N.B. This is our half-a-cat. More of a squirrel ona a bad hair day but the girls love her. She's pictured and this post is inspired by earlier posts today and her actions this morning. She got one of those little fake fur mouses and grabbed it and tossed it around and kept herself entertained. Didn't matter that it wasn't a real mouse, still fun. Thus I will try a little experiment and mirror some Casey posts and a few select replies. We can play with it here and not worry about our fake mouse stinking up the place or trying (hah!) to fight back.
Oh, and another thing. "Gordy" here has a brain the size of a walnut and as much common sense as a rutabagga. See the parallel?
40 comments:
Casey serin likes men and jamba juice.
Let's not go there. Jokes about the bottom bunk in prison okay but we got a good thing here without kakapoopoo or baiting.
Yes, this blog has had intelligent discussions in the comments. Let's keep it that way.
Here's a more general question I have: Why do the credit bureaus take so long to add new accounts to a person's report? It's all computerized and should take a day or two max. Casey wouldn't be in this situation if the lender on the second house could see on his credit report that he had added another mortgage recently. The second mortgage on my house was sold to another company in July and it just showed up on my credit report for the first time this month. Even though what Casey did was wrong, I don't have a lot of sympathy for the banks that failed to do their due diligence either.
anonymous @ 7:53 PM:
If the mortgages on Casey's spreadsheet are chronological, they show a trend of increasing interest rates on both the first and second mortgages. If so, the banks had some idea of what they were getting into even if he lied about his income.
Information is power/has value. They eventually need to pool data but having proprietary info for even a short period can be advantageous. If it leaked out that I was shopping for a new paver stone walkway I'd get buried in fly by night "contractors."
Sure Casey is the downside of the same game but it is built into their big models. Now I am of the opinion that those models like hedge fund and mortgage insurance models are fatally flawed. The hedgies like Goldman has just recently discovered are not playing spreads, they are driving/affecting those spreads. Kind of like having your house insured twice and then the two insurance companies buying reinsurance from each other. Fine as long as there is no claim.
The consumer credit industry has vastly underrated their exposure. They think that laws are going to protect them from cascading loss effects. Tell it to the sub-prime mortgage companies.
Usually it takes about a month for new lines of credit to appear. That is, they run about a month behind.
However, make no mistake about it, both CS & GS have FICO scores in the low 500 or high 400's. Most of their tradelines are 120,150, etc. Their most likely is a foreclosure and collection accounts showing. There are also numerous "flags" regarding the deficiencies,etc all over the headers.
As far as the banks, I don't think they knew the truth. Here's a bried rundown on what we know/don't know.
1.We don't know WHOM CS used as his mortgage lender.
2. What we do KNOW is that CS, GS lied about their income and financial situation on at least 8 mortgage applications.
3.What we ASSUME is that his realtor, and mortgage person knew or had to see BIG RED FLAGS that fraud was taking place.
4.What we ASSUME is that the appraiser submitted jacked up appraisals.
5.What we KNOW is that CS & GS received thousands in cash back on false appraisals.
6.What we don't know is who else was at the closing tables and was in on these scams....yet.
7. What we KNOW is that CS & GS ran up some $140,000 in unsecured CC debt, supporting their lifestyle and CS's real estate scams.
Were the banks not excercising proper DD when they loaned CS the money? Maybe? Did CS & GS DISCLOSE AT ANY TIME that they were not owner-occupies of any property? NO
I am guessing that the actual banks lending the money had NO CLUE what CS & GS were up to, as CS& GS bought multiple properties in a very short period of time. The credit reports might not have shown all of the properties bought, or CS could have lied and said he was getting income from them, etc.
Bottom line is that CS & GS will have some company alonside them in the courtoom.
Yes, for all the "haters" I don't find anything terribly surprising or upsetting about a 24-year-old having delusions of grandeur or making poor (to say the least) financial decisions, believing in some fuzzy future "sweet deals." It's the fact that he could ever have access to this much rope with which to hang himself that bothers me.
It's a rare fool who will make his crimes so public, but I don't think there's anything unusual about his general outlook. There have to be many, many others in a similar position. On a smaller scale, I see the same thing in many of my peers (~Casey's age), who've racked up so much in student loans that another thousand here and there in cc debt seems just a trifle. I'm no economist, but I can't imagine that there's a happy ending to come from a whole generation's credit-happiness, and a legion of creditors happy to look the other way. And I really hold the creditors more responsible, though I doubt there's a damn thing to be done about it.
The Gen Y credit withdrawl is gonna make herion cold turkey look like a nicorette easy step program.
They don't understand what they've grown up vice easy credit is abnormal. It's all they know.
People like me who don't need credit are gonna be deluged with cheap money just like our parents. Thing is my mom was born the exact "day the banks closed." Her generation hated debt. Gen Y doesn't even comprehended how much they've borrowed from the future. I am actually a bit concerned about the resentment that'll fester because all my investments are collecting "their" interest payments. Did I contribute by lending them the rope?
Robert,
It's partially generational. I'm debt hating 37-year old spawn of 70 year olds. I hate credit cards and debt, and a couple of years ago I went cash for anything that's not a EFT. I'll hit the bank once every couple of months and withdraw a big stash that's 4 to 5 months of "walking around cash".
My friends actually make fun of me because they're all into using their credit cards for the 1% cash back and they think I'm "losing money" by paying cash. Personally I'm willing to forgo the 1% just to have the peace of mind that nothing's coming at the end of the month.
As a Gen X-er, massive credit card debt was easily available when I was Casey’s age. Applications for a number of “sweet” credit card “deals” were included with the books purchased at the university bookstore and often became a necessity after graduating into the George H. Bush economy. I believe the unemployment rate was about twice what it is today and tech jobs didn’t pick up until well after he was gone. Even if I couldn’t get the job I desired, I still worked, but in the process wracked up approximately 20K in credit card debt in a couple years. Yes, it seems like pennies in comparison to our little buddy, but the denial process was the same and in that sense I can relate to him. It wasn’t fun paying it off so adding a couple zeroes to it is mind boggling.
What amazes me is the easy mortgage money these days. If our poster boy is a typical example, it is nothing like my experience even 7 years ago – with tons of paperwork, etc. (credit card debt all paid off by that time, far more assets than liabilities, good “real” job).
In addition, like everyone else commenting on Sir Casey’s blog, I don’t get this not working anything resembling a job thing the Serin duo have. I always worked myself through school and can’t understand why G can’t do so while attending some super challenging community college or Nouveau Riche U. sort of thing. They must be drug addicts. Wtf do they do all day??!!! Sir Casey can’t even be bothered to moderate his comments.
P.S. Cute cat, Robert - sort of reminds me of mine, but she could easily bird dog better then Serin blind folded.
I should think it obvious that Casey couldn't sit still long enough to make it through an interview nevermend workday. Besides, credit checks are routine for even the most menial jobs these days. Just what would you trust him with? Unemployable.
Not knowing Sir Casey personally but only reading his blog for the entertaining comments over the past couple of months, I’m not sure what is obvious about him…The site and available public records are bizarre. Otherwise, why would we be so intrigued with the looser? If he doesn’t have a talent of some sorts, why are we discussing him even though he’s annoying and lazy as hell.
Personally, I would not trust him with anything.
Do you think a credit check is even required to work at Jamba Juice? If not, perfect win-win situation for the Serins. Otherwise, he could do some landscape work on his properties to avoid wasting time and $ jogging for nothing (also consider getting rid of that PoS car and ride a bike, walk, take a bus whatever), eat the grass rather than buy it in juice form for a pretty penny and simultaneously gain a marketable skill that doesn’t necessarily require a credit check.
BTW, Anon’s comment about a "bend-over-and-spreadsheet" from some other CS post here was classic. Loved it.
It looks like CS is shutting down his current blog and going to able buyer.
That way , he can start the ADSENSE scam over again.
He CAN'T be serious about his "goals." REALLY. CAN'T. BE . SERIOUS.
For Christ sake, the DA needs to stop this kid. NOW. He's like a bank robber that publicly annonunces his next heist.
Uncle Bob,
I know that you don't like to visit his website, so I thought I'd update you on this. Looky who's been lurking over at Casey's website.
Domain Name (Unknown)
IP Address 63.166.226.# (COUNTRYWIDE HOME LOANS)
ISP Sprint
Location Continent : North America
Country : United States (Facts)
State : California
City : Simi Valley
Lat/Long : 34.2521, -118.7843 (Map)
Domain Name bankone.com ? (Commercial)
IP Address 159.53.110.# (Bank One, Columbus, NA)
ISP Bank One, Columbus, NA
Location Continent : North America
Country : United States (Facts)
State : Ohio
City : Columbus
Lat/Long : 39.969, -83.0114 (Map)
Domain Name (Unknown)
IP Address 56.0.84.# (U.S. Postal Service)
ISP U.S. Postal Service
Location Continent : North America
Country : United States (Facts)
State : North Carolina
City : Raleigh
Lat/Long : 35.7977, -78.6253 (Map)
Domain Name (Unknown)
IP Address 204.253.137.# (Freddie Mac)
ISP UUNET Technologies
Location Continent : North America
Country : United States (Facts)
State : Virginia
City : Herndon
Lat/Long : 38.9553, -77.3881 (Map)
Domain Name pentagon.mil ? (Military)
IP Address 140.185.55.# (The Pentagon)
ISP The Pentagon
Location Continent : North America
Country : United States (Facts)
State : Virginia
City : Alexandria
Lat/Long : 38.7909, -77.0947 (Map)
Have you seen his goal for 2007?
"My one goal this year:
$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.
Rules:
1) no lying
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.
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."
As if he's not going to be in jail by then.
Anons all;
Please pick a handle, it's only a few keystrokes and saves confusion. Still Anonymous but easier to keep straight. TIA.
Akubi is right. We are all clearly unable to look away. At first I was concerned about excessive epicuricacy or juvenile purience but personally I'm drawn to the meta-issues of financial system flaws and how his example affects me and mine.
Anon 6:09, I think we are all agreed he CAN'Tstop blogging. It is the only thing left in his control. The more he realises this on some reptilian brain level the more he has been manipulating the audience. Far sadder than our continuing to watch. Adsense won't touch him and his fans will follow him anywhere so starting over won't work.
Anon 6:26, thanks for the IP highlights. Don't worry about the dot.mil addresses. I get those all the time, just regular users. Aren't all those others just heartwarming?
Anon 6:43, cripes I just got up, I sleep in and extra 45 min on Thurs as the HSchooler and the 8th grader attending HS go to school an hour later and the smallest is getting a ride so doesn't have to catch the bus. Overnight the bllod cells have built up in my cafeine and alchohol circulatory system, this needs immediate attention. Priorities my friends. Clearly the stated "goal" is just a troll that jumps the shark. He probably thinks A-Bull-Buyer can remonetize his blogging activities. Once again reality is preparing to play whack-a-mole on young Casey.
I mean, come on. "No lying" etc? He's just pushing the buttons of the stupider haters. Anybody here do anything other than scratch their head, laugh and move on? Me? I'm gonna negotiate a sweet deal as a paid independent advisor. Casey pays me a set fee every month and I talk to him instead of the Feds. Ya think?
Still drama queens I see.
The fact remains that the RE lenders themselves would have to cooperate (likely have to instgate) any criminal proceedings - the local DA won't bother unless they are willing.
As posters on Serin's blog have noted, that's unlikely.
Lenders are rational actors - they will simply instigate trustee foreclosure (and be forced to eat the deficiency)
So, post-foreclosure, all his debts are unsecured personal loans - any admission he lied to get those?
If not, all those are perfect candidates for bankruptcy - the $50K note may push BK back a few months, but it will be discharged all the same.
In the meantime he can work freelance web design (obviously has some web skills) for a meager income (w/ essentially no taxes given his large RE losses)
Timeline going forward: continues to ignore his RE lenders, every property that's left is lost in foreclosure (probably within 90 days), then he files BK for the other creditors no later than 6 months from now.
This is the place to go to avoid the drama. Sure we have a little fun but it's all analysis.
Anon 7:39, if the banks were rational (Coasinan) actors they'd have not loaned in the first place. This is also why I object to Coase's theorems BTW.
The DA needs no "cooperation" and even if he did I already covered this previously. I said all the D needs do is call in the bank and say "We are preparing the charges in the Serin Affair. Shall we put you down as injured party and expert witness or co-conspirator?" There's the mail fraud, the tax fraud, the securities fraud, the title fraud, on and on that doesn't need a "victim." Casey is low hanging fruit as fraud squads get their teams in full swing. What DA wouldn't get favorable worldwide coverage from just the perp walk alone?
I think the Gen-Y comments are a bit simplistic and tend to exonerate Casey from personal responsibility a bit too much. Casey is on trial here, not Gen-Y.
The comments about how Gen-Y is buried under a mountain of student loans may be true, but that doesn't show that they are imprudent, bad with money or unsavvy. In fact, perhaps the opposite. Education is a wonderful investment, and a quality education can be hard to find. The fact that education costs a lot really shouldn't be blamed on Gen-Y. That's due to other reasons that relate more to the choices of other generations. I admit the dependence on credit cards may be a different story. Again, not necessarily a bad thing if used with a bit of intelligence.
I suppose I'm a bit irked by the Gen-Y comments since I'm Gen-Y and don't fit the profile that many are trying to paint here. Sure, I have some student loans, but once I finished with law school, I was offered a job in the six figures that was large enough to send my credit union vp dad into a stupor. So my education paid off. My IRAs are fully funded, locked and loaded. And I'm watching the real estate market closely to try to buy our first house at the bottom.
Casey is just stupid and gullible. He has major entitlement issues, doesn't realize his place and is so eager to become a sort-of super-American perhaps to distance himself from his heritage as much as possible.
One thing I'm surprised people don't point out more with regard to the fraud issue is how quickly Casey bought all of his houses. It appears to me, and perhaps I even read him say this, that Casey specifically decided to go all in and buy the houses at once because he knew that if he waited too long the mortgages he had just taken out would be reported on his credit reports and would make it harder for him to get a new mortgage. In my mind, that fact really helps support the case against him.
Like Casey, I'm 24 years old, a member of Gen-Y, and I like having a sweeeet ride, but that's where our similarities end...
I have had different opportunities than Casey, and possibly better ones, but I've managed to spend less money than I had coming in every year for several years now, and I've fully funded my IRA and then some.
BK Boy, thanks for the posts. I do believe that Casey himself posted that he bought all the properties in such a short time because he didn't want lenders to see his other mortgages.
If I go to https://www.eposasp.com/sandoval/ and put Serin into the name field, I get 0 results. If, however, I put 6021 Guadalajara into the address field, I get 1 record for an unpaid tax bill going to "Frank Green". What's up with that?
Would you all just pitch in for a gift basket full of lube for mr serin.This is the best thing you can do for this little fellow.
Apparently Ablebuyer is owned by Casey or one of the Serin's.
The whois lookup shows it's anonymous outside of a registered address in ROSEVILLE, CA
LOL...this guy is classic. I am here because this guy is no longer feeling kosher if you know what I mean. His posts are more outlandish than ever. He ducks any relevant points made and based on the info I've read about him, he infuriates me.
I work hard, I am no sucker and I own 2 businesses and many consulting gigs in entertainment. This guy thinks he can just kick back and count some imaginary money. I work my butt off and live a good life that I could not/would not be able to afford IF I didn't work hard.
Why is it that folks like Casey think he is above everybody else?
Oh and P.S. isn't there a law that says you have to disclose that an address is a PMB (Private Mail Box)?
Didn't this get put into law to beat down scammers who make it look as if they have a real address when in fact they only own a PMB?
First, let me reitterate; Casey is a Gen Y Nega-Hero stereotype. As a "Cusper" myself I get crap from both "real" boomers and suspicious Gen Xers. Everyone and every generation is a product of circumstance at least in part. Casey is also apparently influenced by post cold war eastern European feelings of inadequacy, entitlement, on and on. Mostly though Casey is a coniving slimeball at the edges of polite society. 15 or 50 he'd still be Casey.
Don't take it personally Uncle Robert, we bitter GenXers look at everybody suspiciously. ;-)
-jbjbj
Just Posted:
"To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units" - CS
It just never ends. Troll. Troll. Troll. Troll. Troll. Troll. Troll.
It's Homey time.
LOL. Maybe if you called me Cousin Robert....
Never trust anyone over 35 until you are over 35.
Okay, Casey is obviously trolling now. I think he knows the jig is about up.
"To get this kind of cashflow this fast I will probably have to buy an apartment building, say 100-200 units"
Yeah. Casey's just playing now. No comments approved...I have one waiting for moderation...just his BS post.
Yeah, the apartment building bit was too much. I bothered to reply. No, not for him but for here. Took me 6 minutes to type this:
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 on the wall to see what sticks. Flagpole investing, you run it up a flagpole and see if anyone salutes. You've placed your bet, doubled down, doubled down twice more for an 8x bet. The house wins. Get it? The "house."
I have been following Casey's website for a few weeks; clearly a sick addiction, I can't stop myself.
Up until now I have thought that that his case is real, an unfortunate symptom of the scary credit bubble and real estate mania. However, his latest comment that in order to acheive his goals he will probably need to acquire a 100-200 unit apartment building (!) building is just too over the top to be merely delusional. CAOTK.
Perhaps Casey is making progressively more outrageous comments to find out just how credulous people can be.
On the other hand---maybe something more nefarious is going on.
I'd love to read his renewed Ablebuyer website, but I'm frankly concerned that it is some kind of scam ( e.g to get IP addresses and steal identities). Is this a legitimate concern? Perhaps someone more computer-literate than I am can comment.
Thanks for any info.
You shouldn't worry about your IP address being used to steal you identity. The only scenario where I can imagine that would happen is if your computer was not behind any sort of firewall and could be hacked into, but getting a list of IP addresses isn't necessary. Most hacking bots just visit all possible IPs until they find a target.
Casey's ablebuyer.com web site just says "Coming soon..." and has a place to put your e-mail address so you can be notified when it is re-launched. The biggest scam you would have to worry about is if you were stupid enough to provide Casey money for some reason. For example, if Casey says "My credit's shot, but I've found this great deal that I need help financing. Sign off on a loan for me and we'll split $5000/mo. in cashflow on this apartment building.", run the other way as fast as you can.
Casey thinks he's gonna easily find investors. LOL...what a hoot that kid is.
First off, how is somebody gonna trust him to pay them on the back end? He is light on details, he reminds me of a business partner friend I worked with who burned me with promises and charisma. I learned a hard lesson from that. If I was a RE pro, I'd think twice or require a hardcore contract before throwing my lot with Casey .
Secondly, how the hell does he expect to get the kind of loans it takes to buy a building? My God, I think the kid is yanking our collective cranks or he really is a deluded dreamer.
Lastly, with what I now know about his family situation and that pyramid scheme, why in the hell would I want to join any "organization" headed by a guy who burns through money like it's toilet paper?
Even if your IP is showing, nobody can trace it to you personally UNLESS they have a subpoena to give the service provider for info on the user.
IPs basically give you a location area of the subscriber and that is pretty much it. If a hacker gets your computer, it's most likely they did it by watching certain sites.
Casey's story is certainly "real" in the sense that the fact situation he has presented is essentially true (you can access the public documents yourself to see). He's definitely trolling with his comments now, but prior to Nov-Dec it felt pretty "real" to me.
Re: Gen-Y (I'm Anon 8:32pm, and an early-20-something myself) -- It's definitely not "our" fault that a good education costs what it does, but that doesn't absolve us of our responsibility to make good choices about it. I'm in a PhD program in a social science and thus not anticipating big paychecks anytime in the future. I would only do this if I could avoid significant debt, because (1) the pay is never that good, and (2) I might need to pursue another career path in the future if the job prospects don't turn out (a very real possibility). But I know people pursuing academic careers at a cost of $30k/year and more, with no apparent regard to the fact that you can't make that math work regardless of how smart you are. My roommate is $200k in the hole and not at all concerned (in fact is buying a new TV as I write--she considers the refund on her financial aid "extra" money). Platitudes about the "value" of education, and the fact that some paths will return on the investment, don't erase the fact that we're a generation that's entirely too comfortable with debt.
Knutella: There was an interesting article about Gen Y in USA Today and it mentioned this big McNeil/Lehrer study that this generation is big on debt and having the "bling."
They all believe they will be rich because they see it on TV. I don't totally believe this but then looking at Casey, one has to wonder if this is true.
Funny, I've hired Gen Y'ers and they are extemely smart, but a lot think they need to start on the top and not work at a job that is "beneath" them. Sometimes, you have to start someplace in order to succeed and learn.
AC writes
Casey just left a message and yes the Muncy property auction notice is somewhere in that pile of mail.
Casey Serin
January 11th, 2007 at 6:27 pm
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.
Hey Robert,
As predicted, Casey's attention to his website has diminished in direct relationship to it's perceived monetary value to him. No moderation or new posts all day.
I am dumbfounded that he is attempting to transition his freakshow over to ablebuyer.com (which is down now by the way), hoping to start anew the Adsense revenue.( good luck pal- they are on to you.)
I cannot agree with you more Robert. Casey's only sense of normalcy and control is blogging. Every other aspect of his life is spiralling out of control, and seemingly unavoidable consequences that await his self-admitted illegalities. Additionaly, he still clings to the insane idea he can turn ablebuyer into a money machine- his next "sweet deal", and save his butt from the wrath of prosecution and bankruptcy. Two words....fat chance.
My turn to add to the sitemeter hit parade....
1.BOA
2.IRS
3.Countrywide Home Loans
4.Administration of US Court
5. US Patent and Trademark Office
6.FDIC
7.US Government- California
8.Wells Fargo
9. US Government- New Mexico
Quite an assortment of visitors.
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