When Macomb County, Michigan held it’s auction July 31 to begin selling the foreclosed homes people came from far and wide to get a chance at owning one if not more of the homes that went into foreclosure.
MyFoxDetroit.com reports that Michigan Millionaire Bill McMachen bought 650 foreclosed homes in a package deal in which he paid $4.3 million.
The county which was looking to collect on the back taxes that it was owed through the foreclosure process decided to auction off all of the homes in a lump package deal to anyone that was willing to pay the price.
“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.”
Mr. McMachen says he expects to make $2 million on his investment and intends to let the homes go at an affordable rate to potential buyers.
He says the only difference now is that the potential buyers will actually be able to see what shape the interior of the home looks like.