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International Buyers! Beware of US Investments!
The other day I received an email from a UK Buyer who purchased several homes in Detroit a few years ago. Apparently they responded to an “ad” that claimed easy-money, cash flowing properties that are remodeled and tenanted and a GREAT DEAL at $45,000 a pop AND the company that was offering this fantastic opportunity was going to manage the properties as well! Wow, talk about picking bills off of the money tree!
I am sure that this must’ve sounded like a super great deal…unless you understand the Detroit market and the challenges that the city is facing. Keep in mind that this was 2011 when these properties were purchased. Detroit has come a long way, and can be a good investment, but if you are an international Buyer, you have to know what you’re dealing, and more importantly, WHO you are dealing with.
The initial contact with me was because I am a builder, in addition to being a Realtor. They wanted me to go to each property and see what the “state of the state” was. Before I was going to take a dime from them for that service as a builder, I started my homework with title.
The ... more

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