Buy a piece of Florida real estate and get some guaranteed income property! You’ve probably seen the web pages:
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“Double your money in two years”
- “Let the renters pay for your second home”
- “Pay us $5000 up front now you’ll get $50000 in rentals”
It sounds great, doesn’t it? And there’s so many offers, they can’t all be scams, can they? They’re so convincing. The web sites are so professional. And they can prove everything with detailed figures. Guaranteed income property must be real!
Well – watch out !!!!! Florida is a great place to buy a piece of real estate, and guaranteed income property is a fabulous goal - but the usual warnings apply:
If it seems too good to be true, it probably is!
Need more convincing? Please read the news report below before you do anything else. It is highly relevant to the topic of guaranteed income property and it appeared in the Orlando Sentinel on April 29th 2006:
Kissimmee attorney receives 5 years in prison
S. Craig Wakefield must pay more than $220,000 to investors he defrauded.
A suspended Kissimmee attorney has been sentenced to five years in prison for his participation in a fraudulent investment scheme, the state Attorney General's Office announced Friday.
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 in Circuit Court in Orlando.
Wakefield, 56, incorporated a business called First American Tax Lien Fund and solicited investors from all over the country, telling them they would receive a "guaranteed" return of 10 percent to 12 percent on their investments, officials said. Wakefield and his accomplices collected more than $376,000, but the victims never received promised returns.
"Con artists are always trying to sell their once-in-a-lifetime deals," Attorney General Charlie Crist said in a prepared statement of the case prosecuted by his Office of Statewide Prosecution. "Consumers should remember that if it sounds too good to be true, it probably is."
Two of Wakefield's co-defendants, Hasmukh D. Patel and Jignesh Gandhi, already have entered guilty pleas and paid restitution of $150,000. A third co-defendant, Virbala Patel, is at large.
Wakefield was booked into the Orange County Jail.
In 2003, the U.S. Commodity Futures Trading Commission -- one of the federal agencies investigating bankrupt energy giant Enron -- was looking into another Wakefield company. The commission, in a civil complaint filed in federal court, alleged that InterTrade Forex, operated by Wakefield and an English business partner, "cheated and defrauded" and "willfully deceived" investors with phony ads showing how its traders doubled investors' money in little more than a year. A federal judge signed an order granting a motion for default judgment in 2005.
In more than two decades in Kissimmee, the one-time real-estate lawyer served as chairman of United Way of Osceola and as ward clerk for the Church of Jesus Christ of Latter-day Saints.
I’m sure you get the idea – whether it’s tax liens, rentals or whatever, the promise of guaranteed income property is more than likely a high-risk lure. Whether you’re talking to an attorney, a Realtor or anyone. And we believe that it’s illegal under Florida law (but do let us know if we’re wrong on that!).
So . . . . . if you’re still convinced that guaranteed income property is for you, please contact us – we have a bridge in Brooklyn that we’d like to sell you.
On the other hand, if you’re looking for:
- The real story about how things work in the Florida real estate market,
- The risks as well as the rewards,
- And a no-holds-barred view of whether investing in Florida real estate is the right idea for you,
. . . . then please contact us:
