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Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home

 
Anonymous Coward
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08/06/2012 06:32 AM
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Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
[link to www.dailymail.co.uk]

A wealthy former yacht dealer has snapped up every foreclosed home in Michigan's Macomb County, paying the cut price of $4.9million for a whopping 645 properties.

Bill McMachen handed over a measly $7,500 on average for each of the properties, of which 403 are family homes, and he's now being bombarded with emails from prospective buyers.

'It's overwhelming,' McMachen told the Detroit News after Tuesday's transaction. 'I'm having a hard time keeping up with them all.'

In an arrangement with the Macomb County, McMachen agreed to take all the foreclosed homes authorities didn't want off their hands in exchange for paying back all taxes owed.
Anonymous Coward
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08/06/2012 06:55 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
Sad, and what about the ex people owners?
Anonymous Coward
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08/06/2012 06:57 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
[link to www.mihomeless.org]
Bill McMachen
User ID: 21379686
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08/06/2012 07:00 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
Sad, and what about the ex people owners?
 Quoting: Anonymous Coward 21373978


What about them.

They can go live under the bridge with the other bums.

Or, they can rent one of my fine homes for $1500/month.
Anonymous Coward
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08/06/2012 07:02 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
Sad, and what about the ex people owners?
 Quoting: Anonymous Coward 21373978




Or, they can rent one of my fine homes for $1500/month.
 Quoting: Bill McMachen 21379686


norespect
Anonymous Coward
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08/06/2012 07:04 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
Just another Moneytard who thinks that they are different than anyone else and that they are either going to live forever. Or, if they do pass away it will be painless and pleasent. Or, that they are just going to live forever and collect junk until they own everything in the world.
Anonymous Coward
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08/06/2012 08:43 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
hope he has some $$$ left over for all the taxes, Sucker!
ifSHTF
have a plan when it hits the fan.

User ID: 14320441
United States
08/06/2012 08:50 AM

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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
read the article. the guy bought properties the banks didnt want, and paid the cities all the back taxes. these are like the worst of the foreclosures that banks didnt want to bother reselling.

he got a deal... but these might have sat vacant for a few years while they delay sale, and these are the homes that probably need roofs, repairs, etc, so in 3 years when they'd finally be sold, you'd have a moldy rat infested pos in the neighborhood.

Being in Macomb county, I'm glad these sold - especially to a local investor who actually lives in the area.
INK3

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08/06/2012 08:51 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
Sad, and what about the ex people owners?
 Quoting: Anonymous Coward 21373978


They're probably still people, but not owners :)
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
Anonymous Coward
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08/06/2012 09:08 AM
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Re: Michigan businessman buys every foreclosed property in his county for $4.9m - that's just $7,500 a home
Sad, and what about the ex people owners?
 Quoting: Anonymous Coward 21373978


They're probably still people, but not owners :)
 Quoting: INK3


Probably left Michigan like many many people have

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