Smart investor==> Bill McMachen, a former owner of the MacRay Harbor, bought every tax-foreclosed home in Macomb County. A total of 657 homes for about $4.7 million dollars. The Treasurer’s Office officials said 285 people registered to bid at the auction and didn't get a chance to bid. For the first time in Macomb County history, someone walked in and made an offer for everything below asking (the good and the bad) and it was accepted. He expects to flip the good ones for a $2m profit in a couple months and donate the bad ones to charity.
The Detroit Free Press has the story:
A group of Macomb County businesspeople bought all of the county’s tax foreclosed properties at a public auction this week — bringing in $4.7 million for the county. Bill McMachen, former owner of MacRay Harbor in Harrison Township, bid for the group that bought 657 parcels at the auction at Freedom Hill in Sterling Heights on Tuesday, county Treasurer Ted Wahby said.
He said the first bid was for all the properties — the good and the bad. If no one takes that bid, officials then do individual bids.
“This is the first time somebody took it all, though,” Wahby said.
He said bidders have bid on all of the available properties in the past, but haven’t taken all the parcels. The county has been holding auctions for 12 years, Wahby said.
Wahby said this was the county’s first auction this year. No other auctions are planned since the properties are gone.
Wahby said he heard that the group plans to use some of the parcels and donate some.
McMachen could not be immediately reached for comment.
Treasurer’s Office officials said 285 people registered to bid at the auction. Their $500 fee to register was returned, officials said.
http://www.freep.com/article/20120802/NEWS04/120802058/Macomb-County-foreclosed-properties-public-auctionFox 2 has a interview with Bill,
http://www.myfoxdetroit.com/story/19173858/millionaire-buys-every-tax-forcloused-home-in-macomb-county
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