"We've taken a hit on those properties once so we're not going to make that risk again," Kasten said.
Last year, median gross revenue per course increased by 1.4 percent, according to PGA PerformanceTrak, a golf data collection service, in cooperation with National Golf Course Owners Association.
Golf course investment is also expected to increase this year, though it's predicted to be a "cash heavy," market until financing returns on a national platform, according to Marcus & Millichap.
Until then Trump, Nanula and other investors are seeking out properties.
"I'm only able to do it because I can write a check," said Trump, the real-estate investor and reality TV star who last year ran said he may run for President of the U.S.
"Banks aren't so generous these days so if you can't pay with cash you might as well forget about it."