A few months ago I was chatting with a business broker about a gym for sale in St. John, USVI. At first I was just curious but as the price came down I actually thought about it seriously for a minute.
Looking at the numbers and doing a little bit of research, I realized that it wasn’t a good idea for me. But for the new owner – a guy from New Jersey – it could be perfect. I can easily see how this would be the perfect project/investment for someone who has some money and wants an excuse to spend more time in the Islands. With the equipment upgrade required, this gym will not make the owner a lot of money. But with good management, it could provide a reasonable return. The best part though, is that the owner could go to St. John as often as he/she wanted and write off the entire thing as a business expense! Ultimately, this is how I would like to structure my life: have businesses in a few places where I like to spend my time. This would go a long way towards creating a tax advantaged life, not to mention the stimulation and challenge of running a few small businesses.