Dontwanner (don't want her) is a term I often use to describe distressed properties -- houses and other real estate that the owners don't want so much that they're willing to do anything to get rid of it, including deeply discounting it. Real estate investors can score big profits on dontwanners by recycling what the owners consider burdensome trash into cash.

Every neighborhood has its share of these trash-into-cash opportunities, but finding them can be a bit challenging, especially if you don't know where to hunt for these hidden treasures. In this article, I show you how to spot the dontwanners in your neighborhood.

Cashing in on the Four D's

When treasure hunting for distressed properties, remember that either the property or the owner can be distressed. Usually it's both, but some of the best opportunities can be discovered by looking for distressed owners. Follow the four D's:

• Death

• Divorce

• Desperation (resulting from a job loss or other financial setback)

• Drunkenness

Cruising the Neighborhood for Dontwanners

Drive, walk, or bicycle around your neighborhood in a search for dontwanners. Some of the best properties may not even be for sale, so look for the following signs and symptoms:

• Overstuffed mailbox

• Porch littered with newspapers

• Overgrown lawn

• House looks vacant inside

• Cheap For Sale or FSBO (For Sale By Owner) sign

If you spot a dontwanner, talk to the neighbors to find out who owns the house, and then try to contact the owners to see if they want to sell the house.

Digging through the MLS Listings and Classified Ads

Check the Remarks section on MLS listings and classified ads in your local paper for the following clues that the property is a dontwanner:

• Sold As Is

• Handyman's Special

• In Need of a Little TLC

• Needs a Little Work

• Must Sell

• Needs Work

• Fixer-Upper

• Relocating

When looking at classifieds, smaller ads trump larger ads. Large ads indicate that the owners are willing to invest more in marketing, meaning that they expect a higher price.