Ryan Nealon Wholesale Deal

 

Ryan Nealon Wholesale Deal

Sonny Side Property Solutions, LLC in Navarre, FL
Ryan Nealon with Adele Nealon

Initially, we called this property the hoarder\'s house, but it somewhat evolved to become the cursed house! Our initial efforts to purchase this property started in the summer of 2018 after a friend of a friend filed for divorce. His ex-wife filled up every possible space in the house with stuff. The only way to get to anything was through small pathways from room to room. It took 4-months to close on the property due to court issues, between the ex-couple. Originally we planned on purchasing the property with a lender and turn it into a rental property. Unfortunately, the lender backed out of the deal and we were forced to push back our closing. We made dozens of calls asking for gap funding and to find a credible lender, recommended by the local FortuneBuilders community. We found one and she helped us close with her transactional lending funding and we had to pay 3 points and 15% interest on the loan. We had a JV deal lined up, but they backed out as well due to slow progress (it was the holidays and we had another rehab in the works already). As we were cleaning out the house and another investor drives by and offers to buy our house as-is, and we agreed. The buyers, initially proposing a cash offer, converted to a financed purchase, pushing closing back past our transactional lending deadline (more fees!). I researched the buyers and found that they were in the habit of buying 1-2 properties each year, so we decided to trust them and continued cleaning the property up until the closing day, just in case they didn\'t close and we had to exercise another exit strategy. Thankfully, they closed and we walked away with almost $9,000. It was probably the hardest $9,000 we have had to earn to date, but everyone was happy in the end.

Wholesale Details

Property City: Mary Esther
Property State: FL
Purchase Price: $129,500
Sale Price: $145,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

We relied on the FortuneBuilders community and network so we could close on this deal and fund the rehab that we didn’t end up doing. It become a wholesale deal and we were forced to work within our network to make this happen. It was a huge learning event for all of us and we gained some valuable experience and some priceless contacts from the issues that we faced. I am sure it was frustrating for the sellers when we bought it, but they got what they wanted in the end and were able to move on with their lives. That is what we were after first and foremost, so it was a huge win for all of us!