Jersey REO Rehab Deal Flips For $50K Profit

If you have a real estate investor success story to share, please do so through
our “Contact Us” page. Thank you.

My name is Gary Laterovian, I'm currently employed full time, getting my MBA, and flipping homes (the best part of my life right now) and I live in Bergen County, New Jersey.

After seeing people flip homes, hanging out in online real estate investing forums, and searching up about it on Google – I decided to take a stab at it! Why not right??

Here’s story about my first rehab flip investment deal. Now where do I start??? Remember this is my first rehab flip so I thought I would share below my timeline which might help other investors starting out in investing:


I found an REO home (bank owned resale) on the MLS in Carlstadt, NJ. Having some knowledge of “flip analysis” (thanks to you guys!) it made sense to do this deal.

I partnered with my brother, and we put in a full asking offer. The offer was accepted, and we got the rehab investment property was under contract just like that.

This is when the poop hit the fan – I could not really belive it was happening!!!! The bank wanted to close in 25 days and my brother and I did just that.

The Rehab Timeline

==>Get architectural drawings of the renovation (you might not need it if your only “painting”). We were creating an open floor plan, taking down walls, building a bathroom in the basement, etc…

==> Get Bids / find your tradesmen (plumber / electrician / framer)

==> Submit permit applications to the town for approval

==> Once application was approved we started on the Demo Fun!!!!

==> Demo completed so when then began framing

==> Framing was completed. We had to call for a framing inspection (PASSED)

==> Electric / Plumbing roughing started

==> Roughing completed, which called for another phase inspection (PASSED)

==> We needed to have a 2nd framing inspection after roughing was completed (PASSED)

==> Insulation started and completed inspection (PASSED)

==> Next it was time for sheetrock and floors

==> After sheetrock and floors had been completed, we started: painting / all finals (plumbing / electric) cabinet install, granite, tile work, etc…

==> Once all renovations and repairs were completed we needed a “final” inspection for plumbing and electrical (PASSED)

==>After all phase inspections passed we had to get a CO [Certificate of Occupancy] to sell the house.

==> CO was obtained very easily

Flipping Profits

Whhhewwww after 6 months of renovations we finally got to list this flip deal on the market (MLS).

Ready for the best part…. We had a FULL ASKING OFFER IN 8 DAYS!!!! WOOOOWWWWHHH!!!

Sold the house, walked out with a net of $50K+ in a matter of 6 months. That's $8K a MONTH kind of profits! Flipping houses is so much fun and rewarding – it's the best people! Anyone can do this.

I have flipped 5 houses within 1.5 yrs and have 4 houses in the “pipeline”.

I hang out in REIClub online investing forums and it makes me happy to share how I successfully completed my first rehab flip with you guys.

Good Luck!
Gary Laterovian
Bergen County, New Jersey

To read more real estate investment success stories,  please click the links below. Thanks.

We love your feedback and welcome your comments.
Please post below:

Jersey REO Rehab Deal Flips For $50K Profit

Are you sure you want
to log out?