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Scams, ignorance burn foreign RE investors in Detroit

By lostand confused follow lostand confused   2015 Dec 9, 2:35pm 504 views   0 comments   watch   nsfw   quote   share    


Reuters) - Buying a property in Detroit a few years ago seemed like a steal for overseas investors as little as a few thousand dollars would get them a house in a city that had hit rock bottom and could only see better times. Yet the promise turned into a nightmare for many and stories of properties vandalized, ransacked, left untended and un-rentable have sapped the interest from overseas buyers, real estate brokers say. "The bottom has fallen out of the speculative market," said Darin McLeskey, co-founder of Denovo Real Estate, who said he had received a lot of "cries...

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