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The myths of guaranteed investment property
You’ve probably seen web pages with enticing offers about guaranteed investment property in Florida: |
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Double your money in two years! |
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Let the renters pay for your second home! |
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Pay us $5,000 up front now you’ll get $50,000 in rentals! |
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Well, we can’t over-stress this:
Watch out - if it seems too good to be true, it probably is!
Florida is a great place to buy a piece of real estate, and guaranteed investment property is a fabulous goal - but you need to be more wary about these offers than almost any other purchase you’ve ever entered into.
Need more convincing? Here is an extract from the Orlando Sentinel on April 29th 2006:
Kissimmee attorney receives 5 years in prison
A suspended Kissimmee attorney has been sentenced to five years in prison for his participation in a fraudulent investment scheme.
S. Craig Wakefield must pay victims more than $220,000 in restitution after pleading guilty to one count of racketeering and a count of securities and investment fraud.
Wakefield . . . . solicited investors from all over the country, telling them they would receive a "guaranteed" return of 10 percent to 12 percent on their investments. Wakefield and his accomplices collected more than $376,000, but the victims never received promised returns.
This is just one example. Whether it’s Florida investment property, company shares or whatever, the promise of guaranteed income is more than likely a high-risk lure, even if you’re talking to an attorney, a Realtor or anyone. We also believe that it’s illegal under Florida law - but do let us know if we’re wrong on that! |
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