I went to a tax sale recently in an out of the way rural municipality in New Jersey. Unlike most of the tax sales in New Jersey this sale was poorly attended. New Jersey is a very competitive state for tax lien investing so this was an uncommon event. Most serious bidders arrive an hour before the sale starts. At first, I was pleased to see, with less than an hour to go before the sale, that there was only one other bidder there. Then I did my research on the properties that were left in the sale and I discovered why other investors didn't bother with this sale. Out of the thirteen properties that were left in the sale, there was only one decent property. All of the other properties were vacant land and when I looked on the tax maps and checked with the zoning department (this is why I arrive at the sale an hour early) I found out that none of these properties were build-able lots. Most of them were land locked and none of them were large enough to build on, even though one parcel was a three-acre lot.
Read Joanne's entire article Don't Buy Tax Lien Certificates Unless You've Done Your Homework!
Joanne Musa, our official Tax Lien Investing Expert
Comments