Any tips on finding Burned out Landlords?

Question

Hi, I'm trying to see if there is a method or tip for finding burned out land lords? I stopped by the local courthouse for info but they were very vague and I was under the impression evictions happen any day any time so It wasn't a day they recommended I sit in court on to talk to landlords.

I've called some "for rent' signs I see locally but was wondering if someone have any insight of finding more burned out landlords.

Thanks

I've called some "for rent' signs I see locally but was wondering if someone have any insight of finding more burned out landlords.

Thanks

Brandon M. · Answer

Cass I think what you started is the best thing. Check out any properties that are for rent, and you could do a quick search on the property appraiser to see if they are local or out of town owner. Obviously someone in town could still be interested in unloading their property, but you probably have a higher percentage chance if the owner is out of state.

Once you check that out, you could see if you could find what they owe on the property. I don't know how it works in every state but here in FL if you have MLS access you can quickly find the person's mortgage and then do some math to get an idea of what they owe. While you are at it just take a quick glance at some comps and get a general idea what the house is worth.

Armed with those pieces of information call the landlords and see if they have any interest in selling. There are a lot of "accidental" landlords (like myself) who bought in 2005-2007 who now have no choice but to rent out their properties, so you are bound to find someone.

There won't be an easy list you can just buy, you just have to roll up the sleeves, get dirty, and starting dialing!

Ed Kahle · Answer

What about looking up properties with back tax's due?  Then rise by to see if they look distresses.  Follow up with mailings or call.