Re: Jim Mullins, Are you out there? - Posted by Mark-NC
Posted by Mark-NC on February 25, 2001 at 07:28:26:
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.