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Former Macray Harbor owner Bill McMachen on what he plans to do with the foreclosed homes he purchased.
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So if you're even just a few minutes one Detroit man bought hundreds of foreclosed homes at an auction for price tag of four point eight million dollars.
So why would anyone buy millions of dollars in foreclosures what does he plan to do with the homes the man who bought them.
-- -- match -- joins me by phone bill thanks for coming on the show.
I yes Citi you bought all these properties the average price was 7000 dollars each if you divided up week and in doing with all of it.
Gonna sound to investors.
Some.
That little -- as a primary investor her at all.
I understand this is your first foray into real estate this isn't even something.
That you have done in the past.
That you usually deal in in a lot and -- in yachts.
What made you think that this was a good business to get -- By the -- business was particularly candidate.
But I had to change death data -- been bought commercial real estate.
Of that but like a period after they're below the housing market.
Well they're extracting it is -- vote by I don't work it out Avaya.
Obviously these properties it got into foreclosure and you know are in an area that is depressed.
You know the original owners if they -- -- -- some for profit they would have what makes you confident that you can do something different with them.
Well they are what in the margaritas go -- -- in the bank the bank.
Exit -- -- -- that Barack there's no -- Margaret mandated that all away.
So I I understand that there were other people -- auction.
That we're sort of frustrated that you were able to come in and sort of sweep up the whole entire thing there was a Canadian buyer who said he spent weeks researching.
The area and traveling to Michigan.
In order to get in on this how did you manage his -- sleep the whole thing up when there were other people there who who wanted to piece of the properties.
I would it would definitely -- -- -- are conducted they offer -- city that Citi announced that a quarter than they are the whole package.
Below below the belt is fed up doing -- -- all of our.
-- -- -- -- thank you so much for coming on the show we certainly wish you the best of luck and we'd love to know how this story turns out I hope you'll stay in touch with us.
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