Buy To Let Detroit U.S.

taxidermist

If you are thinking of a buy-to-let investment in Detroit be well warned, as I have experienced nothing but problems. The Management Company that I was allocated after buying through a U.K. agent are now under investigation by my U.S attorney and the Department of Licensing and Regulatory Affairs (aka LARA). My complaint relates to fraud,deceipt and malpractice. To make matters worse the tenant has defaulted on 3 months rent from 6 months due, managed by a second Management Company. As I am retired on a poor pension, I was looking for this income as a supplement. Nor am I alone, as I have contacted other investors in a worse predicament. In conclusion, put your money under the bed as the investment market sucks. I give them 1 out of 10 for the ultra fast transfer of my funds.

G_M

WRF!

Are you bonkers?

You handed over your cash to some company, outside of regulation, to invest in a geographic area you don't know, in a country where you don't live (or do you?), & in a market sector you are clearly unfamilar with?

There is nothing wrong with 'investment markets' provided you invest with a little basic common sense.

Sorry to sound unsympathetic, but this is like people who get a phonecall out of the blue from a company they've never heard of, who promise them 100% returns in 3 months if they send £100,000 over to Nigeria within the next 24 hours, and then complain they were tricked out of their pensions....

What's more, I'm sure there is nothing wrong with entering the BTL market in Detroit ... provided you buy the right property and manage it appropriately.

Just as you would in Wolverhampton.

Taiko

If you want to PM me, as well as send me around £2000, I can do some work for you to help you recover your cash.

geoffky

Too much money and not enough common sense... I personalty have not one ounce of sympathy for you...You gambled..You lost..

G_M

Taiko wrote: »

If you want to PM me, as well as send me around £2000, I can do some work for you to help you recover your cash.

Now come on Taiko - you know touting for business is against forum rules!

If you want to offer your Investment Recovery Services, do it like the rest of us:

Identify the phone numbers of over 75s who are cash-rich and ring them up.

BitterAndTwisted

DETROIT?

For pity's sake their are tens of thousands of empty homes out there: no-one is going to rent if they can squat.

Hint: if you want to lose more money "invest" in Toledo or Youngstown, in Ohio. Or maybe Gary, Indiana.

PasturesNew

They're cheap http://www.rightmove.co.uk/rss/overseas-property/find.html?locationIdentifier=WORLD_REGION^195226&sortType=1&currencyCode=GBP

googler

I've seen Detroit described as a 'war zone' by American citizens on other forums.

There's been articles like this

http://patricksauer.com/index.php/Folksy-Articles/detroit-is-dying-a-other-tales-of-urban-decay.html

all over the internet for years.

I can't imagine why anyone would choose to invest there, of all places, and I'm sure this has been discussed here before..... hang on, let me looksee .... ah, yes, here it is

https://forums.moneysavingexpert.com/discussion/4010721

Post #2