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Remember those Sweet Deals!

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March 05, 2007 – Comments (4)

If you haven't kept up with Casey Sarin's blog (http://iamfacingforeclosure.com/), you're missing out on one of the greatest car wrecks in the real estate fizzle.

It's better than the implosion at New Century. It's CLOSE to the level of poetic justice meted out to snake-oil salesman Phil Saunders with his pumping of Novastar financial via naked short conspiracy theories.

Casey is a 20-somthing real estate "investor" who lied his way into millions of dollars worth of debt at the height of the real estate bubble out West. Then, of course, the hammer fell. He couldn't move the properties. The banks caught up with him. And the rest is, well not history. It's ongoing. But Casey, who's an ace with self-promotion, still runs this site, ostensibly in the name of "educating" others in the hopes that they will invest wisely in real estate. (Note, for this crowd, that never, somehow, seems to mean "not at all.")

Since posting all the gory details at his blog, he's taken out more loans, missed payments on them, and is now considering forming a corporation so he can (wait for it) borrow more money to give to himself to cover his debts and help him make more "sweet deals."

If you wonder why market manias last so long, there's a fine lesson here. It's because Casey is not the only thick-headed one out there.

It will take a while for all of this to unwind. Here's hoping it doesn't bullocks the rest of the economy.

(But I got half my money in cash these days, for just that scenario...)

Sj

4 Comments – Post Your Own

#1) On March 05, 2007 at 5:53 PM, TMFBent (99.83) wrote:

Bah, got the spelling of Casey's last name wrong. It's "Serin."

My apologies to the poisonous gas.

Sj

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#2) On March 05, 2007 at 6:31 PM, ricoy5 (25.58) wrote:

Look, even if the kid is a moron, he's got some nuggets of info, especially for those of us who don't agree with the "never" part of real estate investing advice.

and if they are stupid enough to keep giving him money... what's he got to loose, his credit score? Entertaining... and something to remember next time I pass that mid 60's appartment building in my neighborhood I've been running through the cash-flow calc.

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#3) On March 06, 2007 at 10:33 AM, ValueIsValuable (82.52) wrote:

There are no free lunches. Cliche? Yes. True? Hell, yes.

Real estate investing, like *any* form of investing, requires a heck of a lot of hard work and study. If you are not willing to put in that work and study, this is a likely end scenario.

What really makes me sad about reading his blog is that it doesn't really seem like he has learned anything. He's still looking for the "sweet deals". And, worse, he's managed to ruin his wife's financial future, too.

It's like Chief Wiggum says when he's in a hole: "Dig up, stupid!"

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#4) On March 06, 2007 at 1:24 PM, TMFBent (99.83) wrote:

Yup. He's learned zilch. That much is apparent. What I don't understand is how he hasn't been arrested. He clearly has no intention or repaying the latest debts -- doesn't even answer his phone. In my book, he's simply a thief. He gets his money by "borrowing," but borrowing without the intention to pay back isn't borrowing at all.

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