What is a good way to find motivated sellers?

[Christopher Verissimo]

I got a new job as a Acquisition Manager for FDR Homes. And my job is to find distressed properties that we can buy, fix and flip. I'm walking around every day with a note pad taken down the addresses I think would be a good fit. Then calling them the next day from the yellow pages but I get a lot of no pick ups. Or out of service phone. Any one have any advice for this beginner?

[Richard C.]

I'll tell you what is NOT a good way.  Don't buy a high-equity mailing list.

I recently paid off the mortgage on my personal residence.  I have been bombarded with marketing pieces.  Someone took some class or read some guru book or something.

It apparently has not occurred to these people that someone who owns an expensive property free and clear is not someone who is going to have to sell at a discount.  Even if I did want to sell, I would list with the premier brokerage in my area and sell for full market value.

Also, just because I have not mortgage and COULD sell with seller financing does not mean I will.  Why would I?

I got a letter from some woman who offered to buy my house, which she has never seen, for exactly 60% of the assessed tax value (which is far below the fair market value.)  And she wanted owner financing!  At 4%!