New York (Preferably Long Island) Flip Details
Ok. Here it goes. I have a connection to a potential investor who may be willing to completely fund a flip (all cash) for me. The investor, however, has no background in real estate and is completely clueless about the Long Island real estate market (this is where I come in). I have drafted a very detailed business plan already that includes a couple very detailed "hypothetical" scenarios of flip properties that I have already identified. In the hypos, I provided a conservative estimate of the cost of rehab so as to err on the side of caution.
Anyway, the investor liked the business plan, but is caught up on the "estimates", specifically the rehab costs and timeline. So..... I am now reaching out to the BP community for help. Are there any Long Island (or nearby areas) flippers who would be willing to share the details of a flip or two with me? Specifically, I am looking for information pertaining to purchase price, cost of rehab (detailed if possible), extent of rehab, total number of days rehab took, actual sale price after rehab, and total days property was held (from closing to closing).
Thanks in advance. Any such information would greatly increase my chances of convincing the investor to move forward.