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Grauniad: Beware The Detroit Buy-To-Lets Being Marketed To Unwary Uk Investors


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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.

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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

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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 by 200p
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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.

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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.

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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/

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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 by Si1
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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. :lol: 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.

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