Millionaire buys every foreclosed home in Michigan county for $4.8 million

SmashMouth · 08-06-2012, 07:15 AM

A Michigan millionaire decided to go into the real estate business with a bang last week by buying every tax foreclosed property offered at a recent county auction.

watch the video here

MyFoxDetroit.com reports Bill McMachen, a businessman and former yacht dealer, paid about $4.8 billion for all 650 tax foreclosed properties at Macomb County's July 31 sale.
Authorities had announced at the auction that the properties could be sold as a package deal for the price of the back taxes, which totaled about $4.8 million. McMachen jumped at the chance.
"I got a deal nobody else could have got," he told MyFoxDetroit.com. "I paid all the back taxes that was due and that's what the county wanted."
The sale drew ire from many at the auction, who had shown up only to have all the properties gone in a matter of minutes.One Canadian investor said the county's decision was puzzling, as his company had spent weeks preparing a much higher bid.
"The price we were willing to pay is like three to four times what they're asking," he told MyFoxDetroit.com. "If we knew it was going to happen like this, we wouldn't even have spent any time. They could've made more money, I mean triple the money they made."
However, McMachen says he is willing to sell some of the houses at near-auction prices to those who are still interested. He says he has been flooded with emails since the auction with offers to buy some of the properties, and he can offer potential buyers some perks the county would be unable to.
"There's no hype they will just buy it at a realistic price," he said. "And they can look inside before they pay for it, which they cant do with the county."
He says he plans to donate the properties he can't sell to needy organizations.

Read more: Millionaire buys every foreclosed home in Michigan county for $4.8 million | Fox News

sharke · 08-06-2012, 07:46 AM

I am assuming this man is slomo....

mutineer10 · 08-06-2012, 09:15 AM

Amazing you can buy 650 properties ANYWHERE, even hard-hit spots like Michigan, for $4.8 million.

Interesting to see if he makes good on the investment ...

QBREES9 · 08-06-2012, 09:45 AM

paid about $4.8 billion. BILLION, dosen't he own Detroit now

papz · 08-06-2012, 11:08 AM

First Detroit. Then...

THE WORLD!

sharke · 08-06-2012, 01:15 PM

Originally Posted by papz

First Detroit. Then...

THE WORLD!

YES! YES! YES!

ScottF · 08-06-2012, 03:57 PM

Originally Posted by QBREES9

paid about $4.8 billion. BILLION, dosen't he own Detroit now

It's million-- the B in one line is a misprint

08-06-2012, 07:15 AM	#1
SmashMouth I donated, did you? Join Date: Sep 2007 Location: Mandeville, LA Posts: 38,975 Blog Entries: 29	Millionaire buys every foreclosed home in Michigan county for $4.8 million A Michigan millionaire decided to go into the real estate business with a bang last week by buying every tax foreclosed property offered at a recent county auction. watch the video here MyFoxDetroit.com reports Bill McMachen, a businessman and former yacht dealer, paid about $4.8 billion for all 650 tax foreclosed properties at Macomb County's July 31 sale. Authorities had announced at the auction that the properties could be sold as a package deal for the price of the back taxes, which totaled about $4.8 million. McMachen jumped at the chance. "I got a deal nobody else could have got," he told MyFoxDetroit.com. "I paid all the back taxes that was due and that's what the county wanted." The sale drew ire from many at the auction, who had shown up only to have all the properties gone in a matter of minutes.One Canadian investor said the county's decision was puzzling, as his company had spent weeks preparing a much higher bid. "The price we were willing to pay is like three to four times what they're asking," he told MyFoxDetroit.com. "If we knew it was going to happen like this, we wouldn't even have spent any time. They could've made more money, I mean triple the money they made." However, McMachen says he is willing to sell some of the houses at near-auction prices to those who are still interested. He says he has been flooded with emails since the auction with offers to buy some of the properties, and he can offer potential buyers some perks the county would be unable to. "There's no hype they will just buy it at a realistic price," he said. "And they can look inside before they pay for it, which they cant do with the county." He says he plans to donate the properties he can't sell to needy organizations. Read more: Millionaire buys every foreclosed home in Michigan county for $4.8 million \| Fox News

08-06-2012, 07:46 AM	#2
sharke evil decepticon Join Date: Apr 2012 Location: St. Augustine, FL Posts: 583	I am assuming this man is slomo.... Crusader, ScottF, WhoDat!656 and 1 others like this.

08-06-2012, 09:45 AM	#4
QBREES9 Moderator Join Date: Sep 2007 Location: New Haven Ct Posts: 23,990	paid about $4.8 billion. BILLION, dosen't he own Detroit now
	Last edited by QBREES9; 08-06-2012 at 02:48 PM..

08-06-2012, 11:08 AM	#5
papz Problem? Join Date: Jan 2005 Location: New Orleans Posts: 11,794	First Detroit. Then... THE WORLD! QBREES9 and sharke like this.

08-06-2012, 01:15 PM	#6
sharke evil decepticon Join Date: Apr 2012 Location: St. Augustine, FL Posts: 583	Originally Posted by papz First Detroit. Then... THE WORLD! YES! YES! YES!

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08-06-2012, 09:15 AM	#3
mutineer10 Site Donor Join Date: Nov 2004 Location: Baton Rouge, LA Posts: 1,739	Amazing you can buy 650 properties ANYWHERE, even hard-hit spots like Michigan, for $4.8 million. Interesting to see if he makes good on the investment ...

08-06-2012, 03:57 PM	#7
ScottF 5000 POSTS! + Join Date: Feb 2007 Location: Atlanta Posts: 6,324	Originally Posted by QBREES9 paid about $4.8 billion. BILLION, dosen't he own Detroit now It's million-- the B in one line is a misprint