Looking to create a Long Term and Vacation Rental portfolio

[Louis Zameryka]

We have a 2nd home by a beach in NY. This summer we started renting it out on Airbnb. We like the extra money and thought about other areas we might like to have a home to vacation at which we could buy and fund via long term rental with also an airbnb. Something like a 2 family or a Single Family with accessory apartment or structure on the property to rent short term. Ideal markets for us would be NY/NJ/PA ski areas, or lake/ski, Orlando theme park area, Florida beaches. 

I expect that many over extended Airbnb hosts or even people in general will be hit by a bad economy ahead and go into foreclosure or want to get out prior to that. Anyone have advice on how to find these and build this portfolio? 

Thanks

[Paul Sandhu]

This is how I find bank foreclosures in my town. First I look at the the multiple listing service. It's a list of all the properties for sale that are listed with realtors. There are no FSBO properties. We see a house we like, then we look a little further. We go to the register of deeds website for the county. We look to see who owns the house. If the owner of the house is a persons name, and they happen to live at that address, we skip it. If the owner is a bank in New York City or some other distant location, it's a bank foreclosure. If the bank happens to be JP Morgan, we already have a key from previous foreclosures from them. They use the same key for all their front doors. We let ourselves in and take a look at the place. If we like it, we go by the realtors office with $1000 in earnest money and make an offer. If they take too long to accept or reject the offer, I'll find some code or zoning violation and tell my friend that is the code enforcer to send them a letter of the violation. That usually speeds up the process of accepting our offer because the bank doesn't want to spend more money on the house to fix a problem.