Posted by Scott Az on February 24, 2001 at 23:23:21:
Yeah I live in East Mesa, Theres gotta be someone out there who has experience doing deals such as this. If these Builders are receptive to this practice just imagine the possiblities! Lots of oppurtunity here!
Scott Az
Jim Mullins, Are you out there? - Posted by Scott Az
Posted by Scott Az on February 24, 2001 at 16:25:01:
I’m writing this based on a success story I just read on cre. It is entitled 1,000,000 worth of homes for no money, or something like that. Jim Mullins states that he got six homes under contract for no money down from a builder who was tired of making interest payments because they were eating his profits. Jim is planning on l/o them and planning to make 100,000 to 150,000 when all is said and done. This is very interesting to me because I live in area that has seen explosive growth and lots of new homes that sit vacant for a period of a couple of months. I was wondering how I could approach these and convince them to let me lease their homes. Any help is appreciated and respected.
Thanks to all,
Scott Az
p.s. Take a look at the article in in success stories, it’s very intersting, and inspiring. Helps you realize whats really possible!
Re: Jim Mullins, Are you out there? - Posted by Mark-NC
Posted by Mark-NC on February 25, 2001 at 07:28:26:
Scott,
I know of Jim, he lives in my area, I haven’t heard from him for a couple years now. When that Success story was posted he was right in the middle of the whole deal and things seemed to be going good. Unfortunatley the whole process fell apart and he had a big fall out with the builder.
From what I remember all the homes were higher end homes between $200,000 to $300,00 range. The problem he ran into was that he could only get a one year lease from the builder because of the nature of the financing the builder had.
Once the year started rolling around Jim could not get his L/O buyers qualified to purchase the homes. This put the builder in a very tough financial situation.
All the builders spec money was tied up to build new homes and the banks were putting the squeeze on him for the loans due and Jim could not perform on the lease options. It turned real ugly at the end.
Any way the last I talked to Jim he went back to work in the subprime car loan business and put real estate behind him for a while.
I don’t want to discourage you and maybe you will come up with a solution should you run into this problem. I guess you would have to work much closer with your buyers making sure they could qualify to avoid a situation like Jim ran into.
Good luck!
Mark
Re: Jim Mullins, Are you out there? - Posted by LBorja
Posted by LBorja on February 24, 2001 at 22:51:08:
Hey Scott, If you ever find out how to get this done let me know. I live in Phoenix and know exactly what your talking about. There is a new house behind us that has been vacant for 9 months! No doubt you live in Phoenix or somewhere near huh?