Rental Property Investor · San Diego, CA · Member since 2008 · 161 posts · 15 votes
I am looking for someone that I can ask some questions of regarding the Virgin Islands.
I am considering buying condos and renting them out by the night. Vacation style.
Would love to talk to anyone that has done this, or can point me in the right direction to find resources that would help me with the learning curve and to avoid many newbie pitfalls.
Im looking to wholesale beachfront and ocean view lots in the USVI's as well. Just wondering how its gone for you since you posted the question. Jason.
I currently live in the Metro Washington DC area and was just home (St. Thomas) for over a month. I was considering a similar route but condo fees are super high in the more desirable developments ($800-900/month). Prices and fees were much more reasonable on St. Croix and I also had a brief talk with someone who has been successful with a one bedroom on Air BnB on St. John. I think the bigger issues would be finding someone to finance deals locally and building a buyer's list. I have rentals in Baltimore but I have yet to come across any lenders stateside who would be willing to fund the deals in the VI. I also have spoken with a number of contractors and I have yet to find any willing to sign a contract and be bound to a specific time frame. One contractor told me that it would take 2 years to finish a structure that was already 60% complete. There are a lot of cultural nuances that would come into play as well. Not to discourage you (if I haven't already) but this would not be the ideal place from which to manage a first project remotely. If you have any resources please let me know too. As far as I know there's not an established investor community although a lot of people build apartments on the lower level of their private homes.