All Forum Posts by: Trent Balandran

We are in the same situation, having just put under contract a full gut remodel in Palm Springs. While not living in Palm Springs, we will be in  town periodically and would love to join in any meetups that you may have. Also, looking for reliable GC with fair pricing. Welcome and referrals.

Randy 

Based on your location and your intended flip area, do not do this right now. You are setting yourself up to fail very big. First, all first flips take 2-3x as long as you think and cost 2-3x as much as you think. It's good you have a "mentor" but what's the role of the mentor. Do you pay them? Your mentor is using a cash partner and not his own money to JV with you? But also, why are you doing this at all if you have "little in my own bank account at the moment." You are not an asset right now. No experience, no cash, so why are you doing this?

 What state are you in. Certain states do not allow your primary to be foreclosed upon for other judgments (for example I believe florida is one of those states) - they can still get a judgement against you for the delta though.

But yes this is a concern that every person should realize, which is also why you see many of us here on BP telling people to make sure they have adequate down payment and reserves before they get into something they have never done before. There is a post here on BP about someone doing their first flip and are in process of getting foreclosed on as home prices have dropped considerably in that area.