Wanna get more pissed?

[Tristan]

I belong to an investment "club"/group called Experience International-mainly vacations spots and such. Good deals, good returns, low rates and such. But I pretty much lost my cookies (again) when they sent me this. It is not even on the American market per se. Government backing. This is where part of the stimulus part for urban renewal is going. Selling more of our country to foreigners.
http://www.detroit-property.co.uk/email.html

[bjl913]

thats totally ridiculous! [Bang]

[RRD3]

Grab your skis gentlemen is all a down hill slide from here.

[Batteriesnare]

Glad I invested in Glock and ARs! [Beer]
[Bang]

[M2]

[Irving]

I don't get it. I clicked on the links and everything.

[Ridge]

Foreign investors buy large lots of realty while prices are low and then basically sit on it or attempt to flip it, usually a block at a time, choosing what kind of buyers get the property.

[ChunkyMonkey]

It's not government backing, and there is nothing wrong selling to the foreign investors. Without foreign investments, this country have bankrupted long time ago. Foreign investments not only support our Dollar value, local employment, it also shores up city, county, and Fed taxation.

Let them buy a block at a time, let them fix it up w/ the local contractors, and let them rent them out to the "govt backed' section 8 renters. City gets the permit/sale taxes, county gets property taxes, and fed gets capital gain taxes. At one point, we were the ultimate destination of foreign investment -- and things weren't bad at all back then. Another good thing about these folks, they have local accountant and consultant to make sure everything is legal-- and that means no shortcuts, no illegal roofers replacing the roof without permit, no cutting corner!

Once a month I take a bus load of 'foreign investors' to snatch up properties in Adam county. It supports my gun collecting habit as far as I see it.

[Tristan]

MB888, I have utmost respect fdor your opinions and your posts. You are a good man. However;
The loans are backed by the US government. It's part of the "urban renewal" project.
And I have a HUGE problem with foreigners buying up all our country. How much do they own now? We don't even own any of our own seaports. They don't need to wage a war-they just move their stuff to their land. Then they don't even need green cards. May be on American soil, but it's owned by them. And they get to make the rules.
And the main point that I am pissed about is that it isn't on the American market. Unless you are foreign part of an investment firm like this, you can't get in.
And the problem I have with your statement is that, just like the mexicans, the money then leaves the country. Everything you said would still be the same, but it would be AMERICANS that own the land and AMERICANS that got the benefit of all the money. The money would be pumped back into said community, not just by employment like you stated, but by the owners.
Sorry, but I have this silly-assed belief that Americans should own American land and property.
I mean, if they don't, then how is it America anymore? How much more is America gonna whore herself out? When does it end? The Chinese already have the rights to the offshore oil in Florida. Then they get to sell us our own oil. With this, they get to rent us our own land.
Pathetic.

[hobowh]

I wonder how much they are actually paying. I've seen places there going for less than 10000

[ChunkyMonkey]

Tristan, you have been misinformed. The U.S. govt does not produce any kind of GL nor direct loans to any foreign investors. They are talking about renting it out to section 8 renters per their advertisement ("secure rental payments backed the US govt"). I wish it was backed by the US GOVT..then we will OWN the foreign investors as they are in debt to us.

The sky is not falling just yet. Most developed countries including the US is transforming into a service based country or for lack of better term.. simply being a middle person rather than being an industrilized country. In the late 80s and 90s, we were all worried about the Japanese corporates taking over the west coast. Earlier this decade, we are crying out for China being the largest US Treasure bond holder.

On the flip side, those Japanese corporates are so intertwined with our economy that they can no longer afford their 'dumping (http://economics.about.com/od/termsbeginningwithd/g/dumping.htm)' economic policy. Between their US bond holding and commercial investments in US, they do not have any choice but to support the US Dollar and its economic policy. Same goes with the British, Germany, The Netherlands, and France as far as Europe.

It took us 3 decades to penetrate The Chicom market and its economy. Do you realize 30% of their largest corporations are owned by US investors? Do you know 100% of their reserves is in US dollars (whole 2.13 trillion dollars!!)? Do you know of that the $300 billion worth of Chinese export to US, the American companies make an average of 4x (guestimate of 1,2 trillion dollar worth)? In turn, in order to compete with the US, the Chicom has been steadily apply more and more 'capitalist' methods in their business law.

Now all the sudden, who got whom by the balls? Depends on whether our CIC have what it takes to pull these strings in an certain events, we pretty much have strong say in their politics. The Chinese Politburo would commit suicide if they ever go head to head with the US whether its about Taiwan, Korea, etc. Meaning if we have the guts to pull the plug, their economy would crumble and the com party will have 1.3 billion angry Chinese.

Couple other interesting economic facts:
1. $2.7 trillion of the almost $48 trillion dollar in domestic assets are owned by foreign investors. That's less than 6% total (refer back to how many large Chinese corporations is owned by US investors).
Couple sample of large foreign owned:
a. French-owned Sodexho U.S.A. is the largest food service company in the United States, and even serves meals on Marine Corps bases.
b. The largest private security firm operating in the United States, Securitas, is based in Sweden. ETC.
2. CFIUS under the Treasury dept reviews all foreign investment requests. The US Congress ultimately can pass bill if it disagreed w/ CFIUS (2005, Chinese CNOOC purchase of UNOCAL, Dubai Port world purchase etc)
3. No one can publish the exact figure of Foreign assets owned by the US investors (Due to taxation concern mostly). But considering that the largest gold, copper, timber farm etc in the world is owned by US companies, you can imagine the figure.

Think carefully, Nobama is able to finance his $1trillion spending spree and yet the US Dollar stays as strong as it is. The chicom can bitch and moan all they want, yet by the end of today, they probably purchased few more billion dollars worth of our bond. American is losing America over few thousand run down properties in Detroit? Nah, we still own the world my friend! It's capitalism at its best.

[ChunkyMonkey]

Tristan, you have been misinformed. The U.S. govt does not produce any kind of GL nor direct loans to any foreign investors. They are talking about renting it out to section 8 renters per their advertisement ("secure rental payments backed the US govt"). I wish it was backed by the US GOVT..then we will OWN the foreign investors as they are in debt to us.

The sky is not falling just yet. Most developed countries including the US is transforming into a service based country or for lack of better term.. simply being a middle person rather than being an industrilized country. In the late 80s and 90s, we were all worried about the Japanese corporates taking over the west coast. Earlier this decade, we cried out for China being the largest US Treasure bond holder.

On the flip side, those Japanese corporates are so intertwined with our economy that they can no longer afford their 'dumping (http://economics.about.com/od/termsbeginningwithd/g/dumping.htm)' economic policy. Between their US Bond holding and commercial investments in the US, in a way, they do not have any choice but to support the US Dollar and its economic policy. Same goes with the British, Germany, The Netherlands, and France as far as Europe.

It took us 3 decades to penetrate The Chicom market and its economy. Do you realize 30% of their largest corporations are owned by US investors? Do you know 100% of their reserves is in US dollars (whole 2.13 trillion dollars!!) ? Ok so they have few bucks in Gold reserve too. Do you know that for the $300 billion worth of Chinese export to US annually, the American companies which import them will produce an average profit of 4x (guestimate of 1,2 trillion dollar worth)? In turn, in order to compete with the US, the Chicom has been steadily apply more and more 'capitalist' methods in their business law.

Now all the sudden, who got whom by the balls? Depends on whether our CIC have what it takes to pull these strings in a certain event, we pretty much have strong say in their politics. The Chinese Politburo would commit suicide if they ever go head to head with the US whether its about Taiwan, Korea, etc. Meaning if we have the guts to pull the plug, their economy would crumble and the com party will have 1.3 billion angry Chinese.

Couple other interesting economic facts:
1. $2.7 trillion of the almost $48 trillion dollar in domestic assets are owned by foreign investors. That's less than 6% total (refer back to how many large Chinese corporations is owned by US investors).
Couple sample of large foreign owned:
a. French-owned Sodexho U.S.A. is the largest food service company in the United States, and even serves meals on Marine Corps bases.
b. The largest private security firm operating in the United States, Securitas, is based in Sweden. ETC.
2. CFIUS under the Treasury dept reviews all foreign investment requests. The US Congress ultimately can pass bill if it disagreed w/ CFIUS (2005, Chinese CNOOC purchase of UNOCAL, Dubai Port world purchase etc)
3. No one can publish the exact figure of Foreign assets owned by the US investors (Due to taxation concern mostly). But considering that the largest gold, copper, timber farm etc in the world is owned by US companies, you can imagine the figure (think 14 digits!).

Think carefully - Nobama is able to finance his $1 trillion dollar spending spree by selling more bonds and yet the US Dollar stays as strong as it is. American is losing America over few thousand run down properties in Detroit? Nah, we still own the world my friend!

[Elhuero]

If I had the dough I'd be buying up tons of detroit as well. It's a great freakin' deal right now.

But I don't have the dough, and michigan sucks.

[theGinsue]

I'm pretty much with Tristan on this. I've never liked the idea of any foreigner owning real estate within the U.S. I would love to buy property up in the mountains, but I just can't afford it.

I understand that we have folks like MB888 would earn their living from selling property - including to foreigners and that this helps our ecomomy as a whole - but it doesn't get me closer to MY goal.

With foreign $$ backing the purchase of mountain real estate, it helps to push the values of the property up and further away from my capability to purchase some for myself (at least not any proprty that I'd WANT to buy).

I really don't like foreigners buying U.S. prime agricultural land. So much of this land is now owned by foreign companies - purchased from U.S. families for pennies on the dollar - that they are actually helping to push more family-run farms out of business.

The only reason I have a problem with foreigners purchasing/owning urban real estate is that it's a "where do you draw the line" type of situation.

I don't know how much logic and legitimate facts support or oppose how I feel, but I've felt this way for all of my life and I can't imagine ever changing my attitude.

[ChunkyMonkey]

If your concern is specifically on the subject of foreign owned assets, I am afraid we are about 2 decades too late. If you have a car loan or home mortgage, guess who owns your note?

Call your lender and ask who is your loan investor. If they keep on resisting, ask for the loss and mitigation department. After an hour of so of being on hold, someone should be able to tell you. My primary residence loan investor is Hyundai Corporation, although the servicer is Bank of America. [Rant1] Couple of our condos are through Bank of the West, and the note is owned by a French financial company.

[sniper7]

I see no problems. If the foreigners can bring money in to revitalize detroit then so be it.

Why does our economy need to save the entire world...we put money into africa, korea, vietnam, iraq, iran, afghanistan, israel....etc etc.

We are supposed to support everyone else's economy, yet we can't accept outside investments. where do you think our bad debt goes? mostly to china.

let the foreigners sit on it, say it never turns around, then they are stuck with it. if it turns around, then they get to make some money, one of our cities will hopefully get revitalized, maybe even cleaned up a bit. either way I see it as a win win.

[Tristan]

Alas, I know-America lost her cherry long ago.
And I agree with sniper, but only in business. Not real estate.
And the homes are HUD homes with FHA financing in place. About as government as I'd ever want to get.
I'm just get sick of the way our great Country has gone. Only Americans should, and by the ORIGINAL constitution, own real estate in our Country. The real estate market drives this economy, as we all know-and if foreigners own the houses than how can Americans?
So much for the American dream. This is the exact kind of thing that keeps most folks from it anymore.
When I was young(er....) only pops had to work. Now even the kids work sometimes just to make ends meet. I suppose all this is just another cog in the great wheel, but it's a cog nonetheless. And if we keep selling everything (including our citizenship/birth certificates), how are we even Americans? What is America then?
Just like Aesop said,
"I'd rather starve free than die a fat slave".

[ChunkyMonkey]

When I was young(er....) only pops had to work. Now even the kids work sometimes just to make ends meet.

True, but keep in mind, standard of living is much higher now. Just about everyone drives his/her own car, has cell phone, has an AR, etc. Where as a generation ago, you just have to worry about rent, utilities, and food; then when you were able to save up, you purchase a car or houses -- at least in the city it was. [Tooth]

[sniper7]

True, but keep in mind, standard of living is much higher now. Just about everyone drives his/her own car, has cell phone, has an AR, etc. Where as a generation ago, you just have to worry about rent, utilities, and food; then when you were able to save up, you purchase a car or houses -- at least in the city it was. [Tooth]


I agree. take away your cell phone, 2nd vehicle, cable TV, internet, satellite radio, cut down the size of your home (they keep getting bigger and bigger) and you are probably down to where you need to be.

figure a cell phone is a minimum of $100 a month for a couple, sometimes a heck of a lot more.
2nd vehicle has gas, insurance etc. costs.
cable is probably 50-100 a month depending on what you get
internet is 20-40
10 for satellite radio.
30% less on your utility bills if you downsize your house.

that is a lot of extra cash.

[ChunkyMonkey]

I agree. take away your cell phone, 2nd vehicle, cable TV, internet, satellite radio, cut down the size of your home (they keep getting bigger and bigger) and you are probably down to where you need to be.

figure a cell phone is a minimum of $100 a month for a couple, sometimes a heck of a lot more.
2nd vehicle has gas, insurance etc. costs.
cable is probably 50-100 a month depending on what you get
internet is 20-40
10 for satellite radio.
30% less on your utility bills if you downsize your house.

that is a lot of extra cash.

Dont forget to pawn that 2nd and 3rd Kimbers, auction off that 4th AR-15, and the 300 pmags that you'll never use. [Tooth]

[theGinsue]

Lots of sense in these words.

As far as my auto loan - I always go through my local credit union which is supposed to be a member-owner organization.

My home mortgage loan never stays with any one company very long. In the 14 years I've had the loan I've had 5 or 6 different banks I've had to pay the load to. They say that the better customers (those who make their payments on time, etc.) can expect to keep getting their mortgage sold. You'd think that the lenders would want to keep these folks as they are the better investment but it's the opposite of that - they get more money out of you by selling the loan to someone else.

As far as mountain real estate, I know that folks like Steve Forbes and Ricky Schroeder (sp?) haven't helped to keep the real estate values down in the areas where I'm interested in buying.

[theGinsue]

Dont forget to pawn that 2nd and 3rd Kimbers, auction off that 4th AR-15, and the 300 pmags that you'll never use. [Tooth]

Sure, you say you'll never use them now, but when the zombies come it'll be a different story!