He bought an island for $50k that makes $70k as an Airbnb

Owning your own private island isn’t a pie-in-the-sky pipe dream. Just ask Shane Coderre, who owns three islands in North Carolina, one of which pulls in $70,000 annually as an Airbnb. Check out how you can follow in his sandy footsteps.

Q: What inspired you to buy a private island? “I had moved from Orange County, CA, one of the richest areas in the country. So when I got to Wilmington, NC, everything looked dirt cheap by comparison. I talked to one guy who owned 22 islands and was looking to sell some. So I paddled out by kayak to see one along the Intracoastal Waterway. Dolphins were swimming by. It was beautiful, but I thought there’s no way I could afford it. He said, ‘I guess I’ll take $50,000.’ We were in the courthouse the next day.”

Q: What did it take to build a house on it? “I was a business law major, so I did my research and found a little-known law where you’re allowed to build a 12-by-12 structure called a ‘fish camp’ without a permit. A local dock builder and his son camped on the island and built the two-story cabin in three months. It has a propane shower, fireplace, electricity, and fantastic cell service. I bought a TV but never installed it since no one wanted it.”

Q: How did you turn it into an Airbnb? “It was a disaster at first. The first renter rowed out in a rowboat but didn’t pay and left the cabin wide open with chicken bones everywhere. Burglars broke in and slept in the bed. I eventually hired a property manager and boat captain. It grosses around $70,000 annually and is booked solid most summers.”

Q: Are islands good investments? “Everyone laughed at me at first, but they’re incredible investments. I bought another island for $84,000 and sold it within a year for $275,000—nearly a 600% return. I also lease one island to hunters year-round for $600 per month. I’ve bought four islands and still own three. One I hope to pass down to my daughters.”

Q: What advice would you give someone buying a private island? “You’ll need a boat. Bring water, bug spray, and proper insurance. And understand what you can legally build before you buy.”

Below are two islands he’s selling right now.

Listing #1: 84-acre island in Leland, NC, for $1,790,000

Listing #2: 3-acre island in Wilmington, NC, for $114,000.