Finding distressed owners of apartments, etc.

[Charlotte Lucchesi]

Can anyone guide me in the right direction for finding distressed owners of apartment buildings, etc.  Have listened to several gurus who claim this is easy.  Not finding that to be so.  Have checked loopnet.

[Joe Fairless]

@Charlotte Lucchesi  it ain't an easy process but there are certainly some good methods to use. Here are the Top 5 ways I know of and read about in a Dave Lindhal book): 

1. Buy a list of owners in a particular area from a list company. Target owners who closed within the last 4 to 9 years. Rationale: most commercial loans have a balloon pmt at 5, 7 and 10 years therefore if you reach out to them a year before it's due that's when they are deciding if they should refinance or sell. 

2. Direct mail to out-of-state owners 

3. Look at court records for health code violations at apt communities -  owners facing these violations are likely more willing to look at offers 

4. Look at court records for tenant/landlord disputes - (same reason as above) 

5. Drive by properties and look for cosmetic wear and tear