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]
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“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.
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?
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.
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.
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.
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.
Casey Serin is a gay man… not that there’s anything wrong with that!!
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?
@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.
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.
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.
@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.
Ha. Ha. Ha.
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.
boo hoo :’(
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.
@Nygdan: a flickr pro account costs 25 per year, not per month.
I had heard about him, forgotten about him and now Consumerist is feeding his habit…the need for attention.
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!”
@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.
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.
@crankymediaguy: Way to drag politics into the hatefest.
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…
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