Let me tell you a story of a man named Casey
Thought he could flip real estate but was really quite spacey
Then one day while seeking that big score
A bunch of foreclosures walked through the door
Bankruptcy, that is. Big time debt. No way out.
Casy Serin, a 24 yr old wannabe real estate magnate, bought eight homes with no money down near the top of the market, did nothing to fix them up, then as sat stupefied as his little fraudulent kingdom (he admits to falsifying loan docs on his blog) collapsed. His final home will be sold at auction soon, he is millions in debt, yet still resolutely and determinedly refuses to actually do anything to extricate himself. Hey, he could have spent 15 minutes putting Google Adwords on his blog and made 2k a month easy. Lots of folks suggested he do just that. But no, apparently that would involve actual work.
He started a blog, IAmFacingForeclosure which has been getting huge hits, has been interviewed and profiled in media as the poster child for real estate cluelessness and incompetence, and apparently spends most of his days blogging, alternating between manic plans of real estate glory and black depression. He will chronicle in detail what he needs to do then steadfastly not do it.
A veritable cottage industry of blogs have popped up around all this. ExUrbanNation delights in mocking him while RobertCoteSux ridicules ExUrbanNation. It’s not unusual for posts on these blogs to get dozens, sometimes hundreds of comments, so clearly there’s lots of readership.
I admit to tuning in to watch the ongoing train wreck. It’s not often you get to see stupidity combine with such a startling ability to ignore reality.
There will be many more self-inflicted road kill like Casey as the real estate bubble continues to collapse. Many have tried to give him advice, but it appears to bounce off a concrete wall. As Fohorn Leghorn said to the Henery the Chickenhawk, “is any of this getting THROUGH, son?” Apparently not.
I actually took a seminar from a guy like Casey who bought homes by assuming the mortgages, then took out the equity to buy yet more homes. He was very proud of his technique, and encouraged others to do the same. That much debt scared me to death! I sometimes wonder how that man is today– and whether or not he’s contemplating eating his gun.
A long time friend back in L.A. did that starting in the 80’s. But one house at a time and carefully.
He now owns several houses and doesn’t really have to work. He also wasn’t doing pump-and-dump and didn’t buy anything at current prices because he thought them too high.
His advice in the current market is, if you didn’t sell, then hold on for several years until things come back.
He will continue to prosper. And I’m sure didn’t finance with ARMs.
That is a wiser way to do it…
My friend recently had a pool of investors willing to invest several million in commercial property in L.A., and he spent months looking for property and bought nothing because in his opinion it was all way over valued.
In a couple of years I’m sure he’ll find something attractively priced. He’s not greedy and can afford to wait.
The sux site is your idea of “ridicule?” Wow, I hope you are never subject to that kind of ridicule.
Wasn’t implying that it was fun for you.
As for attacks, I’m an antiwar organizer, the group I’m with gets attacked by professionals; major media, national columnists, etc., so I’m not unfamiliar with the process.
I think Casey needs help.
This kid is getting some incredible blog traffic. With these stats, he might be able to make a living off his blogs.
He’s young and good looking, too. Pretty soon we may be seeing him on “Dancing with the Stars”
CROSSPOSTED:
__________________________
So I guess we all know what is in the never-left-behind murse, now:
I’d guess it’s a .38 special and $258,312.79 of ill-gotten proceeds, hmmm?
That’s enough for you to keep the fun blog story going and as Galina says, “pull money out of your butt” for a long time further.
BTW, I could care less if you mod this post, because it is also going to be cross posted to every Casey Haterzâ„¢ site anyway, so you posting it and also replying to it here is probably your best bet. But you never take good advice anyway, so you likely will ignore that , too.
I sure hope a Russian friend doesn’t decide that they are a bit hungrier, low key, and more physical than you, and go for the murse.
ASW: craziness, indeed!
RE: Casey Serin:
Some similarly business-minded folks from the old country also run into tough times, due to their own innovative ideas for creating wealth, just like Casey:
Uzbekistani immigrants await discussion of entrepreneurial methods
After tiring myself out trying to figure out what the heck this dude Casey Serin is actually up to, I finally found a place that catalogs his activities, history, associations, and purpose.
The site bills itself as “the leading semi-satirical wiki about foreclosure blogs”, and I’d say that’s accurate, given the predictably rather vertical market for “semi-satirical wikis on the topic of foreclosure blogs.” Still, it’s a good read.
Address:
http://www.caseypedia.com/
Hotlink:
Casey Serin