First Flip House Finally Sold

[Michael Bennett]

I was able to finally close on my first flip property!! Details below:

The property address is 239 E Newton Pl, Tulsa, OK 74106. We purchased the property for $27k at the Tulsa yearly Tax auction in July of 2018.

The bank appraised the property at 200k and provided out private investor with a line of credit of 105k. We did a complete gut job and had to completely tear down a portion of the house and rebuild it due to poor footing on a previous job. We ended up going slightly over budget in renovations at about 110k. This made us all in at roughly 140k give or take.

We listed the property for 210k in November 2018 and we had the house under contract by February 2019 for $195k. The house finally closed on 4/30/2019 which made my first investment on a flip property a success netting my business partner and I, and or private investor about 55k before any closing costs plus other fees.

Check out the property at: https://www.zillow.com/homedetails/239-E-Newton-Pl-Tulsa-OK-74106/22148200_zpid/

Current Projects:

1342 N Denver, Tulsa, Ok 74106

Purchase: 50k

Rehab: 40-50k

Projected Sales Price: 160k

4242 S Norfolk Ave, Tulsa, Ok 74105

Purchase Price: 120k

Rehab: 100-120k

Bank Appraised: 350k

Mahmoud Real Estate & Investments LLC... Venture Investments Group LLC... Greenville Properties