Further on it notes that the average price per home is about $7,500 each. I think that even the worst ones are worth more than that. I personally think it is genus on his part. If he has the cash at hand, then he can make an awesome quick return.For around $4.7 million, you might be able to snag one gleaming, top-of-the-line luxury home in a top market. In Michigan's Macomb County, though, it bought one man 627 homes.
Bill McMachen, who owns a yacht dealership in Harrison Township, Mich., bagged that bulging real estate portfolio after accepting an enticing offer by Macomb County's treasurer: One buyer could acquire all of the county's foreclosed properties if they just paid the amount equal to all of the taxes owed on them -- $4.72 million.
Right now, if I had the cash available, I have thought about buying up foreclosures, but I don’t have that kind of capital at hand. I have talked to the guy who owns the 3 unit rental house next door to me and told him that if he goes to sell it, let me know. I would convert it back into a single family and likely rent it out. Either way, the house is smaller than mine and does not have off street parking. I would extend the fence along the back property line and side property line (opposite mine) to enclose the two back yards together, and make it as family friendly as possible. However, I do have one personal rule. It is a 100% cash offer without any banks involved. If I don’t have the cash, I can’t afford it.
Have you ever dabbled in renting, or flipping real estate? How were your experiences? Do you ever plan in owning more than what you live in?