A Texas real-estate investor created a tiny-home village where sites rent for $700. Its residents get a slice of the American dream, and have formed a tight-knit community. See inside.

In 2002, Terry Lantrip purchased a North Texas farmhouse on an acre of land in Lake Dallas, a small city of about 7,000 people on the shores of Lewisville Lake.

Lantrip, a mom-and-pop real-estate investor and the founder of Urban-Retro, initially had no plans for the sprawling property beyond holding it as a real-estate investment.

A contingency from its previous owners limited what he could do to develop the land.

(Lantrip's farmhouse and land prior to construction. Credit- Terry Lantrip)

"The family I bought the property from asked that I not take down the house and its trees," Lantrip, 61, told Insider, adding that he felt "stuck."

However, years after the purchase, Lantrip's outlook completely changed.

In 2016, he attended Dallas' annual Earth Day expo. He encountered an array of tiny homes — non-mortgaged houses or cabins that are typically under 600 square feet.

Inspired by their design and affordability, Lantrip had a eureka moment: He could create a community for tiny homes on his Lake Dallas property without tearing down the farmhouse and disrupting the area's vegetation.

(The Lake Dallas Tiny Home Village opened in 2018. Alcynna Lloyd)

(The entrance to the tiny-home village. Alcynna Lloyd)

Lantrip began construction on the property in 2017. He installed new water, sewer, and drainage lines, and built a communal laundry room for his future residents.

The Lake Dallas Tiny Home Village finally opened in 2018 with Lantrip as the property manager.

The site has 13 rentable lots where residents can park their non-RV tiny homes. Twelve of the village's lots are currently occupied, with a new tenant expected to arrive soon. The waitlist for a spot in Lake Dallas Tiny Home Village is nearly a dozen long.

Residents pay around $700 each month for the site and communal facilities, including a laundry room, a fire pit, and a garden.

(One of the village's thirteen homes. Alcynna Lloyd)

(The village's residents share a laundry room, a fire pit, and a garden. Alcynna Lloyd)

(Residents can grow plants at the community garden. Alcynna Lloyd)

Among the village's residents are writers, teachers, and healthcare workers, who Lantrip said came from an array of backgrounds. Despite their differences, they all look out for one another.

(Residents have access to a free laundry room. Alcynna Lloyd)

The complex also boasts a free communal laundry room, which helps residents save money.

There's also a fire pit where Lantrip said many residents gathered around most evenings and during holiday celebrations.

(Residents often socialize around the fire pit. Alcynna Lloyd)

Ref: A Texas real-estate investor created a tiny-home village where sites rent for $700. Its residents get a slice of the American dream, and have formed a tight-knit community. See inside. (businessinsider)