Ryan Nealon Wholesale Deal

 

Ryan Nealon Wholesale Deal

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

This deal had one foot in the grave for quite a long time. We initially reached the owner several months back through our probate direct mail campaign and he had gotten in touch with us about selling it. Mother nature wasn't ready for us to buy it and decided that the owner's house (out of state) needed some renovations, so she decided to drop a tree on his residence. That was the last we heard from the owner for months until we sent one more probate letter his way and followed up with him at the end of the year (2017). He is also an investor and does exactly what we do, but the house had a lot of personal baggage and turmoil around owning it due to multiple siblings, so he chose to sell it to us at a bargain price and be done with it. Once it was under contract, we had it sold within 11 days and used a double close with my grandmother as the transactional lender. Best win to date!

Wholesale Details

Property City: Navarre
Property State: FL
Purchase Price: $22,500
Holding Costs: $3,000
Sale Price: $45,000

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Case Study

How did you find and structure the financing of this deal?

We used a double close due to profits exceeding $20,000. We did pay more money to our transactional lender (my grandma), but that was well worth the price due to the lesson learned on how to properly double close and what the process was like. Experience is everything, so we chose to learn a new technique instead of just assigning the contract.


Provide a summary of the repairs and improvements you made to the property.

We made no repairs to the property and had the house priced perfectly for a quick sale as-is with no negotiations being necessary. We want to establish ourselves as reliable wholesalers that sell houses at a true discount and avoid the reputation that other wholesalers have with price gouging.


How did you find a buyer for the property if you sold it?

We found our buyer through online marketing on either Facebook or Craigslist. He is now in our buyers list and we will be working on helping him retire sooner by providing more rental properties for him to invest in.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

Our biggest lesson learned here was how to double close. We also learned that nobody gets access to the house without first purchasing it. The buyer had a cleaning crew and they wanted to get them into the house before closing so they could start working on cleaning it out and making it rent-ready sooner. We didn't know that the cleaners were also the future renters, so when we agreed that they could start cleaning up the house, they decided that they needed to move in prior to closing. We discovered this when we did our last minute walk-through and found 3 vehicles in the driveway the night prior to closing with three people living there (plus one dog). Don't give access to the house until closing. Luckily for us, it wasn't a problem and we were able to close on time. We also learned that mobile homes have extra fees associated with closing due to it being movable, so we had to pay another $500 at closing for it being a mobile home. No biggie when you have a $19,000 profit!


Shout Outs & Testimonials

Yet another shout out to the coaching team for their help in explaining the simplicity of double closing. Great coaching!