1. Sign your buyer to an exclusive, you're going to do a lot of work and off-market means you will negotiate your fee, possibly be denied compensation by the owner.

2. Has your buyer told you what kind of yield that they are looking for? That's the first question, and will help you identify properties. It will also tell you if your buyer knows what they're doing. If their target yield doesn't match up with rates of return in the area, it's a unicorn.

3. Identify market rents in an area, which will help you get a pulse on building class.

4. In your target area, look for properties that have been owned for 5 to 10 years, those owners are ready to sell.

This article has more good points.

https://joefairless.com/unique-way-find-off-market-apartment-deals/

Hmm.   How well do you know this "client"?  If not well the story has a "needle in the haystack" aspect to it.  Good luck.  Hey, I would like to taller, richer and a lot more attractive too.  Would you mind working on that?  Good luck.  Sincerely.  Mean it.  

Long shot, too broad an area, they need to pay you an upfront fee for that amount of work.

You need to narrow down that location. Here in NH we have a flood of investors, especially from MA, DT and NY. They love our low prices compared to their own and the rents are just as high

East of the Mississippi is a pretty large area.  First thing try to get them to narrow the location a bit.

You may wish to explore some more productive activities.

I suppose check for apartment building owners who are behind on taxes, or in pre-foreclosure.

I understand you're looking to refer the client out to agents who may have something that fits this criteria and I can take a look for you here in Charlotte.

I wouldn't be too happy about that lead but if you are going to work it make some calls. See if you can get a listing out of it. If it's a match for the buyer then it's a win-win. 

This kind of purchase is not in my wheelhouse. It's something I'd refer to a broker who specializes in that kind of property... they often have their ear close to the ground on what is happening or about to come on market. I wonder how many "distressed" owners there are these days given what rents are and how they seem to be escalating. East of the Mississippi is an awfully big area... you really need to narrow down criteria, locations, etc.

You might be able to check and see who is behind on taxes. Sounds like a lot of time could be wasted anyway you go about it.

You have some good comments here. I don't have much to add yet I will share my thoughts when reading this. 

Can you find me the winning lottery tickets and the winning lottery numbers?

Yeah, so does every over investor on the planet.  But we can't manufacture desperate people with great properties for cheap.

Isnt' that what everyone wants? Every buyer I ever had would have loved to buy a well cared for property from  "distressed owners" needing to sell quickly and, therefore, at a bargain price.  They want it off-market so there is no bidding competition.

If all that this client gave you for their buying parameters is that they are looking for distressed sellers with great properties and that the properties be off market, then they and whoever helps them are in trouble. Those aren't really very helpful "buy" criteria for an investment property. For example, Will they buy if you take the time to find them an off market apartment building owner that's in the middle of divorce, a mother in law in the guest room (for 4 years now), has a parent in the hospital with dimentia, has pregnant 17 year old daughter, a crack smoking son with gender identity issues and that wants double the market value for the great apartment building they own that's not on the market?? I was being ridiculous but I think you get what I mean. Get some parameters that mean something. What are the guys "buy" criteria? He wants a deal - what is a deal to him/her? CAP Rate, Cash on Cash Return, Cash flow, ROI - something.

Shanna Day Team Leader AZ & UT - Call 480-415-7616 my only thought is that in your advertising to advertise "Thinking about Selling  your 4 plex (or what ever) but have not listed it yet".

BTW I like your new profile pic, very 3 dimensional looking.

Your buyer is jerking your chain. Don't be the chump. Those words are exactly what every 'wanna-be' investor says. Real investors will have delimiters like location, Section 8, price range, size and age.

So use this opportunity to develop resources in this market place if you believe this is for you.

Buy into loopnet, join some REIT forums, educate yourself on how commercial deals are actually done. Know what the attorneys do and understand your role. That will make your messaging easier.

Now, pay up for a few of those 'get rich quick in real estate and risk none of your own money'' seminars and start making list of those who are also having their chains jerked. When you see what others are doing, it will prove beneficial in directing where and what you spend your time and treasure.

You have many great answers here Shanna.  Good luck

Often distressed owners have distressed properties, and they are generally over priced.

Follow the advice Canice offers before stepping into this one.

Look for absentee owners of multi-unit bldgs in the States they want to invest in

This is also known as a steal or a deal...Check the income/expense plus condition and assess to see if it is worth keeping to the current owner. Check taxes and mortgage data and interview tenants at potential sites. They know

it's much easier to focus on listing property.... 

Get him to sign exclusive agreement

Ask title rep to pull delinquent tax rolls on properties in areas he targets.

Cross reference list with google search by name - get address. 

Address might be a crummy management company who is not keeping up paying the taxes but won't want to give you the client contact

Send letter to other management companies and a few CPA's in target area to fish a big pond.

East of the Mississippi is tooooo broad a statement.

get more details-

number of units, demographics of city, location, high rise, how many stories, how old... make him write out the wish list

loop net - sign up

Yes, they want the property with equity and sellers who are willing to sell that property with a discount because they can not pay their loans or need money fast. Checking NOD is probably the first step. 

Not the correct forum.

Timing is everything. Good luck.

That is a long way to drive to show a property that isn't for sale, the owner cannot afford to pay you, and distressed usually means in default which then involves a lender in the sale. Sometimes, NEXT is the best answer.

You could always refer him out, but finding an agent who covers the 20 some states in question might be a challenge.

I am on the Michael Jacobs bandwagon..A

I would find an agent east of Mississippi and see if they want to work on a referral for me.

I am not in commercial, so good luck.

You have to narow the scope of your search or you will search forever without positive results. Time is money.

Have them pick 2 or 3 geographical areas. Minimum size, maximum size. Price per unit limit. Yield requirements????

Cash out, assumption of debt, or owner financing?

Get the answers and then decide if it is worth the effort or you should refer them!