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Bryce Fairburn
Pro Member
  • Rental Property Investor
  • Lake City, MI
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30
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Investing in St. Thomas USVI

Bryce Fairburn
Pro Member
  • Rental Property Investor
  • Lake City, MI
Posted Apr 7 2024, 08:20

Hi community

looking for some feedback. I am looking at a property on St. Thomas, that needs some significant renovations. Here are the things I see.

- I have the skill set to do majority of the work

- the numbers appear do work well as a STR

- the property has sat on the market for a long time (100+ days)

- I am assuming material and substrates will cost significantly more then doing the same work in the lower 50 states.

- the topics I search on BP appear to all be pre/mid covid, and have some recovery discussions post Irma. Recognizing we are in a different season of investing right now.

where my suspicion comes in:

- if it is a good deal, why has no one bought it yet?

- am I missing a significant red flag about this property that I do not see?

- when I dive into the deep due diligence, am I most likely going to find something that crushes the deal and makes it not feasible?

Thank you for thoughts and feedback as we look at this market

Bryce

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