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The houses being bought are so cheap because people are buying them as is: after foreclosure, abandonment, drug bust, any number of things. The investors normally already have money and are just trying to make more. It sucks though because unless you have experience and/or a fool proof plan and budget the flips don't always work.
I guess my original statement should be changed: applying for a loan with the only intent to buy and flip a house isn't necessarily legal according to underwriting guidelines for PA (along with many other states).
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-Michelle
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