Tax Liens - NJ

[Andres Felipe Aristizabal]

Hey guys/gals,

I recently started looking into tax liens and have since read a couple of books related to the topic. I figured NJ would be a great place to start given that I'm located in NYC and spend half my time in NJ, so I went ahead and read The Complete Guide to Investing in New Jersey Tax Liens by Michael P. (just finished). Are there any others starting out with tax liens in NJ that would want to get on periodic calls to get each other's thoughts/inputs on counties, liens, etc.? Could be almost like an accountability partner(s). I'd also welcome the opportunity to chat about tax liens with those that already own and have experience with them. Any insights would be greatly appreciated!

Best,

Andres
 

[Scott Matthew C.]

After reading your post, it is essential to know the basic steps. Below is a bird's eye view.

1) The county or municipality identifies properties that have delinquent property taxes and are eligible for the tax sale.

2) A list of these properties is compiled and made available to the public, usually through the county's website or through a public notice in the local newspaper.

3) Prospective buyers are required to register for the tax auction and provide a deposit, which is usually a percentage of the expected winning bid.

4) At the auction, the properties are sold to the highest bidder. The winning bidder is required to pay the full amount of the winning bid, plus any other fees or costs associated with the sale, at the time of the auction.

5) The winning bidder will receive a tax sale certificate, which gives them a lien on the property. The certificate holder will earn interest on their investment at a predetermined rate and has the right to foreclose on the property if the property owner does not pay the taxes owed within a certain period of time.

6) If the property owner does not redeem the property within the redemption period, the certificate holder can take ownership of the property.

**Do your due diligence !!!

@Andres Felipe Aristizabal Are you asking for someone to be a part of a deal? Or, do you want a mentor?  If you want a mentor I would advise you to create some kind of incentive. 

Best of luck!