With mortgage rates lower than most people could have ever predicted and more homes being sold on a monthly basis, we could be prepping ourselves for a housing market rebound. Just with any sort of market analysis, you’re going to get the folks who think that everything is fine and dandy, and you’re going to find writers who feel that everything is in a pre-apocalyptic state.
McMachen bought 650 tax-foreclosed homes throughout Macomb County last week for a total of $4.8 million. When you break it down, McMachen paid an average cost of $7,400 per house. While McMachen was obviously happy with his investment, many others weren’t.
Over 300 consumers and other investors were left out in the cold after McMachen was awarded the properties. Macomb County sold the properties to McMachen for only the price of the taxes that were owed on each property. According to an anonymous investor, Macomb County could have made up to triple the money had they been sold individually.
McMachen hopes to make back $2 million by flipping some homes, while he plans to donate others to families in need.
Check out the full story here.