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Updated almost 8 years ago,
Hey guys! new to BP, I'd like to ask some advice.
HI! My name is Eassa.
I am looking to plan out my next move. I currently reside in a duplex I own with about 10k in equity in the Drexel Hill area.
The idea I'm thinking of involves a partner who would use a low down payment mortgage, have them occupy the property for 12 months, and repeat. I want to know if that is legal first of all, or is it a grey area? Also will it be weird to be on the loan as a non occupying co borrower if I am not related?
Also I am looking to maybe do a fix and flip in the city of Philadelphia. What are good neighborhoods that I can buy pretty cheap in, and then either hold until I can make a good profit, or unload quick for a smaller gain. I've heard good things about point breeze, but that was a year ago and I do not know the market that well.
Thank you guys so much for the time to read my novice question :)