I have a good credit history, a little money saved up, a retirement and 2nd pay check coming in, and no debt.

The question being, do I have to have the property under any contract before applying for the hard money loan?

We are constantly looking for long term money for non residents with good credit scores.

I think your NAR quote is probably right as we weren't developing from 2008 to 2011, but it probably applies more to select markets where there's been less building recently (strict building codes/difficult to develop/geographically constrained) ...

In that scenario, it might be common to owe over 1/2 of the original amount because payments are applied first to interest and then principal.

I am a Financial Education Service Agent helping clients of Real Estate Agents correct their credit issues so they can obtain home ownership.

I'm especially interested to hear from anyone with experience in New Jersey, in case any state-specific rules apply.

I've heard I can open a home equity line of credit but is that my best option.

I think the agent simply took market rent, applied them to all units, and used one of the R&M rules to come up with his number2. property manager listed no rent income for 6 months straight and suddenly for the very last month on paper there was an income of about 2800 dollars. this made me doubt if the entire income and expense reporting was accurate3. owner did not provide tax or insurance numbers - the listing agent estimated them...I also heard from the selling agent that one of the bigger units will be vacant from next month, due to eviction of tenants from rent delinquencies The owner is out of state and seems clueless on the operations of this building.

Do you have a line of credit on your personal house?