We have started the process of putting the workers out there on a more permanent basis, but we still need final approval to dredge and fill the island. Getting work done has been our biggest headache. And not just getting it done, but getting it done to our expectations. We visit our island about once a month, and it's tough to manage from afar unless you go there a lot.

Do you have a house on the island? Right now, because so little construction has been done, we take a boat to Tranquility Caye each day and return to the mainland to stay overnight. Once the structure for workers who are clearing the island is built, we'll stay there from time to time. Then we'll build the employee housing, which we expect will accommodate 15 to 20 people. We'll stay there while building our own house, and then we'll build the rest of the resort.

Your plan to build a resort is extensive. Do you ever feel overwhelmed with details and costs? The vision can be all-consuming. You think about it a lot. But I don't worry about it. The idea is to do this debt-free, so we wouldn't proceed unless we had the money.

What is the biggest tradeoff of having an island versus a vacation home on the mainland? Accessibility. We fly from California to Houston, from Houston to Belize City, and from Belize City to Dangriga, a town in southern Belize.. Then we ride a boat 12 miles to Tranquility Caye. And that's a relatively easy destination. Southern or eastern Caribbean islands are much harder for an American to access, and the islands themselves are far apart from each other. A round trip costs us about $500.

What are the advantages? The exclusivity of it. Only so many islands are out there. I've heard that phrase used a lot, but it's true. I feel the overall interest in islands has increased. We've paid very close attention to Internet searches for island real estate, and a lot of people are looking.

What is the most important question to ask before buying an island property? It just depends on the angle you approach it from. Do you want a developed island, or do you want to start from scratch? Some people don't want a diamond in the rough. Other people would rather build equity by improving the island themselves. Some islands have geographic features that appeal only to certain people. Buyers have all different goals and ability levels.

What pitfalls should prospective buyers avoid in the negotiating process? The island market is like the "wild west" of real estate, so be prepared for the unexpected and for a long process. When we were buying, we encountered long periods of time with no word and with no movement. I'm watching other people go through a similar experience now as a real estate agent, and simple questions go unanswered for two weeks. It's grueling when you think about it day and night, wondering if you're going to get that property you want. It took all the fun out of it.

What is the most unexpected problem you have encountered as owner of Tranquility Caye? Belize is an English-speaking country, but its people speak a different form of English. I can have what I think is a perfectly understandable conversation with a local, but later I find out he understood it completely differently than I did. The confusion is usually in the context of your sentences. You have to clarify your expectations. It's a little frustrating.

What unexpected costs did you encounter? Boat trips can be quite expensive. You go out on a wooden skiff for a day, get beat up on the waves, and it costs $300. I justify it by saying the boat's operator is essentially making his entire week's income in one day. You're employing somebody who doesn't work a lot, and they need to make up for it somehow.

What was the most pleasant surprise you discovered when you bought Tranquility Caye? The response. We formed a Web site to tell the story, and we got inquiries from people who want an island, too. They were amazed that other people think like they do and have the same dreams and fears.

Overall, do you think you got a good deal? It's absolutely one of the best investments we've ever made. In fact, I can say it's the best investment we ever made.

What is the single greatest reward of ownership? The satisfaction you've realized the dream. You've done it. Now the real fun begins.

Photos couresty Doug Ingersoll

Next: See our slide show of ten private islands for sale.
Plus: Interested in buying? Our checklist discloses five things to know before you indulge.

MORE: Kiplinger.com | Spending Wisely

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