Nota bene: The" Young Casey" bit is a take-off of the imortal Douglas Adams "Young Zapphod..." title.
Here we are a day later. Casey was up late, Casey was/is getting sick. The sitemeter is showing declining interest. Besides, today is Monday. Monday is bad for Casey. 2-3 days of shitstorm rains down on Monday. I'd sleep in, I'd feign illness, I'd ... nevermind. I wouldn't. I'm not Casey.
31 comments:
If his last post is "So Long, and Thanks For All the Fish", I'll give you a dollar.
-jbjbj
Like I said earlier, unless Casey can make a buck off of something, it has no value to him. Since he cannot get the Adsense revenue due to his actions, the blog is useless to him.
Plus, if he actually did lawyer up today, you've seen the last post from him on that site other than, " BYE BYE".
In my opinion, the forensic accountants are already looking through the loan documents. Next will be the subpeonas for the bank statements, tax returns, and depositions. Just from what I can see going on at his site, there are too many eyes looking into his activities.
If anyone wants to, you can also join the discussion on my site about Casey.
Cute cat! Yours?
I'm not sure others are checking the other post, so here it goes.
I believe this is her realtor.
http://sacramentohousefinder.com/
If you check, the North Highlands house is listed under Featured Listings.
Is the photo of the famous Sputnik??
If so, s/he can poop in my shoes anytime and be forgiven! What a cute cat!
RE: Casey - I concur, he established the blog because of a "guru" he'd found who has said $5,000 to $20,000 in monthly revenue could be gained from the ads.
The trainwreck is far too fun to watch, however, and I hope someone picks up the Casey story so we can know what ultimately happens (i.e, number of short sales and foreclosures, bankruptcy, criminal charges, end of his marriage, etc.).
Not my cat. My half cat cuter. Even my real cat is cuter. Pics of Gordy and Knuckles tomorrow.
Sputnik is "Bill the Cat" but with better drugs.
Casey's del.icio.us bookmarks provide some entertainment. A few highlights (http://del.icio.us/sercasey):
-"How to Do a Three Day Juice Fast"
-"prevent click fraud"
-"yourforeclosurecounsel.com"
-"Credit Millionaire Marathon"
-"Escape from Cubicle Nation"
Our little buddy’s ”SerCasey” web presence says it all. He fancies himself Sir Casey and apparently landed gentry not needing to clean toilets or pursue a higher education (except for that Nouveau Riche U) – albeit land owned by “banks”, etc., etc., etc. (which in the end is all of us). Funny thing about ex-Soviets is that they are the most selfish MFs on the planet apparently not having a clue how their actions affects everyone else. Nonetheless, I still miss our little train that could (or how he passed himself off that endeared him to many).
From Caseys blog-
Casey,
Not sure how you did it, but you definitely did.
The liability here has always been the potential for criminal charges and not the debt itself. By reaching a modified agreement that settles any and all claims with Countrywide, I think you may have side-stepped that issue completely.
And to do it with a promissory note that in all likelihood will not see more than a payment or two, you’ve completely outplayed them.
It seems to me the moment they settle with you by accepting your new note, they abandon all claims of fraud associated with the earlier loan, and that’s absolutely brilliant.
You have a very clever lawyer or dumb luck was on your side last week. Which was it?
Uncle Robert, does this make any sense? Not being an FB, I don't know how to think like one...
-jbjbj
Big Shot Rob, check it out--Casey's finally posted his liabilities spreadsheet. Tim from MBA will wax rhapsodic.
http://spreadsheets.google.com/pub?key=pPacQAmy3C4AuHrqHYLazIQ
jbjbj;
Whoever posted that was being sarcastic. Casey outsmarts Countrywide? Yeah, right.
Anon 8:11,
Thanks for the inform. I try to not click too often and drive his numbers.
I looked and it is exactly as I expected. He doesn't even bother to list his min pmts on his credit cards as if they don't count towards his burn rate. $4600/mo for a total burn of $19k plus property declines. Add $2000/mo in property taxes. $21k per month total AFTER he clears $60k in arrears. He'd need $1000/day to merely ride his property values down.
I think as others on the blog earlier said, it'll probably be the CashCall loan that gets him first. $10k borrowed and the lender has no way of collecting?
I'd like to know what happens when he doesn't pay the balloon payment of the two promissory notes he has outstanding. While the $5k at 36% was probably something from a friend that he overpromised on and will be able to slide awhile, what about the $22k? That's bone breaking terms.
Next Chapter: "My Car was Stolen"
In this episode Young Casey jumps on the blog to proclaim the injustice visited him. He woke, a little late, 9:55 not 5:55 to discover the Jetta (Sweetmobile) not in the driveway. At first he just assumed lovely Galina was out birddogging but when It turns out she was just taking out the trash he forgot the night before he gets worried. One of those little hard money loans had him sign a mere triffle of a formality about the vehicle, you know, just to show he was intending to repay. Oooops.
I wonder what CashCall has in store for him once he's 30 days late. I'll bet there's some real bulldogs working in collections at that organization.
Next post: "My phone won't stop ringing." Will include a picture of his $400 cell phone with 57 missed calls. He will lament that he might miss a call from a potential buyer with all these creditors harassing him.
Nappy time again. Casey posts the spreadsheet and processes 3 replies and crawls back under the covers. I'm a tad under the weather myself with two kids home sick as well. Still managed some billing and an investment spreadsheet. Yes, just like Casey. 'Course mine was for a possible investment next week not last year.
Any opinions on the burn rate? I said $21k. One of the replies said $23k. My thought is that if Caseyt had $250k in the bank, money, not assets, not new debt then he could possibly "cover his bet" roll one more turn, and pay to get out. As it is this is Ralph Belamy and Don Ameche in Trading Places.
I believe he absolutely pulls this turtle routine to generate site-traffic and comments. Too bad goog cut him off before he could make decent money.
Has he ever really addressed what he did with all his cash back at close? I really didn't think he had any squirreled away, otherwise he would have been more adept at fending off the foreclosures and salvaging his (and his wife's) credit.
Didn't he close the account tied to the CashCall loan?
The money is gone. Snarky; Jamba Juce. Truth; poor money skills. It would never occur to him to bury a few grand in the backyard. Money is supposed to be put to work. Use your imagination: Casey has a choice of Krugerands or Countertops. No contest.
His site traffic is no longer important. It's obvious even he doesn't care. All that's left is the story and the lawyers. That will be interesting BTW. Tim is definitely and even I could be considered "rich." At least rich enough to sue. Lawyers don't care about anything except generating hours. They'll pick his blog apart looking for deep pockets.
The CashCall loan is a problem. They don't screw around and you didn't hear it here but some of their associates, beyond their control, are known to be tough characters. As soon as Casey misses they'll open a folder and only then look at his ability to repay. SHTF.
There were some scary domains on the sitemeter today. One was a government domain that I hadn't heard of, but found a few places where it said it was a "government agency collaboration site". Yikes!
Casey mentioned in one of the videos he posted that he had a lot of credit card debt going into this whole mess (he probably lived off CC's as long as he could), so I think a lot of his cash back at close when to pay those off. He also said he spent a lot of money flying to the different properties to manage them.
I was looking at the posts from before I started reading his blog and was surprised to learn he had a second house in NM he successfully flipped by selling it with a round-robin auction. I sure he will be reporting all of the proceeds of the sale to the IRS as short-term capital gains.
And yes, Casey closed his WF account that was funding his CashCall loan. You don't expect him to let them "steal his money" like Wells Fargo did, do you?
I CANNOT believe how dumb Casey is. He puts out there on a public website a copy of his bank account, promissory note, and now a spreadsheet where he says he is not paying his own debt but has money to pay his wife's? Why doesn't he just turn himself in as Mayne told him to. I mean, talk about the gang that couldn't shoot straight.
HOLY COW BATMAN.
We have a winner for the 2007 Darwin Award. I hope for his sake he met with an attorney. Does anyone speculate that may be why there's no more activity? Or perhaps he lurks here and went back to his site, saw all of those government domains, crapped his pants, and ran.
I'm not Casey. He doesn't check here. He has a couple times and is starting to do more over time but I'm talking only several times total.
I'm sorry I didn't clue everyone into the sitemeter sooner. One of those "I thought everybody knew" moments.
Yes, Casey is this dumb and worse I fully expect Mrs. Casey to announce a bun in the oven any day.
My kids are in the doghouse for a few overcharges on the cellphones. What Young Casey has done would result in beer barrels and bungholes.
You can no longer access the sitemeter on his website. HMMMMMMM...
I cling so longingly to my "buckets of money in the backyard" theory, because I *can't*, just cannot, wrap my head around someone burning through that much cash, and not having something, anything, to show for it. Some estimates are 200k. In cash. Gone.
Using my Tim from MBA "Math for the Physically Attrative(tm)" spreadsheet, a person would have to go to Jamba Juice 109 times a day.
-jbjbj
Any opinions on the burn rate? I said $21k. One of the replies said $23k.
I took the numbers off of his spreadsheet, pasted in some reasonably high interest rates for what was missing, and in total it appears that he's accruing about $17,000 per month in INTEREST ALONE. Might be a bit higher, if all his cards go over 30% penalty rate.
Mind you, that's just the interest alone, not paying the loans down. He's hosed.
I see that Casey removed Galina's photo from his collection of holiday snaps. Either he did this because Galina threatened to flip his personal items on the street, or because he realized that "blind deconvolver" software such as Unshake was able to remove enough of the blur to make Galina's facial features distinguishable.
I see in Casey's spreadsheet that he has a balance of $10,000 on a CashCall loan for the same amount. That would indicate that he hasn't made his first payment yet. However, didn't his Wells Fargo screenshots show debits from CashCall? If this is the same loan, perhaps he should update his balance accordingly.
"Promissory note 2" is interesting. I don't remember reading anything in his blog about a $22K note. Has anyone else?
I see Galina's opened an account with HSBC. Looks like a secured credit card to me. One might think that the $300 deposit would be better served as minimum payments on the Citi and Chase debts which are well over "non-preferred" rates.
Young master Casey really is going to FPMITAP, isn't he? He's such a delicate thing, too. If I were him I'd beg for SuperMax.
FPMITAP: Federal Pound-me-in-the-ass Prison
LOL, I didn't know that one. Crap, we old engineers used to just call the whole thing a clusterfuck and the blamed had just screwed the pooch. Special mention to the people who wrote for Sci-Fi channel's "Dead Like Me." The heroines last words are "Ohhh, Shi..." Blam. These are the last words of many a pioneer.
Why is everybody such a drama queen when it comes to ol' Casey?
No one's going to break his knees over a measly $10,000 loan.
Heck, plenty of lawyers successfully sue collectors just for verbal harrassment - can you imagine the size of the judgement if any physical force is involved?
BTW, unless your kids are your employees (actually making money for you) you don't need to be putting them on your cellphone plan.
There are plenty of prepaid cellphone options out there for them (e.g. T-Mobile 1000 minutes for $100)
One question I simply cannot get around is, WHY hasn't he done ANYTHING concerning his properties- i.e. rent them out, fix them up. clean them- NOTHING!!!
WHY?!! Surely some rental income over the past four months would be better than nothing. I don't care, hell even $1000 a month, SOMETHING to show intent to pay back the loans.
It gives me the impression he did all of this for the quick cash back at closing, and nothing more.
Casey does deals. He thinks as sadly so do many others that rearranging the pieces on the board is producing value. He has no interest in fixing up the pieces of his empire, just shuffling them around. Even the Donald isn't this detached.
Me lecturing now:
Casey doesn't understand that house prices are ultimately only supported by consumer utility. Houses have two primary utilities. First as shelter and community. Second in two parts; investment and investment returns. As a straight investment housing is a total looser. As a place to put wealth to work the carrying costs are high and historical appreciation is poor. As an investment with returns then you can do better. I have. This means paying a price justified by cash flow. 100x rent, 120x in places like California.
Casey tried to use a very temporary environment to use houses are pure investments. He was spectacularly incorrect.
Casey is a perfect storm. Gen Y, post cold war eastern european value system, subpar intellect, charisma, entrepenurial spirit but not skills, at least half the seven deadly sins as character traits, bipolar at best personality traits, defective cynicism gene, access to the Amercan credit machine, broken moral compass, gawd the list is long.
It appears that everything about his abuse of the US credit system is true. If this magnitude of insanity got through how many people 1/2, 1/4 his situation are out there? 12 million. Think about that 1 out of 20 homeowners today won't be in a few years. If every homebuilder and every qualified participant were banned from the selling market for the next 4 years the demand would match the supply from the unqualifed FBs and flippers liquidating their positions.
According to the notes on his bend-over-and-spreadsheet, Casey did do some remodeling on the houses. I don't know why Casey hasn't rented out the properties and applied the rents to his mortgages. Seems like a no-brainer to me but, then again, I'm not the real estate guru he is.
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