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A Michigan businessman has bought up every piece of property--fully 650 separate properties--for sale at a Macomb County tax auction for a cool $4.8 million. He was the only bidder. And not everyone was happy with that outcome, especially those who had hoped to bid on single homes.
There had to have been a little funny business going on there. I'm sure those properties would have sold for over the tax owed if they had gone to auction. Now, instead of the county making the extra money, this guy and his business partners are. Seems a little fishy to me...
There had to have been a little funny business going on there. I'm sure those properties would have sold for over the tax owed if they had gone to auction. Now, instead of the county making the extra money, this guy and his business partners are. Seems a little fishy to me...
It's a tax auction. They are bought for the price of the owed back taxes that the previous owner didn't pay. No funny business at all. It's better for a business man to make money instead of the government. If you listen to the whole tape he says he is going to resell them for close to the same price that they could be purchased at that tax auction only people can actually see the inside first. And what he can't sell he will give to needy people. Stop being so jealous of rich people there's nothing wrong with someone making money in an honest way as he is doing.
It's quite brilliant actually. Sell off the easy properties and make your desired ROI then donate the unsellables and presumably take some sort of tax write off.
I was under the impression that it was an auction, not a sale, and that the county was going to sell the properties to the highest bidder above the tax lien. If that wasn't the case, then how would they decide who to sell the homes to, if they has more than one bidder interested in a property. I thought the guy was referring to reselling the properties at close to what they would have sold for at auction, which would most likely be more than the tax owed. I may have misunderstood. But I also think the guy is brilliant..
It's quite brilliant actually. Sell off the easy properties and make your desired ROI then donate the unsellables and presumably take some sort of tax write off.
I'm thinking the same. by buying 350 of them in bulk like that some other people actually get a good deal when he unloads the smaller things. I hope he does well with it.
Assuming it was all done above the board, I don't see what the issue is.
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