A Miami investment firm says it’s spending $150 million to buy 1,200 homes in foreclosure across South Florida.
Roughly 60 percent of the homes will be in Miami-Dade County and the remainder will be split across Broward and Palm Beach counties, said Inaki Negrete, chief executive of Vulcan Investment Partners.
Vulcan says it’s paying $75,000 for homes once valued at $200,000 or more and plans to rent them for $1,500 a month for several years before eventually selling.
“People have problems getting a new mortgage,” he said. “Now they can take some time to fix their credit scores.”