Something has been nagging at my primitive hindbrain for a while. Who benefits from the public meltdown of a real estate investor? It's not like other less screwed of more ethical flipper/floppers are going to see any of themsevles in Casey. All honest workingclass people are going to see is that the system is corrupt. Even law enforcement is going to have some embarassing moments answering why they let this all go on so long. Then a thought. Who needs a fall guy? The financial industry. The Im-Plode-O-Meter reads 20 after only 9 weeks and the rumor is that another 4 or more this week. What? You think they'll admit their own responsibility in this mess? Hardly, they've got Casey.
40 comments:
Rob, Excellent topic.
I sit down occasionaly when I need to rest my brain and try to think of all of the ways I personally will be screwed by casey's actions and the actions of people like him.
Before we go into micro, we must look at the macro first.
It is driven by greed, It is the same reason that US companies outsource jobs and production (yes I know there needs to be a balance between money, jobs, people, and the global economy).
It starts with fundamental flaws with the American consumer psyche. WE need it now, we want it now, we charge it now, but we dont want to pay for it now.
In turn you have the people with the attitude of gather it all unto me. And this trickles down from the top to the shareholders.
Companies ultimately answer to their shareholders and they must increase the bottom line....that is why there is no equation in the human condition when they announce massive sweeping layoffs.
So with the credit credit credit comes people willing to change to keep that credit going and to solidify their position.
The lenders come in and loan loan loan.
I have read the stated income and creative loans that are its like (reverse mortgages, pretty much anything nonconventional) were a very small percentage of the loan market and now comprise the majority of it.
Well now we got a housing market correcting, reversing, bursting (pick one) and all these loans are now in trouble.
People like casey took advantage of them and they took advantage of people like casey.
SO is casey to blame.....Damn right he is...is caseys parents to blame..damn right they are for raising their kid to be like this..
are the lenders to blame..damn right they are for being greedy pricks.
are the gurus to blame..damn right they are for spreading their snake oil mentality.
I have read hundreds of guru's material..and I can tell you that I can count on 1 hand the ones that had good stuff..I mean all good stuff....
They encourage you to do it the correct way..their advice and system is solid and has stood up to the test of time.
Hell even 1 guru puts his home phone number and address in the back of the book and encourages you to stop by and call him...No bs consulting charges...lets see robert kiyosaki do that.
and fyi....when I read the book I had some questions and I called him........AND OMG he answered the phone and gave me 2 hours of his time to pick his brain about questions I had.
additionaly he has responded to 4 seperate emails I have sent him within 2 days of sending each one.
That's a great question, 'Who needs a fall guy?'. While I can see how the financial institutions might desire to have a 'fall guy', in the end, it was/is their lending practices that assisted Casey, and many others, to buy homes that they should not have.
What about city planners not having any growth plans in place? They allow developers to come in and build massive communities, when there really is no need to do so.
It would be nice if some media, national and local, would do a series of reports/articles on the rise and fall of the housing market in the past few years. It seems as though none of the press that CS has received has delved at all into the bigger picture. Just a few simple questions. I believe there are many average homeowners that wish to know why and how the value of their home skyrocketed for a few years, only to plummet dramatically.
Please do not believe that I endorse CS and his actions. Not at all. The guy is an absolute jerk, as well as a few other things, and I wish his 15 minutes were up.
I agree with anon...damn I wish his 15 minutes were up....
speaking of 15 minutes..my son is still sleeping and should be up in about 15 minutes...hence I am here on a sunday morning wasting some time until I can play with him...although it usually takes him about 10 minutes to wake up or he wines when I tickle him..I sure hope he hurries though..I just spent most of the last hour getting his breakfast ready....FYI he likes eggs, and sausage, and hashbrowns.
okay all....be back later.
It comes as no surprise to longtime readers that I consider planners to science what astrologers are to astronomy. Urban planners are indeed partly responsible. More than any they directed the expolsive growth of the last few years into the least desireable products. Not only that but to their endurning shame we are saddled with unsustainable conurbations. It will cost billions in ongoing expenditure and remediation to prop up these high density condos and townhouse style assemblages. The demand for these products was drastically distorted by a combination of urban planning folly and demand from investors looking for low priced high leverage products.
Hey Guys,
Rob BBB here
This blog is going to crap by the way. Trolls or spammers or insane people or something.
Anyway, I really don't see any horrible repercussions from Casey and the actions of those like them.
Remember when everyone was buying tech stocks and the Nasdaq rocketed with a spike and then collapsed?
Did the world end? No.
The speculators are the end lost money.
This is no different. The vast majority of people didn't speculate in real estate and the vast majority of people are not underwater.
Some people will lose money. Housing prices will drop. Stupid lenders will go out of business.
But everything will be fine. Tulipmania happens all the time.
It's fun to watch from the sidelines.
Casey Serin FAQ
I believe the Internet needs a Casey FAQ including links to pictures and past posts. It should be editable and we should be able to easily add info for newcomers to see the real Casey. I've started below:
Casey Serin FAQ
Casey is definitely living with the sister-in-law at the Snapdragon address.
The Coyote residence is mystifying. No one lives there. It's a large new construction house that no one lives in, no window coverings, no furniture, nothing.
I've uploaded the photos to Flickr.
Burdett Way photos:
http://www.flickr.com/photos/94588127@N00/sets/72157594528793929/
West Sac photos:
http://www.flickr.com/photos/94588127@N00/sets/72157594528795354/
Coyote Rd residence:
http://www.flickr.com/photos/94588127@N00/sets/72157594528797230/
=============================================================
Use exalead to view captured images of Casey's old blogs (whgere you can read the real story including):
Galina naps and is as lazy as fuck.
Casey naps too.
Galina Serin, Casey's wife, was intimately involved in the loans and homes.
http://www.exalead.com/search?action=search&q=sercasey
and
http://www.exalead.com/search/C=eJw9xrkNgEAMBMAt5mKE6Miy90RwHzZv9xAx0WwIukrwma7uNpwRk*aKAjY0GLMcZUdhrYIZMob3!0toReNJh*1LIZlBcV2xILnyHtKMhiwliBf0CCRc?action=preview&q=sercasey.wordpress.com&previewindex=11&url=http%3a%2f%2fwordpress.com%2ftag%2fdaily-journal%2f&$rcexpanded=false
Casey's Mom:
==============================================================
Her e-mail address is:
AnnaSerin@grant.k12.ca.us
... and her work phone is:
916-286-5152
The webpage where I got this information is here (it even has her office hours!!):
http://webpages.grant.k12.ca.us/education/components/scrapbook/default.php?sectiondetailid=33235
Casey Alters many Posts on IAFF
=====================================================
casey actually spends ALOT of time moderating
ON:
http://iamfacingforeclosure.com/141/ladies-try-to-stop-my-foreclosure-blog/#comments
HE CHANGED A POST TO SAY:
that was hilarious however, now more people are getting their CASEY FIX at other sites
and they prob now know much more details about things your not admitting to on this site
so come clean about
chris, the university, ETC.
WHEN ORIGINALLY HE ALLOWED IT TO SAY
"chris and the university scam"
======================================================
Exhibit "A"
Link to a photo by Casey of his plan to exytract money from properties:
http://bp2.blogger.com/_zqzPMzXNGso/RcKQS40rvmI/AAAAAAAAACc/TcQ1qJEAx2A/s1600-h/242002173_c08b8ac439_o.jpg
======================================================
Past posts from blogs DELETED by Casey Serin: APril 2006
Tuesday Muncy Bid, Dallas and Organize
By sercasey on daily journal
We decided to finish the rehab on Muncy. So we meet with Tom and his wife Hidi at the property this morning to have him re-bid the rehab work. We liked Tom the best last time we did the bidding. This time Galina is handling the process and she made a big detailed list for him to go over and fill-in the amounts. This way we’re getting a more precise bid which should result in fewer surprises down the road.
I’m happy Galina is taking charge of this. I think she will be really good at it. She has great attention to detail and makes a good manager. She can use a little work on being more extroverted and outgoing but that’s really her only challenge beside the lack of experience/knowledge. The knowledge we can help acquire by going to a rehabbing bootcamp one of these days.
Afterward we go home. Galina takes a nap and I work on trying to do the Angleridge property in Dallas. Mark found me a really good hard-money lender that may be able to close by next week. However, the lender wants to do their own appraisal and inspection which I have to pay for upfront. Also they want a contractor’s bid to be submitted to the appraiser for them to calculate their numbers and After Repair Value. The good news is that the lender is quick and they can do upto 70% ARV. They do charge 5 points with 14% interest and 3 month prepay. That’s what makes it “hard” money I guess.
I gave them the lender the info they needed to get started and I will be hearing from the appraiser and inspector tomorrow. I need to get a rehab bid as soon as possible tomorrow morning.
I don’t really like all the work that’s going into this deal, specially since the margin is not as big as I thought. However, I want to make a good impression on the wholesaler and lender so that I can use them again. By doing this deal and coming through I will build a good reputation and be able to do more deals better and faster. This gives me a way into the market in Dallas.
I join Galina for a quick nap. We wake up and get the fax back from Tom and Hidi. Galina calls them back to double check some of the numbers. The bid is in line with our budget so Galina is going to meet with them tomorrow sign some kind of paperwork and get them started.
The rest of the day, I continue to organize the office, taking a trip to Fry’s to pickup some stuff: 1) a CD case for organizing all the training audio/computer/video CDs and DVDs, 2) a copy of Microsoft Money 2006 to finally start to organize the finances and 3) phone jack splitter so I can connect both the fax and a regular phone into the Vonage adapter and use one line for both.
pictures for the day
* Comments
* Posted on: Tue, Apr 25 2006 11:08 PM
Thursday See Family
By sercasey on daily journal
A day of doing catchup with business, Galina helping out with figuring out bills and mortgages to pay and seeing the Serin family…
… Galina and I had have conflicts over how to pay the mortgages for the properties since we have to deal with some late fees. The conflict is due to some personality differences and other things.
It is good to see my family - mom, dad, Rita and Steve - and talk about our road trips, visiting Tim in Hawaii, etc. We stay late and play cards with Kristian and her friend Maggie and we end up spending the night.
Pictures for the day.
* Comments
* Posted on: Wed, Apr 12 2006 11:52 PM
* Updated: Fri, Apr 21 2006 1:59 AM
This post of yours is CLASSIC. "We get back home around noon and sluggishly get back to catchup with business paperwork. We revisit our conflict over paying mortgages late G styles vs C style."
I’m feeling overwhelmed by several things: 1) conflict in our marriage, 2) desire to have a focused next step toward financial goals. So I end up jumping in bed and taking a long nap. I love naps. Calms the nerves and allows for some clearer thinking.
=========================================================================
Rev 1 by Inspector12
A couple of months ago I saw an ad in one of those local real estate magazines advertising mortgages with a payment rate of 0.5%. No, not 5% -- "zero point five" percent.
So for five years your payments would be about $208 per month for a $500,000 mortgage or about $416 per month for a $1 million mortgage (this is Marin County)
The actual APR? 7.5% (adjustable with cap of 10%). That was presented fairly enough, but you know what's going to happen. Although the max LTV was 80% and decent credit was required, this could be a disaster waiting to happen.
Something like this might benefit a very few people who want to pay a higher APR in exchange for cash flow flexibility, but only if you know what you're doing.
I favor making sure people understand exactly what this represents. You can have people sign disclosures all day and it won't make any difference.
So I say people have to prove they know what they're doing before they can take out a loan like this.
My idea? You have to pass a quiz. Give people a calculator with financial functions and ask the following questions.
Assuming a $1 million loan ...
1) How much will your loan balance be in 5 years if you make only the minimum payments and the APR remains constant?
2) If you make minimum payments for 5 years, what will your new payments be for the remaining 25 years at the maximum interest rate?
If you can't answer these questions, then loan denied. Although I'm all for equal opportunity financing, a high FICO score does not cancel out a low stupid score.
Answers (but I did it quickly)
1) about 1.4 million
2) about 13K per month
"Urban planners are indeed partly responsible. More than any they directed the expolsive growth of the last few years into the least desireable products. "
Which products would be more desireable? And if they were more desireable, wouldn't that mean they'd be in even higher demand?
hey anon,
don't forget Vdubs licence plate # -- 4BUB959
Personally, I think it also describes Casey's a** -- "for Bubba with 9 inches in cellblock 59"
Rob Dawg-"Urban planners are indeed partly responsible. More than any they directed the expolsive growth of the last few years into the least desireable products. "
Anon-Which products would be more desireable? And if they were more desireable, wouldn't that mean they'd be in even higher demand?
Yes, exactly. While we were fooling around with townhouses, condos, new urbanist density we ignored the massive demand through both stated and revealed preference for traditional SFRs. The result was a huge run up in price for the limited stock of those products.
don't forget Vdubs licence plate # -- 4BUB959
Damn! Stole my next post. "For Bubba 9-5 for Nine years."
Rob -- there's rationale for building out condos / townhouses beyond that of urban planning, particularly if you're talking about areas where there's already been development and therefore fewer large lots of land available.
Given a smaller lot of land, you're going to be able to extract more profit from it if you build, say, 4 townhouses instead of 1 SFH.
Hi Rob BBBB here
Hi Rob BBB, which are you: troll or spammer or insane person or something. I think something like a insane, two-faced troll. Are you a Casey hater, or a Casey hater turned lover because there were too many haters.
P.S., I've been waiting for the cease and desist order from your lawyer for identity theft. Please let me know when to expect it.
Let's move along shall we?
Sprezz- Of course there is some demand for condos and townhouses but when you start talking about areas that are already built up you enter the realm of imposed urban planning. In order to get the higher density in those places it becomes necessary to impose it upon people who did not choose it. Oftentimes the "profit" of the dense developemnt comes at the loss of surrounding quality of life.
@Anon 9:42
Lots of good info there. I hadn't seen some of those pictures before.
Can someone give a quick backstory about the Coyote property? I've been following everything pretty closely, but I must have missed something. Does Casey own this property as well, but is not listing it on his blog?
Casey Serin's realtor for the Burdett house:
Honest Realty
7271 55th St
Sacramento, CA 95823
916.427.8388
Realtor
Chris Tham
916.716.9828
i thought Casey was against using licensed realtors to buy or sell houses...
call real estate agent Chris Tham with an sweet offer for Burdett...
correction... casey's license plate is 4BUB954
as in "for bubba with 9 inches in cellblock 5 and his 4 friends"
sorry for the typo. we don't want some innocent person getting harassed by cash call. oh and it's a white 98 jetta.
for CASH CALL:
Anna Serin
Registrar
Grant Joint Union High School District
AnnaSerin@grant.k12.ca.us
916.286.5152
http://en.wikipedia.org/wiki/Casey_Serin
Who's been the one writing the wiki article on Casey? Anyone know?
tammy,
after dealing with casey, they will have to add "dis" to "honest realty"...
One of Casey's houses is scheduled to be auctioned on 2/26, is it Burdett or Larchmont? (I ted to find the post on IAFF but I think dipshit moderated it out).
NM is scheduled for 2/14 and Muncy is due to go back on the block in the next couple of weeks if the short sale is not approved.
It could be a 3 auction month!
Not cool, anon@11:33. There's no reason to sic Cash Call on Casey's mom. She hasn't done anything.
Let's not go around harassing innocent people.
If Cash Call needs to know how to contact Casey's parents or in-laws, you can rest assured they already have that information on file. There's a reason they've been able to stay in business without the help of armchair Internet sleuths for all these years. This constant posting of contact information for Casey's parents, siblings, and in-laws serves essentially serves no purpose, other than to intimidate Casey. (And if he isn't already perpetually pissing himself at the thought of the hell that's about to be unleashed on him from various companies he's screwed over, a court date is the only thing that could possibly scare him.) This is just one person's opinion, but it has become gratuitous and is starting to distract from our regular, very interesting conversation. Not to mention there's no particular skill required to run a basic Internet search.
"Honest Realty" ?!?!
Anyone who has to advertise themselves as being honest or ethical probably isn't. Truly honest, ethical businesspeople take it as a given and see no reason to advertise the fact.
hey oog,
guess you haven't been paying close enough attention.
Anna and Aleksey Serin names are on titles to previous properties where Casey Serin used there names to purchase real estate fraudulently.
this evidence has been posted on this blog already.
Casey Serin himself, admitted this on other blogs as well.
Aleksey and Anna Serin are involved.
CASH CALL contacts all relatives at their homes and their workplaces.
Who's been the one writing the wiki article on Casey? Anyone know?
I wrote a couple of bits, including the entire section on catchphrases and Jamba Juice. But the bulk of the entry was there when I found it.
P.S., I've been waiting for the cease and desist order from your lawyer for identity theft. Please let me know when to expect it.
Same here - I've been waiting ages, and have publicly goaded him at least twice. Perhaps it got lost in the post, or the guy delivering it got kidnapped or something.
look up Casey Serin at
Sacramento County and Stanislaus County clerk's office where it showed the Notice of Defaults, and also that his relatives own or have owned multiple properties.
Go to those web sites:
Sacramento County Clerk:
http://www.erosi.saccounty.net/Inputs.asp
Type in "SERIN" and "2000" for the decade.
Who's Aleksey & Anna? Didn't Casey admit that he used Aleksey's email 10 years ago for that PONZI scheme? Look at all those properties... hmmmm
See under Casey's name the information?
Now, go to Stanislaus County and Placer County web sites:
http://www.criis.com/
In Placer County, look under "Fictitious Names Search" and type in "SERIN".
Doc Nbr Date Business Name
2005-0001097- 15-APR-2005 FINCH PROPERTIES
Owner SERIN, CASEY
Owner SERIN, GALINA
Doc Nbr Date Business Name
2006-0000435- 14-FEB-2006 ABLE BUYER
Owner SERIN, CASEY K
Owner SERIN, GALINA
These are two different REAL ESTATE companies that he AND his wife , GALINA established. The first in MARCH of 2005.
WHY no explanation of these?
Now, for Stanislaus County,
http://www.criis.com/stanislaus/srecord_current.shtml
Type in "SERIN". Here you will see the Notice of Default.
Casey will not answer my questions regarding these items. He chose to DELETE the posts instead.
@ Stephanie
Who's been the one writing the wiki article on Casey?
I wrote/edited the meat of the article in mid-January, though it's been added to here and there be a couple of others since then. I think it needs another editing, perhaps...
The question I find myself asking is why would the banksters want to lose so much money? The banksters at the top of the pyramid are very shrewd folks and they have plenty of access to an array of enforcement entities. My conclusion after thinking about it for quite a while is that they must want to lose it. The reason is due to inherent flaws in fractional reserve fiat banking. They need a way to inject a large amount of money and then have the claims on that money vaporize. The cash itself will still be out there trading but the assets it came to life on will be repriced and then new money will be loaned on the same properties. Its like a giant write off that keeps the system solvent even tho it appears to be breaking it. Without a large injected write off every so often the system would implode due to interest payments exceding money supply. The problem is, each cycle requires a much bigger injection. The next one will bring us million dollar starter shacks.
Oh, so Casey is actually a super user doing his part to save the system from itself. What an odd world.
NO CASEY "DEFENDERS" ARE ALLOWED TO POST ON THIS BLOG.
ONLY CASEY HATERS.
Casey Serin
Galina Serin
YULIA SUPRUN
2508 SNAPDRAGON CIR
WEST SACRAMENTO, CA 95691
Casey Serin has created many enemies.
and they know where to find him...
Count me amongst the haters, but I agree with "Not That I Don't Like This Site", the posting of the personal info, particularly his moms purported work email, and sil address, are wrong and the rest is gratuitous at this point considering us long timers are acquainted with this info alreadly. NTIDLTS is aslo correct that a google search will reveal most of this stuff any way and thus is not difficult to get. The info is kind of like troll bait, and seems to elicit a back and forth of this stuff that is not constructive.
Not withstanding any new or pertinent info let's limit the repitition of the old stuff.
Not meant to deter Homey or any other diggers. Just one readers opinion. Thanks Rob and gang.
"The question I find myself asking is why would the banksters want to lose so much money? The banksters at the top of the pyramid are very shrewd folks and they have plenty of access to an array of enforcement entities. My conclusion after thinking about it for quite a while is that they must want to lose it. The reason is due to inherent flaws in fractional reserve fiat banking."
That's the way it used to work, but today, you get mortgages from a "lender," not a bank, really.
The traditional loans are still dealt with traditionally, held by banks or sold to traditional places like Fannie Mae, etc.
Even though a place like Wells Fargo may offer exotic interest only option ARMs, they just serve as a retail front. The actual "lender" is a private investor, who could be anyone. It could even be me, and I don't have reserve requirements.
I'd like to think these loans are mostly funded by investors who know the risks they're taking, say George Soros. Unfortunately, many could be held by my Aunt Martha inside some "high-yield income fund."
Casey Serin posted a message with a picture of his “Rich Dad” business address.
I found the business (he had blurred out the phone number and vehicle licence plate) but I made use of some interesting information he forgot to delete.
I found the business to be:
Secure Tomorrow-Asset Protection
(916) 978-4880
3636 Auburn Blvd
Sacramento, CA
The person who runs the business is:
Paul Prestwich.
I believe his blog is garbage. A few hours after I posted my comment
“What does Secure Tomorrow - Paul Prestwich have to do with a Rich Dad and real estate?”
He did not post my comment and deleted the picture of his Rich Dads business.
Info about the Rich Dad:
Year Started:
2004
State of Incorporation:
N/A
Location type:
Single Location
Stock Symbol:
N/A
Stock Exchange:
N/A
Trade Style Names:
N/A
SIC Code:
8322-Individual and Family Social Services
Business Description:
Individual/Family Services
Estimated Annual Sales:
$61,000
Estimated Employees:
2
Estimated Employees at Location:
2
Contact Name:
Paul Prestwich
Contact Title:
Principal
Wouldn't it be hilarious if one of us bought one of his properties for a steal at an auction?
@ Stephanie J:
Hilarious, but unlikely. If I understand the process correctly (and I might not) the lender sets the starting bid at a number that they can live with, which probably means enough to cover their losses. On an overpriced property bought with 100% financing and cash back in a falling market, that probably means a starting bid well above "a steal". I'd be very surprised if more than a couple of Casey's properties sold at auction.
A shrewd lender, knowing the way the wind is blowing, whould price the house to move on the understanding that a loss today is better than a bigger loss in 6 months. But then, a shrewd lender who knows which way the wind is blowing wouldn't hold that kind of paper in the first place.
@Cindy. Dang girl! That was fairly thorough Remington-Steele type sleuthing. You should meet Heidi.
"Who's Aleksey & Anna? Didn't Casey admit that he used Aleksey's email 10 years ago for that PONZI scheme? Look at all those properties... hmmmm"
"All those properties" could be a house. I've owned one house for 15 years and there's at least 100 documents on file in my name. Everytime you refinance there's probably 3 grantor and 3 grantee documents. And everytime to take out a home equity loan. And every time you pay it back. And everytime you get a new one, etc.
Or maybe it's not so innocent. Just get one of those local housing data services to go to the recorder's office and get the docs. Shouldn't cost more than about 50 bucks plus photocopy costs.
Cindy, the Notice of Default in Stanislaus County would almost certainly be his Modesto property. If I remember correctly, some time last month he managed to have the foreclosure sale (auction?) postponed, by a month.
Through the use of sophisticated logics, we shall defeat Young Casey.
One observation about "Rich Dad": assuming "RD" is in fact involved in the "asset protection" business, a lot of the characters in that line of work make Carleton Sheets look like an honest and public-spirited businessman.
Now RD's company may not be one of these. But IF he is selling caribbean blind trusts on the theory that putting your assets or income in the trust will protect them from the IRS not only does not work, it has a proven track record of putting clients in prison.
Which is why "asset protection" schemes are often some seriously fly-by-night stuff. As in, it is one step away from the legal delusions of internet lawyers or the Montana Freemen.
This also fits perfectly with Casey's late nite infomercial ideas on wealth creation and financial services. Young Casey may even have a mistaken belief that an asset protection scheme will shield him from bankruptcy, which may be why he is so loathe to file.
On second thought, I may be wrong. Usually what happens in a bankruptcy is that a bankrupt will attempt to grant assets to a offshore trust and then fail to disclose the assets or the trust to the bankruptcy court. Big no-no.
When creditors discover the existence of the trust, they get hopping mad. The bankruptcy judge is also less than amused.
Wacky legal hi-jinks ensue.
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