When Will Casey Serin Pay For Embodying The Worst Of The Housing Bubble Burst?

Casey-Serin is 24, but he’s already $170,000 in debt, thanks to a bevy of hare-brained schemes that helped him buy 8 homes in 8 months in 4 states with no money down, looking to do the ol’ “fix n’ flip.” None of them sold, and now he’s strapped to the nines.


We first checked in on him in October ’06, and he seems to have only gotten worse. Two of his properties sold, the other 6 foreclosed. He doesn’t have a job, he recently borrowed $600 to buy a video camera to help with his blogging, and took a trip to Lake Tahoe for a “brainstorming session.” He keeps reaching for more quick-rich schemes, like trying to find a buyer for a Las Vegas Casino, or referring students to a shady investment strategy school. Book deals are said to be in the works, he’s received national and international press coverage, and appeared on Suze Orman’s and Robert Kiyosaki’s advice shows. Hundreds of comments are left on each post.

Let’s not forget that he committed mortgage fraud, lied on his loan applications, and lied about owner intent, that is, said he was planning on living in the place when he really wasn’t.

Why doesn’t he get a job? Declare bankruptcy? Stop being a schmuck? We know why. He’s addicted to blogging about his financial improprieties. The attention feeds continued bad behavior. If he actually fixed his problems, the source of his current notoriety might dissipate. In time, however, Casey will find his fame just as fleeting as his bank account. — BEN POPKEN

I Am Facing Foreclosure [Casey’s Blog]
Casey Serin: The world’s most hated blogger? [Cnet]

Comments

Edit Your Comment

  1. spinfire says:

    I wonder how much money he makes from advertising on his blog. Obviously not enough to pay off his debts….

  2. polarogak says:

    Hell, I hadn’t heard of him until now and I already hate him.

  3. phrygian says:

    His blog appears to be down at the moment…

  4. nakmario says:

    Or… he could actually be enriching himself by setting up a company (LLC) that takes his blog revenues; all the while planning to declare bankruptcy later on while the company keeps making money.

    Seriously, this guy is dumb and greedy; and bad things happen to overly dumb and overly greedy people.

    I, actually, am glad 8 (bad and possibly predatory) home-loans were given to him; that makes 8 (bad and possibly predatory) home-loans that didnt go to other people who may not have been as deserving.

  5. quagmire0 says:

    In the words of Nelson from The Simpsons: “ha HA!”

  6. chipslave says:

    Waaaa… I speant way beyond my means and now I have to face real consequences for my actions.

    Whatever. Get a job… hippy!

  7. Antediluvian says:

    If you visit his blog, you’re contributing to his addiction. Avoid it and shun him. He’s not going to pay back all that money — he’s going to pass it on to someone else, most likely the honest working folks of this country.

    I don’t know his name, I don’t want to know his name, and I think he’s an unethical, immoral ass for his behavior.

  8. Antediluvian says:

    @quagmire0: And this is EXACTLY what I was thinking of writing (although without the attribution).

  9. Emor8t says:

    I’m amazed this loser isn’t in millions of dollars of debt. 8 houses and only $170k? Are they trailers or something?

  10. mopar_man says:

    Why is this story even on here?

  11. quantum-shaman says:

    Ugh, the guy has a wife. GAK! What’s HER deal? He should be selling pictures of his properties on ebay. I never would have believed that the intricacies of the human genome could produce such an amazing specimen of a douchebag, had I not seen it with my own eyes. He’s an even bigger asshole than the husband of my friend’s daughter, who barely got a minimum wage job at Best Buy but claimed he was up for a promotion that would net him $230,000 a year, plus bonus.

  12. roche says:

    This guy sounds like a world class douche.

  13. MagicJewball says:

    Well for one thing, he could stop wearing three shirts at once. That would save some dough.

  14. acambras says:

    What a major-league asshole. I sure hope he and his wife don’t procreate — I would feel very sorry for that kid. “Sorry we can’t afford food or diapers, but I’m off to Tahoe! See ya!”

  15. Pelagius says:

    Dude, you are SO emo!

  16. gorckat says:

    Wonder if he sells pictures of iPods on eBay…

  17. @Emor8t: He is millions of dollars in debt.

  18. lincolnparadox says:

    mopar_man–

    TC is the poor man’s Slashdot. I’m sure that we generated at least a few hundred hits for his blog.


    Emor8t–

    The houses have been foreclosed, so he recouped some of the debt.

    Listen, $170K is crappy, but not the end of the world. It will probably take him 10 years to pay that off, assuming he finds a job that will pay him $30-40K a year. He screwed up. A get rich quick scheme isn’t gonna fix his debt problem in the short term.

  19. revmatty says:

    I think it’s a hoax. His blog is designed for maximum traffic generation and he uses every trick possible to get click throughs and page views. I seriously think his situation is highly exaggerated if not entirely fictitious. I’m seeing more and more ‘advice’ and ‘personal tragedy’ type blogs that are nothing more than thinly veiled SEO spammers or the click through revenue cash cows.

  20. mantari says:

    “I don’t understand. Why aren’t any of my get rich quick schemes working??!?”

  21. nweaver says:

    He’s gonna LOVE how the IRS consideres forgiven debt (such as the amount lost by the banks on their reposessions) as income…

  22. madktdisease says:

    This guy pisses me off. I felt bad for like, 3 minutes. But he keeps eating at Macaroni Grill and then gets upset when people call him on it.

    And he still RENTS A PLACE even though he has no job. Here’s a hint, dumbass, LIVE IN ONE OF THE HOMES AND MAYBE PAY FOR THAT INSTEAD. Try taking a day job, too. I know my $30K job might be below your high class tastes, but I don’t owe my life to the bank, so who’s the real loser?

    If he was truly sorry and learned from his mistakes, I might again feel bad. But he continues to be an idiot. He’ll file for bankruptcy, and we’ll all pay in the long run. Eff you, bud.

  23. EditorPerson says:

    @MagicJewball: I laughed into my yogurt!

  24. Slytherin says:

    Someone please slap this kid with a good dose of reality. He needs to get a real job and stop trying to be the next Donald Trump because it ain’t gonna happen.

  25. quantum-shaman says:

    @revmatty: Oooh, good one. Maybe it’s somebody’s little online psychology experiment. I have come across a couple of those.

  26. Youthier says:

    Anyone seen the MTV True Life about bankruptcy? A 23 or 24 year old girl declared for bankruptcy and went to meet with her debt counselor with a $4 coffee.

    Ridiculous!

  27. nweaver says:

    Also, he’s gonna love finding out how judgement proof he really IS when the banks read this and decide to go after his blog add revenue.

  28. madktdisease says:

    @missbrooke06: yes, that was ridiculous. she didn’t feel like paying her $400 a month because she wanted to move out of mommy and daddy’s house. if i were her parents i would have slapped the crap out of her.

  29. aka Cat says:

    I can’t work up a good hate for someone that pathetic. It’s just not worth my time.

  30. Slusy says:

    But if he’s addicted to the attention that he’s getting throughout the blogosphere, by posting a link to his site, aren’t you just enabling him further?

  31. ValkRaider says:

    “the attention feeds continued bad behavior.”

    You mean attention, like articles on The Consumerist? That kind of attention?

  32. catnapped says:

    Lemme guess–it’s “somebody else’s fault” he’s in this mess?

  33. KF4 says:

    What an idiot. How’d he end up with the smoking wife though?

  34. mopar_man says:

    @missbrooke06:

    No I didn’t. There’s nothing but trash on MTV and VH-1 so I don’t even have those stations programmed into my TV.

  35. LTS! says:

    Are we still talking about this? Doesn’t everyone know the best way to make something go away is to ignore it?

  36. mathew says:

    OK, I peeked. Looks as if his wife is getting seriously pissed off. Maybe she’ll ditch the loser.

    Or maybe his next get-rich-quick scheme will be inspired by watching “Indecent Proposal”.

  37. ValkRaider says:

    Slusy: Jinx Jinx :)

  38. TJK Superstar says:

    I’m thinking he’s the one selling the “pictures of iPod” on the eBays.

  39. TJK Superstar says:

    @gorckat:
    AH! Beat me to it.

  40. catnapped says:

    @KF4: Me thinks she smelled the money

  41. @CatMoran: “I can’t work up a good hate for someone that pathetic. It’s just not worth my time.”

    But … but … there’s so much free schadenfreude to be had there!

  42. zibby says:

    Haaaa, I can just imagine this ‘tard making calls to find a buyer for that casino.

    Ya know what? I’ve decided he’s awesome and I back him. I’m going to go give him some money right now, at least if he’s willing to put a shoe on his head or degrade himself in some other way.

  43. ShadowFalls says:

    Is the story is true, he sounds like a complete fool. For starters, you don’t get more than 3 at most to fix up and sell, second the real estate market is in shambles right now, any person who has picked up a newspaper in the last 2 years or been on the internet should know by now.

    How would he get those loans though? I know people who can’t get small loans, let alone multiple mortgages.

    These get rich quick schemes don’t work unless they are scams, and if they are scams, your integrity has to be really low. Also, for someone with no job and apparently now enough money to keep properties from foreclosing, how could he buy a new camera and go off on a vacation? I mean wow, most people can’t do that and they have real jobs.

    Let us not forget his criminal behavior of intentionally lying on his mortgage applications, or the fact he has refused to get a job in over a year. What about his wife who cleans houses just so they can eat? Meanwhile he is at home doing nothing. I am surprised she even stays with him after all this garbage.

    To me, he seems like a straight up fool, he seems lazier than people you could have thought were horribly lazy, and an embarrassment to the name Casey.

  44. MarkMadsen'sDanceInstructor says:

    Honestly, I think people should stop talking/posting about this guy. He LOVES the attention, and the attention earns him advertising money. The more ad money he gets from the blogs and the media, the less likely he’ll ever be to either A) realize the extent of his problems or B) get a real job.

  45. jaewon223 says:

    he should take pictures of his houses and sell those pictures on ebay. get rich real quick!

  46. acambras says:

    I’m no shrink, but most of these get-rich-quick, would-be entrepeneur types (at least the ones I’ve met) have bigtime delusions of grandeur. Legends in their own minds.

  47. star_ says:

    It’s not a hoax. A check of public records will confirm that.

    I’ve been following him since the blog started. Along the way he’s gotten great advice and he’s ignored all of it.

    This guy won’t stop borrowing money until he’s in jail. After he trashed his personal credit, he bought (with borrowed money) an aged shell-corp (Hammar Investments) and in the last money started using that to get and use corporate credit. He paid back rent with corporare credit, took a vacation and bought a couple toys like a $600 camera. All things you can’t legally do with a corporation and it’s credit facilities.

    The guy is a compulsive-debtor. He’s lazy and refuses to get a job. He sleeps half the day away without a care of how many creditors he’s screwed over. He’s only concerned for brief periods when it looks like the debt-train is going to stop.

    He’s come to the attention of several law enforcement agencies but has yet to be charged.

    The real story and facts surrounding Casey Serin can be found here;

    http://exurbannation.blogspot.com/

  48. skittlbrau says:

    Ugh, I have been reading his blog and feel like I need to take a shower. What is apparent to me immediately is his ridiculous sense of entitlement.

  49. mac-phisto says:

    i think this guy’s case is interesting for two reasons:

    1) you know all those late nite infomercials on tv about increasing your net worth thru real estate? that’s where this kid got his ideas. why is this important? as stupid as this kid was for trying to do what he did, someone else is making a buttload of money simply telling people to do what he did. some of what they say is unethical & borderline illegal.

    example: check out this story on ross whitney, scumbag of the universe:
    http://select.nytimes.com/gst/abstract.html?res=F00D11FA35

    2) there’s some insight into the young kids out there & what their world is like. many of those in generation y (most original name for a generation yet) find themselves in low-wage, low-skilled work with little or no chance at advancement. even college graduates are working menial jobs just trying to get by. when they see their parents working 20+ years in a job only to get laid off & have their pension pulled out from under them, that can really change a person’s (& a generation’s) perspective.

    strike up a conversation with a young kid (early 20’s) these days – it’s really an eye-opening experience. these are the kids that are going to be impacted by rapid economic & social decline when they grow up. not exactly somthing to look forward to.

  50. @acambras: “Legends in their own minds.”

    Hee hee!

  51. Nygdan says:

    “aren’t you just enabling him further”

    Who cares? Let him think that this attention will save his troubles, it certainly won’t. Then the crash will be all the more spectacular. Heck, he could be blogging from jail before long, that’d be great.

    The cited article has a link to his Flickr page. He has 499 photos in his photostream. That means he is paying cf. $25 a month to pay for the ‘pro’ service, on top of everything else. He probably will close the book deal, but even that won’t clear out all his debts, bankruptcy or not.

    He’s definitly designed everything to draw in attention, stir up buzz, and try to cash in on it. But he probably thought he would be able to “flip” the 8 houses at first, and is using this as a hairbrained backup ‘plan’. From the flick photos, I almost get the impression that Jamba Juice is paying him, or maybe he is just hoping to get them to pay him.

    The funny thing is that this guy is what they call a ‘credit criminal’, but he’s STILL able to get tons of credit. It just shows how pointless all the hurdles are that they make people go through.

    You can even see that his credit score drops nearly 300 points in less than a year, but he’s still getting credit.

    Man, train wrecks sure are intersting.

  52. DeeJayQueue says:

    6 foreclosures? He can’t even finance bubblegum now. Seriously, how can he ever hope to get anywhere near buying a new car, signing a lease, etc. ever again?

  53. Techguy1138 says:

    He will never get in trouble. He seems to fit the mold of a business amn or ceo. He took a risk an lost. He is going to be sucessful by taking more risks until one of his schemes pay off.

    I heard somewhere the Hershey of the choclate fame went bankrumpt 17 times before he made a fortune on choclate.

    I have a feeling this prick will make back all of the money he stole and a tidy little profit on top. Once he does that he will make a career telling people his life story and how he forged on through his trouble times.

  54. kenposan says:

    He has major issues. I would liken him to a someone with a gambling addiction, only instead of slots or poker, it’s real estate get-rich-quick schemes.

    Read the story on C/Net but skip his blog. No need to reward negative behavior.

  55. soundmind says:

    Declan McCullagh at C|net has published perhaps the first article on Casey Serin that doesn’t gloss over the many crimes he committed in the process of attaining those loans and losing those houses.

    There was another article, several months back, by a mortgage fraud specialist (the “Scotsman Guide”, I believe?) who interviewed the kid to learn that he had gone so far as to take cash back at closing via a third party shell corporation.

    Exurbannation is a great blog on this, as is
    this one.
    The first is written by an economist, the second by someone who does a great job of profiling the kid.

  56. segfault, registered cat offender says:

    The summary doesn’t mention that he committed mortgage fraud to obtain the loans on all eight homes, listed most of them as owner occupied, and stated his income as high as $300,000 (which was based not on real income, but on the amount of income he hoped to make by flipping the properties). He used no-doc loans to accomplish this, so that they wouldn’t try to verify his income. This is why he deserves to go to prison.

  57. tubgnome says:

    Casey Serin is a gay man… not that there’s anything wrong with that!!

  58. AnnieGetYourFun says:

    A bevy of hare-brained scheme?

    Doesn’t “bevy” mean “group of”?

    Not to go all nerd-editor on y’all, but I think you meant “doozy”.

    Unless you meant “a bevy of hair-brained schemes”. And why is his name hyphenated?

  59. Youthier says:

    @mopar_man: MOST everything on MTV and VH1 is crap. Honestly, True Life is a pretty interesting show that focuses on a topic “I’m Broke”, “I’m in a Biracial Relationship”, etc. and follows two to three people around documentary style.

    You can tell it’s worthwhile because you have to try really hard to find it on at 3am after all the reruns of whatever Real World challenge they’re currently forcing on kids.

  60. virgilstar says:

    Anyone that drinks jamba juice is pretty FUBAR in my opinion, foreclosures or not. There’s some pretty funny stuff out there in the blogosphere about this guy. Use of the term “attention whore” is an insult to attention whores everywhere.

  61. mopar_man says:

    Honestly, True Life is a pretty interesting show that focuses on a topic “I’m Broke”, “I’m in a Biracial Relationship”, etc. and follows two to three people around documentary style.

    Does it have anything to do with music?

    Just going through this douchebag’s Flickr photos, I see he’s a complete moron (which was already known for the money he’s in debt to). He got a speeding ticket for going 90 on the way to his little vacation resort. I also see why most of his properties didn’t sell. Most of them are shitholes. Did he even try to fix them up? And what’s with the manpurse he seems to always have with him? Not surprising his stereo got jacked. I never once posted pictures of the stereo I had in my old car. It’s not hard for people to figure out where you live.

  62. Antediluvian says:

    @MagicJewball:
    re: wearing 3 shirts:
    Maybe he’s just cold and is trying to save money on heating bills?
    Nah, he’s probably got the A/C cranked way up.

    @tubgnome:
    re: he-who-won’t-be-named is a gay man:
    Where the heck did that come from? Why the insult to gay men everywhere? What did we ever do to you to have you tell us what’s-his-face is playing for our team? I don’t want him — and those “smokin’ wife” comments suggest your comment was just an insult and not a statement of fact.

  63. oldhat says:

    Ha. Ha. Ha.

  64. rmz says:

    This guy’s web site is one gigantic train wreck and I can’t decide if it’s horrific or amazing.

    Whatever the case, it’s really entertaining to see this guy find reality catching up to him. What’s that? You think that borrowing money to go to Tahoe while looking at $200,000+ in debt is a good idea? Let me know how you like Bubba when you get hauled off to prison for intentionally defrauding those lenders.

    Better yet, just give me your wife’s number. It doesn’t sound like she’s going to be around you for much longer.

  65. mattbrown says:

    boo hoo :'(

  66. Batmanjr says:

    I’ve followed his story from the beginning. This guy is a class A douche. I feel bad for his wife, but not that bad. This has gone on for far too long and she has a lot to lose as well. Heck, she’s already quit school to help this schmuck out of the debt he incurred following his dream.

    I really hope the law catches up to him. It would be the perfect way to make an example of these people committing mortgage fraud.

    But yes do NOT go to his blog and give him advertising revenue. For more entertainment search for “Casey Serin haterz” other sites are way better.

  67. billhelm says:

    @Nygdan: a flickr pro account costs 25 per year, not per month.

  68. bhall03 says:

    I had heard about him, forgotten about him and now Consumerist is feeding his habit…the need for attention.

  69. Kalik says:

    I just checked out his homepage (directed from Violent Acres, and then coincidentally saw the guy on here as well).

    Three words: OH MY GOD.

    How much more arrogant can he get?! Clearly, he hasn’t fully grasped the seriousness of his situation. AND he’s married?!

    In the words of Red Foreman, “You’re a dumbass!”

  70. ahwannabe says:

    @Techguy1138: Yeah, hate to say it, but I think you’re right. Make this guy 44 years old and put him in the movie industry instead of real estate, and you’ve got my old boss. He’s still out there, still screwing people over, and probably always will be.

  71. crankymediaguy says:

    I’ve got $5 that says this asshole supports George Bush and the Republicans and still thinks that the Iraqis were behind the 9/11 attacks.

    He certainly projects an image of not being part of the reality-based community.

  72. toiletduck says:

    @crankymediaguy: Way to drag politics into the hatefest.

  73. schvitzatura says:

    Galina? Mail order bride from Bulgaria, some?

    Probably used some of his shady liquidity to bring this sweet thang over from the mother country!

    Shades of Lee Harvey Oswald; a sub-prime posterboy patsy…

  74. Dr. Housing Bubble says:

    Casey is the anti-hero. In one week, he was able to raise $2,200+ simply by selling links on his site. Not only that, he has finally monetized his site with Yahoo! Publishers Network and Kontera ads. With his traffic ratings he will probably make approximately $2,300 to $3,500 a month. Not bad for blogging on a topic which he has utterly failed (that is real estate investing).

    He has the potential to succeed for his failure. Kind of like Bush telling us war is peace.

    Dr. Housing Bubble
    http://drhousingbubble.blogspot.com