Owner financing

[Account Closed]

Could someone explain owner financing? My understanding is that you find a great deal, use private or hard money to fund the deal. Market for residents that can't go to the bank so they come to you, they put down a non refundable deposit and starts to make payments to you to cover the PITI, your money lender, and your profit monthly. Then you refinance and completely pay off your money lender which will increase your monthly profits until the current homeowner/tenant has the means to get a mortgage from the bank to pay you off. Or is that a lease option? Help! Lol