Bill McMachen is a new homeowner – 650 times over.
The millionaire former yacht dealer and harbor owner snapped up hundreds of foreclosed homes in Macomb County, Mich., for a cool $4.8 million, WJBK-TV reported.
He says he plans to sell some of the homes – for an estimated profit of $2 million – and donate the ones he can’t sell to charitable organizations.
That will make the charities happy, but some other would-be buyers had the opposite reaction to McMachen’s impulse purchase.
One Canadian buyer told WJBK he spent weeks researching the real estate market before traveling to Michigan, and was prepared to shell out plenty of money.
But Macomb County officials announced at the start of last Tuesday’s auction that all 650 of the foreclosed homes could be had at once for the cost of the back taxes owed on them.
WJBK
Bill McMachen picked up 650 homes for $4.8 million.
McMachen bit, thwarting hundreds of other buyers.
"If we knew it was going to happen like this, we wouldn't even have spent any time," the Canadian investor said. "They could've made more money, I mean triple the money they made."
County Treasurer Ted Wahby was sorry for the investors who missed out, but not too sorry.
WJBK
Bill McMachen bought every tax foreclosed property in Macomb County, Mich.
"People who are going to buy five or 10 houses weren't buying them because they wanted to move in," he said. "They wanted to make money on them, and God bless them, I wish they could have, but that's not my mission. I have a job to do. I have to collect the taxes, and that's what we did."
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P.S. Oh boy does this bring back memories, I lived in Boring Oregon for 35 years, yep Boring Fire dept, Boring Library, and even the Boring Post office... And a fella bought up 100's of homes in that town 40 years ago and left quite a few people with no options.
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