Victor & Carla Purdy

PurdyHomes LLC in Henrico, VA

Victor & Carla Purdy with Victor Purdy,Carla Purdy

We found this house on Craigslist. The owner wanted 62,000 for a 3 bed 1.5 bath which was a little more than what we had paid for acquisition on any of our rentals. She said that it was completely rent ready and we didn't have to do anything. We could not come up with a value of the property because nothing had sold in that area. That really made us a little uncomfortable plus we knew we only had about 50k that we could put into the deal. I talked to her about owner financing and explained to her what that meant. She said that she would be interested if we could give her the full price because she owned the house outright. We met with the couple the house was in great shape we negotiated the terms. We gave her 20% down with a $400 mortgage payment flat interest of $100 month for 2 years ( $300 to principal and $100 to interest)and then either pay it off or refinance.