Did the borrower file a bankruptcy already?

He told me that unless I can do better, his client is going to tie the property up in bankruptcy for as long as possible and not pay me.

And then get all that, then the borrower declare bankruptcy and you have a whole new set of rules. 

I filed chapter 7 bankruptcy in 2015 and didn’t reaffirm the mortgage.

During my research on finding properties, the news breaks that Detroit is filing for bankruptcy.

My mom, dad and sister all own their own businesses and mistakes DEFINITELY happen so it does kind of paralyze me a little just seeing my mom finally file bankruptcy.

On my application, it says:The application may be denied for any of the following reasons: charge offs or bankruptcy, judgments, eviction/eviction filing, foreclosure, insufficient income, lack of full security deposit, unfavorable references, incomplete, false, or unverifiable application information, or dangerous/intimidating behavior.You're not legally obligated to rent to anyone, as long as you don't reject them for discriminatory reasons.

I spoke with his realtor and it looks like he had two mortgages before filing bankruptcy.

Congrats, on both of those deals and, more importantly, on staying persistent to find your niche.Lots of misinformation on this thread.Andrey is not pitching anything or lyingHe is not expecting 30% IRR on every opportunityFinding and vetting trustworthy sponsors is not as hard as non-syndication investors thinkPerforming diligence on sponsors takes years, not hours or daysMany sophisticated LPs perform extensive diligence on sponsors and opportunities that is not discussed on BP (TLO reports on history of crime, bankruptcies, collections, credit, businesses owned, personal residence owned, employment, family members (including phone numbers), even traffic violations...the list goes on)Many LPs leverage sites like Ian's, 506 group, in-person conferences, and one another to analyze opportunities and sponsors together (it's a lot more sophisticated that the "what do you think about XYZ" posts on BP)There are tons of sponsors and opportunities that don't use short-term, bridge financing or max leverageMost are using 5-12 year debt, with inception LTVs in the 70s and year 2-3 LTVs in the 60s (and carry high reserves on top of that)The opportunities discussed on BP are only a small fraction of what's available in the marketPrudent syndication investing is just like anything else in life...it takes diligence and time. 

Credit score is almost meaningless to me because if someone JUST filed Bankruptcy a year ago, they could be my best tenant.