Ryan Nealon

Sonny Side Property Solutions, LLC in Navarre, FL

Ryan Nealon with Adele Nealon

We came across this deal from an estate sale sign we seen on our main highway. My wife attended the estate sale and found out that they were selling the house as well. The great thing was they were not asking for the moon on the house as it needed massive work. We offered them what they were asking knowing there was enough room to account for the extra expenses. We funded the deal with another FortuneBuilder member, who previously funded one of our projects. We were responsible for the interest payments and the rehab cost which was funded by 4 other lenders. $69K went into the property which included a new roof, HVAC, and updating the interior of the home. After closing, we discovered carpenter ants. We had a clear WDO and assumed we were good until we found a massive infestation. We found Florida does not consider carpenter ants WDOs. Another issue we came across was not being able to restore the existing pool. We were counting on the pool to be a selling point as the property did not have a garage. $4K later we had a huge hole in the backyard to fill, no pool and we had to buy fill so there wasn’t a huge depression in the backyard. Selling the property was challenging with no pool and no garage, we didn’t get any bites and had to aggressively lower the price after the house sat on the market. We finally found the perfect buyer who recently got remarried on short notice so they could qualify for a VA loan due to child support payments putting him at too high of a DTI ratio. Then, the paperwork with the courts was held up, so we pushed back closing twice so that the loan could be processed. Oh, and our contractors were sluggish again. Gotta love real estate!