Is it a tax deed or a tax lien that you bought? That's a very important distinction breh. If you got lucky and it's a tax deed (which I doubt), you will still have to file a quiet title, that's gonna set you back about 3 months. Then you may still have to contend with any lienholders like a mortgage company, city contractors who boarded up/mowed the lawns, etc etc. I would start by finding the PIN and doing a lien search.
So i brought a house in Trenton,NJ for 200 bucks...
- Thread starter theworldismine13
- Start date
Is it a tax deed or a tax lien that you bought? That's a very important distinction breh. If you got lucky and it's a tax deed (which I doubt), you will still have to file a quiet title, that's gonna set you back about 3 months. Then you may still have to contend with any lienholders like a mortgage company, city contractors who boarded up/mowed the lawns, etc etc. I would start by finding the PIN and doing a lien search.
88m3
Fast Money & Foreign Objects
You probably spent $200 and now owe like $20,000 in back taxes for an uninhabitable property in the middle of the hood
this
good luck op
beenz
Rap Guerilla
If u can't rent it out live in it and it's uninhabitable, what is the point? Your paying taxes, and getting zero benefit.
DrBanneker
Space is the Place
Were there any caveats for the sale? I don't live too far from Trenton and I know their public auctions are often to promote owner occupants and not landlords:
Purchasing City-Owned Property - City of Trenton
Restrictions on the Development and/or Use of Property Purchased from the City
All property located within the City must be developed and used in accordance with any applicable Redevelopment Plans and all other applicable laws and regulations, including zoning regulations, redevelopment laws, the City Code and the State Uniform Construction Code. Certain properties may be subject to additional requirements. For instance, property purchased at public auction is typically required to be developed and sold to owner-occupants, rather than rented to tenants in order to further the City’s homeownership objectives and property purchased by non-profits typically must be used only for purposes of the organization. Please refer to the City ordinance authorizing the sale of the property and the purchase agreement or disposition agreement entered into with the City for additional requirements.
Purchasing City-Owned Property - City of Trenton
Restrictions on the Development and/or Use of Property Purchased from the City
All property located within the City must be developed and used in accordance with any applicable Redevelopment Plans and all other applicable laws and regulations, including zoning regulations, redevelopment laws, the City Code and the State Uniform Construction Code. Certain properties may be subject to additional requirements. For instance, property purchased at public auction is typically required to be developed and sold to owner-occupants, rather than rented to tenants in order to further the City’s homeownership objectives and property purchased by non-profits typically must be used only for purposes of the organization. Please refer to the City ordinance authorizing the sale of the property and the purchase agreement or disposition agreement entered into with the City for additional requirements.
DrBanneker
Space is the Place
theworldismine13
God Emperor of SOHH
the latest
i used websites given here in this thread and other sites to research the property and it seems all clear, there are no taxes owed, apparently it got foreclosed on a tax lien and the people with the tax lien put it up on bid4assets.com
there was a non profit mentioned in all the paperwork and i called them, they had no interest in the property but they gave me another person's name, he has on org that refurbishes houses for people. He said he will swing by and check it out and see what he could do.
so im just waiting on that
i used websites given here in this thread and other sites to research the property and it seems all clear, there are no taxes owed, apparently it got foreclosed on a tax lien and the people with the tax lien put it up on bid4assets.com
there was a non profit mentioned in all the paperwork and i called them, they had no interest in the property but they gave me another person's name, he has on org that refurbishes houses for people. He said he will swing by and check it out and see what he could do.
so im just waiting on that
So you going to donate it to a non profit and claim the assessed value of the property as a tax write off? Seems like the only way you can make this work, that or turn it into a trap house.
theworldismine13
God Emperor of SOHH
i hadnt thought of that, does that work?
im just trying to get rid of it, anything more than 800 is profit
I'm no way a tax professional but I believe you can as long as it is a 501(c)(3) charity. I'd ask a tax person though breh
theworldismine13
God Emperor of SOHH
Yeah I'll Look into it, it's worth 50k so I would pay zero taxes if I can write 50k off
What ever happened with the crib bro?
theworldismine13
God Emperor of SOHH
What ever happened with the crib bro?
nothing yet, i sent in the paperwork to the county clerk about a month ago, its called a "quit claim deed", to transfer the property in my name
but i havent heard anything back, ill call them next week, but basically it should be in name officially by now
i called a couple of non profits that dealt with housing, one didnt want it, the other never got back to me
so its still in the air, after i get the paperwork straight im gonna call real estate agents to see whatsup
Oh ok. Good luck bro, keep us posted.
GnauzBookOfRhymes
Superstar
You probably spent $200 and now owe like $20,000 in back taxes for an uninhabitable property in the middle of the hood
And got city violations up the ass.
AND unpaid water/sewer bills.
AND needs to be demolished.
AND is currently utilized as the local trap house.
