My name is Gary Laterovian, I’m currently employed full time, getting my MBA, and flipping homes (the best part).
I’m from Bergen Country New Jersey, After seeing people flip homes, reading bigger pocket forums, and searching on Google, I decided to take a stab at it! Why not Right??
Heres my 1st flip story, I’m sure everyone will appreciate it… I attached Pics Below!
I found an REO home on the MLS in Carlstadt NJ. Having some knowledge of “flip analysis” (thanks to you guys!) it made sense.
I partnered with my brother, and we put in a full asking offer… The offer was accepted, and I was under contract. – This is when sh*t hit the fan, it was happening!!! Bank wanted to close in 25 days, which we did.
Now where do we start??!?! (remember this is my first flip), below is my timeline which might help others:
–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 you trades (plumber / electrician / framer)
–Submit permit applications to the town for approvals
–Once application was approved we started Demo Fun!!!
–Demo was complete, and framing began
–Framing was completed. need a framing inspection (passed)
–Electric / Plumbing roughing started
–Roughing completed, need inspection (passed)
–We needed to have a 2nd framing inspection after roughing was completed (passed)
–Insulation started and completed, inspection (passed)
–Now 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 finals were complete we needed a “final” inspections for plumbing and electrical (passed)
– After all,inspections passed we had to get a CO to sell the house.
–CO was obtained
Whhhewwww after 6 months the house goes 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 6mts. That’s 8k a MONTH … It’s real life people! Anyone can do this.
I have flipped 5 houses within 1.5 yrs and have 4 houses in the “pipeline”.
If you guys have any questions, just PM me, I’m here to help anyone