If you live in Cleveland, you’ve heard about problems with landlords who live out of town or even out of state. But what about landlords who live 6,000 miles away?
Signal Cleveland spent months digging into one network of investors who owned more than 100 homes. The paper trail led from Cleveland all the way to Sweden. We traced hundreds of property sales and examined court records and business documents on both sides of the Atlantic.
You’ll hear from Swedish investors who filed a lawsuit in their home country, and from the businessman who sold the houses to the investors in the first place. Most importantly, we talked to frustrated tenants who couldn’t track down their mystery landlords and to neighbors who dealt with the fallout, complaining to city officials who couldn’t help.
Eventually, Clevelanders paid the price as homes were boarded up and others caught fire, leaving more vacant lots. Many of the homes were sold at a loss to the next investor.
Cleveland for Sale
These houses caused problems for Cleveland tenants and neighbors. The landlords were 4,000 miles away in Sweden.
Swedish investors sunk money into more than 100 Cleveland houses, believing rental income would follow. Cleveland residents paid the price.
A Swedish company sold Cleveland as a plum real estate deal. Investors and residents say they were left to clean up a mess
A Swedish network of investors bought more than 100 houses in Cleveland. Within a few years, most got out.