” Not to sound to condescending, but your middle name should be “sine wave”.

  • “Have the corporation give me a $30k personal loan” - Ever hear of the “Sarbanes Oxley Act” ? You really should just give up on the corporate credit dream…will never happen in a million years with your credit/history.

    Generally, as a rule, most banks will not extend credit lines to a corporation without a personal guarantee without 3 years of good tax returns. About the only lines you may get are with vendors who do not do proper due diligence.

    So..to paraphrase…about the only way corporate credit will help you is if you can find a small mom and pop building supply operation with lax credit procedures, run up a huge bill on building supplies to fix the houses and then stick these poor people. Not something I would do or condone but hey…I don’t have your moral compass.

  • 473. Time Will Tell (kill the blog)
    January 14th, 2007 at 12:34 pm

    So here we are, no moderation for 21 hours.

    Casey, I you want to kill the blog, kill it. Just stop. If it pisses you off to be insulted, kill the blog. If it takes too much of your time, kill the blog. If it does not raise substantial money, kill the blog.

    Casey, stop doing things that interfere with what you need to do…..get out of trouble. If it’s BK, great. If it’s 200 unit apartment, great. If it’s some other sweet deal, great. But kill the blog. Any good it has done you has already been done.

    If you can’t bear the thought of killing it, give it a rest. Take 14 days off. No writing, no moderating, no nothing. Just a little sign that says “gone fishin’”

    Do it Casey. You have nothing to lose.

  • you dont think you insult people with your cavalier attitude …some people have worked all their lives to be screwed because people like you come along with no idea of social economics and responsibility and leave the system skewed - of course we all pay for your mistakes casey in one way or another - i shudder at the thought of you owning 100 units …it would become a ghetto in no time at all

  • 475. Markus the Klingon
    January 14th, 2007 at 1:53 pm

    Casey, you would never make it in the Klingon Empire.

  • Casey,

    No matter what you do, don’t get a SAFE, secure job with benefits, 401k………

    Great goals for ‘07……

    J Delagado

  • Casey, I don’t think that the majority of readers or commenters are kicking you when you’re down because they are nasty or truly cruel. You bring about some of the following reactions:
    1. pity
    2. a feeling of unfairness, that you’ve gotten away with all of this and they could/would never be able to
    3. a feeling of anger that you’re taking advantage of a credit system that ultimately they pay for when they pay their debts and you dont
    4. a feeling of mothering, wanting to teach you that some of your behavior might seem natural and right, but that from an objective outside perspective, it is unreasonable.
    5. that you are a sucker who is in quicksand
    6. that you are not open, fully open, to constructive criticism. you know that you should SAY you’re broken, (so that you can be built back up), but pride and laziness exist as a barrier between you and true brokenness.

    I think you know that you’re prone to laziness but that you cant imagine yourself in certain scenarios such as working fast food, or doing “menial” tasks such as cleaning or working HARD. your vision is still veiled on these things. you cant go up until you’ve become a puddle on the floor.

  • 478. Rush Limbaugh
    January 14th, 2007 at 4:05 pm

    I got a sweet deal that will pay you cash too every time we meet. Meet me in the Denny’s parking lot this Sunday.


    Excrement In Broadcasting Ltd.

  • 479. truthorconsequences
    January 14th, 2007 at 4:13 pm


    I am a real estate lawyer in Los Angeles with a very reputable law firm (check it out, it’s legit). I’m willing to give you free advice, provided that you listen to it. I am pretty sympathetic about your situation, but you should know that things at this point could just as likely get a lot worse than a lot better.

    I don’t think you’re a bad person, but you seem very young, very inexperienced, and you’re going to get yourself into a lot more trouble if you don’t get wise real soon.

    I’m offering my help for no cost, off the record (better my firm doesn’t know and I doubt you can pay $350 an hour, which I what I get paid), because I want you to understand that I don’t want anything from you. I think too many people you deal with want something from you– Kiyosaki, your business partners, probably your lawyers too.

    If you want to talk, e-mail me.

  • 480. Loads o Money
    January 14th, 2007 at 4:25 pm

    Hey Casey,

    Am pretty sure that when your houses get foreclosed on; the bank will be filing a judgement on you for the remaining owed amount (if they dont get the full loan amount from foreclosure sale)

    This judgement will stay with you and any property you have for many years ( at least 10 I think. )

    I think you said in a previous blog that the loans would be wiped out.

    Have you looked into this ?

    Loads O Money

  • “Being kicked when one is down is no fun at all.”

    neither is being a first time home buyer faced with a nationwide price runup that is grossly, historically disproportionate to real income. Casey, I work hard, make 84k year, and I have been told repeatedly by RE AGents and mortgage brokers alike that the only way I can afford buy one the 600k overpriced sh*tboxes in my locale is to take on one of these exotic 100% financed ARMs that are nothing more than enslaving oneself to the bank. Belive it or not, there are many people who buy a house to *gasp* LIVE in the thing for many years. NOT try to pawn it off on the next sucker in an ever spiraling escalation of price increases fueled by incredibly irresponsible lending practices, record low interest rates, and lazy speculators like YUO driving it ever higher.

    You deserve every once of pain you get. I don’t care.

  • Hey Casey, Lord knows that I have made my share of mistakes…admitting them was half of the battle. Whatever you do, keep your head up! -this too shall pass. e.

  • Casey - what did you get accomplished this weekend?

    Hint 1 - you don’t get weekends off with the “issues” you are facing.

    Hint 2 - shuffling papers around in your “office” doesn’t count.

    Hint 3 - formulating a realistic (achievable) set of goals, and strategies/actions/plans to achieve them would REALLY count!

    Hope you made good use of your time. In your situation, the clock is running fast, and each day is VERY important!

  • Casey - is this your Chris?


    Casey Serin facing foreclosure I edited your comment. Because of all the negativity on this blog Chris told me not to reveal his identity. Same goes for the name of the real estate investing college. If you want more info, email me privately.

  • Tell ya what, Casey. You stop setting off bombs and leaving (alternately called trolling) and maybe you won’t get so many people fired up enough to insult you.

    I’m sure you read some other blogs. Every blogger gets spammed and trolled, but most of their followers are big fans, like-minded folks who support their quest in life, whatever that might be.

    The difference here is YOU. Not us. You.

    Other bloggers leave thoughtful posts; you leave delusional “thinking out loud” posts that, whether you intended to or not, only inflame the masses.

    When other bloggers ask for advice, input, feedback, they consider it and respond. You have gotten some A-1 advice here and chosen to ignore it time and time again. The stuff you choose to respond to is trivia.

    Imagine if you were at your job and your boss walked in and said, “Hey, guys, I just heard the company is going to completely change direction!” and walked out, not to return for days.

    What would happen? Speculation, anger, frustration, insults directed at the boss? He just pulled the pin on a grenade and walked away.

    That’s what you do here.

    People take offense to others taking the easy way out, when they have to work hard to achieve their goals. That’s the crux of every insult leveled at you. You’re looking for the easy way out.

    Maybe if you start respecting US, your readers, and give us more thoughtful posts, answer our questions, follow through with discussions you bring up, maybe take our advice once in a while, you won’t find yourself the butt of insults.

  • Casey,

    The Dallas lender does not need to report the forclosure. The 3 credit agencys will report what is in public record. The Notice of defalt and sale will be on your credit report soon.

  • 487. Time Will Tell (kill the blog)
    January 14th, 2007 at 6:28 pm

    AH…26 hours and no moderated responses. Are you losing interest?

  • Sorry dude. I was drunk or something. Will definitately restrain myself in the future.

  • Casey when you go to prison for fraud, can I have your stereo?

  • “I am going back and forth on this goal of mine… excited one minute and but then I talk to somebody of a “realistic” personality type and my excitement subsides. Then I was back to being excited because of some new connections I’m making.”

    What the h*** are you doing, talking to people of “realistic” personality types? They’re poison for you, Casey.

  • 491. green hills software guy
    January 14th, 2007 at 6:40 pm

    sup, dude.

    The way I see it, you are screwed.

    - Be a real man and get a job.
    - Stop screwing around ‘cos all the stuffs you mentioned, they don’t pay enough to get you out.
    - Just what the hell are you waiting for??? Miracles?

    You need to ____ yourself or go bankrupt, there’s no other way.

  • Wondering how you got a 30k line of credit when you have not had the Corp for the required 2 years?

  • 493. Tony Soprano
    January 14th, 2007 at 7:45 pm

    Sure you can ask but believe me my friend, you haven’t even begun to be kicked yet. When you’re lying naked in a jail cell being kicked then you’ll know what it feels like to be kicked when you are down.

    Just a heads up that a little bird flew by the Bing and told me that the Sac County Sheriffs dept has been made aware of your blog. Seems they have a white collar crimes division just like the Feds. Hmmm, maybe Homey DA Clown might know more.

    Anyways buddy, you need to come back down to earth soon. If you’d quit trolling us like we are some mulignan and actually communicate with us truthfully, maybe everyone would back off a bit. Otherwise, your the pinata and we are the cholos with the baseball bats. In short, it’s time to step up your game. I’ll give you an example. Answer this: What is the true story about the PRLNKBIZ issue?

    Oh, and it’s “Advise” not “Advice”. Another tip is to not dispense legal or financial advice for which you are not qualified for. The Feds take a dim view of that. We’re talking Predicates here so listen up. When I set up the boiler room operation, we made sure that Christopher had his Series 7 & 8. I don’t think you’ll be able to swing that though.

    Hey, I just tried an Orange drink at Jamba Juice today. You should check em out. Oh, and GO HEAVY!

  • Utah buyers?

    Are you taking care of them?

  • “If”

    If you can keep your head when all about you
    Are losing theirs and blaming it on you,
    If you can trust yourself when all men doubt you
    But make allowance for their doubting too,
    If you can wait and not be tired by waiting,
    Or being lied about, don’t deal in lies,
    Or being hated, don’t give way to hating,
    And yet don’t look too good, nor talk too wise:

    If you can dream–and not make dreams your master,
    If you can think–and not make thoughts your aim;
    If you can meet with Triumph and Disaster
    And treat those two impostors just the same;
    If you can bear to hear the truth you’ve spoken
    Twisted by knaves to make a trap for fools,
    Or watch the things you gave your life to, broken,
    And stoop and build ‘em up with worn-out tools:

    If you can make one heap of all your winnings
    And risk it on one turn of pitch-and-toss,
    And lose, and start again at your beginnings
    And never breathe a word about your loss;
    If you can force your heart and nerve and sinew
    To serve your turn long after they are gone,
    And so hold on when there is nothing in you
    Except the Will which says to them: “Hold on!”

    If you can talk with crowds and keep your virtue,
    Or walk with kings–nor lose the common touch,
    If neither foes nor loving friends can hurt you;
    If all men count with you, but none too much,
    If you can fill the unforgiving minute
    With sixty seconds’ worth of distance run,
    Yours is the Earth and everything that’s in it,
    And–which is more–you’ll be a Man, my son!

    By Rudyard Kipling

  • (my comments in bold as usual.  He is not moderating in a timely manner at all.  I guess 100-200 unit apartment building sweet deals take a lot of time to put together.  Cough cough).  Casey Serin January 13th, 2007 at 4:01 pm I’m getting tired of being personally insulted on this blog over and over again… people that know me are shocked that I let that kind of stuff through (they get offended for me)… thing is that I don’t take it personally so I didn’t mind

  • don’t know if you’re bluffing all of this (blog)..
    but if you’re not,

    good luck man..


  • Yo Casey,
    I received the following email this morning and thought you might be interested. I am unable to help here at this time but it sounds like just the sweet deal to get you out of your mess. I suggest you email this lady right away. 9 mil - Sweeeeeeeeet.


    I am Miss ………. , the legitimate daughter of the Director salesman of cocoa in official list of Ivory ( west AFRICA) murdered by the rebelles here.
    During the exercise of his mandate, my father had deposited a metal suitcase with a recognise security company here containing the sum of 9,000.000m USD (Nine million dollars USD) To allow him to conceive a project of investment at the end of his mandate here.

    Today my major concern is to transfer this sum outside here. Given that I am the only child and I have seriously suffered from the raggings and the harassments on behalf of the political opponents of my Father.It is in this prospect that I contact you for you to help me sincerely to remove this legacy from the security company.
    I shall voluntarily agree on a good and appropriate percentage of this money as your compensation for your assistant as for what precedes.

    I look forward to recive your responds.

    Yours sincerely
    Miss …….

    Bartender, Jobu Needs a Refill.

  • Hmmmm….no moderation for quite some time. Is Ms. Serin alot more angry about that $77,000 in unknown loans than Casey let on?

  • You wrote, “Can I ask to not be insulted anymore??? Constructive criticism is fine but no more personal attacks. Being kicked when one is down is no fun at all. ”

    You are being very open about your finances and decisions. (Far too open IMHO.) Thus, you make yourself a target. This is one of the downsides to running this blog.


  • I found this discussion of the legality of cash-back purchases.

    Casey, were your cash-back deals all disclosed to the lenders? That might be trouble if not.

  • Suggestions for more blogs:


  • 503. PropertyMaster
    January 15th, 2007 at 8:18 am

    This is just plain sad. I have heard about people like you but never thought they really existed. The RE bubble only happened because of idiots and wannabe players who thought they could beat the market and be rich overnite while in fact they should have stayed home with their jobs, refilling shelfves at 711 or Walmart.

    Being with no experience in RE and trying to flip houses in those awful conditions is like giving unlimited credit to a daytrader and let him buy dotcoms stocks in their IPOs day. It’s pure non-sense.

    You are going to crash and burn baby, hopefully you will not kill yourself over this because life is not all about money. If you had any smart in you, you would have not caved in to peer pressure, the main culpid of all this. People like you are just victims of a system and only the smart ones who could see through that huge scam will survive. Call it American Dream “survival of the fittest”. You could always try American Idol as your next adventire.

    Good luck.


  • Get this through your head Mr. Serin. Nothing in this life is free.
    You’re always trading something for something. In your case you sold your soul for one years worth of macaroni grill meals and jamba juice. You can get out of this mess for sure, but you have to work harder than most of us have ever worked before, and you have to have someone direct you, and you actually have to follow these directions. We all know that can’t happen in SerinLand due to your lack of respect for the world around you. Truly learn respect and honor, everything else will fall into place. To learn honor and respect you must attend my 3 day seminar for 3 easy payments of $999.99 … For this small sum, your life will change dramatically, as will mine (WIN WIN), if you sign up today you’ll receive a coupon for a free jamba juice drink (only valid in Idaho) Hurry! Act now!

  • Add this goal to your list. Go to a Dave Ramsey Live Event. It will change your life. www.daveramsey.com
    I promise you. This would be money well spent.

  • I’m getting tired of being personally insulted on this blog over and over again…WHAAAAAAAAAAAAAAAAAAAAAAAAA

  • Proverbs 26:12-14 (New International Version)
    New International Version (NIV)
    Copyright © 1973, 1978, 1984 by International Bible Society

    12 Do you see a man wise in his own eyes?
    There is more hope for a fool than for him.

    13 The sluggard says, “There is a lion in the road,
    a fierce lion roaming the streets!”

    14 As a door turns on its hinges,
    so a sluggard turns on his bed.

  • yneone - “Also, please do’t give away your secrets about how your going to make milions of dollars.”

    BWHA, HA, HA! Constructively speaking, I think this is the funniest thing I’ve read on this blog (and that’s saying something).

  • Not least your use of the word “dream” - let’s fact it, quite aside from being mathematically and statistically impossible, this “big commercial lender” you mentioned is overwhelmingly likely to be:

    1. Someone playing a cruel practical joke (most likely), or;
    2. A genuine commercial lender who plans to take full advantage of your lack of business sense (specifically, your proven inability to read small print) and take you for every cent you (don’t) have.

    I think it’s probably number 1. That, or some scammer has realized that Casey is the easiest mark that has ever lived. Casey has repeatedly shown to us(and the entire world!) that he lacks any business or common sense. He keeps getting roped into the same scams over and over(gurus, advisors, sweet deals, etc).

    This isn’t hate or a personal attack, by the way. It’s just an honest assessment of what he has told us.

    I wouldn’t be the least bit surprised if his “commercial loan” or whatever it is to buy the apartment complex involves him forking over at least a few grand in “fees” of some sort. I bet they’ll take him money and disappear. It would be particularly easy to run a scam on Casey. We know from his postings what buzzwords short circuit the logic in his brain. All it would take is for the con men to mention sweet deals, falling forward, passive income and a few Bible phrases.

  • 510. (the original) Voice of Reason
    January 15th, 2007 at 4:58 pm


    To most of us you come across as the “greatest fool”. The person who gets left holding the bag. You buy houses in distant states sight unseen. Who does that? You are a proxy for the buying frenzy and we are watching you to see how this plays out. Hopefully for you, the banks will end up being the “ultimate fool”.

    Well said. Only the banks will never really be the ultimate fool. Their cost of their stupidity and greed compounded with the stupidity and/or greed of those who default on them will simply be passed on to their customers in the form of higher fees and less favorable lending terms to all, and in some cases to tax payers if the government has to step in and investigate or regulate or worse, bail them out.

  • @Casey:
    Can I ask to not be insulted anymore??? … Being kicked when one is down is no fun at all.

    A little late isn’t it?
    I suspect that much of the criticism here is an attempt to “push your buttons” so you will pay attention. Since good, earnest advice does not seem to have an effect, perhaps vicious personal mockery would make you reconsider? It seems like you respond to insults more than helpful advice - even Tim from MBA felt the need to “go negative” for a while.

    To put it another way, if it seems like every time you get up and take a step forward, the “haters” knock you down, have you considered that perhaps they are doing this because you are heading toward a cliff? If you were to go the other way (do the “constructive” things you seem to be fleeing from) you might find some support - amidst the hail of “it’s about time” comments.
    For example, going through your mail (in the next thread) is a good move that has been long delayed. But now that you are doing it, it is one less valid insult for the “haters” - as long as you stay at it. It will take a while (forever?) to live down the fact that you had to find out from one of your COMMENTERS that the Modesto house is going to trustee sale.

    Unfortunately, your track record suggests that you will continue to ignore advice, withhold information, and not answer pertinent questions (for example, what have you done about Utah?) Prove me wrong.

  • BTW, does the new “please, no insults” policy mean that the world will never see the Sweet Punchlines for the Bobblehead Casey post? Considering what you have allowed others to post, and even frickin’ ROBERT KIYOSAKI to say about you, it is subtle… I was all set to re-submit it on the next “I need money” post.

  • Yes I will shut up and move on to the next thread after these eight words:

    WELCOME BACK ANON - you long-winded old goat! :)

  • Casey,

    Retiring with passive income is not the dream it’s cracked up to be. I am not there yet, but I do have 4 cash flow rental properties and it is a lot of management - managing the lawn, the lease agreements, the tenants, sweating if they are actually going to pay rent every month (even with strong applications and credit scores), etc… It is still a lot of work and stress.

    I’ve cut down on my spending habits to the point where basically one more cash flow property and I could probably retire if I continue to live frugally and rid myself of all the material excess that has corrupted my lifestyle previously. Two more cash flow properties and I could perpetually travel comfortably as well.

    Right now I have a couple of hobbies to fill up the rest of my time not spent on managing rental property but I actually yearn for structure and camaraderie that came with jobs that I used to have. Yeah, commuting sucks when you carry the same hours as everyone else and sometimes you can work for a boss you hate, or even do work that doesn’t necessarily give you a sense of fulfillment but at least the structure is there. There is progress in repetition after all and the interaction and communication with people (your co-workers) under any other circumstance you would realistically never ever talk to is kind of nice and intriguing and I actually miss that. Not to mention the last 2 girlfriends I had was from my job that I no longer necessarily need. So here I sit, wasting time that I have, thinking about getting a part-time job just for s**** and giggles.

    You are young, I’m young too, and you have a long time to retire. Holding down a job in your 20’s is a rite of passage you should not let bypass. You have plenty of time to be financially free and bored out of your mind like me. The most important thing is for you to get out of debt and make an example of yourself for everybody else. Good luck.

  • Casey,

    Congratulations - the number of comments on this post is now higher than your credit score.

    Keep your positive attitude up and honing your biz skillz. You will climb out and meet your goals, just be patient.


    Are you he won’t be concerned about dropping the soap in the shower?

    -Big Cheese

  • 516. The Original Kevin
    January 16th, 2007 at 8:32 am

    @WC - cahs back purchases are no all illegal.

  • 517. Another Anon
    January 16th, 2007 at 8:44 am

    Do we know or are we just assuming that the prlinkbiz contract includes the rights to Casey’s story? I am wondering if it might require Casey to maintain this blog.

  • Casey,

    I think you should take ‘truthorconsequences’ up on his/her offer. You really need to be seeking professional advice. seriously contact this person if they left you an email.

  • The personal mentor idea sounds good… but you need to stop being so indecisive.

  • […] I am Facing Foreclosure […]

  • “Also, having a child will help you get new lines of credit.”

    Good thinking Mike, a child will also get them food stamps and Section 8 housing, which they will need when the in-laws wise up. However, having a child would entail intimacy and I am kind of doubting much is going on in that arena given the number of lame schemes Casey has going on and his aversion to telling her about them until its too late.

  • “Can someone explain what Casey means by “four year corporation”? I’ve never heard of anyone buying a corporation for a set amount of time. I’m assuming it’s some sleazy loan that someone has suckered him into, that he has to pay over the next four years.”

    It means that the “business” that he bought has been incorporated for four years (probably in Delaware) with trade credit history (although not necessarily much activity) that business credit bureaus will view more favorably than a new company.

    Lenders to small businesses use financial models similar to consumer credit models. One of the most important variables for both models is length of credit history. Essentially, Casey is trying to create the illusion that his new “company” has been financially viable for far longer than it actually has existed.

    Materially misrepresenting financial history/status on any loan is a crime. Furthermore, as stated earlier, paying off personal credit balances with “corporate credit” easily pierces the corporate veil. If Casey thinks that he could save transfer personal debt to some fictitious LLC, he’s sorely mistaken.

    This attempt is not only ill-advised for legal reasons (and it almost certainly won’t work), but this stunt will likely greatly reduce the chances of a bankruptcy court discharging some of the unsecured debt. As was stated many times when Casey signed the $50k Countrywide loan, newer debt (less than 6 months old before BK) is almost never forgiven. If nothing else, this half-baked scheme to try to game the system (and its really quite amateur, BTW) will only serve to piss off the BK judge and make him far less sympathetic to the Serin’s situation (if that’s possible).

    I really have to hand it to Casey. Since I started following this blog in mid/late September, he’s actually managed to make his situation *WORSE* through inaction and the absolute worst action possible. When I started reading this blog, I didn’t think that it could get any worse. But now its clear that I grossly underestimated Casey’s capacity at self-delusion, self-destruction, and pure stupidity.

  • Casey,

    Why did you lie on your application loans? It is a FEDERAL offense.

    Why not turn your self in to help keep taxt money down?

  • but in other parts of the world hit by the real estate bubble.  However, his optimism, calmness and ability to share his experience to everyone are not something you’ll  often see from a foreclosure victim.  He made serious mistakes and he is optimistic that he will recover.  I don’t know how he will manage to do it but a positive attitude is better than totally losing hope about his situation.  With all the publicity he’s been getting, he might get lucky with a book or movie deal to save him