The Real Lesson is, “Don’t Be A Casey!”
Posted on June 27, 2007
Filed Under Real Estate Investing |
[The day before y]esterday morning I talked about what investors could learn from Casey Serin. No, not as in would he be a good mentor because I don’t think he would. But, he is a great learning example and that is what I was focusing on yesterday morning when I posted. Interestingly some of the comments mildly took me to task for “over looking” Casey’s alleged criminal behavior. Yes, I said alleged because he has not been charged with any crime, much less convicted. And no, I still don’t he will be prosecuted for mortgage fraud.
But, Casey is a great example for learning.
If you read his posts and know anything about the materials from the gurus Casey said he followed it is apparent he paid very close attention to them and did exactly what they advise their students to do. Yep, right down to the saying you “intended” to live in the house and “fudging” the income numbers. That is the bigger story here.
See, I’d like to see Casey tried for no other reason than to get all of the materials from all of courses, seminars and boot camps he attended entered into evidence. But, alas, it is not likely to happen.
See, these gurus hide behind some very creative non-disclosure language and as such you are hard pressed to find anyone willing to take the risk of completely exposing the crap they put in their materials in any public forum. Once they get entered into evidence, well, the evidence in the case could be discussed anywhere.
On a private membership site there is a group of investors who have obtained, dissected and discussed many of the materials of these gurus, like the ones Casey follows. They have also dug into the backgrounds and financial dealings of them too.
It is sad we have some very financially ignorant people like Casey who fall for the siren song of these gurus. Their pitch is always a variation of “fire your boss” and other drivel appealing to lazy and unmotivated people like Casey. Yes, Casey had the guts to take the step and do exactly what the gurus told him to do but he did it because he thought it was the easier course of action than to learn the fundamentals and become an investor.
Instead, he became a mark for every shill with a course or bootcamp to sell claiming to show him how to get rich quick in real estate.
Let’s not forget that Casey did see some success early in his real estate adventures but like most gamblers who don’t fully understand the rules he lost it all in the end.
Casey was never an investor. He was trying to be a speculator. But, he was really a gambler and a mark.
The lesson to be learned is, Don’t be a Casey!
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16 Responses to “The Real Lesson is, “Don’t Be A Casey!””
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If it weren’t for the gurus you want to bad mouth there would be a lot fewer investors in real estate.
You should check out Nuvo Riche University. It is a smarter move than going to college. I am a current student.
Bubba I look forward to my taxes supporting your welfare soon. Enjoy scam college. PS how is it smarter then regular college?
You’d think that writing a huge “tuition” check would mean you could *spell* Nouveau Riche.
Casey’s alleged criminal behavior. Yes, I said alleged because he has not been charged with any crime, much less convicted.
Here, let me hit you across the face with a 2×4 and then see how well you do at calling me an “alleged criminal” until the conviction comes back. I don’t mean this literaly of course but yours is the slippery slope of changing the meaning of words until they lose impact. Oh and Casey was never successful. His one gain was only an accident of the times when he was forced to sell and he used that to get further into debt. Had he kept that original condo and done nothing else he’d be $600k to the better than he is now.
All yall is just negative dream steelers. If Casey had done what he was taught he would be rich today.
Here, let me hit you across the face with a 2×4 and then see how well you do at calling me an “alleged criminal” until the conviction comes back. I don’t mean this literaly of course but yours is the slippery slope of changing the meaning of words until they lose impact.
“Rob Dawg”, the real slippery slope is not following the rule of law.
I’ve read your blog, you and your compatriots have a hard-on trying causing Casey Serin trouble. That’s fine. He is one stupid little prick and deserves anything the rule of law has in store for him.
Trial by mob never does anything good for a society.
Oh, and Bubba? Just drink the damn Thorazine like they ask you too do! You will feel so much better for it.
Dan
Very funny Dan. It was so funny I forgot to laugh.
I am curious about your statement that gurus promote lying on loan applications in regards to owner-occupying the property and boost income levels. To the best of my knowledge, no guru promotes using bank loans. In fact, most of them tell students to avoid banks at all costs. Hard money, yes, subject to, yes. But bank loans?? That’s for a long term, buy and hold strategy.
Since you are familiar with these gurus, please give some specific information. Names, strategies, etc. Do you have their material?
My point is this: Casey did something foolish in taking out a number of loans in conjunction with getting cash back at closing. There is simply no way to get a property to cash flow in this manner, and everyone who does “flips” knows you must purchase the property at a significant discount in order to rehab and sell for a profit. From what I can tell, Casey came up with his own bone-headed system, one which defies common sense.
One other small note: I am a real estate broker who has been dealing with idiot “investors” for years. I get annoyed with the gurus who present unrealistic, rosy pictures of easy money, as well as the fools who believe them.
Real estate is s tough, merciless business in which few people should be playing. Very few people are talented enough to see the broader picture of market timing, yet be able to handle the minutia of a profitable transaction.
Austin Dude said, “Very few people are talented enough to see the broader picture of market timing, yet be able to handle the minutia of a profitable transaction.”
Now that is funny! Uh, wait, your a broker, your serious.
Nope! STILL FUNNY!
“To the best of my knowledge, no guru promotes using bank loans. In fact, most of them tell students to avoid banks at all costs. Hard money, yes, subject to, yes. But bank loans?? That’s for a long term, buy and hold strategy.”
Austin Dude, your knowledge appears to be lacking. I am not proud of it but before I found a source for reliable and real information I was sucked into guru-voo-doo land. I’m sure I know which guru told him, “If anyone asks I could tell them I intended to live there but circumstances changed.”
Also, anyone trying to flip in the current market needs to ask ol’ Bubba there for a sip of his throazine big gulp.
Rolf, please let me know which guru told students to lie on a mortgage application. Were you personally instructed to give false information in order to obtain a loan? Do you have this in writing?
Stated income loans have been an incredibly useful tool for self-employed folks such as myself, and it royally pisses me off when a relatively small group screws up the system for the rest of us.
Tim, you said,”See, I’d like to see Casey tried for no other reason than to get all of the materials from all of courses, seminars and boot camps he attended entered into evidence. But, alas, it is not likely to happen.”
Well, it looks like you are going to get your wish. LossMitPro is suing Casey, his mom, friends and business partners and 200 or john doe types. You can read about it at http://exurbannation.blogspot.com. You said you would gladly admit you were wrong if Casey was charged. I look forward to reading that admission. If you are a man of your word.
TownCrier,
You appear to be confusing being arrested and charged for a criminal act with being sued in a civil action.
Being sued is not the same as being charged with a crime.
btw, you link is bad you have to leave off the trailing period to get it to work but I did find the post and the comments there. fwiw, you aren’t alone in your confusion there are comments there that show many believe Serin will be arrested when he returns to the US. He won’t be arrested as a result of that lawsuit. Serin has talked about this threatened suit on his blog overnight as well.
TownCrier,
I went to exurbannation, found the post and read the comments. Then I went to Casey’s site and read his response. It looks like an unfair competition dispute but we don’t really know if that is all it is because we haven’t seen the complaint.
But…
If it is simply an unfair competition dispute the plaintiff has to prove they were damaged by the claimed unfair competition before the suit will be allowed to go forward because as I read the section of code indicated in the comments, the only way a person can bring this is if they suffered actual, demonstrable damages.
I wonder if that is what the hearing is for next week?
But at any rate, it appears to be a civil matter and about the only way to get arrested in a civil matter is to show gross contempt of the court.
I’ve really grown tired of the Casey saga but this latest legal dust-up is mildly funny.
The guy filing the action against Casey wants to use discovery as a way to uncover and document Casey’s fraud in relation to his loans.
But, there will be no discovery if Casey allows a default judgment. I wonder how this guy will feel with a worthless judgment against Casey and no discovery phase?
Let’s face it another $10K or so tacked onto his current debt is nothing. He doesn’t intend to pay any of it back.