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. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven’t yet listed their 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. Search for old “For Rent” ads. Call the landlord to see if he would be willing to sell. The worst thing he can say is no. the landlord may be willing to entertain a legitimate offer.
6. Call the banks. Obtain a list of pre-foreclosure and foreclosed beach properties. Visit the beach property and make an offer. If you buy before they list it with a real estate agent it saves them from paying a commission.
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 finders fee for bringing you good deals.
8. Eviction notices. If your local papers publish eviction notices, or if you can get the information at the courthouse, it can be useful. A landlord who just went through the process of evicting tenants is a likely 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. Put an ad in the paper. “Looking for investment properties to buy,” might be sufficient to generate a few calls.
Hubert Miles is the founder of Waterfront Houses USA, an internet marketing service that provides Beach Property For Sale available in the US and Canada. Learn more about Beach Properties For Sale in your area.