March 25th, 2007 11:15 pm
No More Access to Foreclosure Property
This weekend I decided to drive over and check out the properties in Sacramento area that I recently lost to foreclosure. I was curious to see what is happening since foreclosure and to see if I can still get in. Nope. The lenders work fast. Both the Burdett and Larchmont properties have new locks and REO agent contact info posted on the doors.
|
|
|
|
|
|
|
|
|
I notice the gates were open on both properties. People must be dropping by and checking things out. I wonder what they are listed for. Too bad I don’t have access to MLS right now. Maybe somebody can check for me.
105 Comments
March 25th, 2007 at 11:38 pm
Would be interesting to see how much the lender has lost on the properties. If they sell them for cheap enough maybe you could bird dog your own foreclosures……SWEET.
Antispam: Juice
March 26th, 2007 at 12:21 am
The criminal always returns to the scene/scenes of the crime.
March 26th, 2007 at 12:54 am
asw : juicy (sic)
Hello,
I am not familiar with foreclosure and as that website is supposed to “educate” people about foreclosure, I see no pedagogic content here. Casey, would you explain the exact consequences of foreclosure ?
If you buy a 300K home and cannot payback, the house is foreclosed and goes back to the lender, right ? The lender then puts it back for sale on market (I guess at a less expensive price than you bought). What about you : Do you still owe the 300K or only the difference between the 300K and the final sale price by the lender ? Or something else ?
March 26th, 2007 at 1:03 am
That’s strange… why would the lender be so anxious to change the locks right away?
March 26th, 2007 at 2:51 am
Casey, are you aware of this story? This is pretty scary stuff…
http://www.greenwichtime.com/n.....-headlines
March 26th, 2007 at 2:55 am
What’d you think, that these guys were going to sit on their a$$es for eight months and hope that somehow somebody drove up to give ‘em cash for the properties?
Well, I guess you did.
ASW: sweet
March 26th, 2007 at 3:00 am
Just two more to go and you can shut down this website!!!!
By the way, was your homeless friend at the house???
I figured since the gate was open, he would go ahead and take advantage of the situation.
Julian
March 26th, 2007 at 3:15 am
Well, now you see how it works when the real owner of the property decides to take the toys away from the children.
Unfortunately, the IRS never plays around - while the bank will able to take a tax write-off, you won’t - their loss is your gain in the eyes of the IRS - who aren’t known for their sense of humor either - even if this is entire thing is just a joke.
But at least for the bank and the IRS, it is just like the antispam word - winwin. And neither of them care at all what you lose.
March 26th, 2007 at 3:18 am
After you get rid of all your existing inventory, what are your plans?
FT
March 26th, 2007 at 3:24 am
Why on earth would you try to get into your foreclosed properties?
Man, sometimes your actions just defy logic…
G get a job yet??
March 26th, 2007 at 3:32 am
Are you surprised by this?
The lender doesn’t want to hold on to the house. That’s dead weight for them. So they are going to move as fast as they can to sell it. That means keeping it maintained and protecting it. I expect to see the following to happen quickly: Any minor maintenance needed will get done, any issues outside the house will get done, the lawn will get mowed on a regular basis.
As a new home owner the first thing i would do is change the locks. There is no knowing how many people have the old keys. Putting new keys on guarentees that you know who has keys to the building. I wouldn’t want old tenants wandering around in my house.
You are aware now that entering that building constitutes trespassing?
March 26th, 2007 at 3:34 am
The irony in this….
Wouldn’t any of the gurus you paid $30,000 to be able to help you on this? Wouldn’t that be part of the personalized attention and follow-up service they would provide?
Who’d you borrow the money from to put gas in the car, and to pay for your phones service? (assuming the pictures are from your smart phone)
March 26th, 2007 at 3:43 am
“The lender works fast”
wow they must be an EARLY RISER
March 26th, 2007 at 3:49 am
“..the lender works fast.”
No kidding! Why should you assume that all business works on the same “manana principle” as you do?
That lender has an REO department that is going into overdrive to mitigate the losses caused by people like you. On the other hand, you have done NOTHING to mitigate your losses (unless you consider publicly debasing yourself in order to get attention to be loss mitigation).
How’s your REO department doing?
March 26th, 2007 at 4:02 am
> and to see if I can still get in.
You don’t own these anymore, (you never really did anyways as the property title was mortgaged).
You were trespassing on those properties and should you have gotten inside could easily be held for break-and-enter.
Do you even understand that simple concept?
I would expect the lock changing to happen very quickly on foreclosed properties and the people involved to be very practiced at it. If you had been living there I suspect that agents of the law would have shown up to escort you off the property.
March 26th, 2007 at 4:14 am
You can’t even look up the price of a house? What kind of a real estate team do you have?
Wow.
March 26th, 2007 at 5:09 am
It’s ok Casey, lots of people have been as dumb as you and are gonna spend the rest of their lives paying for it. By speculating with peoples homes you and your fellow flippers have not just screwed yourselves but all the nice people out there who cannot afford to buy homes now. Nice job ! Really, you couldn’t have created a worse mess.
March 26th, 2007 at 5:42 am
Poster #2,
You nailed it perfectly. Congratulations.
Casey, why should you return to your foreclosed homes, when you didn’t even take the time (in some cases) to see them before buying them, or (in other cases) fix them after you did?
What kind of bizarre pleasure do you derive out of visiting the places you “bought” with “money” that was never yours, and which, “supposedly” you’d “sell” and make “a fortune” out of?
Did you really expect becoming rich was as easy as “networking”, “making new contacts”, “having business meetings” and buying and selling stuff? Did you really drink the Kool Aid, Casey?
April 1st is coming. I’m fully expecting you to finally declare it was all a joke. For my own mental sanity, I hope so.
March 26th, 2007 at 5:43 am
Perhaps there are better ways of spending your time?
March 26th, 2007 at 5:50 am
Yes - you’re so very, very busy!
Too busy to take care of these properties when they were yours.
Too busy to open your mail.
Too busy to take care of Utah.
But not too busy to go see properties you no longer own.
Makes no frickin’ sense, bud!!! You’re a child playing a man’s game.
March 26th, 2007 at 5:51 am
Mr. Serin!!!
Don’t lockpick your way in!
March 26th, 2007 at 5:51 am
Transcript part 2?
March 26th, 2007 at 5:51 am
Casey,
Any larger bank is going to have a professional REO department. Once the bank repossesses a house the REO guys are going to come in with a standard checklist and see what needs to be done to be able to get the house to market in the shortest time period possible. List of questions I can think of (by no means definite):
1. Change the locks.
2. Check roof for obvious damage, leaks
3. Check remaining building for water damage.
3. Check all plumbing for damage, leaks
4. Check electrical for damage, shorts
5. Check for minor maintenance items (spackle, paint, carpentry).
6. Make list of repair items. Get all maintenance done within next two weeks. Put house up for sale. Priced to move (ie be willing to accept 50-75 cents on the dollar against the mortgage value).
March 26th, 2007 at 5:51 am
Casey
You remind of the deadbeat leaches that sucked the blood of my dying little sister.
They said they were holy people, but they were nothing but deadbeats using the Lord’s name as an angle to scam weak decent people.
Only miracle I saw when I untangled the mess was that she bought $10K of power tools 2 days before she died via her credit cards while she was totally paralyized in a nursing home.
I gave the deadbeats 3 weeks to clear out. The house was left a mess and I had to clean it in order to sell it. A week after they left I changed the locks to protect my efforts and then I got a call from a lawyer that they are howling about me changing the locks. Amazing…
What makes you think those were your houses?
What makes you think you have rights to get back into them?
I have empathy for homeless guy, but not you.
You just do not get it.
You show all the signs of a con man, even rationalizing (conning yourself). Exactly who do you think you are fooling?
March 26th, 2007 at 6:00 am
Success! You never fail, right?
March 26th, 2007 at 6:13 am
Why on earth would you even try to get into properties THAT DO NOT BELONG TO YOU? That is like going up to some strangers house and trying to get in with the key from the previous owner/renter. You should have been busted for trespassing!
You are deluded if you think you are more than a mere grain of sand in the world of high finance, flipping, or business in general. One day soon, all the doors are going to be locked to you, just like your former - foreclosed upon - properties are lost to you forever.
March 26th, 2007 at 6:15 am
I just re-looked at your financial spreadsheet and i am amazed at how you coul dhave rung up that much debt on credit cards and have absolutely NOTHING to show for it.
What did you spend the $100,000+ from the cards on?
Add to that the thousands, if not hundreds of thousands you got cashback at closings…
What the H*LL did you spend all this money on? Certainly not on mortgage payments or minimum credit card payments?
Maybe there is a bigger case of fraud here than first imagined…
March 26th, 2007 at 6:27 am
Just posting a typical comment as Casey baits us in with more of his inexplicable behavior. I hope you are serious about monetizing this thing. This is truly good entertainment!!!
@ #17 hilarious
March 26th, 2007 at 6:30 am
If you have time on your hands to visit houses you don’t own, you should have time to answer some questions:
1. Utah payment?
2. Accounting of where all the cash went?
3. How much money have you made in 2007?
Let’s try just these 3 for starters.
Your friend
Cotton Swaby
Award Winning Commenter
March 26th, 2007 at 6:32 am
Oh man, #1 is right!
Let’s get that “Corporate Thingie” off the ground by buying up Burdett and Larchmont dirt cheap.
What a sweet deal that’ll be.
BTW, where’s part two of the transcript?
March 26th, 2007 at 6:43 am
Casey. you are spending more time at these homes than you did when you were trying to fix-n-flip. Do you think that this may have something to do with your tremendous level of success?
There is a home right up the street from burdett that is LISTED at 259,900. That is 40k less than you owed on this home. No doubt it won’t sell for what it is listed as. HOW IN THE NAME OF GOD DID YOU PAY THIS MUCH FOR THE HOUSE AND CONVINCE YOURSELF THAT THERE WAS ROOM FOR PROFIT?!?!
You are very deluded. You still make the claim that you turned a profit on the first home of 30k when in fact you just paid too much for the next home. Nice job exposing yourself to tax on a 30k profit. If you were going to pay too much for the next home anyway you should have “doctored” your deals so that you were selling the first as a loss and taking more illegal cash back from the next one to pay for it. You should be placed in jail.
asw=loose. as in looser
March 26th, 2007 at 6:51 am
asw=deals
deals.
you will need to make them with the prosecutor to avoid a polite pounding.
March 26th, 2007 at 7:00 am
Why do you even still HAVE the keys to that house? I would think a Christian who is earnestly trying to deal with the problem would have handed the keys off to the bank, so they would’nt have to break the back window to get in.
When was the last time you even spoke to anyone at the lenders?
Why are you such a coward, and lazy? You could’nt be bothered to show up at that property when you technically owned it, but now you swing by casually when it’s not yours anymore?
And finally, what happens to that house from now on is none of your business. It’s not yours. For once in your life have some respect for other people’s property and stay away. I’m sure the bank agents could have told you exactly what was going to happen if you’d had the spine to actually talk to them and surrender the keys like an honest person.
March 26th, 2007 at 7:14 am
New Home Sales: Slowest in 6 years
Housing glut: number of homes on market at 16-year high
http://money.cnn.com/2007/03/2...../index.htm
looks like you got out of the market just in time… it might be wise to consider other investment strategies. It’s going to be a while before RE will make you money.
Andy
March 26th, 2007 at 7:25 am
Now you are trespassing. SWEET!
March 26th, 2007 at 7:26 am
wow.
just - wow.
In the two hours it took you to visit these properties you could easily have fixed the Utah problem
March 26th, 2007 at 7:36 am
Casey behave like stalker who lose girlfriend that never love him enough.
March 26th, 2007 at 7:43 am
ASW: deals
I got around to listening to the podcast this morning and HOLY CRAP!!! Same old head in the sand, delusional Casey. What color is the sky in your world?
You continue to ignore good advice and duck questions about your moral obligations.
When you applied for your loans, did you tell the banks that they were lending money to a start-up business with no capitalization? No. So you can’t expect the banks to treat the loans like they’re doing VC and this is the cost of doing business.
Unless you start really learning from your mistakes and listening to good advice, you’re just always going to be a grifter regardless of what your next lamebrained scheme is.
March 26th, 2007 at 7:48 am
BTW: This is a nice little baiting post but it’s time for an updated spreadsheet.
Even with the mortgage obligations in the wind, how much do you still owe and how are you going to pay it back? Do you think your “money partner” will give it to you? How about an update on Caseycorp?
ASW: loose
March 26th, 2007 at 8:01 am
Ok,
First all of you haters™ need to tone it down. You have repeatedly asked me for details of what I do, and when I tell you, all you do is post negative comments.
How did I get to the Modesto property™? I did another evaluation for my friend in Davis of the Bio-Bunny™. He came to Sac on saturday and we met at In-n-Out for some Double Doubles and Animal style friies (kepping strictly to the modified vegan™ diet).
We cut a deal with the manager to take away all the used fry oil for the Bio-Bunny™. My friend was interested in the Modesto property™ so he agreed to ride along. We pulled an all nighter and got to modesto by about 10 AM.
Yes, it was a surprise that the locks had been changed because I had fully intended™ to pick up the mail (the least time I did was in midNovember). I was expecting a response on my short sale net sheet and it was really dissaointing™ not to be able to review the lender’s response. I should hve come by the property earlier.
Anyway, there was a local taco truck parked in the driveway so we had some delicious carne asada (I asked for mine with guacamole and salsa to increase the ratio of veggies to keep it modified vegan™.
We drove back Sunday afternoon and stopped at Borders to look at nutrition books. I got a book about healthful eating and I have decided to eat only a modified vegan Kosher diet. That being said, I surprised G™ and her sister™ with a delicious honey baked ham that we completely devoured for dinner.
I am very tired from the weekend’s activities, so I am going to rest a little bit and start cooking dinner (I feel it is the least™ I can do to help with the cooking). I am going too™ make carnitas for dinner tonight - that takes quite awhile™ to cook so there is no time to loose™
I’ll update later as time allows.
March 26th, 2007 at 8:07 am
Why did you blur out the contact information on the signs in your photos? That was not “personal information”. Is this some sort of petulant childish grudge against the bank or the ®ealtors that are going to try to unroll your mess? The ethical/Christian thing to do would be to post the ®ealtor’s information here to try to help fix this situation
March 26th, 2007 at 8:11 am
I was lucky enough to be in Sacramento this weekend and I even got to purchase something at Jamba Juice in the K-street Mall downtown. I passed on the “Wheatgrass Shot” because what moron would paid that much for a “shot” of anything that isn’t alcoholic? I got the “Strawberry Whirl” and it wasn’t really all that good — too much ice. I’ve had better smoothies at the Dairy Queen. And no, I didn’t see our hero there making sweet deals with his fellow tycoons.
All my young professional friends down there are waiting for the housing market to hit absolute rock bottom before even considering purchasing a house. One guy sold his house in Virginia before he moved there and plans on living in an apartment for probably a year before even looking at houses. It looks like it will be a few more months before reality of the collapse finally hits the completely delusional people who purchased two bedroom, one bathroom houses for half a million dollars.
March 26th, 2007 at 8:11 am
When will you post the 2nd part of the transcript, the one where NACHO got to the real you and you hung up on her?
SWEET
March 26th, 2007 at 8:24 am
Casey,
A few weeks back you mentioned Awesome things were coming. Well I’ve been waiting for an Awesome thing. Have I missed it?
March 26th, 2007 at 8:43 am
Man Casey that sucks. How can they do that to you, lock you out of your own house? This same thing happened to me this weekend, except on a slightly more ramped up level. I was over at Staples Center last night watching my team play and my star player go for another 50 pnt game. Halftime came and the crew was struggling, so I went down to get into the locker room and rally my troops. But event staff, and some rude LAPD officers accosted me, and derailed my attempts, “You don’t own the Lakers SIR!” proclaimed the rather agitated officer, “Whaaaat?!?” I replied. As I was being escorted out of the building in handcuffs and placed into a police car, something about me trespassing and being delusional and a danger to myself and others, I pleaded with the officers, “Please, Pleeeease let me go! I promise I’ll go quietly, My lawyers will figure out this mess in the morning, just let me go, my Bentley is parked right there, and I promise I’ll get in it and drive away if you just please let me go.” But again I rebuffed by the nonsensical blathering of this hater. As he forcefully sets me into the back of the patrol car he makes the most inflammatory and libelous of all statements, “Sir” he begins with, “that car is not yours, it is parked on the showroom floor, and we found a bus transfer ticket in your pocket!” And then the door slams.
I just don’t understand this Casey. Can you help? This is a help site, no? Next thing they will tell me is that old man I am suing and all those blonde friends he has that he calls “bunnies” aren’t trespassing at my Bel Air mansion. What to do, what to do?
March 26th, 2007 at 8:50 am
When will you post the 2nd part of the transcript, the one where NACHO got to the real you and you hung up on her?
Casey didn’t post it, but someone else did. Check comments #49 thru #54 in the previous thread. It seems pretty accurate to me.
March 26th, 2007 at 9:10 am
If you will check out Wikpedia, you will find a response to your comments….
“In March 2007 blog entry, Serin asked readers to modify his Wikipedia page, arguing that its tone was hostile and biased”
Geesh Casey, I think a lawsuit might be in order. You need to take a shot of some wheat grass and get a lawyer on the phone, pronto. Maybe he could do a combo deal with BK and divorce all tied together.(Sounds like a “short sale” kinda deal to me)
I meant to ask about your “blue ball”. Did you ever get the leak problem taken care of ?
You know that some compressed air and duct tape aka “Alabama Chrome” will take care of the problem.
Have a great day!!!
Julian-The Original Trailer Park Boy
Master Trailer Flippin Guru
President-Casey Serin Hate Club of Canada
ps. ASW=success
March 26th, 2007 at 9:32 am
Casey:
How about an update on:
1. The Homeless Guy
2. The Boat in the Driveway
3. The list price of the Homes (come on as a high profile real estate investor if you can’t come up with a single person you know with MLS access you should jump off a bridge)…
March 26th, 2007 at 9:56 am
Casey.
Breaking and entering is a criminal offense, punishable by jail time.
March 26th, 2007 at 10:06 am
Casey, post part 2 of the transcript, please. We like Nacho.
March 26th, 2007 at 10:11 am
@Casey — Thanks for the Sac property update. It is very interesting to follow this process and see how the banks handle these houses. It should be fun to see the MLS once you find it (please post).
cheers!
asw=sweet
March 26th, 2007 at 10:16 am
I am surprised you were not arrested for tresspassing. Haven’t you seen the videos of banks serving papers with armed marshals? You are really pushing your luck. They are going to put armed gaurds at the places once they read this. People are very touchy after foreclosure, and banks would do well to shoot first and ask questions later.
March 26th, 2007 at 10:51 am
“Hmm. Let’s see. I just lost two houses I “bought” with “liar loans” and banks just lost tens (hundreds?) of thousands of dollars because of my entreprenurial™ attitude. What else could I do? I KNOW! I’ll trespass™”
March 26th, 2007 at 10:58 am
Casey,
It is obvious, you will never get it!
You just admitted another fraud, that is, using someone else’s MLS password as you are not a member. If you were a member, you would have access. If you are not a member, and not paying fees, you are stealing data. It is just that simple.
You continually attempt to convince readers that you have cleaned up you act, that you want to be honest and ethical; but it is obvious that you, and the person that provided you with the MLS password, are neither ethical, not honest. And if you were honest, you would admit the fact that the password still works, it’s just that MLS now requires an electronic key to prevent people like you, and the unscrupulous people you associate with, from stealing data.
I am beginning to believe that your lack of ethics is cultural. I was at a lumber yard last week, where two guys from your area of the world were doing their best to convince the check out person they had only 28 bags of cement, when in fact they had 38 bags. After thee accurate counts on the part of the clerk, they finally admitted they had 38 bags of cement. It should be obvious that it is a little difficult to hide 10 bags of cement, but they tried.
A car dealer happened to be standing next to me while this spectacle was taking place. He commented, “we have this kind of stuff all the time, these guys come in and attempt to trade in salvaged vehicles they have repaired, and are angered when they are not allowed to do so. Car scams are a specialty”.
So, there may be good reason that you cannot understand the criticism you have received? Many Americans are angered when they see abuse of the system, especially by immigrants, whom one would assume would be thankful for the opportunity to live in America. Do they not care that their deception for profit is to the detriment of others? Do you think your lack of understanding of the comments of the “haters” is due to the fact that you come from a culture where such behavior may be acceptable?
March 26th, 2007 at 11:02 am
@#14 Clotpoll
or Hakuna matata.
asw = letsdoit
No thanks, I’m straight.
March 26th, 2007 at 11:15 am
What kind of dim bulb are you to think you can just walk back into a house that the bank repossessed?
Answers please:
1. Utah payment?
2. Accounting of where all the cash went?
3. How much money have you made in 2007?
Your friend
Cotton Swaby
Award Winning Commenter
asw: success. As in the bank was a success in it’s foreclosure process.
March 26th, 2007 at 11:51 am
WHAT HAPPENED WITH THE NEW LINES OF CREDIT YOU WERE GOING TO GET? You indicated you were starting a shell corporation to get lines of credit. Did you do it, and did you get the $$$?
March 26th, 2007 at 12:19 pm
***Wouldn’t any of the gurus you paid $30,000 to be able to help you on this?***
If Casey had done what they taught him to do in the first place, he wouldn’t be in this mess. None of the gurus teach investing in multiple states when you’re just getting started, or commiting mortgage fraud.
Did he ever call them for advice?
March 26th, 2007 at 12:38 pm
Casey, we are interested in hiring you, can you please send some work examples of your jobs with Chris and the work you did at your Rich Dad’s office?
How about the $50,000 programming job you had? Code samples, documentation, references, online examples.
the job pays $78,000 per year, but you can’t do real estate deals on the side.
thanks! - HR dept.
March 26th, 2007 at 12:51 pm
I love it. You tried to go into the houses, even though they are not yours, and you’re actually surprised that they changed the locks.
You know, after I started reading your blog, I drove by the Larchmont house several times over the last few months. You didn’t even have a “For Sale” sign in front of the house. The Burdett property only had one sign setting in the fence. The neighbor who talked you into letting him store his ugly boat in the driveway had a bigger “For Sale” sign on it than you had on the house.
It’s painfully obvious that your plan was to get the cash back at closing, pocket the money, let the houses foreclose, and then file for bankruptcy. You’ve still got the cash and you’re just waiting for the houses to finish going into foreclosure so that you can start spending it.
The rest, including this blog, are just smoke and mirrors.
March 26th, 2007 at 1:39 pm
Dude, other guys are getting some… Why the heck aren’t you getting some??
BTW, I’m talking SWEET deals not LOOSE chicks. You know what I am saying?
But hey, It’s all good!
http://www.creonline.com/wwwbo.....41754.html
Hi all,
It has been over a year since my last post. My partner and I have been quite busy. We’ve gone from rehabbing full time, just over 100 properties in three years to full time wholesaling the last two years.
The market here in South Florida has changed dramatically. Like other areas of the country, South Florida has now become a buyer’s market. Rehabbing was fun but we needed a change of pace. We usually wholesaled a number of properties we didn’t want to rehab so moving full time to wholesaling was just a natural progression. I guess you can say we needed a break running back and forth from Home Depot 10 times a day.
Many out there think that since the market has tanked, there are less attractive deals out there but I beg to differ.
Here’s a breakdown of the deals that we have already closed or are scheduled to close in the next 30 days.
Miami 2/1: Contract $135K. Assigned $145K - $10K profit.
Ft. Lauderdale 2/1: Contract $160K. Assigned $165K. - $5K profit.
Miami 4/2: Contract $270K. Assigned $300K. - $30K profit.
Hollywood 2/1: Contract $155K. Assigned $175K - $20K profit.
Cooper City 3/2: Contract $240K. Assigned $260K - $20K profit.
Oakland Park 4/3: Contract $305. Assigned $335K - $30K profit.
$115K total profit in 30 days. Don’t ask me about next month, you won’t believe me.
But, I did lose one deal last weekened. Had the property under contract for $200K and had a buyer at $215K. The day I got the offer, the homeowner changed her mind. Well, she was a silver haired nice old lady who just decided she wanted to spend the rest of her days in the house and would sell if I force her to. I let her out of the contract provided she gave me a nice homecook meal. What can I say, I am a sucker for homecooked meals with silver haired grandmothers. I have a conscious and want to be able to sleep at night too.
Have I got your attention yet? Are you saying to yourselves, “how the hell does he do it?”
Well, I will share a few of my secrets with you.
1. Have a good marketing and advertising plan. With our strategy, we don’t call sellers, they call us. We receive about 200 calls per month.
2. When a seller calls you, you get the house over other investors because you give the best terms.
3. Know how to read a seller. Listen, listen, and listen. Empathize. Be their champion. Convince them you are here to help make their problem go away. Be sincere and be honest.
4. Make as many offers as you can each day. I usually make 5-10 offers per day to generate 5-8 deals per month. Don’t be afraid to make offers. Rejection is part of the process.
5. Have a really really large list of investors to sell your properties to. I have an investor list of several thousand. When I send out a property, they are sold in less than a week. You can get all the deals you want but you are DOA if you can’t move them.
6. Have your infrastructure set up. Set up a database to track your leads.
7. Do you research and then do more research. We not only use the MLS but also a few other services that give us additional information to help us to determine FMV and what we would pay.
8. We buy houses between 55% - 70% of FMV in our area. You need to know what your FMV discount threshold is in your area. What works for some in one area, will not be the same in other areas.
9. Have the right accounting process set up.
10. I don’t visit a property unless the homeowner accepts my offer over the phone subject to inspection. That’s after I’ve gotten all the info on the property, qualified the seller and did my research. I usually give them a range and if they agree, I tell them I am coming with an agreement (don’t ever use the word “contract”) and if I like what I see, we put pen to paper and sign. 9 out of 10 times I visit the property, I walk away with a deal.
I have been wholesaling for quite some time. I know every trick, every nuance, every strategy. I have accounted for every conceivable error that may occur in the process. I anticipate everything. I am firmly in control of every deal. I control the deal with my seller. I control the deal with my buyer. I make sure the title company has everything they need and then some. Every hole is plugged. Every leak is filled. Nothing gets by me.
People ask me if the market will get better soon and I respond by saying that I hope not. This is the best time to be a wholesaler and I will explain my reasons at some point in a future thread.
I will start posting some information on a few components of wholesaling as outlined above but won’t give away the farm, at least not here. But, if you want my help, if want to squeeze me for every shred of information, if you really have the desire to succeed at real estate investing, contact me and we will see what we can accomplish.
Best,
Jonathan
Follow Ups:
March 26th, 2007 at 1:59 pm
You can find time to go there AFTER foreclosure but not before. Unreal!!!
http://www.icantsellmyhouse.blogspot.com/
March 26th, 2007 at 2:13 pm
Well Casey got a mention in TheStreet.com. Scroll down to middle of page. LOL. What business is TheStreet referring too I wonder? This blog? LOL
http://www.thestreet.com/_tscs.....46498.html
Real estate speculator turns own foreclosures into a business. (iamfacingforeclosure.com)
March 26th, 2007 at 2:42 pm
When I want to know the price of a property I just call the Realtor and ask. You do not have to get specific and they do not know who is calling them. Second way is to see if the Realtor has a website. If they do they will usually list it there. Pricing on a house is no big secret just ask and you will find out. I am sure if you published the phone number of the Realtor on this blog they would get swamped with calls from everyone on this blog. It would make for an interesting story.
March 26th, 2007 at 2:44 pm
Burdett foreclosed on 3/12, Larchmont foreclosed on 2/26. What made you think you could gain access to these properties at this stage?
Gosh. Only two more days (barring short-sale developments that may or may not materialize) and you won’t own any houses.
ASW: winwin
March 26th, 2007 at 3:28 pm
Ho Ho Ho - It’s Santa Flipper Clause
Casey -
You should have gone down the chimneys.
Santa F. Clause
March 26th, 2007 at 3:38 pm
I thought anyone with a computer had access to real estate listings? I know I do in my area.
March 26th, 2007 at 3:46 pm
If i was tight on money and somebody owed me money and offered me to stay at his cabin in tahoe with free lift ticket. i would say no thank you i want my money.
i got $4,000 bonus at work last week. i made extra payment to my mortgage. i would have sent off a payment to the finance company for my bmw. but the interest rate on the car is 4.6%. i figure i’m better off making payments to 6.375% mortgage. i hope those interest rates make you cry, little beech casey.
March 26th, 2007 at 4:00 pm
1st. on the first day~ we call the contractor to change the lock asap, and the contractor run a report on the expense to fix the house to the market condition
2nd. we decide to do fix up or leave it the way it is, and call up an agent to prepare to sell it.
WE DO NOT RUN BUSINESS LIKE CASEY, REPEAT, WE DO NOT RUN BUSINESS LIKE CASEY. WE HAVE MANY STEPS TO FOLLOW THRU IN ORDER TO MIN. THE EXPENSE.
BANK
March 26th, 2007 at 5:16 pm
#69: Funniest post ever on this blog!!!! BWWWAHAHAHAHAAA!!!!
Casey, Robert G. Allen did time for tax evasion. You may too.
-Roberto Cuolosaki
March 26th, 2007 at 5:35 pm
@ 63. Hungry Bear.
Sounds like you run a successful business. Can you tell us what your ‘net’ profit is though, after capital gains and other possible fees like interest on lines of credit, etc. Thanks for sharing your info.
March 26th, 2007 at 5:41 pm
will take you up till you break!! Woodshedder with his new tool, I would try it but my 4 year old would bust out I am sure. Location, Location. Johnny Carson smiling. Unconfirmed Sightings of my Skeletal Remains Casey’s a Houseaholic Manias, Panics and Crashes… And Housing Crash Reality I only got 2 out of the final four, I Picked N. Carolina to win it all vs UCLA in final game. Guess I am long gone Market Hazards ahead Unwinding the
March 26th, 2007 at 5:50 pm
Busy busy busy, I see, and no Part 2 transcript in sight. Silly me was at work all day and laptop shopping during my lunch break. How’s the ol’ lappy holding up over there, sport?
March 26th, 2007 at 7:02 pm
Casey -
Do you have health insurance?
It’s not listed on your P&L sheets.
March 26th, 2007 at 10:06 pm
Casey,
Here is the public recorded sales data on the Larchmont Dr. Property:
Sale History
03/06/2007: $216,000
03/23/2006: $330,000
04/04/2003: $170,000
March 26th, 2007 at 10:12 pm
It was hard coming back to that house alone.. and looking at it.. wasn’t it Casey?
8(
You used to own it. And now you don’t. I’m sorry. I know that must have been really hard on you.
I was at Palos Verdes today and checking out the new Mini Mansions going up around the beach front cliffs. Palos Verdes is one of the richest enclaves in Los Angeles, next to Beverly Hills.
I looked at the houses … and thought to myself: These people did it, why cant I? This house is only 10 million dollars. Somebody is paying that price. Right? They can afford it. Seriously. Someone is paying for it. There is wire transfer coming from someone account. These are real people!
Why cant I seem to do it? Why isn’t my business expanding and netting millions per year like it’s supposed to? I dont know. But I do know this:
One of the most interesting things about this area is that virtually ALL of the residents that didn’t inherit their money OWN THEIR OWN BUSINESS. Thats right - they work for themselves. That is a fact.
Everyone thinks people who live in Beverly Hills are celebrity’s but the fact is that the majority OWN THEIR OWN BUSINESS there too.
Having a “steady job” with “great benefits” is good enough for most people reading this page. This is the same advice you give your kids. But they will never live is Palos Verdes, Los Angeles.
At least Casey is trying. Nobody seems to consider what would have happened if Casey would have pulled this off. Even at 5% appreciation he would have been well on his way…
I’m sorry things turned out like this Casey.
March 26th, 2007 at 11:46 pm
Casey,
It would be nice if there was something/anything that had relevance in this post or comments.
Your “contributions” are now pictures of properties you used to own, along with admissions that you have no idea what lenders do when they complete a foreclosure?
Pretty sad. Good luck with the concept of becoming the ultimate foreclosure resource, it’s fairly obvious you really have no clue about any aspect of foreclosure. Other than not making payments and getting foreclosed, of course.
March 27th, 2007 at 12:57 am
Re: #66
I completely agree that Casey doesn’t have a cunning plan - he really was this foolish. Also:
“If he were to talk to the IRS and set up a payment plan, all would be well - they work with people and are actually somewhat reasonable - provided you don’t try to avoid them and actually make the payments.”
I know from personal experiences that Property Flopper is right. The IRS are very willing to work with you if you just ask them to, and even willing to bend policy to help you out, as long as you don’t jerk them around.
Which Casey undoubtedly will.
Re: #77
“However, I think that all is not lost for Casey. It is possible, however unlikely, that he may be able somehow to create income from his increased noteriety. This may be from a published work of his, speaking engagements, website income, media deal, or simply some generous benefactor decides to bail him out plus some.”
Well, the benefactor is a possibility. I really can’t see him parlaying this blog into fame though. The thing is, all Casey has got going for him that’s interesting is his situation. Once that is resolved, to whatever extent it can be, no one is going to care.
- He hasn’t, despite his frequent claims to the contrary, learnt ANYTHING, so he can’t help other people. All he can provide is fuzzy stuff like “it’s only failure if you think it is!” but the market is flooded with chumps spouting that nonsense already.
- His crime is too esoteric to be of widespread interest. You have to bash someone’s head in, or fix a game, or something like that, for widespread infamy. For example: how people know the name of the main players in the Enron scandal who stole millions? If the crime has to be explained to them, people aren’t interested.
- Once the market changes and the situations that gave rise to Casey are gone, no one is going to care. The “poster child for how real estate was 10 years ago!” I don’t think so.
- He’s not exactly the most erudite person. He’s no demagogue. I assume he’s charismatic enough to con people directly around him, but you need more than that to make it as a big-shot self-help conman.
- You need, in the end, some sort of success. Of course, he thinks he will get it, but we know better. The blurbs on the back flap of these “gurus’” books read like “X was total bum. Then he made a stunning comeback and is so rich now he could buy New Zealand. So you should listen to him.” NOT “Casey tried to make it big in real estate. He totally failed. Here’s his book where he will teach you to be rich - unlike him.” Who’s going to buy that?
March 27th, 2007 at 1:33 am
You used to own it. And now you don’t.
He never owned it. He might have owned a tiny fraction of it, but I’m guessing his mortgage payments never covered the interest on top (or cashback amount), so the chances are he was never the owner of any of it.
I don’t consider that I “own” my house, even though the mortgage is for only two-thirds of its current value. Sure, I’ll describe myself as a “homeowner” if asked, but I’m not under any illusions as to what will happen if I stop paying my monthly contribution.
March 27th, 2007 at 2:08 am
Deleting my posts again, huh?
OK - I get it. Back to EN for me.
Enjoy lawsuits, repo, poverty!
March 27th, 2007 at 3:54 am
@ #82:
“At least Casey is trying. Nobody seems to consider what would have happened if Casey would have pulled this off. Even at 5% appreciation he would have been well on his way… ”
Of course not, because Serin has no idea how to pull it off. His attitude all along has been, “Someone wins the lottery; why shouldn’t it be me?” Except that RE has never been the lottery; it’s been poker. Not a game of luck, but a game of skill…something that Serin does not have.
March 27th, 2007 at 4:57 am
@@Michael Cooke
If you measure yourself by the kind of house you have and where you live, then yes, you aren’t rich until you live in the Palos.
However, if you measure yourself by a different means, by the friends you keep and the stories you can tell, then you can be very rich without making 10 million a year.
I know folks who live like that. Their kids normally wind up spoiled and selfish, people I wouldn’t want to know.
As for myself and my family, we’re doing just fine working jobs, and slowly accumulating property (3 homes), while we both enjoy the heck out of the work that we do (and we’re adding value to society! Wow!)
I figure by the time we’re 45 ish, we’ll be retired, the kids will be in high school, and we’ll be enjoying life.
Slow and steady always wins the race
March 27th, 2007 at 6:31 am
@ 82. Michael Cooke
Nobody I know living in Palos Verdes owns their own business. Instead, they work for the major defense-contractors dominating the South Bay. Granted, they also tend to be upper-level managers or executives and get paid quite well. But it’s a W2 job, and they’re all doing quite well for themselves.
For all this talk about how much a 9-5 job sucks, climbing the corporate ladder is a very viable option as well and I’m surprised nobody here has brought it up.
March 27th, 2007 at 8:09 am
#79 - Thanks. I’m glad you liked the post, I only hope that Casey read it - and actually THOUGHT about it. At this point, it is far too late for him to avoid most of the problems, but he may be able to lessen the impact.
Good point on trying to make money off of his 15 minutes. I believe he has already missed the boat on this one though, he tried with the ads, but that failed. Had he put the effort into it (not that much required either!), he could have kept that going. Not enough to pay it all back, but it would have kept him going much longer - allowing him to find other ways to capitalize the fame.
Wealth takes work. Casey does not understand that and it has bitten him on the butt many times. I strongly suspect he’ll blow the few opportunities he has left.
March 27th, 2007 at 9:25 am
Don’t look back Casey, just keep your head up and move forward.
March 27th, 2007 at 11:37 am
@82
With all due respect, you are insulting those self-employed people. It’s been said again and again that KC is NOT a business person, and nothing he does could be construed as “employment” either by himself or otherwise.
*I* am self employed, and I resent the comparision. It’s like saying someone’s a doctor simply because they OD’d on Tylenol. Enough said.
ASW: awesome
March 27th, 2007 at 3:31 pm
The bank was too stupid to check incomes; too stupid to run with an all cash short sale offer; and might be stupid enough to give us a “sweet” wholesale price today— with me acting as your proxy!
Why not? There’s no law that says you can’t profit of the same property twice! Let’s do lunch!
March 27th, 2007 at 8:03 pm
6842 Burdett is listed for $236,900.
March 27th, 2007 at 10:54 pm
@ 89 Jay
Do you live in Los Angeles too?
Perhaps the top ranking people in the company - yes. But otherwise no. It is a well know fact in the Palos Verdes community that the majority of residents 1) Inherited their money or 2) Own their own companies.
In any company the people at the top are always excessively well paid while everyone else isn’t. Of course these corporate rarities make up a significant number of the residents in Palos Verdes however they are absolutely not the majority in that area - or in Beverly hills.
I’m sorry but its true. If you were talking about Redondo Beach or El Segundo then might be correct.
March 27th, 2007 at 11:45 pm
“I don’t think that’s his worst problem though. The IRS will come calling. Next year, Casey will have a HUGE tax bill. He has several “forgiven” loans that will count as income. He won’t have money to cover it and that is where the fun really gets started. If he were to talk to the IRS and set up a payment plan, all would be well - they work with people and are actually somewhat reasonable - provided you don’t try to avoid them and actually make the payments. With his track record, I can see Casey blowing that hope rather quickly…”
This guy is SPOT on. You need to start generating some income so you can pay down this debt to the IRS. You should already be paying on your 2005 income and estimated on your 2006 income. You probably don’t believe it, but you owe the IRS around $150k right now.
If you are going to have any kind of future life whatsoever you need to do the following right now:
1. See a psychiatrist
2. Monetize this blog. There are lots of other systems other than adwords, get a recommendation from someone on here and use it.
3. Get a job (or two)
4. Find a GOOD attorney who can advise you.
If you don’t do the above right now it is probable (not guaranteed, but probable) that your life is going to be over and you will regret your inaction for the rest of your life.
March 27th, 2007 at 11:54 pm
Cautious optimism is the key to success.
You have to dream big, but verify your expectations against real-world facts and figures.
March 28th, 2007 at 6:04 am
Can someone who is a REAL EXPERT (and doesn’t just play one on the internet) lay out the tax implications. Another bozo who shall go unamed has just written an opinion of why Casey won’t have ANY tax liability but I find that hard to believe. Of course at the end he throws out numerous disclaimers about not being an accountant, blah blah blah.
asw: juice
March 28th, 2007 at 6:41 am
Go NACHO! Quite a call in. . . I’m surprised Casey was as calm as he was (though, I’m not sure why anything that Casey does still surprises me). Anyway-I enjoyed reading your call in (I listened to part of the call in, but I could not endure the whole thing).
Still thinking of the Rust Belt, Casey? Lots and lots of cheap housing. . . remember I recommended the East Side of Buffalo? Almost as cheap as Motor City. . . I thought I was a shrewed investor until I lost my shirt in Buffalo in the 90’s. . . but hey, I’m a looser with a job and a graduate degree. So, you’ll surely do things differently than me.
March 28th, 2007 at 9:35 am
I’m not going to berate you for what you’ve done. You’ve made mistakes and deep down know what you did wrong, and hopefully you won’t do it again. I think people are sometimes very bloodthirsty to pour salt into someone’s wound–and I bet a good majority of individuals that chastise you have never invested in real estate or don’t have a dime from it, save their personal residence.
I don’t get a clear picture of your numbers–or maybe I’m not finding it on the blog, but I’d like to see a complete breakdown. Buy Price, Downpayment, Market Value at the time of purchase, Sale Value (if sold), Market Value Now. Debt load, itemized by mortgage, line, credit card.
A couple of things to consider:
– Stop spending money on the gurus tapes and seminars. JUNK–ALL OF IT. How much of your money did you spend on them? 2-4K? And it looks like you were spending money on the gurus as late as 2006 when you were going into foreclosure? That’s insane. These people aren’t helping you any. They’re motivational/charlatan type speakers only that make a buck off the latest get rich quick scheme. Training and book sales are their business, not real estate. If you read anyone, it should be John T. Reed. He’s very pessimistic and he has some great comments about all the sharks out there that feed on you at get rich quick seminars. And preying on you they are.
Reed also makes a very valid point about how you should buy houses; and I think looking back that’s where you really went wrong. You are not in any position to buy real estate at this point. I’m not saying you can’t land back on your feet. You just can’t do it right now.
You don’t need mentors in this business. That’s guru talk. Mentors are your competition and right now you’re probably in bed with them. Have you considered that they may be other investors who are trying to get the same deals you are! You need to look at costs and numbers and not bury your head in the sand, my friend. Irrational exuberance has no place in your deals.
I am very surprised that you cannot look at property values on the MLS. Metrolist MLS in the SAC area is WIDELY PUBLIC. Zillow, while not always accurate, can give you comps and prices. You could have called any agent for information. Hell, there’s a gal in the mall where I’m at the Prudential Kiosk who’s sitting around bored and can run you a CMA report. No excuses for not knowing property values.
Damage control–and I’m not a financial person, just an investor so do NOT take my words as financial or legal advice. I assume no liability for them, and you should consult a licensed attorney or financial professional before making any decision. This is just what I might do:
Stop spending. How much money did you spend on restaurant visits? Can you cut any utilities? This won’t save your investment properties, but you need money to live on afterwards and for your home. You need to take a job. Again, you’ll need SURVIVAL money. If you did short sales and your notes got forgiven, you need money for the tax bill.
Stop stalking your foreclosed investment properties. Someone else owns them now. They’re in the past. And the past is quite dead. I realize you were curious, but you don’t need to add a criminal record to your list of failures should someone cite you for trespassing. Yes, they’re going to lock the doors precisely so the former owner won’t inhabit the place. (BTW, as a landlord, that’s the FIRST thing I do when I evict a tenant.)
Are your loans recourse or non-recourse? If they’re non-recourse loans and you have any homes left that are underwater beyond repair, let em go to foreclosure. My thinking is you escape being taxed on them. See an attorney today to confirm this. I think you need to declare bankruptcy, so your income is presented as being 0 or below. You aren’t going to be able to pay these back. You gambled and lost, so now it’s time to get out of the casino and live to play another day. The lenders were gambling with you when they gave you the note. They’ve lost too, so now it’s time to walk.
– If you can salvage 1-2 properties with rent and what you can make from a new day job that you will acquire–I’m not looking at your numbers here–do it. Your last line of defense is your home.
– Whoever said to capitalize and monetize this site was doing you a big favor. You’re good a generating publicity, now sell a T-shirt or a mug or something.
March 28th, 2007 at 12:36 pm
98. Jobu
Can someone who is a REAL EXPERT (and doesn’t just play one on the internet) lay out the tax implications. Another bozo who shall go unamed has just written an opinion of why Casey won’t have ANY tax liability but I find that hard to believe. Of course at the end he throws out numerous disclaimers about not being an accountant, blah blah blah.
Nobody could possibly know for sure because nobody except for Casey has all the records. But here’s are two hypothetical scenarios:
CASH BACK: If you buy a house, for example, and get $30,000 cash back, that’s usually considered a reduction in basis for the house. That means your capital gain will be $30,000 higher than the actual “purchase price” reflects. Unless of course you sell it for less than that price, in which case it’s a capital loss. That’s deductible against your other income subject to loss carryover limits. If you don’t have much in the way of other income, you just carry over your losses to a future year.
CANCELLED DEBT: Generally considered ordinary income, but there are exceptions. One exception covers bankruptcy and another covers insolvency. If you’re insolvent (your debt exceeds your assets), cancelled debt is not subject to ordinary income in the current tax year. It may cause higher taxes in future years because taking advantage of this exception partially or totally wipes out other tax advantages in future years. For example, if you’re insolvent and use this exception, you may not be able to carry over losses to future years.
You may find it “hard to believe,” but it could be true. It’s just difficult to say one way or the other without all the details on how the purchases were handled.
March 28th, 2007 at 3:40 pm
@ 101. Carl
“I make somewhere in between $150-200k”
Whats the matter, you can’t remember exactly how much you make?
I have no idea what you are talking about. I have 3 clients in Palos Verdes and all of them are entrepreneurs and have relayed all this information to me about the area. I also know another individual whose entire family are business owners there.
You simply cannot afford to live in Palos Verdes today working for someone else, even on that kind of a salary unless you are strapped to the max with your house payment.
I have no idea what you are talking about. Phd in electrical Engineering? The days of 150-200k salaries being a “norm” in companies are pretty much over. Boeing is insourcing. Lobbying the government for more H1B-visas etc..
I have 2 neighbors I know work for Boeing. Both have engineering degrees. One is literally a rocket scientist the other is a satellite engineer. They cannot afford a normal house (750k-1mil) in Los Angeles let alone a house in Palos Verdes! Both are forced to rent.
March 28th, 2007 at 5:07 pm
“How did I get to the Modesto property™? I did another evaluation for my friend in Davis of the Bio-Bunny™. He came to Sac on saturday and we met at In-n-Out for some Double Doubles and Animal style friies (kepping strictly to the modified vegan™ diet).
We cut a deal with the manager to take away all the used fry oil for the Bio-Bunny™. My friend was interested in the Modesto property™ so he agreed to ride along. We pulled an all nighter and got to modesto by about 10 AM.”
Now your into this Bio-Bunny Scam. Casey your are either scamming us or an In-N-Out Manager is about to get FIRED. In-N-Out already has an Oil Collection Vendor and ALL stores are owned by one family. If you do not beleive me walk into ANY In-N-Out Burger in the whole world and ask the Manager or any employee and they will tell you they all work for In-N-Out Corperate. They will also tell you that if this is true this manager is about to have as many jobs as you do Casey, zero.
Can you please provide us with the city and possibly street this store is located on that you have made a “Deal to take thier Oil” with. My relative that works at the Corporate Office in Irvine wants to know which store this is.
More then likely this Bio-Bunny is (no pun intended) a hare brain idea with no chance of taking off. You probably made up the whole part about deals with In-N-Out Managers to take thier oil because you ate there and needed to pretend that you where wheeling and dealing on top of potential breaking and entering.
April 7th, 2007 at 6:10 pm
According to the “Sacramento flippers in trouble” blog, the Larchmont house is for sale at $199k.
http://tinyurl.com/ywv5zt
April 11th, 2007 at 5:26 pm
21. It’s All Good March 26th, 2007 at 5:50 am