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Millionaire Snatches Up An Entire County’s Worth Of Foreclosed Homes For $4.8 Million

August 14, 2012  |  by John Heithaus

Our pals at Business Insider report that: “A yacht-dealing millionaire ticked off hundreds of Detroit homebuyers when he swept an auction of 650 tax foreclosed properties last week. Bill McMachen told Fox News that this is his first foray into the real estate business. He plunked down $4.8 million for the lot of homes, which averages out to just over $7,000 apiece. As far as his future plans, he says he’s shooting to make back $2 million by flipping some homes and donating others to needy families.”

And who says it’s not a good time to buy? What do you think? Can this work in the DC area too?

 

Posted in Blog, MRIS CMO Insights

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One response to “Millionaire Snatches Up An Entire County’s Worth Of Foreclosed Homes For $4.8 Million”

  1. George says:

    If he didn't purchase them, was there someone else going to pick up the bulk of them? I wasn't certain from what I read whether he planned on making his $4.8 million and another 2 million profit? Of course, it is perfectly legal if that in fact, what he intended. But if he was going to eat some of the money…. like 2.8 million if I read this another way and also donate others to needy families…well, that would be just wonderful!

    If there are millionaires reading this (certainly not me), would it be great to do the same? That is, instead of donating a million or more…purchase some of the foreclosed homes and donate them to need families.

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