He also told me he has worked with RE investors who regret it have gone bankrupt including his parents in laws.

Spend less time worrying about "mission statements" more time working on goals,,,I don't have a "mission statement", but I do have a written set of guidelines of what I'm looking for in a house, what area I am willing to invest in,,,and why.I'm not a wholesaler, I buy and hold, I have a defied "mission', but don't really care much about something 'flowery' for others to read.I've been in business development in the media industry for 30+ years, I bet i haven't read 5 mission statements in all that time,,,the few I have were in companies going bankrupt I was looking at buying, just to see what they thought they were going to do.It's about action,,,the biggest problem for the first time investor is making themself take action,,,,is there a chance you will make a mistake, sure we all have that chance,,but it doesn't keep me from moving forward..Execution is everythingandy

I enjoy living in this town, and I've told my friends and family (who strangely seem slightly fascinated with the notion that I am so stupid that I will go bankrupt and have to repent for evangelizing about the amazing opportunities to those who invest in real estate) that this house was a failed investment, but that failure means I'll break even and end up living cost-free for two years.That's one of the many things I love about real estate.

Motivated sellers can be estates/probates, out-of-area owners, vacant property and code violation owners, pre-foreclosure/NOD’s, those carrying large mortgages on rentals with negative cash flow, retiring/burned out landlord, bankrupt owners, etc.

Originally posted by Eric Michaels:...Second, bankruptcy can't remove tax owed....That is correct - but bankruptcy is often still used as a delaying tactic, since there is this thing called an "automatic stay" that happens with bankruptcy declaration, effectively putting a (temporary) halt to any legal proceedings that the bankrupt party is facing.

I have heard stories about people having big loans and then the bank goes bankrupt and sold to another bank and then they want all of the borrowed money back in a really short time. 

It is true the national news media paints an ugly picture of crime, abandoned houses, wild dogs in the streets, bankrupt cities and poisonous water.

There are plenty of stocks that have gone bankrupt that people understood (think GM and Woolworths).

I promise not to take it personally)They don't appear to pre-fund to their borrowers - which essentially means that a.) they don't have skin in the game, and b.) the lenders/investors don't begin accruing interest right awayThey don't appear set-up investors up with a 'Bankruptcy-Remote' legal structure which protects investors in the event that PeerStreet goes bankrupt.

Matter of fact, one of them went totally bankrupt and still has not recovered from it.