If you really want the best deals in investment beach properties, you have to increase your odds by finding more deals. Who is more likely to get a bargain beach property, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:
1. Network. Talk to as many people as possible about your business. Let everyone you know that you buy beach properties. Offer referral fees for leads that result in the purchase of a beach property.
2. Go online. Do an internet search for the type of beach property you are searching for. Just type in the name of the city, the price range, and other factors that match your criteria to see what is available in the market.
3. Drive through your target neighborhoods. May owners will put up a "For Sale By Owner" rather than pay for a newspaper ad every week. You'll see more beach properties using this method.
4. Look for abandoned beach properties. Is the lawn high? Does the house lack much need maintenance? These are clear signs that the owner doesn't want to deal with the beach property for some reason. He may be motivated to sell.
5. Locate faded "For Rent" signs. These landlords may be willing to sell due to property management issues, especially if they are having trouble renting the beach property.
6. Talk to bankers. You might get a foreclosed-on investment beach property cheaper if you buy it before they list it with a real estate agent.
7. Pay a finder's fee. It never fails, there is someone in every community that just seems to know when someone is happening. Offer them a finder's fee for bringing you good deals.
8. Eviction notices. Do you know someone at the courthouse? Does your local paper publish eviction notices? The landlord might have just become a motivated seller.
9. Keep a file of FSBO ads. As "For sale By Owner" beach properties have been on the market for 2 or 3 months, owners may become more motivated to sell as circumstances have changed. An offer they turned down 3 months ago, may be accepted today!
10. Place ads in the local newspaper that you are looking for investment beach properties. This may generate a few calls or lead to some partnership deals with other investors.
