Owner Financing a little confused
Is the main purpose of owner financing for someone to get into a property quickly and refinance or sell after some brief time. Most of the owner financing I came across have terms with a balloon payment after 2 years or so. Are there any owner financing where it is over a 30 year period, or is that unheard of. I got the impression that seller, and owner financing was for people who have a hard time getting a loan, that may be for many reasons such as they work off the books or are self employed, or bad credit and would rather not go through a traditional lender like a bank. So after the 2 years wouldn't they have the same problem refinancing? Or is this strategic if you are looking to flip etc. Need some help thanks