All Forum Posts by: Terry S.

Welcome welcome :)

Thanks Chris!

Wow that sounds reasonable I guess............but still........I just wonder what the parents would say once they found our their kids are going to a "swamp" every day :)

Hi BP:

Recently I was told always to check the state issued GIS wetland map (I am in NJ) before buying any properties, so I started doing that just out of curiosity, because I thought all the already approved and therefore existing structures shouldn't have this wetland restriction, otherwise it wouldn't have been able to be erected in the first place.

But to my surprise, I randomly checked some wetlands on the map and noticed some of them do have building on them, for example, one of which is an high school campus. And the wetland seems right in the middle of the school campus. The campus area seems encircling the whole wetland (relatively a small one in size) as well as the transitional area which is usually 150 ft around the actual wetland and also restricted in terms of development activities.

So how did those buildings got built? Do the wet land restriction only apply to the later constructions, and the ones already built before the wet land got identified will just be left as is???

Thanks very much BP 

Btw, I am also hoping if someone can help me get a rough idea, does this kind of scenario happen often?

To me it does sound quite logical....if someone knowingly can't even afford to pay property tax for his family primary home, he must have been in a really tough situation and might as well put everything behind and start over?

Thanks John, wow so you got her out even it was her primary home. I heard it was untouchable. Guess it's all depend on the negotiation then. Good for you.

Btw why did you had to have her sign the quit claim? So basically you did not go through the official foreclosure, everything was done in private correct?

Hi BP:

I have been reading all these tax lien certificate investments and some random thoughts just came up. 

What if the delinquent original owner files an bankruptcy, chapter 7 to be exact, after the lien is sold to investor? 

I understand the lien will not be forgiven even after his bankruptcy, but from what I have read, if the property is the primary residence of that delinquent owner, it can't be foreclosed on. And for a lot of folks went behind on their taxes and had to file bankruptcy, it's quite possible that there is no other asset they have left to redeem the lien either. 

So in that case, as investors holding his tax lien, is it like holding a blank IOU, where we know the lien, which means our money, will always be there attached to the property not removed, but quite possibly still we won't be able to get it back any time soon, even if it eventually comes back?

Anyone knows if my understanding is correct? Seems like tax deed is a much cleaner way to go in terms of investment, unfortunately NJ is tax lien state :(

Thanks for any advice.........

@Ankit Duggal

 Hi Ankit, I listened to your podcast. It was incredibly informative and helpful!!! Thank you very much!!!

I am just starting out recently and I recalled you mentioned you and your team have been buying tax liens certificate all year round? Do you mind sharing a bit if we new fellows can do that as well? I live in Hoboken and I called nearby Jersey City tax collector as well. The say they have TLC sale only once a year and typically no left overs from the auction. Even in the very rare cases there are a few, they are pretty quickly snatched up within a week. So bascially what they told me was, thanks but no nothing on market. So I am just curious how do you usually find TLCs to buy?

Thanks very very much!

Good job Kenneth! I can't agree more that JSQ area produces great return among those markets that of the comparable resiliency and potential to appreciate in property value. I myself live in Hoboken and have one rental property in JSQ.

I'm relatively new to investment, but would be happy to connect and exchange thoughts

+1. Interested in the sheriff's sale. Heard Philly's one of the few decent markets that in the northeast sells the tax deed instead of the certificates. Wish to find out more in BP :)