Tax Liens In Brooklyn, NYC
Hi, I just bought a 5 family property in Brooklyn last week. This was my first investment purchase and I'm going to live in it as well.
I really love my new neighborhood and there are a lot of old forgotten homes, vacant lots and properties with tax liens. The houses that do make it to the real estate listings through brokers are insanely high. I was thinking that buying a tax lien might lead me to another property in a less expensive way. Is this possible?
Anyone got the skinny on the Brooklyn market? I've been on****Must Reach Freshman Investor status before posting URL's*** and they list their auctions, are there others?
Hi
What area of Brooklyn you live?
I live in Midwood
i live in Red Hook.
i know the city also does years or twice yearly tax lien sales - ****Must Reach Freshman Investor status before posting URL's***
but i'm looking for anyone who's got helpful advice on this matter.
so you buy someone's lien.... what then?
debsgrrl212--(NY)-------------------
New York City has a special law that allows only the city to buy the liens, not individual investors. When they have properties, they auction them off at a public bid auction. If they don't sell, it may be that they will entertain individual offers, as many jurisdictions do, although I don't know this to be so.
Call the city treasurer's office for more information or try a google on the internet to see what you can find about NYC tax liens and tax-defaulted properties.
I lived in Brooklyn when I was young. Very young, being pushed in a baby carriage.
Good Investing********Ron Starr**********
Yup, that's right, NYC actually buys the lien and waits until the redemption period has expired and then forecloses on the lien. So in NYC, you can only get tax deed property, and it is sold at the county courthouses like regular foreclosures. Good luck picking something up cheap...pretty low chance with the rest of the world that shows up to the auctions