First Tax Lien Sale; Need Advice
My father has been telling me about tax liens and wants me to invest with him. I researched a few properties and hoped to get at least one to get my feet wet. I went to my first tax lien sale in Southern New Jersey and I was blown away.
I entered the municipal building and felt like chopmeat hung over the piranha tank. The regulars were all hanging out and sat in the front and I sat near them. Having never participated in this before, I was blown away at how fast the bidding started. Just about every property went for a premium and the same group of guys were buying all of them. The property I wanted had an $11,000 lien and the premium went to$18,000. I wanted to pull the trigger, but backed off.
Can someone help me with premiums. How do they work? And any books on the lien process? :-o
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