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Squat for Savvy Sam!
Earlier today I got a call from Savvy Sam. Savvy Sam lives down in south Florida but owns a property in Poinciana that he purchased back in July of 2005 and has been trying to sell ever since. He bought this new construction home, sight unseen, with the good intention of selling it for a profit after it was completed. Why not? Everyone else was and heck he only needed to put down $11,000(5% of $220,000). Even though he had never heard of or seen Poinciana, the builder and affiliated Real Estate company assured him that $220,000 was a good deal and that he would be able to sell it as soon as construction was completed for $265,000.
So, based on what they had told him, he figured he could easily turn his $11,000 "investment" into a cool $28,000 profit! Savvy Sam had just immigrated to Florida a few years ago, from Pakistan, so this really sounded like the American dream to him. What a great country! Work hard, make a few sound Real Estate investments and voila....the easy life.
Anyway, when I spoke to Savvy Sam this morning, he didn't sound so excited about this house any more. His house has been ... more

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