We tried to work with Remax but I'm not sure I trust them. I know property management is ripe with a LOT of bad people in the USA, so who knows how it is on the island. They actually discussed $4100/month rent through corporate contracts. So perhaps some of those workers you discussed. A corporation doing work on the island might need housing for several workers. They would stuff 4-5 workers in our house. Charge us $1000/month and charge maybe $3000 every time we get a new tenant. After I asked them some probing questions, they seemed to have gone silent. They also require we spend some maybe $4000 for multiple AC units. So we would be looking at $7000 on top of all the money we just spent on flooring and other work. That might be very close to all our first year profits.
I'm now considering looking for short term rentals too. No reason to completely abandon the original plan. If there are people looking for short terms, I'll provide it. I'm just not very optimistic about that market.
BTW, a lot of the opportunity you mentioned is related to what is happening now. What happens when all the work is done and the contractors leave the island? Will I have trouble finding $3000/month tenants? LOL...I just thought to myself "You mean like I'm having right NOW??". LOL
Originally posted by
@Mike Hinton:
Congratulations Orlando!
We’ve been on St Croix since 2016 and experienced 2 bad hurricanes in two weeks in 2017 we never thought we’d see. So be prepared best you can.
With that devastation brought lots of assistance and FEMA and contractors that needed accommodations and thankfully we could happily provide. There are still recovery people around there.
In2016, the bankrupt oil refinery was taken over and is being rebuilt and is about to start production. That has added jobs. Still lots of hurricane recovery work to do but it should be better built for the future.
Lots of cool history there and frozen drinks! If you’re not on island, You need a property manager. Be glad to chat more sometime.