Back in February, the Free Press covered Metro Property Groups great success at revitalizing Detroit homes.
Beydoun’s Metro Property Group, founded in 2009, is getting a lot of notice for its up-tempo approach to renovating distressed houses. Buying in bulk from a variety of sources, Metro Property Group renovates dozens of houses each month, renting them to qualified renters who may one day turn into home buyers.
Many individuals, nonprofits and companies renovate homes in the city, but Beydoun may be among the few doing it on an industrial scale, refurbishing around 60 houses each month. Each house gets a new hot-water tank and furnace; floors are buffed; kitchens and baths redone.
If you know much about their target areas highlighted in the map – these are areas of high crime, high poverty, and haven’t seen as much investment from foundations and non-profits. The story was too good to be true.
Late last month another story hit the presses, “Metro Property Group turns investors into “unwitting and unintentional slumlords.” The Metro Property Group is called the top buyer of distressed homes, which matches the Free Press’ “60 houses each month” stat. Baydoun (sp Beydoun) who is a Dearborn City Council candidate allegedly intimidated investors and falsified legal records in order to cover up the scam.