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?