I just closed on my next property.  It has a lot of potential and I'm excited about it.

Here's the deal:

8 acres, triplex (septic will hold more units) at the road frontage, a house in the middle of the property and woods the rest of the way back.  Has already a garden area, fruit trees, pond and pasture area, different storage sheds, etc..

My realtor found this one for me.  The woman has tried to sell this big piece of property for over a year.  She was willing to owner finance the property provided I put something down.  The something down was what was keeping everyone from jumping on it. 

appraised:  $188,000 (not counting the third unit- I will be turning a 'shop' into the third one).

Bought for $175,000 @ 7% interest for 15 years.  Mortgage payment is $1085.00 per month.

$12K down. (I borrowed that and will have it paid off in 3 years).

House one:  I'm moving in

Triplex:  rentable for approx.  $550.00, $650.00 and $700.00.  That makes a little cash flow and I live for free on the most beautiful view in this little town (I believe).  This is a low ball rental estimate. 

My intentions are to research and find out how to make my triplex a senior center and promote a little country living and sharing a garden, enjoying the pond, etc... I need to find out all that is involved (I did check the HUD website, thank you Maria). 

The people who I am hiring to help me renovate will be moving into my last house for 1/2 rent while they fix it up,(I'll be paying them and buying materials),  then on to help me fixing up the rental units.  So, I don't have to worry too much about getting someone in my last house.  I think it is a win/win for all of us.

Keep you posted on how it goes... oh... and YES!!! This property has an undated survey!!!!