Come on, be honest. I -know- you all lied on your credit applications. I know this because Casey in the swirling center of the growing controversy has looked all around and reported that -everybody- does it. I;m here to say; I did not. My rental properties were funded as such, I only claim one residency exemption, my Schedule C only includes legitimate expenses and my banks get their money on time and in full.
It isn't enough to say "everybody does NOT do it." And an unlocked door is not an excuse for robbery. Anyone ready to "come clean" so or lurking reader can see how it is done in that portion of civil society that he's missed in his adventures? As I said in a previous post, we are partly responsible for that deficiency. This is but one small step in rehabilitation and mitigation.
66 comments:
Not me.
OOOH totally first! boo-yah!
I'm the second #1. ;)
Full docs on my loans. 2 loans in the last 4 years.
In Casey's most recent post Casey claims the boycotters have not reduced traffic.
Please lcikc on his traffic link and select year. You will see Casey's traffic has dropped by half since January.
http://workingwithrichdad.blogspot.com/index.html
Check the comment section. Guy from Australia is going a little nuts.
No Liar Loan Sweet Deal(tm) for me.
30 year fixed, full docs.
I really liked Caseys response: "Everybody speeds on the freeway..."
I don't. Didn't lie on my mortgage either.
Not me baby
full doc, fixed mortgage
amount is roughly 50% of what I could qualify for so no need for a "liar loan"
I even pay extra on the principle every month "gasp" (an idea that little turd head can't even comprehend)
"There's a little Casey in me." -- that's what Galina said on their honeymoon. Get it? ;-)
soon there will be a little bubba inside casey...
You guys are so perfect! If only the country had more of you people in it...
We already had Plumbdev admit he's an alchoholic and Tim May is a racist, sexist, homophobic, anti-semitic kook. I wonder what other social misfits lurk at the Exurban Nation.
Internet Police
@ IP actually Tim May is gone I believe.
most of us are waiting for Homey DA clown to check in, hopefully soon
"You guys are so perfect! If only the country had more of you people in it..."
Hey Casey, isn't it your nap time yet?
None of us claim to be perfect but we aren't liar loan equity skimming, RE guru kool aid drinking frauds either.
You know what I just realized? When Casey said he didn't know what website those photoshopped pictures came from because a friend sent them to him - he was lying. I know he was lying because he used the same title for each of the pictures as Vague Guru did when he posted them here. "Conjuring Magic Deals" and "Birddogging with the Mailman" - those are the same titles Vague Guru used here.
I drink too much sometimes. I speed on the freeway. Not simultaneously of course. If I ever get a ticket, I'll pay it. Not borrow money, spend it, and then blog about how I intend to pay for my ticket. The comparison is ridiculous. Every loan I ever took was 100% legit and 100% paid back. Currently I sit on a pile of cash and stock waiting for this foolishness to end, and heads to roll.
After reviewing docs on my 4th deal in a year with my broker I suspected something was wrong with my loan app. Even though we had closed months earlier I ran all the papers past my real team.
(Casey - if you are reading, a real team is a group I pay for legitimate services, not advice from strangers in cyber space).
They confirmed what I thought - the loan smelled. We thought it might have been a mistake until they pulled his other recent deals from different sources. They all stank, Casey style.
I fired the broker, the realtor no longer dealt with him & the title attorney told him to get lost.
The bank was still getting its payments from me but I felt weird about the whole deal not being squeaky clean. I had a new broker re-finance for me using full docs just to make sure there wouldn't be any questions. (Unlike Casey, I don't want Bubba as a cellmate)
Unlike Casey I can't say, "everyone does it." Unlike Casey, I blame myself for not re-reading all the docs before I signed them on the fly.
So no, Mr, Dawg, there is NOT a little Casey in all of us.
I've never lied on a credit application or job application/resume. Partly because I was afraid that I'd get caught, but also because it wasn't necessary. My wife and I only apply for loans that we can afford, and only for jobs for which we are qualified.
I've had some experience on the other side of the desk with job applicants, and I will say that probably a third of them contain a material lie. Per company policy, they are immediately disqualified. Which is a shame, because many of them (maybe half?) would probably have been strong candidates for the job given their actual qualifications.
-walt526
30-year fixed, full docs.
IP:
STFU, tuck your tiny balls between your legs and go away, Casey. Talk about obvious!
I rent. We don't want to stay in CA more than another 2-3 years, so it doesn't make sense to buy. When we get back to New York, then I'll start thinking about it. And you can bet your butt it will be a fixed rate, non-liar loan.
On another note -- lifted from the IAFF comments (and no verification yet, so it might not be true):
Larchmont is getting sold at the courthouse steps on 2/26 @ 9:30:00 AM; Muncy is set for its foreclosure sale on 2/26 @ 12:00:00 PM.
Rob, do you manage the rental properties yourself or do you outsource it? If you outsource, what has your experience been? Is that scene really as bad as John T. Reed portrays it?
I paid cash for my house. But I don't have skeletons in my closet, I've got warm bodies. I'm not perfect, hehehe..I can't really go into any detail due to the Feds activity around here and IAFF. A guys gotta put food on the table ya know. Hey, I'm just a Realtor er "Business Man"..............
@ walt526:
That meshes with my experience as well. In the last round of hiring I was involved in, I was brought in after the initial screening had been done and three finalists selected. One candidate claimed expert knowledge of a particular subject, but submitted a portfolio that showed no understanding of it at all.
I made the following post on Casey's site, but I highly doubt he will post it. So I think I will replicate it here. Let me know what you all think of my idea.
-----------------------------------
I have a suggestion for all the "haters" (myself included) that frequent this blog.
At this point in time, I think it is safe to say that Casey has business and mental acumen of a lower order primate. (That may be an exaggeration) Furthermore, his sheer arrogance and inability to take responsibilities for his actions speaks volumes as to his true character.
So here is my suggestion: we all know how this will end. And despite Casey' attempted denial, he also knows deep down that he will not emerge from this debacle unscathed. And I don't mean simply the debt load. I am also talking about criminal recriminations. Which will likely result in jail time.
Now in prison, cigarettes are essentially the "currency" of the slammer. They are bartered amongst inmates in the same way we exchange dollars on the outside.
So I want all the haters to do the following: when Casey is finally indicted and convicted of his crimes, we all determine which prison he is sent to. From then, we all start correspondence with a random inmate sharing the same cell block as Casey. Perhaps create a little "pen pal". And on a weekly basis, we each send our respective pen pals a carton of cigarettes with a letter attached. And the crux of the letter will be as follows:
"Dear XXXX",
I hope you enjoy your cigarettes. You will receive a carton a week from yours truly provided that the following happens:
There is a little snot nosed, arrogant Uzbecki little s*%t in your cell block. I want you to ensure he receives your "special attention". He loves to pose and seems to be quite enamoured with himself. I am sure you will find his young, supple little form to your liking. So please, be sure you visit him frequently and often.
Just be sure to tell him while he is "receiving your attention", that his "haters" say 'hello'.
Sincerely,
Hater"
Multiply this singular letter by all the myriad of 'haters', and dear little Casey will likely be more used than Paris Hilton when all is said and done.
I think it is an admirable idea. And when Casey's prison term is up, he will emerge with no more illusions about his future "sweet deals" or any other well laid plans. In fact, in an almost symbolic way, his well laid plans will have been shoved up his well laid ass.
The clock is ticking Casey, despite what you may think.
@Ogg
Hope you don't mind me jumping in.
I am an absentee landlord and use 2 different property management firms in 2 states & I manage a third state's property on my own.
I am a strong advocate of a professional firm. I've had one company for 10 years and I thank god for them every month. They perform stringent credit checks on applicants, perform periodic checks on the properties, handle mortgage & HOA payments, maintenence, etc. I also use their real estate section for purchases & sales.
They also let me know if trends in the area - I remember arguing about a rent increase one year & they got me $300 more than I was asking. We've negotiated a bulk rate management fee that I make sure gets folded covered by the rental price.
The one property I manage on my own is a nightmare. The tenant is always calling, there are always "problems" that is in her head - gawd I hope she moves soon. Currently looking for a company to take it over for me.
Oh yes, each company sends me a monthly & year end statement, emails at least once a month, etc.
I hope this is helpful info.
Check front page of NYT today. Story about so called "debt bloggers". And no, thankfully our hero is not mentioned. Check out the money owed by the credit card debtors in this article compared to just KC's credit card debt. Also got a laugh from the bloggers description and reaction to the comments they received on their sites and elsewhere.
WELL, WELL, WELL...
Rob, Heidi, et al.
I just finished opening my mail.
(I've been traveling, cut me a break)
Included was a letter from one of the mortgage companies that holds one of Our Hero's notes.
You see, following Heidi's lead I sent an email to one of the lenders both Our Hero & I use. As a customer I was expressing dismay their reputation as a lender was being dragged down on a blog and directed them to that site. I never expected to receive an actual **letter** in return.
Interesting. They thanked me for the information. While it is obvious they are not thrilled about being mentioned, they do note that even morons & idiots (my words) are allowed to blog their opinions. But the specifics on the loans were of interest to them. Cheers.
30 year fixed, full docs on all four properties. We did buy the homes as owner occupied but as per the loan agreement, lived in the home for a full 12 months before renting out.
Ogg, being a landlord sucks. I think the extra cost of a property management company may be worth it. I really do not like dealing with people. The worst thing about being a landlord is when the renters do not pay rent you still have to pay the mortgage.
For me it is hard to keep an accurate budget. One tenant is over 3 months behind. I still have to pay the mortgage each month. We have finally given him notice to move out. We also have hired a local lawyer. (The tenant has a long history of filing lawsuits against people.) Now once the tenant leaves I will need to pay the mortgage until the house sells. I am very lucky the mortgage on the that house is only $400 (including escrow) a month which is not hard to pay. We only owe 48k on the house so we will make a big chunk of change off the house. But still $400/month does affect my budget.
I do not know who John Reed is or why he say property management companies are bad. If I were to continue renting houses I would want someone else to take care of it, which I don't. Renters are less likely to stiff a company than an individual.
I do not feel secure in the economy now. I plan to save more than I invest. Our current plan is to get out of our financial woes. Live on less than 50k per year and save the other 100k.
I may want invest a little money in some of the RF companies about to go public. I currently work in IT in the manufacturing industry, specifically Supply Chains and see how much the RFID market is growing per year.
Sometimes I ramble on, sorry.
@IP
::raises hand::
Social misfit, right here.
Sure, I've broken a few laws. Been caught and paid my fines. But as far as lying on a loan application, no. That technicality could potentially put me out of business. So I'd rather tell the truth and pay the higher interest rates on N/O/O loans.
Yes internet police, I did admit I was a recovering alcoholic of many years. How does that make me a social misfit?
I went pretty crazy drinking between 17-22, and then stopped the destructive behaviour. Didn't owe anybody money, had no kids or wife that I was affecting, just went alittle crazy. Didn't blame society, or faulty genes, or predisposition, I just loved to drink.
Now I have several rental properties, run my own company, have a great wife, two children with another one on the way. Don't miss the hangovers or the stupidity of my youth and don't dwell on it.
How is your life going internet police?
Hi Casey,
I know you're reading this. Just wanted to let you know that on my first mortgage I disclosed nothing but the truth. Ditto when I refi'd a few years ago.
So not everyone's lying on their loan docs.
One thing to remember about L'il Casey is that he typically believes what is in his best interests - ie. if it's "negative" to his dreams of real estate mogulship, he discards it out of hand as "hater talk".
Add in that he's firmly in the reality distortion fields of the RE cult gurus. This is almost a religious like obsession, and you'll notice he always falls back on what those huckster's told him (for thousands of dollars). I remember in the housing crash of the late 80's in CA, one of those gurus was jailed because the advice he sold actually required breaking the law...I wish I could remember which one it was, because that's when I saw how corrupt and slimy and greasy those guys truly are. I know that pea brain got the idea to buy property and pay mortgages with other people's money at one of these scammer seminars, either from the podium, or off to the side where it can be later denied. See, without the scammer bullshit, a rreasonable criminal could probably get out of the hole they're in, and walk away, but shithead over there keeps digging deeper and deeper because they PROMISED him it would work, and his obsession will not let him let go of his childish dreams and ambitions, his fragile ego will not let him admit he was wrong, and even his chimp like brain is slowly coming around to the fact that his gurus, who CARE so much about helping him, sold him a bill of goods that will land him in jail. I have NO doubt he will still sing their praises from behind bars, because if you take the scammer bullshit out of his head, he's got NOTHING. A failing marriage, no money, no future, no credit, probable jail time, fines he can't pay, lawyer fees he can't pay, the disgust and anger from his family ("You told us you were okay, Casey? You lied to us?" - Casey's dad), and a record he will not be able to bullshit out of or ignore the rest of his life. A felony conviction changes your life in a BIG way - you can recover, but it's going to make success a lot harder. It's a test of character he's doomed to fail. And that gives me great pleasure. I've been tested hard in my life, and passed - sometimes by the skin of my teeth, but I know I'm a better man than he could ever hope to be - that's not bragging, but cold, hard facts I learned the hard way, and he never will.
He's also typical of the criminal mind - he scammed his way in, he'll scam his way out. Or, at least he thinks he will. As smart criminal would have walked away by now. But, he's dumb and lazy, so he'll get caught. Spend any time around law enforcment, you'll see it time and time and time again. The smart criminals get away with it, the dumb ones rot in jail.
I would pay top dollar to be in the court room when he offers his defense of "Everyone else was doing it!". The look on the judge's face will be PRICELESS, espcially if the judge has lost any money in RE lately.
You also have to filter his posts for content that he's obvioulsy inserting now to drive up page views - along the way he says very telling things, like stopping all payments to his debts once *other people's* money dried up. Thus, his half-truths once again: "I want to pay back every diry penny" is really "I want to pay back every dirty penny...with other people's dirty penny's".
I'm not even outraged anymore. He's a criminal - what makes it interesting is he's a lazy one, and while the wheels of justice turn slowly (trust me, the Sac DA office has plenty to do, that's more important right now than L'il Casey), there will be a payoff, most likely in the Sac Bee.
There's also the fact that until the houses are sold at auction/seized, fraud charges won't be investigated and filed - or until he files BK, which won't happen, because he knows he'll be Public Enemy #102387 at that point.
But it will happen eventually, trust in that. Too many people are getting defrauded here, and I'd bet some of the lenders have compared notes already.
And lastly, for now, I havent gone on a full-court press on Galina, because of one thing...we don't know what he's told her, or how much. He may have used her name on teh utilities without her knowledge, and had her sign things with *his* explainations.
Granted, she could easily read this site. She may have been doing so all the while, and building a divorce. She may be the Carmella Soprano - vaugely aware of wrongdoing, but more concerned with lapping up the cream. Hard to say, but a divorce would be interesting, as you know she'd throw him under the bus in a big way to escape being jailed/fined/made a public object of ridicule.
Everyone does it?? Since when?
Perhaps this has been stated before. If so, I apologize for the repeat. The documents for a real estate transaction clearly state the requirement for accurate financial information and the penalty.
This is the paragraph above the signature line signed by Casey on each loan application:
Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, et seq.; . . . ; (5) the property will be occupied as indicated in this application; . . .
This is the certification on the settlement statement signed by Casey at closing:
CERTIFICATION
I have carefully reviewed the HUD-1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction. I further certify that I have received a copy of the HUD-a Settlement Statement.
Borrowers Sellers
The HUD-1 Settlement Statement which I have prepared is a true and accurate account of this transaction. I have caused or will cause the funds to be disbursed in accordance with this statement.
Settlement Agent Date
WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can include a fine and imprisonment. For details see: Title 18 U.S. Code Section 1001 and Section 1010.
Cash back at closing not reflected on the settlement statement is a crime. Inaccurate income and occupancy is a crime. Very black and white.
Great blog.
sam
One last note before I get in touch with my maker. As far as NYT is concerned, there’s a rather interesting Gravity’s Rainbow discussion in the February Readers Group.
Hi gang -- not sure how many folks here have an online subscription to the WSJ, but there's a great article there today about the problems in the subprime industry, including some interesting facts:
- Nearly 1.2 million foreclosure filings were reported last year [2006], a 42% rise from 2005. That is a rate of one in every 92 U.S. households.
- Loan-to-value ratios, the loan amount expressed as a percent of the property value, have grown to 86.5% last year from 78% in 2000.
- One study by the Center for Responsible Lending predicts that as many as one out of every five subprime borrowers who took out reduced payment or low-documentation loans between 1998 and mid-2006 could lose their homes.
However, one thing that comes to mind is that the article seems to have the underlying assumption that the people who did all this buying did so for their own houses. In other words, it doesn't take the Caseys - who bought 4, 6, 8, or more houses - into account. So how to factor that into the overall economic impact?
I once heard a preacher state that if you are married and catch yourself saying: "We're only just friends" then you are already in trouble.
I would argue that saying "Everybody else does it" falls into the same category.
As for me, no mortgage or other debt (fully funded grad. student), pay my CC off every two weeks, always pay my rent ahead of time, and never lied on a credit/job/rental/school application. Did have a car loan once, but paid that off early.
I think the "We've all got a little Casey in all of us" is a reason why the blog was so popular in the beginning. 90% of the population has slacked off on something important at one time or the other.
The difference is that Casey never stopped slacking off and took care of business.
Fraud for profit or fraud for house? Speculators or individuals over their head making bad financial choices? Hard to say which will be the bigger problem - both have been rampant for several years.
sam
For your amusement from the little turd
"@141. WTF… I am getting tired of your questions. I answer something and you go back and ask the same thing again in a different way ignoring my answer. So I’m going to say this one last time and after that if you keep asking the same thing over and over again I will delete your comment or ignore it. You’re clogging up the comment area with redundancy.
Answer to your question about Utah wrap AGAIN:
1. Buyer send check to escrow
2. Escrow send check to my bank
3. I see no money
4. I get statement from escrow showing payments being made
5. I see no money
6. I see no money
7. I see no money
8. I see no money
9. I see no money
10. I see no money"
wow a little sensitive today huh
Other questions answered…
“How are you making money? You don’t have to devulge any secrets or anything. Just give us a general idea of some of the sweet opportunities and contacts that have showed up on your doorstep (or your inbox). Is that too much to ask?”
I’m making a little bit from Chris still on a project-by-project basis. Also expecting $750 from Duane for the balance of advertising fee. And of course I have some S W E E T deals in the works. I’m not kidding.
you forgot to mention selling email addresses
“How is the voiding of the ladies’ contract coming along?”
Nothing is really happening at this point. I’m not too worried about it.
“How many times have you consulted with a lawyer?”
Visited a bankruptcy attorney 3 times. Talked with a friend RE attorney a couple of times. Talked with another RE attorney by email a couple times (via this blog) and still talking. Will be seeing a corporate attorney on Tuesday about structuring my corp and about getting lines of credit the right way. Asking around for referrals to a good criminal attorney (just in case, ya know).
Better invest in some anal lube too "just in case"
I can hear johnny cochrene now..
"Even if the flip ain't legit, you still must aquit."
Casey, your best bet will be either 1) an incompetency defense (wheat grass shots altered your state of consciousness) or 2) flight to country that doesn't extradict.
What bothers me is that Casey could hop on a plane right now, and bolt the country. Surprised Homey's posse hasn't relieved him of his passport yet.
Why did casey ask his real estate lawyer friend if it was ok to misstate his income on his loan application?
He would only do that if he felt he might be doing something wrong, correct?
So his pleas of "I didn't know any better" don't really hold up. He suspected he was doing something wrong.
@ Bemused guy:
There's two sides to that coin. I've rented from owner-managed operations as well as management firms representing absentee owners, and while I'll never say never again, I much prefer to avoid the latter situation.
Drive down any street in my neck of the woods, and you'll be able to pick out the absentee-owner properties because they're the most run down. As a tenant, I've run into problems where necessary maintenance doesn't get done either because the owner just didn't want to pay for it, or the management agency failed to convey the severity of the problem to them.
In one rental, some of the window frames had worn out and the windows wouldn't close all the way. The owner refused to pay for the repair. We just lived with it, but rumor has it that the folks who moved in after us waited until their lease was up, then called the housing inspector. Rather than replacing the windows at their leisure, the owners had to arrange for it to be done in a matter of days so that the city would allow the next tenants to move in.
As for Reed's claim that nearly all property management firms are corrupt, I doubt that. Most around here seem to be honest, but I can think of one or to that I'd be stunned to learn aren't scamming the owners in some way.
In your case, it would be hardly reasonable to manage properties in three states yourself. My advice, if you're not already doing so, would be to inspect each property at least once a year with the tenant present, and if possible to speak to each tenant when your agent is not around. That'll do a lot to help keep you in the loop. No matter how good your management firm is, there's always the risk of miscommunication.
Sorry, I didn't mean to lecture. It's just that I see lots of absentee landlords get in trouble due to being isolated from what's actually going on with their properties.
At 11:08 AM, plumbdev said...
Yes internet police, I did admit I was a recovering alcoholic of many years. How does that make me a social misfit?
I went pretty crazy drinking between 17-22, and then stopped the destructive behaviour. Didn't owe anybody money, had no kids or wife that I was affecting, just went alittle crazy. Didn't blame society, or faulty genes, or predisposition, I just loved to drink.
Plumbdev drinking heavily at 17-22 does not..I repeat, does not make you an alcoholic.
If that was the case then 90 percent of America would be alcoholics.
Hell I drank allot between 19-25 because I was young, dumb and bored.
After I grew up I lost my taste for alcohol and only drank on new years eve and my birthday. Well eventually I lost all interest in it and havent had a drink for what...2 years and 3 months now. I go to bars with my buddies and I drink pepsi and coffee....funny thing is ...I still have the same amount of good time as I did before and I get free pepsi and coffee from the bar because I just tell them I am the designated driver.
I dont tell them that I havent drank in 2 years and that I dont care to drink and that I drive anyway because I just about always drive myself wherever I go because I dont want to be stuck somewhere waiting on friends if they are not ready to go.
That wasy when I want to leave, I leave and if they dont want too..they can catch a cab.
I wait on noone but myself.
@Ogg -
I see your point and appreciate your comments - I too have heard lots of absentee horror stories.
I think all Landlords have a responsibility to look after their property whether it is professionally managed of not.
Once a year I visit each property with the management company and let the tenant know they are welcome to be present (it's also a tax deductible trip). At that time I also go through the management company's file on the property. No matter what project I am working on, if the contractors see I am interested there is less of a chance of someone taking advantage in my absence.
During those inspections I also make notes for their file as to what I want corrected or changed between tenants. In all seriousness, every property I have is one I would be willing to live in & that is the standard my agents & managers work from. We joke that decisions like Berber vs. Sisal is what makes me a slumlord...unlike one house I saw on Our Hero's blog that had exterior plumbing pipes!
Before settling with any management company I interview them and make sure it's not some fly-by-night firm. Again, I think the key is being an interested absentee landlord but so few are these days - everyone wants that magic flip.
Okay - and here is the sappy gag me part. I send every tenant a Welcome To Your New Home card with a Home Depot or Target gift card, a note with the property manager's contact details, instructions to contact them if necessary...and my email address in case they can't get satisfaction from the office.
Is that enough for me to get you to rent a cave form me? :)
ObTopic:
I've never lied on a loan application or a job application. On the contrary, when it comes to job applications I'm careful to avoid giving the impression that I have more skill in a given area than I do. Unfortunately given today's buzzword-based, check-the-box IT recruiting practices, that means that I get a lot fewer interviews than would otherwise be the case.
However, I *do* share some of Casey's more destructive traits, albeit in less lethal doses. I am an inveterate procrastinator. I have enough of a lazy streak that I know better than to go into business on my own at this point in my life, and part of me shares Casey's hear-no-evil attitude toward bad news. The difference is that I'm self-aware enough to know that I have those problems, and to try to curb them.
@anon
"In Casey's most recent post Casey claims the boycotters have not reduced traffic.
Please lcikc on his traffic link and select year. You will see Casey's traffic has dropped by half since January."
I posted this in the last thread too, but it is only Feb 18th. There have only been slightly more than half the days in January that have gone by this month. Of course his traffic for February is half of what is was in January.
Sheesh.
chjts,
I agree, drinking in your young years does not make one an alcoholic. However, drinking close to a pint of Jim Beam every day, the inability to control limited consumption, the inability to function properly in school and work, and the inability to remember the things you do and the people you meet, are clear signs of youthful folly going much to far.
I have nothing against alcohol or against the overwhelming vast majority of those who consume alcohol responsibly and even those who go off the deep end every once in awhile. I've repeatedly failed the test of a responsible drinker.
If I could handle it I would gladly partake of the enourmous variety of tastey homebrews and microbrews that are out there on the market. Sometimes its okay to be aware of the particular areas of your life which you are a moron in and move on.
@ Bemused guy:
Is that enough for me to get you to rent a cave form me? :)
Most likely. If what you say is true, then I'd hear about it from the current tenant when I went to view the place. As a renter I always make sure to talk to the current tenant before signing, except in sitatuions where I already know the owner & landlord by reputation.
Part of the problem in my neck of the woods is that a shift in the market some years back hurt sales and favored rentals, so many people who moved out during that period turned their properties into rentals. Those owners are by and large looking to cover their nut and pull as much extra cash out each month with a minimum of effort and reinvestment.
Have to agree with IP, Dolph is a idiot. He doesn't seem very smart.
Casey's "everybody buys six houses at once to defeat the credit reporters, lies about living in them, lies about their income, and lies about recieving cash back (laundering the cash through a third party if necessary)" seems of a piece with his statement that the average sucessful person has gone through bankruptcy three times - crap, probably peddled at one of the idiotic real estate seminars he went to.
There is one born every minute, isn't there....
"@141. WTF… I am getting tired of your questions. I answer something and you go back and ask the same thing again in a different way ignoring my answer. So I’m going to say this one last time and after that if you keep asking the same thing over and over again I will delete your comment or ignore it. You’re clogging up the comment area with redundancy"
Hahahahaha
Just imagine how "tired" poor little Casey will be when the DA is questioning him.
Rob, do you manage the rental properties yourself or do you outsource it? If you outsource, what has your experience been? Is that scene really as bad as John T. Reed portrays it?
I'm young enough and handy enough to handle management directly and repairs up to replacing water heaters. I won't own anthing more than about 2 hours away although a real price crash up in Mammoth would sorely tempt me. I do outsource applications and preliminary interviews to trusted realtors because this is California and between anonomously weeding out the wackos and avoiding even the appearance that there might be discrimination are worth the 2/3rds month fee.
Yes, outsourced managment is ever bit the nightmare described. It essentially means that in order to get compentent help you need to give up all operating profits and still remain exposed to the pitfalls of ownership. On 4 dentists in an investment club in West LA looking for a tax shelter should go with hired help in the small rental market.
There may be a god afterall. Look who just visited IAFF:
Domain Name treas.gov ? (United States Government)
IP Address 199.196.144.# (Executive Office of Asset Forfeiture)
ISP Executive Office of Asset Forfeiture
Location Continent : North America
Country : United States (Facts)
State : Virginia
City : Dulles
Lat/Long : 39.0853, -77.6452 (Map)
"I’m trying my best to take care of her so she doesn’t have to worry about a thing."
I bet you are, Casey. I'd be surprised if she isn't trying to "take care of" you, too!
@bemused and og and rob and plumbdev
bemused guy said...
@Ogg -
I see your point and appreciate your comments - I too have heard lots of absentee horror stories.
I think all Landlords have a responsibility to look after their property whether it is professionally managed of not.
Mammoth...that was a dry town up until a few years ago. maybe plumbdev could rent a house from you there...(rob must live in salem--good property values and appreciation there still).
Now og and bemused guy (and rob)..I wont own anything two hours away...half hour to 45 minutes is about my limit. Now my 2 biggest property producers..well lets say when I need to check on them..I just look out the window of my house and bam..there they are..right next to each other across the street.
I can see who comes and goes and what goes on. Additionaly if they are late on their money they owe me...well I can walk the 100 feet or so to their car when they pull in from work.
I own a couple other properties..one is 15 blocks away and the other one is almost 2 miles away.
if these people step out of line..I bring the hammer down on them immediately...I like to think of it as I dont have tenant problems..they have landlord problems.
@chjts
I never know which state or country I'll be in from year to year. Maybe some day when I settle down I'll be more hands-on and consolidate into one region. I still have fun researching, identifying & rehabbing. But until I retire, I've delegated my hammer to my proxy. :)
This is what bemuses me. Yes I am bright but never had any clue about RE until 10 years ago when I sort of fell into it. Applying sound business practices & identifying trustworthy folks helped me make RE into a nice sideline for long-term investments.... My mind boggles that Our Hero spent all that many on so many RE courses and failed miserably at every turn.
Salem? I live in Camarillo, CA.
As a NYC MD I suggest Casey to visit a Doctor immediately. Many of my patients have had much success with Havidol. see Havidol.com for more information
Do think Casey ever GOOGLEs for THIS?
A slight boolean refinement:
LINK
There is a message board ( http://www.campidiot.com ) that is owned by a person who posts with the monicker Heekee. He removed all of the pictures of Galina Serin that had been posted on his board after Casey promised to put up a link of to his search engine.
http://www.campidiot.com/cgi-bin/simple/index.cgi?board=HEEKEE;action=display;num=1171212724
"Heekee
Re: Casey told me he will put a Zewg search box. (02/11/07 at 11:56am)
Yea, I own Zewg, I told him I want to test out my new metasearch script which is like pre-alpha.
Im not sure what kind of load it can handle. Zewg is actually running on the old CI server.
Apparently he found some Galina and family pics on the dump and saw all the mean comments. I deleted the pics for him and he was tickled pink"
This same Heekee person lets his users stalk people on other boards by giving out their IP information to his friends. Try posting the word 'James' on his board and see what you find...
I love Casey and so should all of you!
I'll just say this and end any back and forth with trolls...
How is it that I am dumb, yet the anonymous poster in question says "Have to agree with IP, Dolph is a idiot?"
Case closed on who is more idiotic in my book.
You're dumb - you're just too dumb to understand that your dumb...
2006 San Diego Home Prices
I would not at all be surprised if "Heekee" was an ex-F***ed Company trollmeister. An awful lot of Net trolls came of age on that board.
@ At 10:35 AM, Sprezzatura said...
On another note -- lifted from the IAFF comments (and no verification yet, so it might not be true):
Larchmont is getting sold at the courthouse steps on 2/26 @ 9:30:00 AM; Muncy is set for its foreclosure sale on 2/26 @ 12:00:00 PM.
Sprezzatura, I'm the one that posted that at IAFF. You can verify the info at the website for the trustee handling the sale: http://recontrust.com/
Click on California in the list of states; then click on Stanislaus County and seach the list for Muncy, then check Sacremento County for Larchmont.
I'd give you a direct link, but I think you hit a time out message unless you go thru the main site.
Recon Trust is the trustee for all of Countrywide loans. I'm trying to find out when the Burdette sale is scheduled, but haven't had any luck yet.
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