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I wonder how many more there are...
Old 10-06-2006, 12:45 PM   #1
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I wonder how many more there are...

24 YO schmuck got suckered in by Kiyoassclown, et al. and decided he would make a bajillion as a flipper. :

I wonder how many there are like him: no money down multiple purchases of overpriced houses financed with "liar's loans"?

http://iamfacingforeclosure.com/
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Re: I wonder how many more there are...
Old 10-06-2006, 12:50 PM   #2
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Re: I wonder how many more there are...

Quote:
Originally Posted by brewer12345
24 YO schmuck got suckered in
Apparently he skipped over the parts of Kiyosaki's books where he mentions inadequate cashflow and sleeping in his car...

Hey, at least the guy's six years ahead of Dave Ramsey in experience!
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Re: I wonder how many more there are...
Old 10-06-2006, 01:12 PM   #3
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Re: I wonder how many more there are...

Wow. Just wow. This dude might end up in prison for fraud. Idiot. Idiot. Idiot. And his blog just might be making a guest appearance in a courtroom near you.

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Re: I wonder how many more there are...
Old 10-06-2006, 01:28 PM   #4
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Re: I wonder how many more there are...

Yes, he freely admits facts constituting bank fraud on the site.

A lot of the comments are just as outrageous. Lots of incorrect and incomplete legal advice.


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Re: I wonder how many more there are...
Old 10-06-2006, 01:54 PM   #5
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Re: I wonder how many more there are...

Quote:
Originally Posted by justin
Wow. Just wow. This dude might end up in prison for fraud. Idiot. Idiot. Idiot. And his blog just might be making a guest appearance in a courtroom near you.
It probably feels so good to come clean... at least until the indictments & judgments come rolling in.
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Re: I wonder how many more there are...
Old 10-06-2006, 02:03 PM   #6
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Re: I wonder how many more there are...

Quote:
Originally Posted by justin
Wow. Just wow. This dude might end up in prison for fraud. Idiot. Idiot. Idiot. And his blog just might be making a guest appearance in a courtroom near you.

Who knew Forrest Gump was a 24 YO flipper?
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Re: I wonder how many more there are...
Old 10-06-2006, 02:55 PM   #7
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Re: I wonder how many more there are...

http://www.sfgate.com/cgi-bin/articl...carollloyd.DTL

Get rich schemes never work. Some flippers are getting socked because they don't have the sense nor the astute real estate knowledge to know when the market starts to tick downwards. I spoke with my broker who's bought and sold in the SF area for 30 years and she confirmed many people who bought in the last couple of years and used *creative* financing will have houses worth less than their loan amounts pretty soon.

BTW - his story reminds me of the dot com stock market bubble with folks buying on margins.
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Re: I wonder how many more there are...
Old 10-06-2006, 03:14 PM   #8
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Re: I wonder how many more there are...

shouldn't this be on a Kiyosaki thread?
Quote:
After spending a year and upward of $15,000 (borrowed on credit cards) going to real estate seminars and buying home education courses from everyone from Russ Whitney to Bruce Norris and, of course, the aforementioned Robert "Rich Dad, Poor Dad" Kiyosaki, Serin embarked on his brilliant career as a real estate flopper, er, flipper. ...referring to "passive income," a key tenet of the "Rich Dad, Poor Dad" scriptures ...Taking a page from the no-money-down gurus he had already ruined his credit scores learning from, he didn't let the fact that he was under-employed with no financial assets slow him down...
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Re: I wonder how many more there are...
Old 10-06-2006, 03:18 PM   #9
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Re: I wonder how many more there are...

Yeah, I saw that, d. I frankly never paid attention to Kiyosaki, hence the lack of reference to any threads here. REW or Martha can move my post to the appropriate forum.
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Re: I wonder how many more there are...
Old 10-06-2006, 03:19 PM   #10
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Re: I wonder how many more there are...

Yeah, people braggs about buying real estate with no money down but they don't bragg about making the payments when their properties just sitting there unsold.

We got to give the kid the credit, he got to be pretty slick or he got a hold of a bunch of dumb bankers.
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Re: I wonder how many more there are...
Old 10-06-2006, 03:35 PM   #11
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Re: I wonder how many more there are...

Quote:
Originally Posted by cube_rat
Yeah, I saw that, d. I frankly never paid attention to Kiyosaki, hence the lack of reference to any threads here. REW or Martha can move my post to the appropriate forum.
I merged ya.
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Re: I wonder how many more there are...
Old 10-06-2006, 03:50 PM   #12
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Re: I wonder how many more there are...

Quote:
Originally Posted by justin
Wow. Just wow. This dude might end up in prison for fraud. Idiot. Idiot. Idiot. And his blog just might be making a guest appearance in a courtroom near you.
An idiot, indeed. However I doubt any bank would take him to court. He has nothing. Actually now he has less than nothing. At worst, he might be indicted by state DAs.

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Re: I wonder how many more there are...
Old 10-06-2006, 06:55 PM   #13
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Re: I wonder how many more there are...

Quote:
got to give the kid the credit
someone beat you to it: "After spending a year and upward of $15,000 (borrowed on credit cards) ... even if he can sell all of his properties... he'll still be $200,000 to $400,000 in debt"
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Re: I wonder how many more there are...
Old 10-06-2006, 06:59 PM   #14
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Re: I wonder how many more there are...

Quote:
Originally Posted by d
someone beat you to it: "After spending a year and upward of $15,000 (borrowed on credit cards) ... even if he can sell all of his properties... he'll still be $200,000 to $400,000 in debt"
the real kicker has got to be the conclusion: " I could file for bankruptcy," he pauses. "Or I could see if I can do a few more real estate deals." he obviously has never heard of the "first rule of holes".
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Re: I wonder how many more there are...
Old 10-06-2006, 08:07 PM   #15
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Re: I wonder how many more there are...

Quote:
Originally Posted by Mach1
We got to give the kid the credit, he got to be pretty slick or he got a hold of a bunch of dumb bankers.
Sadly, he didn't have to be very slick. There are many, many lenders that let their standards get awfully loose over the years, so much so that the federal regulators recently issued "guidance" (read: transgress at your peril) about "non-traditional" mortgages, like the ones this kid got. Most of his loans are either subprime or loans where the lender agrees that they won't confirm/check up on the income figure you put on the loan app (nudge, nudge, wink, wink, say no more).

It will all end in tears. But then again, we could say that about so many things.
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Re: I wonder how many more there are...
Old 10-07-2006, 01:21 AM   #16
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Re: I wonder how many more there are...

I thought it was a hoax but a "Casey Serin" does own the Dallas house.

http://www.dallascad.org/AcctDetailR...00792898000000

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Re: I wonder how many more there are...
Old 10-07-2006, 09:58 AM   #17
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Re: I wonder how many more there are...

I think this type of thing will happen more and more. These guys used too much leverage and waited for the appreciation to bail them out. When the appreciation stopped and receded they got screwed. I'll be glad when things return back to normal and everyone takes their money to the stock market. 8) Then I can go back to making money with less competition.

Personally, I've been looking at selling most of my 26 units and keep 9 mostly paid for properties. After running the numbers the cashflow would be very similar with less headaches tenants.
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Re: I wonder how many more there are...
Old 10-07-2006, 11:44 AM   #18
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Re: I wonder how many more there are...

Quote:
Originally Posted by eridanus
I thought it was a hoax but a "Casey Serin" does own the Dallas house.
Ahh, so it is true.

Hah!

I wonder if it ever occurred to him to spend less time on your "blog" and chronicaling your stupidity and more time getting out and taking care of business.

"Oh, look how everything imploded on me and how big of an idiot I am." Moronic at best.

Why do these articles get me so flustered?

Credit ratings don't mean much to me, if they ever did, with this stuff going on.

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I wonder how many more...
Old 10-07-2006, 03:32 PM   #19
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I wonder how many more...

Here's a story of someone who fashioned himself an investor but turned out to be just a criminal. We're going to see a lot more of these real estate investor is outed as fraud stories in the near future:

http://sfgate.com/cgi-bin/article.cg...carollloyd.DTL

EDIT: I merged this message into an existing thread on the same topic REW
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Re: I wonder how many more there are...
Old 10-07-2006, 04:24 PM   #20
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Re: I wonder how many more there are...

I'm listening to the Brinker radio program while reading posts. A commercial just came on advertising a real estate investment program from "Kessler" somebody.

It had all of the normal catch words:

- "Anyone can get rich in RE"
- "Time proven"
- "Money making secrets"
- "Make $10k/month without working"

Unbelievable.

MB



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