Greetings from the great State of Tennessee. I stumbled across this gem of an investment which I wanted to share and encourage y’all to look for similar bargains. This was for sale by owner, who needed to sell fast. He had received lots of interest, and after a guided four- wheeler tour, I quickly realized its value.
It is set on 14 acres, complete with a pond, a small house (recently updated) and a 30X50 barn. I found it to be a steal, and got the entire property for $129,000! Lower than what it actually appraised at! My plan is to enjoy the surroundings and to strategically generate multiple streams of residual income from it. I have already rented the house to a good tenant for $425 month leaving me a balance of $325 on the full mortgage payment.
My thoughts on how to generate extra income are: The barn has 3 horse stalls, I could rent those out, but then I surrender some control of my barn, which I am not a huge fan of.
There are a number of large oak trees on the property which have immediate value, that is if I wanna alter the beauty of the land, which is not something I am fond of. But nevertheless, still a consideration.
View of the lake and acreage
Sell the small house. I could re-survey the ground and sell off the house with a 1/2 acre, which there should be a good market for, and still have total control over the remaining acreage and barn. This is appealing, as then I wouldn’t have to manage a tenant, and I would get a chunk of capital all at once to reinvest.
Grow trees. Who says money doesn’t grow on trees? Get this, I could grow Japanese Maples, Crape Mertles, and other, in demand, ornamental trees and sell them to local nurseries. The hard work will be planting, fertilizing, and harvesting, but other than that, they would be hands-off. This will also enable me to improve the look of the land and have lots of extra trees to give away as gifts.
Grow Blueberries and Strawberries. I am a huge fan of these, and people will flock to buy them, and how gratifying to be able to brighten peoples day with fresh berries. I could even limit my efforts by doing a pick your own!
I am open to any and all suggestions, I will keep you informed with updated pictures and posts showing the progress!