Adam Rippe Rehab Deal

 

Adam Rippe Rehab Deal

Black Diamond Equity Group, LLC in Tulsa, OK

Bought this property from an auction, 90% of the property just needed cosmetic attention minus some plumbing and very basic electrical. House had sat vacant for two years as a foreclosure. Took me about six weeks to remodel and sat on the market about 60 days, I had it listed for $155,000, lowered it to $150,000 after 30 days and received an offer for 149,500. Closed and made $27,000!!

Rehab Details

Property City: Tulsa
Property State: OK
Purchase Price: $85,000
Repair Costs $20,000
Sale Price: $149,900
Gross Profit: $27,000*

* 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 you find and structure the financing of this deal?

Knew the owner of a bank in town.


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

New shower in master bath with rain head coming from ceiling, new carpet and paint throughout, some laminent wood floors and tile in master bath. All new appliances, granite, fixtures and sink in kitchen. Had extra costs when my A/C unit was stolen and neighbors limb fell on the power lines.


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

Realtor


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

Fence in your A/C units if the property is vacant and is visible from the street. And get a bid from plumbers before sending them in to re-plumb what should be an easy job, master bath shower should have been about $1,500 cheaper than it was.


Shout Outs & Testimonials

Clint Jones has helped me out several times!! Thanks man!!!




Before & After Photos