0
0

Millionaire scoops up all 650 homes in Michigan county's foreclosure auction


 email                
2012 Aug 6, 11:49pm   6,600 views  13 comments

by Steve B   ➕follow (1)   💰tip ()  

Comments 1 - 13 of 13   

1   everything   2012 Aug 7, 12:06am  

RE market is corrupted and dishonest anyways, the guy is even a flipper, donating the junk to charity so they can hold the bag.

Cash buyers are out and about getting properties for a steal as well.

Greed is in the air, doubt it will be clearing anytime soon.

People still blame the original home owners. Well, when the economy around you completely collapses to the point of you have zero work, zero money, and they talked you into paying a shit ton of money for the house, sometimes people abandon the area.

2   Dan8267   2012 Aug 7, 12:23am  

Another reason housing is unaffordable and dragging down the rest of the economy. The solution is the capital gains tax reformed I've proposed many times, adjusted slightly for real estate.

My capital gains tax proposal is to use the following formula for all capital gains except real estate.

TaxRate = 100% - 1% * Floor(NumberOfMonthsAssetIsHeld)

This ends all speculation since short-term trades, especially microtrading, aren't profitable. Holding a stock for milliseconds and selling it can't make you a profit.

Yet, long-term investments are more profitable as the capital gains goes to zero in 8 1/3 years

For real estate, the time frame for zero taxation should be more like 25 years. So the formula is

TaxRate_RealEstate = 100% - (1/3)% * Floor(NumberOfMonthsAssetIsHeld)

TaxRate_UndevelopedLand = 100%

This will end all flipping and the hording of land and properties.

3   Eman   2012 Aug 7, 12:43am  

everything says

RE market is corrupted and dishonest anyways, the guy is even a flipper, donating the junk to charity so they can hold the bag.

Cash buyers are out and about getting properties for a steal as well.

Greed is in the air, doubt it will be clearing anytime soon.

People still blame the original home owners. Well, when the economy around you completely collapses to the point of you have zero work, zero money, and they talked you into paying a shit ton of money for the house, sometimes people abandon the area.

I don't understand this. So the area has no jobs; people have no money, and they abandon the area. If this guy is buying worthless houses, wouldn't that make you happy? At least now someone will pay property taxes on these worthless houses. If people don't pay their property taxes, where do the government get their money to provide services?

You should thank this guy for paying millions on the crap nobody wants rather than complaining. So what if he's a flipper? Do you work for free?

4   PockyClipsNow   2012 Aug 7, 2:47am  

The millionaire buying the homes is just doing it to show off (get chicks).

5   freak80   2012 Aug 7, 5:19am  

PockyClipsNow says

The millionaire buying the homes is just doing it to show off (get chicks).

Money, Cash, Ho's, and Homes.

6   37108605   2012 Sep 22, 9:18pm  

E-man says

You should thank this guy for paying millions on the crap nobody wants rather than complaining.

That's about it.

7   everything   2012 Sep 22, 11:35pm  

You guys think this millionaire is a philanthropist or something.
He said he's going to sell the homes for a 2 million dollar profit, and try to unload the ones that are not worth anything on charity.

What is Charity going to do with homes that nobody else wants?

Charity likely won't want them, so it only takes about a year to get a house condemned and razed, then no more property taxes.

My point is that he's just another RE mogul is all. One of the other investors who went to the auction made a point saying the county could have made triple the money by auctioning them separately.

8   lostand confused   2012 Sep 23, 2:10am  

PockyClipsNow says

The millionaire buying the homes is just doing it to show off (get chicks).

Well, that does give bragging rights.
What do you do for a living?

Oh, I own 650 homes .

9   37108605   2012 Sep 23, 3:05am  

Darrell In Phoenix says

everything says

He said he's going to sell the homes for a 2 million dollar profit

He can "say" whatever he wants.

As my grandfather used to say TALK IS CHEAP

IMHO this bullshite is like the bullshite flung around about the pre-IPO value of Shitebook. And everyone knows what the reality of that crap was about post-IPO.

10   JG1   2012 Sep 23, 4:38am  

everything says

they talked you into paying a shit ton of money for the house

Funny, no one talked me into anything when I was buying a house. Shouldn't the buyers be responsible for making their own decisions, and then living with the consequences?

Do you get talked into buying Big Macs or cars when you watch TV commercials? The pressure to buy and spend on a car lot is about 100 times any such pressure in real estate, yet no one talks about bailouts for car buyers, or how sorry we should feel for them that they got pressured into more car than they needed, or weren't warned they were buying a depreciating asset, etc.

11   DinkinsBay   2012 Sep 23, 6:23am  

If this guy is buying homes in Detroit or Wayne County, he is a fool. If on the otherhand he is buying waterfront properties, he is a very wise man. The lakes and rivers in Michigan are absolutely gorgeous and it's a boater's paradise. And.....they are not giving them away!

12   Cautious1   2012 Sep 23, 6:51am  

Darrell In Phoenix says

terionthelake says

they are not giving them away!

That would mean a price less than 1 cent.

They "gave" these away for the cost of back taxes, an average of $7385 per property. Mr. Mogul says he'll cull the unsaleable ones by giving them to charity, which will give him a nice tax write-off.

A can't-lose in a rigged game.

13   Cautious1   2012 Sep 23, 6:53am  

PockyClipsNow says

The millionaire buying the homes is just doing it to show off (get chicks).

You did click through to see his picture, right?

Please register to comment:

about   best comments   contact   latest images   memes   one year ago   random   suggestions