Where there's a will...

People who know me know that I am stubborn as a mule. When I really want something, I will charge ahead like a person possessed. "Impossible" doesn't apply to things I really want.

I've always wanted to own a vacation home somewhere really fabulous. Realities have to be considered, however, and most places really "fabulous" have a high price tag. I refuse to accept that. Call me crazy, call me stupid, but I think many people miss the boat by always doing the conventional thing when it comes to real estate.

So, I've come to the realization that we're not going to be purchasing this fabulous vacation property anytime in the near future. Likely a few years out, maybe more. In the meantime, I plan on looking, researching, and looking some more. This will be a measured decision.

One thing I've realized is that it's hard to buy something already built that meets my specifications. On St. John, for example, the average villa runs about $1.1 million dollars. That's right - $1.1 million for a small, 2-bedroom house concrete house, maybe with a pool. MAYBE. Taxes are high, utility costs are high. Rental rates are soaring, lots are sitting on the market (over 225 for sale on a very small island), and people aren't building. 9 lots have sold this year, down from a high of 167 lots sold in 2003. Can you say oversaturation?

Anyway, I've started looking into some alternative building ideas. It's amazing what's out there. In the Caribbean, the concerns are hurricanes, earthquakes and water. However, there are some pre-fab homes that look pretty cool that have excellent track records when it comes to hurricanes and earthquakes. You still have to build the cistern to supply the water, but we're looking at building a very small home. Smaller home = smaller cistern.

I think what I really want to do is build an eco-friendly budget rental for those who have good taste, but maybe not a fat wallet. I've got my eyes on the couples market, maybe a couple with a small child. I plan on keeping costs down by eschewing the traditional trappings people fall into. My vacation home will have no granite, no fancy backsplash, no stainless steel appliances, no cherry cabinets, and alas, probably no pool. Maybe a hot tub at some point.

What will it have? Hopefully, a great location, killer view, a cozy cottage feel, privacy, air-conditioning, and a comfortable bed.

Here are a few options I've found. It will cost well less than $150K to build out the structure. Less if we do a bamboo option and decide to take on the task ourselves. That doesn't include any excavation or pouring the cistern, but I've got years to meet people and get that figured out.

http://www.bambootechnologies.com/homes/thaihale/thaihale.htm
http://www.deltechomes.com

Am I crazy? Is a treated wood structure in the Caribbean just a nightmare waiting to happen? The bamboo is very interesting, especially since it's used a lot in Japan, which is home to massive quakes and killer cyclones. If it stands up there...

I'm determined to figure out a way to make this happen, and a way that doesn't cost me $1.1 million. I mean, you can't possibly make any cash on the rental that way. Running it as a loss seems pointless. Thoughts from the peanut gallery?

I constantly remind myself of the now-famous speech by Professor Randy Pausch, when he talks about reaching your goals. He says that roadblocks are there for a reason. They're to weed out the people who don't want things badly enough. A lesson for real estate, and for almost anything else in life.