X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Buy-to-Let

    Metro Property Group in Detroit/Sameer Beydoun

    Has anybody else had the misfortune of dealing with this company and its CEO Beydoun? My experience is that everything was absolutely fine for a few months and then suddenly without any warning I was told the tenant was evicted. Since then it has been impossible to get any answers from Beydoun or anyone else in the company although they were falling over themselves to talk to me when I was thinking of buying. The house needs thousands spent on it and I can't get another tenant, I think the area is very poor as well. I saw a blog in an Irish paper and that was saying that Metro are refunding money, which is not my experience, far from it. The agent who sold the property has closed down. I have had the house valued $14,000. I paid Metro $49,000. I think I may be one of many people who have fallen foul of this company. Anybody else out there?
    1
    0
    Hi Edward,

    Welcome to Property Tribes and sorry to hear of your plight.

    Yes, this company is well known to Property Tribesters and for all the wrong reasons!

    We had a huge long thread about Axis Investments, who sold this "investment", but unfortunately it has been suspended due to threats of legal action.

    You might like to have a look at Property Tribes Rescue Package for Distressed Investors, to see if there is anything they can do to assist you.

    [Image: house.png]Related reading:

    Things they don't tell you about buying in Detroit
    0
    0

    Thank you Vanessa. I hope to find some fellow victims on here.
    When I discovered that the house had not been refurbished and did not have a Section 8 tenant as promised Metro Property told me that the selling agent had lied to me and that the sales agents were responsible for making the sales details with the descriptions of the refurbishments. But three different agents had sent me sales details and all of them said exactly the same thing. When I tackled the agent I actually bought from he said Metro supply all the details and he sent me the originals that Metro sent him which proved Metro had created them. So Metro lied outright about that.

    Then I was offered what they called a land contract. I showed it to a lawyer who basically said I would be mad to get involved with this. It isn't a proper land contract and you have to sign an agreement which stops you from speaking out on blogs like this and the lawyer said it would stop me from being able to make a claim against Metro. So Metro wanted to buy my silence and stop me from suing them in return for a miserable $300 a month. They were told where to stick that offer!

    Axis are very much alive and kicking according to Metro Property's website ( I am not allowed to put a link) thick as thieves from the look of it.
    0
    0
    If anyone would like to contact me privately I would be happy to hear from you.
    nedwards-2@gmx com (don't forget to put the dot in).
    0
    0
    The links below may be of interest to any other victims of Metro Property Group, or indeed anybody who has been a victim of this kind of scam. This is not the only company operating like this.

    Scheme contributes to neighbourhood blight

    Renovating homes and Ponzi schemes in Detroit

    Detroit firm accused of global Ponzi scheme
    1
    0

    Hi All,
    I to along with a few other investors have had and still have dealings with Metro in Detroit although I would point out that we purchased out properties from a company here in the UK BELGRAVE ATLANTA as they now call them selves.

    I purchased my property back in June 2011 from Belgrave, Metro are the managing company
    all was fine for the first 5 months all be it I had to chase Kathy (metro) each month and ask when rental income was going to be paid to my account, got fed up with the chase so moved to Garner this in turn opened a can of worms lower tenant left stating sewer pipe broke house stinks of ????
    upper tenant decided not to pay rent and squat for nine months while the eviction farce took hold.
    Metro in the mean time after my complaints to them about Refurbishment issues went back and refurbished the lower unit and boarded it up while the eviction was on going for upper tenant.

    After 3 months Metro took back the property and eviction issues from Garner after I had spent a few thousand in repairs legal cost's gas and electric bills $33000 incl loss of rent, spent in total with no income from rent Metro did in fact not charge for some items and replaced all the heating system at their cost' however after new tenant placement 2 month went by and rent stopped yet another eviction this time I had had enough and wanted out the offer from Metro was a buy back deal at 65% of purchase price no not interested ! next best deal the Land Contract not that good but at least 8% or $380 per month which was far more than I was getting for the last 2 years.

    Metro are now in a massive law suit and my not be around in five years to pay me back my original purchase price they have also not fulfilled the LC by not paying the property taxes which were due end of Aug and winter taxes will be due in Dec/Jan so I will be looking for an Attorney very soon to get out of this mess.

    Belgrave in the mean time has been reported to Action fraud, Hampshire police fraud department, and Standards and trading and any one else we can get on board

    ps

    House for sale &57000 good investment in bankrupt Detroit Angry lol
    0
    0

    Strongly recommend you speak to an Attorney now if you have entered into a 'land contract' with Metro Property.

    Scott Galloway at Galloway Collens specialises and seems straight enough…or as straight as one can hope for in Detroit!

    I have been contacted by another investor who cannot post on here as he signed an agreement with Metro not to speak. His attorney was horrified by Metro's land contract 'deal' as well. The best thing to do seems to be to get an attorney to deal with Metro directly, although it costs money you stand a chance of getting some results. Metro are in serious s***. They probably won't be around for the next 5 months!
    1
    0

    (23-11-2013 05:40 PM)Edward S Wrote:  Strongly recommend you speak to an Attorney now if you have entered into a 'land contract' with Metro Property.

    Scott Galloway at Galloway Collens specialises and seems straight enough…or as straight as one can hope for in Detroit!

    I have been contacted by another investor who cannot post on here as he signed an agreement with Metro not to speak. His attorney was horrified by Metro's land contract 'deal' as well. The best thing to do seems to be to get an attorney to deal with Metro directly, although it costs money you stand a chance of getting some results. Metro are in serious s***. They probably won't be around for the next 5 months!
    Thanks Edward I will look into this on Monday.
    0
    0

    I was flicking around on you tube and came across a guy called Shea Woods who has posted 100's of videos about property in Detroit.
    He is a local landlord/investor in Detroit and will advise anyone thinking of buying in Detroit if it's a good deal or not.
    He charges $100 to do a report and video on a potential investment property.

    I though this video was quite interesting - an investor paid $5,000 for 7 properties.
    But, as he shows in the video, they are basically worthless..
    https://www.youtube.com/watch?v=IuJFLJ0JApA
    1
    0

    I came across Shea Woods after a local recommendation and contacted him to do a video for me.  He visited the property within a couple of days and did a great job, although the content was a bit rambling.  His advice is good, although tends to be a little negative.  I later went to Detroit and met him.  He's a useful guy to know, although I wouldn't say that his advice is all you need in isolation.   Get other advice as well.

    0
    0
    (23-11-2013 06:51 PM)mike_algeo Wrote:  I was flicking around on you tube and came across a guy called Shea Woods who has posted 100's of videos about property in Detroit.
    He is a local landlord/investor in Detroit and will advise anyone thinking of buying in Detroit if it's a good deal or not.
    He charges $100 to do a report and video on a potential investment property.

    I though this video was quite interesting - an investor paid $5,000 for 7 properties.
    But, as he shows in the video, they are basically worthless..
    https://www.youtube.com/watch?v=IuJFLJ0JApA

    Mike,

    Great post - I love going through Shea's videos now. I hope he is a Youtube sensation. Also, I think you might have stumbled across the Jonathan Clarke of Detroit! Smile
    1
    0