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rental DEAL

Ryan Nealon

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

This deal was referred to us through a person we met through a mutual friend. We’ve been working on establishing a lending partner with her and even though she hasn't committed any funds to any of our projects (yet), she reached out to us because her friend was having a hard time with tenants just a few doors down. Long story short, she said that her friend was open to receiving cash offers on their property and we were able to see it when she came into town to handle some business with the property. We looked at it and made an offer to take over payments and buy it subject-to her existing loan and she was more than happy to be rid of it. The house needed simple repairs and general cleaning and we were able to get it to rent-ready for our oldest daughter super quick. We had been looking for months for a place for her and this one just fell into our lap thankfully!

Rental Details

Property City:
Mary Esther
Property State:
FL
Purchase Price:
$110,000
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use

Case Study

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

We didn't have any coaching calls with this property, so we wound up using FB's subject-to packet as a guide for closing. We called several attorneys that might be able to handle the closing and only 1 returned our call. He got everything lined up for the closing and we arranged for a gap lender to cover the closing and repairs and recorded a junior mortgage and note at closing to secure their interest in the property.