Upcoming Events

International | Housing

no events match your query!

User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Garda corruption: the stripped down truth

offsite link Will Pat Hickey turn up for his trial? Anthony

offsite link Garda breath tests letter Anthony

offsite link Daniel McConnell: Happy to wear establishment blinkers Anthony

offsite link State failing in its duty to enforce law Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link Syrian War Report ? September 26, 2017 Tue Sep 26, 2017 18:16 | Scott
https://southfront.org/syrian-war-rep... If you?re able, and if you like our content and approach, please support the project. Our work wouldn?t be possible without your help: PayPal: southfront@list.ru or via: http://southfront.org/donate/ or via: https://www.patreon.com/southfront Voiceover by Harold

offsite link How the BBC Spreads Lies: How to read propaganda Tue Sep 26, 2017 14:00 | The Saker
by Eric Zuesse Propaganda frequently masquerades as ?news?. A ?news? narrative?s relevant background needs to be understood, in order for the reader or hearer to be able to understand anything

offsite link By Their Deeds You Shall Know Them Tue Sep 26, 2017 00:32 | mod editor
This comment was chosen by moderator HS from the post ?Very dangerous escalation in Syria?. Mod-HS found this to be an exceptionally well reasoned and well written summary of Russian

offsite link ?NATO? ? Blues?,? ? ?Refugee?? ? and? ? ?Ecuador?? ? by? ? One? ? Earth Tue Sep 26, 2017 00:32 | The Saker

offsite link Tell me, colonel, why are your eyes shining so brightly? Mon Sep 25, 2017 21:45 | The Saker
In a theater piece entitled ?The Prisoners?, Solzhenitsyn illustrated the price paid by those who serve the Empire and the gift granted to those who struggle against it. Here is

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Replace v Repeal and the Politics of Legal Certainty Thu Sep 21, 2017 10:57 | Máiréad Enright

offsite link Ireland?s violation of International Abortion rights: A perpetual Déjà vu. Sat Jul 29, 2017 18:49 | admin

offsite link Call for Papers: Irish Yearbook of International Law Thu Jul 20, 2017 10:54 | Fiona de Londras

offsite link Understanding the Increases in Direct Provision Allowance for Asylum Seekers Mon Jul 17, 2017 11:31 | Liam Thornton

offsite link Ireland?s Failing Abortion Law: Statutory Interpretation, Human Rights and the Detention of Pregnant... Tue Jun 13, 2017 17:08 | admin

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link UKIP and the FN? 13:09 Tue Sep 26, 2017 | WorldbyStorm

offsite link A far right cry of the dispossessed? 11:00 Tue Sep 26, 2017 | WorldbyStorm

offsite link Eight Referendums 10:35 Tue Sep 26, 2017 | irishelectionliterature

offsite link Ireland and that speech by Theresa May on Brexit? 09:00 Tue Sep 26, 2017 | WorldbyStorm

offsite link Not the most cohesive political grouping in the world? 07:47 Tue Sep 26, 2017 | WorldbyStorm

Cedar Lounge >>

Finance guru Eddie Hobbs advises millionaires: invest smart money on the devastation of Detroit

category international | housing | news report author Monday July 22, 2013 15:11author by JoeMcIvor Report this post to the editors

Last week Detroit was officially declared bankrupt . Long time downtown residents of the city last week vowed to resist evictions planned in order to sell off their homes to the super rich . The evictions are being touted as essential cost saving measures - part of an emergency plan involving "gentrification" of the Metropolitan area of the city.
Writing in the Herald yesterday, TV economics pundit Eddie Hobbs advised Irish people with at least a million to invest that the smart money was going on premium location properties in "distressed" cities like Detroit . He told the Herald : "We are currently investing heavily for clients in Metro Detroit. "

Detroit’s bancruptcy was announced last Wednesday. Plans drawn up by the city’s emergency manager include the eviction of long term residents of the city’s Metroploitan district to make way for gentrification . Downtown blocks that are presently occupied mostly by the elderly and tenants on low incomes are to be demolished to make way for millionaire condos . A member of the Griswold Tenants Community Council fighting the forced detenanting of his block told a recent public meeting: “We are not just going quietly. We are not just going out. These people are ready to act. I am talking about shutting down Detroit. We have just a short time.” See http://www.wsws.org/en/articles/2013/07/17/dart-j17.html

Economics guru and TV pundit Eddie Hobbs yesterday urged Irish rich people who had a minimum of a million euros to invest that the time was right to get into the "distressed" Detroit property market . The former presenter of RTÉ’s “Rip-Off Republic “– which was according to Hobbs’ wiki entry “a show preoccupied with artificially high development land prices” assured Evening Herald readers that the Detroit property market was in a remarkably better state than the Irish one.
http://www.herald.ie/news/i-still-believe-detroit-is-a-....html

author by Russell Woodspublication date Mon Aug 19, 2013 04:48Report this post to the editors

Hobbs company, Brendan Investments, use Metro Property Group in Detroit to supply their properties. Metro Property Group are currently the subject of a massive lawsuit which very well documents a clear case of fraud and racketeering.

The group of investors who are suing in the US have obtained evidence to show that when Metro Property Group created the sales details for their properties Metro Property Group didn't even own the houses on those details. Most if not all of the properties Metro were marketing were in foreclosure and were still owned by a bank or by another company when the sales details were created.

Metro Property Group used Google Earth photos of the houses and streets for the details (pictures that were taken years previously when the houses and streets were in good repair). These gave the illusion that the homes were in nice areas and lived in - when in fact they were neither.

Metro Property Group then made up a list of extensive refurbishments for these details claiming the houses had new roofs, furnaces, doors, windows etc. They then they lied about a tenant, claiming there was a Section 8 tenant in place paying a very high rent....... hundreds of dollars a month above any rent they could ever hope to achieve on the house. Metro Property Group did all this when they were not even the owners of the properties so there was no possibility they could have refurbished them and placed a tenant, it was a complete scam. In some cases they flipped the houses on to an investor on the same day that they themselves closed on the sale. Put simply they were flipping on the houses as fast as they could at a huge profit (tens of thousands of dollars) empty and unrepaired.

Once they had conned the investor into parting with their money Metro Property Group then paid the investor the fabricated rent as described on the details to give the illusion there was a tenant in place. This is typical of a Ponzi scheme where investors are paid their own or other investors money as a 'return' on the investment. Within the first year the investor would be told by Metro Property Group that the tenant had left or been evicted and the payments would stop. Metro Property Group's own attorney admits to having carried out ' .......literally hundreds of evictions'. The independent accountant who files tax returns on the investors behalf admits that virtually no investor out of the hundreds he deals with has made any money in their second year of ownership. Does this sound like a good bet to anyone?

Evidence shows that Metro Property Group fabricated leases which were dated months before they even owned the properties, in fact in some cases the leases were dated months before the property was even put up for sale on the Michigan Listing Service. Leases are legal documents but Metro Property Group had no compunction about forging these in order to cover their tracks.

Currently there are hundreds of houses in Detroit which were sold by Metro Property Group as outlined above. Most of them still in the state of disrepair they were sold in and usually empty and uninhabited. The investors who own them are desperate. They have been subjected to massive fines and they have to pay taxes on these slums. Those that do have tenants are receiving hundreds of dollars a month below the rents Metro fabricated and the repair bills are huge and endless. Does this sound like a good bet to anyone?

Metro Property Group built its 'success' by lying to hundreds of investors. While the chickens may now be coming home to roost for Metro Property Group it seems incredible that a financial guru would continue to back Detroit as a great place to invest. If it were such a great place why would Metro Property Group have needed to scam hundreds of investors? Why are there now hundreds of desperate investors who can't find tenants for their properties? The answers are really very simple: Detroit is a good place to invest' isn't one of them.

author by Passerpublication date Thu Jan 22, 2015 12:19Report this post to the editors

This is stale and incorrect. The Irish firm do not use Metro as a service provider and departed them it seems a year ago. The civil action against Metro is scheduled for late 2015.

locked We are currently not accepting any more comments on this article.
 
© 2001-2017 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy