Did Casey Serin Ever Intend to Repay His Dubious Loans?

I've often wondered if Casey Serin's whole "woe is me" routine isn't entirely staged for the benefit of his creditors and the legal system. After all, it's so easy to say that, as a 24-year old caught up in the fast money of the real estate boom, that he was mislead and subsequently dove in head first.

Certainly, I think this is what Casey Serin would like the world to believe about him. After all, he repeatedly goes out of his way to use phrases like, "I never intended to..." or "It was not my intent to..." But the reality is that he was running his mortgages like a pyramid scheme. By his own admission, Casey Serin was taking cash-back at the close of a house purchase, then treating that money like income.



Casey Serin has said that he received anywhere from $15,000 to $50,000 from the close of most of his properties. At one point, he surmised that this totaled somewhere around $160,000 total. For a kid without any real education to speak of and limited job prospects, this was almost certainly the largest amount of money that Casey Serin had ever been in possession of.

When faced with the prospect of actually investing that money into the properties he had bought, the dollars themselves might have become a little too sticky. It would no doubt have been difficult to part with that money in order to invest it in the properties themselves. Then, when faced with the actual amount of work involved to "fix and flip" the houses, Casey Serin might have concluded that he was better off pocketing the cash.

After all, he had already pulled the future equity out of the houses via his cash-back schemes. If there's any particular pattern that Casey Serin has displayed through his various blog posts, it's that he's easily overwhlemed and, quite frankly, a lazy bastard. Had Casey Serin noticed how the real estate markets in which he was invested were starting to nose-dive, he would have concluded that he was far better off keeping the cash he had already been handed.

Certainly, Casey Serin's lifestyle betrays any hint of sincerity at repayment. He is still taking out loans, some say in his father Aleksey Serin's name. Other bloggers point out that there are still more unsecured loans in Galina Serin's name. Meanwhile, he spent anywhere from $5,000 - $18,000 for a one-week tutorial at the aptly-named Nouveau Riche University of real estate studies in January of 2007.



Ah, there's that word again...intent. So Casey Serin is running around the country applying for loans and credit. This time he's doing in under the guise of some sort of corporate entity--which he doesn't even understand well enough to not call it a 'shelf corp.'

Personally, if I were one of Casey Serin's creditors, I wouldn't exactly see this type of spending habit as intent to repay. Considering that he mentions some type of "shell corporation" in that post, I would actually surmise that he's continuing his habit of signing his name for cash with no intent of repayment.

Casey Serin has mentioned several times that he does indeed have income. This is typically thrown out defensively as he pouts to his criticws that he is too a big boy.



But Casey Serin's creditors should heed these repeated admissions. He's admitted to receiving income from various methods of monetizing his website, through various 'deals' he has made with other real estate folk, through some type of consulting work, and most recently on his 'live chat' when he said that someone out there currently owes him $5,000 for something.

Yet Casey Serin is telling his creditors that he has no income.



As Casey Serin's blog readers and podcast listeners can attest to, Casey Serin has not spent even one hour "looking for full-time employment." And he's still telling the world that he's a successful real estate investor. He's still shopping for real estate, still looking for "sweet deals", still a menace to society.




Yet ironically, Casey Serin still talks about the possibility of declaring bankruptcy. He doesn't seem to understand that bankruptcy protection will not apply to the monies he gained through fraud. But it does seem that Casey is waiting to play this card until all of this properties have been foreclosed upon.

Between the blog posts, the blatent fraud, and the lifestyle that includes lounging around napping, it's my best guess that Casey Serin has no intention of repaying his loans. Only he and Galina know if they ever intended to.