Casey now wants to assume island mortgages

Casey posts on his island2012 blog that he should just take over payments for a mortgage on a private island.

Apparently he thinks that a seller of an island is just as sophisticated and just as motivated as the owner of a crackhouse.

People who own islands, especially tropical islands that have the size of what Casey needs for his pie-in-the-sky venture, are quite sophisticated. In this economic environment, I guess it's possible that they could be motivated if they are overleveraged, but many of them are not going to be mortgaged. People who can afford these islands generally buy them with cash.

But if the seller is actually motivated to sell, what undermines all of this is that Casey Serin would be in charge of buying the island! The seller does just one Google search and the deal is off.

And Casey's idea of assuming the mortgage or getting seller financing is ridiculous because the seller will know there is a 99% chance of having him default on it. What interest rate do you charge for a 99% probability of default? (Okay, maybe it's a 100% probability --- I was trying to be nice!)

Casey says this is "easy" as if he has dealt with this so many times. This is a classic example of Casey taking his life experiences and extending them to an area for which he has no experience and no clue...although similar results can be expected (i.e. a quick default). Casey couldn't care less about his obligations to the seller.

The only way somebody takes him up on such a ridiculous offer is if the island has a serious problem of some kind, like toxic waste issues. The seller shouldn't worry about this because Casey isn't interested in the fine print. He is a sophisticated investor so he can't be bored with the details and he doesn't need an attorney to review his contracts. The seller would just take whatever down payment Casey would give him and call it a win.

But Casey loves doubters, right? He's got it all figured out. Of course he skipped past that little detail about sponsorship and a solid business plan, and went straight to buying the island...but don't worry because Casey has been thinking really hard about it and you should give him credit for that. I mean, you just have no idea!