Posted by ray@lcorn on June 07, 2007 at 08:58:30:
Tommy,
I get leads for troubled properties all the time. Most come from my close relationships with my bankers. Once we close the first deal together I make sure I let them know that if they have a troubled loan to keep me in mind as a possible solution for their problem.
You can also watch bankruptcy filings, or strike up a relationship with bankruptcy attorneys. Be careful though… bankruptcy court is a world unto itself, and has little in common with what we think of as common sense.
Auction companies are another good source of leads. They will usually get a call from a distressed owner toward the end of the rope… sort of a solution of last resort before bankruptcy. They are often also the best source for names of bankruptcy attorneys.
ray