All Forum Posts by: Ankit Patel

Voorhees doesn’t allow single family dwelling to be rented by room. Best and easier way to find information is to call township code enforcement office.

Most states in country are tenant’s friendly state. In New Jersey if you file eviction for non-payment than tenant has right to pay in full including court cost up to end of the day of eviction hearing. If you file for eviction for other than non-payment than eviction would not stop even tenant pays in full. 

I think it must apply only to lien that township are holding because I invest in tax lien and never heard of township asking lien owner to take less money than what they are owed. I have seen in some instance where municipalities had made mistake in assessment or what tax was owed only that time lien amount get reduced. Lien owner gets refund for that amount and homeowner owes less money on the lien. In Camden not that many tax lien investor invest in Camden due to property value and redemption rate is very low. In most city redemption rate is over 96%.

Keep us updated if you find more information about this. This may help lot of us!!

@Raven Walker I would not recommend anyone to buy property with tax lien because tax lien holder may start foreclosing process once the lien passes 2 year redemption period. For redemption amount and any discount you should reach out to tax collector’s office. I never heard of tax lien getting reduced unless lien holder is municipalities itself and new owner will be making improvement to brighten the neighborhood.

If property is located in New Jersey let me know I can help you find out who is the lien holder. 

@Victor Williams Most of the state’s tax liens are superior to mortgage and everything except IRS tax liens. In most cases, property has existing mortgage than bank will paying you off to maintain their lien propriety. Check with the state you are purchasing lien.

You purchasing lien and collecting interest. Lien also gives you a right to make a future tax payment and charge full interested allowable per state law. Property owner, heirs and mortgage company has right to redeem the lien before redemption period ends. After the redemption period you can foreclosure the property. Very rarely you will have to foreclose on property most cases lien will get redeem before the end of redemption period. 

@Rami Akladious I will only invest in online tax lien program for only education and making yourself comfortable with process. Most of these programs are rip off. Tax line software will not help with purchasing any lien. Information is easily available from township and other sources for free. 

@Priya Thomas Yes, you can purchase unsold tax lien certificate from township. Be caution because for variety of reasons these liens were unsold at the auction. By purchasing unsold liens after auction you will be able to reduce redemption period from years to months. 

Tax lien is good investment if you do your research and be patient. Most of the taxes liens are get redeemed. There is so much competition at the auction. In New Jersey lien go over $5K to $10K premium hoping that investor will have chance to collect 18% interest and penalty on subsequent payment. Lot of big banks and Hedge funds are heavily involved in this market. 

@Michael M.Internet always make seems worse than it is and everyone is expert on issue. I would say if number makes sense than I would at least get soil inspection as part of due diligence process. Soil inspection for oil tank covered with concrete will cost you about $500 to $900. We recently purchased property with underground oil tank. Inspection came back positive with leak but contamination was so low so it did not need a remediation. Inspector believed that contamination was due to overfill of oil tank. Also on top of it current owner had a proguard and coverage from their current oil supplier. Owner did not wanted to remove tank or do anything so we move forward with purchase. Owner paid for insurance deductible and got tank removed after the sale. Each situation is different so I will move forward with caution. 

Yes, it is true that inspector has to alert state if they find or suspect any leak. Most states keeps list of oil tank and their last inspection result. I would recommend you to check with your state. In New Jersey, NJDOE keep tracks for each oil tank and some of the labs automatically update state database for every testing gets done. 

Good luck!!!