How do people find these SUPER cheap deals?

[Corey Rippeto]

Lately, i've been doing a lot of property research, digging into the sale history of properties and such. I'm constantly running into properties that people have bought for dirt cheap. 

This led me to looking into the property i'm currently renting. 

My girlfriend, her friend and myself pay a total of $1,200/month to live in this small 2 bedroom, 1 bath house.

Guess what the owner paid for it?

$11,000.

That's a 130% ROI per year... As a new investor who's constantly checking out properties, and struggling to find deals that I can purchase for 70% of ARV, with a 10-12% ROI per year, that absolutely blows my mind.

How does one find properties that are so cheap, yet yield such an absurd amount of return on investment?