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    Hey everyone,

    We're following up on a story we broke earlier this year about RealT, a cryptocurrency-based real estate company wreaking havoc in Detroit neighborhoods. They buy properties, subdivide them into digital tokens, and sell them to overseas investors for cryptocurrency.

    In just a few years, RealT fell behind on taxes for most of its properties, racked up over 1,000 blight tickets, and neglected repairs. Tenants complained about the lack of maintenance. RealT blamed their problems on a property manager, claiming they were scammed with fake receipts and work orders.

    However, former contractors told Outlier that RealT's excuses don't add up. Despite promising to turn things around by bringing property management in-house, the same problems persist or have gotten worse. Maintenance requests from residents in one neighborhood have gone unanswered, but late rent gets a quick response.

    RealT has acquired over 500 properties in Detroit and continues to tokenize new ones almost every week. Two former contractors say the company is unable or unwilling to invest in basic upkeep.

    Thanks for reading,

    Aaron Mondry

    Photo credit: Cydni Elledge/Outlier Media