Tax Lien Help In NYC
Hi. I'm brand new to this and I've read so many of the posted messages on this forum. But I need some information on where I can start with only 2000. I'm young and I'm looking to make back a profit, it does not necessarily mean it has to be a big profit, but anything would be nice. I definitely do not want to go to any of the auctions because I know I won't last a second in there with the big investors. (And I've learned this through this forum) So should I just forget about the whole tax lien investment or is there something other than this that I can invest in? :-?
rubia170--NY----------------------
You have to go with your own interests and skills. Do the type of investing that takes advantage of your strengths and your resources. The amount of money you have is modest. However, there are many other resources you can bring to bear on the topic.
If you want to "work" tax delinquent properties, your modest cash horde is perfectly adequate to get started. Tax sales properties and tax liens are typically low cost.
I'd suggest you work other counties in NY state, within about a two hour driving time. In NY state many of the sales are conducted by cities. Start finding out about the sales and going to them. There is at least one professional auction company that does sales for municipalities and has a website with their sales listed on it. Call Syracuse taxing authorities and ask them about this company or anybody else that sells for them. Similar with other cities.
You can buy from owners or heirs before the auction. You might be able to buy from municipalities after the sale if they end up with the properties. You need to study the state law and the websites of counties and municipalities on the topic. There is definately opportunity. There are many places the big investors do not operate. Too small for them. Not too small for you, as you are a small-time operator at this juncture.
I have a couple of pamphlets I sell on getting started as a real estate investor, I'll happily send you a short catalog of what I offer if you email me at **Please See My Profile**
Good Investing*********Ron Starr**************
I'm also from NYC. I know a few people that have made money with tax liens, and they've made very good money!! I currently have someone helping me right now. I would suggest starting by going to www.NYC.gov and looking for the tax lien list in there. It might take you a while to find, (it took me a few days), but it's in there. There's also a few links within this website that gives you the property history, payment tax history, and address of the homeowner. Hope this helps.
Hi thanks for the helpful info. I found the site and I read the information regarding tax liens. But it says individual investors are not allowed to purchase tax liens. I know this must be a stupid question. But can anyone tell me how can I be able to purchase these liens. Do I have to get certified? And if so, how? Thank you
there's two companies that NYC gives/sells its tax liens to. They are www.jer.com and www.xspand.com. You can call them and ask about the liens. What is recommended in many of these real estate books is to get the lien list and deal with the property owners directly before their liens go to an auction.