Bland Unsight Posted August 2, 2014 Share Posted August 2, 2014 We don't have a subforum for the Detroit market, so I figure this board is the place. From the Guardian Beware the Detroit buy-to-lets being marketed to unwary UK investors If Pat Njagi had any nagging doubts about her buy-to-let investment in Detroit, they were surely confirmed last February when she was told that she wouldn’t be receiving that month’s rent. The reason? Her rent collector had been shot, robbed, and left to die on a doorstep. A fool and his money are soon parted. Not exactly a barrel of laughs with naive 'investors' being conned and violence in the wreckage of Detroit as a back drop, but it does go to show that there are still people who believe that you cannot go wrong with property, regardless of the context. Quote Link to comment Share on other sites More sharing options...
little fish Posted August 2, 2014 Share Posted August 2, 2014 Story looked sort of familiar to me, quick google and here's the Guardian 'advertisement' for BTL in Detroit from 2011. I remember commenting on it at the time. http://www.theguardian.com/money/2011/jan/30/buy-to-let-repossessed-homes Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted August 2, 2014 Share Posted August 2, 2014 Story looked sort of familiar to me, quick google and here's the Guardian 'advertisement' for BTL in Detroit from 2011. I remember commenting on it at the time. http://www.theguardian.com/money/2011/jan/30/buy-to-let-repossessed-homes Beat me to it.... We had a thread http://www.housepricecrash.co.uk/forum/index.php?showtopic=158761 Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted August 2, 2014 Share Posted August 2, 2014 "the teacher" tells you everything really. Quote Link to comment Share on other sites More sharing options...
davidg Posted August 2, 2014 Share Posted August 2, 2014 "the teacher" tells you everything really. WTF is up with teachers and BTL? Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted August 2, 2014 Share Posted August 2, 2014 WTF is up with teachers and BTL? They know best? Quote Link to comment Share on other sites More sharing options...
MarkG Posted August 2, 2014 Share Posted August 2, 2014 WTF is up with teachers and BTL? Teachers can't do maths? Quote Link to comment Share on other sites More sharing options...
winkie Posted August 2, 2014 Share Posted August 2, 2014 Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted August 2, 2014 Share Posted August 2, 2014 WTF is up with teachers and BTL? Aren't their pensions generous enough already? Greedy ****s Quote Link to comment Share on other sites More sharing options...
200p Posted August 2, 2014 Share Posted August 2, 2014 Buying overseas investments where you can't just nip over to check things out - you might as well give the money away. Quote Link to comment Share on other sites More sharing options...
200p Posted August 2, 2014 Share Posted August 2, 2014 (edited) WTF is up with teachers and BTL? It is all about conforming, and it starts at a young age. Rich Dad Poor Dad said; The A grade students work for the government The B grade students work for private enterprise The C grade students become entrepreneurs Edited August 2, 2014 by 200p Quote Link to comment Share on other sites More sharing options...
chronyx Posted August 2, 2014 Share Posted August 2, 2014 It is all about conforming, and it starts at a young age. Rich Dad Poor Dad said; The A grade students work for the government The B grade students work for private enterprise The C grade students become entrepreneurs I let myself ponder that for a second and bugger me if it isn't actually pretty damn accurate. Quote Link to comment Share on other sites More sharing options...
Ulfar Posted August 2, 2014 Share Posted August 2, 2014 I can't believe someone would spend £30k on a repossessed house in Detroit USA. They are demolishing whole neighbourhoods because they are worth feck all. What makes this worse is the problems in Detroit have been around for decades, yes the authorities over there are trying to improve the city. Still you don't go piling in when you live thousands of miles away and don't know the lie of the land. Blimey I would want to know an area before buying in this country. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 2, 2014 Share Posted August 2, 2014 I mean what could possible go wrong buying a slum home in a city full of gun crime and being abandoned by it's inhabitants! Someone really did their research before parting with hard cash. Quote Link to comment Share on other sites More sharing options...
Si1 Posted August 2, 2014 Share Posted August 2, 2014 I love the implication that since they only invested 20 or 30 grand then what could they lose 20 or 30 grand for starters... Quote Link to comment Share on other sites More sharing options...
jasonpistol Posted August 2, 2014 Share Posted August 2, 2014 "The majority of our properties are sold within 48 hours after an email launch so don’t miss out on your chance to secure proven high returns" those famous words Quote Link to comment Share on other sites More sharing options...
long time lurking Posted August 2, 2014 Share Posted August 2, 2014 I can't believe someone would spend £30k on a repossessed house in Detroit USA. They are demolishing whole neighbourhoods because they are worth feck all. What makes this worse is the problems in Detroit have been around for decades, yes the authorities over there are trying to improve the city. Still you don't go piling in when you live thousands of miles away and don't know the lie of the land. Blimey I would want to know an area before buying in this country. But they do http://www.housepricecrash.co.uk/forum/index.php?/topic/194828-detroit-deals/ Quote Link to comment Share on other sites More sharing options...
Si1 Posted August 2, 2014 Share Posted August 2, 2014 (edited) It is all about conforming, and it starts at a young age. Rich Dad Poor Dad said; The A grade students work for the government The B grade students work for private enterprise The C grade students become entrepreneurs But A grade students don't commonly become teachers...Edit: looking at the blurb for the rich Dad poor dad book, it says A students get qualified and work in private industry, B students work for the government, and C students become entrepreneurs; that makes more sense to me... Edited August 2, 2014 by Si1 Quote Link to comment Share on other sites More sharing options...
Venger Posted August 3, 2014 Share Posted August 3, 2014 I love the implication that since they only invested 20 or 30 grand then what could they lose 20 or 30 grand for starters... A City where low rents are required, to attract entrepreneurial restructuring workers, to give it any opportunity to come back. It is actually now attracting some investment, although I'm suspicious of the motivation (one bank recently invested a load of $). Some of the building codes are quite strict (including keeping property/gardens/hedges tidy in what must be the less violent areas) with Detroit looking at raising revenue on those who don't comply. "We had money in premium bonds and savings in this country, getting almost no returns, and we couldn't afford to buy an investment property here. Then we heard about buying in the US," says Lynn Duggan, a clinical co-ordinator from New Malden in Surrey. Yes; UK hpi landlords only goes up. Bet that 0% looks good now. Can only hope Detroit has ways to pursue UK home-owner investors for what they owe in property taxes etc. Forget them thinking about what could have been and wishing they'd bought a UK investment property instead (had they the money). Get them out of their own residential homes. Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted August 3, 2014 Share Posted August 3, 2014 You only need to watch Robocop to know investing in Detroit would be a bad idea. But I'd rather BTL were investing there, than the UK. Quote Link to comment Share on other sites More sharing options...
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