US millionaire buys 645 properties at foreclosure auction

I wonder how big his team is that will be managing all of that...?

1 very dedicated mortgage broker?
10 very efficient building inspectors to get through the whole lot in 2 weeks?
100 builders/demolition experts/architects in the reno team to work through the properties that he decides to not offsell as is?
50 sales agents to manage the selling/rental?
 
detroit is fairly rough up area - but if the average price is 7100 that would make it around 4.5 mil. But being the car city of america - would figure his purchase would be mainly for business. if in new york that would be price of one high end apartment.

if you read many foreign newspapers like the chinese ones - this is fairly common - they buy streets, have property tours in the US. there is also one here in VIC - where a guy with a proper business visa owns like 40 homes in kew and balwyn all bought in cash. pictures of his homes etc.
 
There are a few news stories about this. It seems the guy bought all the properties off the municipal council for the cost of the taxes owing. A number of them he plans to resell straight away, some he plans to keep and some he plans to renovate or redevelop.

One of the news stories quoted him as saying he spent about $4.9 million and expects to make about $2million profit.
 
VYBerlinaV8 said:
There are a few news stories about this. It seems the guy bought all the properties off the municipal council for the cost of the taxes owing. A number of them he plans to resell straight away, some he plans to keep and some he plans to renovate or redevelop.

One of the news stories quoted him as saying he spent about $4.9 million and expects to make about $2million profit.
Click to expand...
Well that's just an excellent trade, especially if someone else is doing all the physical work and you can control all of the risk to an acceptable level and turnover the money relatively fast.
 
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