Ryan Nealon Rehab Deal

 

Ryan Nealon Rehab Deal

Sonny Side Property Solutions in Mary Esther, FL
Ryan Nealon with Adele Nealon

This deal was a win in every way possible! We moved into our current neighborhood in March of 2018 and were constantly driving past this property that was clearly abandoned and in need of love. Finally, a year and a half later, we drive by and some people were cleaning it. We parked at our house (6 houses down) and walked over to find this beauty. We had already committed funds to two deals already and didn't want to let this one go via wholesale, so we JV'ed with a local investor that contacted us maybe a month prior after reading another CAW used by FortuneBuildes for marketing. We both put in serious sweat equity and repaired the yard, HVAC and everything inside, including sanitizing decades of cigarette smoke. This was our first JV flip and it went spectacularly!

Rehab Details

Property City: Mary Esther
Purchase Price: $105,000
Repair Costs $50,000
Holding Costs: $3,000
Sale Price: $212,000

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Case Study

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

FortuneBuilders is how we pulled this one off. They used a previous flyer of one of our wins to market for another local training event. The funding partner that we worked with went to the event and read ours and reached out to us. When we locked this property up at $0.50 on the dollar and presented the opportunity to them, they agreed and we bought it with them. Overall, we bought it for $105,000, put $53,000 into it and sold it for $212,000, leaving about $20,000 each for a $200,000 house! Without FortuneBuilders having used our win sheet as promotional material, we might not have found our partner and probably would have wholesaled this one. The goal wasn't to make a big profit though. This property was set up to start a working relationship with our partner so that we could do the same again and make progress together.




Before & After Photos