Zach,
Welcome to the group! You might want to start a search by visiting the county records office. They should be able to give you access to records of properties in your area (public records). Depending on their technology, you might be able to enter some criteria for your search. Look for owners that have owned the property for 20 years or more, haven't refinanced in the last 5-7 years, and the unit mix you desire. Eliminated those that don't match and drive by the properties that do. From public records you should be able to get the name of the owner and then use the web to gather basic contact info. Contact each owner, ask if they are willing to sell, and if they are willing to do owner financing. For example, if you narrow down the list to 20 and out of the group you get 3 that will listen, you are way ahead.
The benefits to the owner:
1) No more head aches with tenants and property management.
2) Interest on their equity paid to them on a regular schedule (monthly, quarterly, semi-annually, annually)
3) If you can't handle it, they get their property back.
Benefits to you:
1) Little to no money down
2) No bank qualifying for a loan
3) You can refinance the proprety loan as the owner after you make improvements and raise the rents. Lower your expenses and increase property revenues = more money for you!!!
4) When refinancing the property you might be able to pull out cash.
Look for properties with a form a vacancy. This is where true value lies. Always look to increase your NOI (net operating income) and you will do very well. Financing deals at this time is getting harder through financial institutions. But if you find a good deal and can sit tight, you will do fine. Good luck!
