Jersey REO Rehab Deal Flips For $50K Profit

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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:

THE DEAL

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

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Jersey REO Rehab Deal Flips For $50K Profit

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