Seeking investment property
My husband and I are considering an investment property in St. Croix. We will be in STX 6/2 through 6/12 and are seeing several properties with a realtor. What can we expect for net rental yield? What is an average vacancy rate? Since this is our first time on this island, we will return again prior to making any property decisions but would appreciate any tips, stories, or advice.
We had decided on Curacao and had been twice, but were robbed in the middle of the night, so we are starting the search again. We loved BVI but is too remote to purchase a home. We believe St. Croix might be the right island for us.
I appreciate your time.
We had decided on Curacao and had been twice, but were robbed in the middle of the night, so we are starting the search again.
Nothing like that would ever happen on St Croix! 😉
So many questions. Are you looking for a property for long term rental that you will eventually use for yourself or continue to rent perpetually? Or short term vacation rentals? We have a short high season, 12 weeks of rentals on average is typical. Long term rental market is more reliable, lots of folks looking for long term rentals vs purchase due to very lengthy sales cycles. Of course the type of property/amenities is a factor.
Long term vs vacation is a big difference. I wouldn't personally recommend vacation rental as income of any kind except to offset cost. Though it would depend on the property.
I own investment property on STX, and I do a combination of long term and short term rentals. I don't do vacation rentals, but I have had quite a bit of success with PMV's and newbies to island who just need a place to land, while they get to know the island, get a job, etc.
My property is older and typical island style, furnished, apartments. Nothing fancy, but comfortable. Our occupancy rate runs about 80-90%. I am not on island. When I lived on island, we stayed at 90% ++. We have a very central location, and that helps.
I have an ad on this website, and it has been my best marketing tool!!! Thanks, Islander :).
We are about to go under contract to sell it, but if that falls through.....I'd love to talk to you. Let me know, via PM, if I can help.