So i brought a house in Trenton,NJ for 200 bucks...

[theworldismine13]

Do you still own the property?

yeah, so the city destroyed the property, so its just vacant land right now, i got a tax bill for for $1300 a year now on land that is worth $5000, im not sure what to do next, i think they are charging me for the demolition of the house

so overall it was a bad idea, the reason why it was selling for next to nothing is that the city had already condemned the property, so the house was worthless. the land would be valuable if somebody wanted to build something there but i dont think is happening

 

[Amerikan Melanin]

yeah, so the city destroyed the property, so its just vacant land right now, i got a tax bill for for $1300 a year now on land that is worth $5000, im not sure what to do next, i think they are charging me for the demolition of the house

so overall it was a bad idea, the reason why it was selling for next to nothing is that the city had already condemned the property, so the house was worthless. the land would be valuable if somebody wanted to build something there but i dont think is happening

What street is the land on?

 

[theworldismine13]

What street is the land on?

walnut ave

 

[Momentum]

yeah, so the city destroyed the property, so its just vacant land right now, i got a tax bill for for $1300 a year now on land that is worth $5000, im not sure what to do next, i think they are charging me for the demolition of the house

so overall it was a bad idea, the reason why it was selling for next to nothing is that the city had already condemned the property, so the house was worthless. the land would be valuable if somebody wanted to build something there but i dont think is happening

 

[Wargames]

yeah, so the city destroyed the property, so its just vacant land right now, i got a tax bill for for $1300 a year now on land that is worth $5000, im not sure what to do next, i think they are charging me for the demolition of the house

so overall it was a bad idea, the reason why it was selling for next to nothing is that the city had already condemned the property, so the house was worthless. the land would be valuable if somebody wanted to build something there but i dont think is happening

That is crazy breh. Is there any advice you could give on how to do "due diligence"? Is their a particular type of contractor or government agency that needs to be callsd before purchasing these houses. Cause I am wondering if all the other houses on sites are risky investments like the house in Trenton?

 

[Azul]

That is crazy breh. Is there any advice you could give on how to do "due diligence"? Is their a particular type of contractor or government agency that needs to be callsd before purchasing these houses. Cause I am wondering if all the other houses on sites are risky investments like the house in Trenton?

Unfortunately most of Trenton is and doesn't have the benefit of being close to NYC like Newark or Philly like Camden. It is best to either have a connect in the city who can check shyt out in person (if they're a contractor even better) or if its not too much trouble get your ass down there yourself and make connects. If the city keeps records online that helps so you could find out if there are any issues in regards to water bill, back taxes, etc.

Sometimes you don't find shyt out until you run a title check.

 

[theworldismine13]

That is crazy breh. Is there any advice you could give on how to do "due diligence"? Is their a particular type of contractor or government agency that needs to be callsd before purchasing these houses. Cause I am wondering if all the other houses on sites are risky investments like the house in Trenton?

I’m not sure, the problem was that it was already condemned, so I guess in this case you can check with the city office that does the condemning

I found out after the fact the name of the office, can’t remember the exact name tho

 

[Sunalmighty]

What's the catch....high property tax, major repairs.....haunted by the devil himself?

what you think? Jerz got the highest property taxes in the nation

 

[Sunalmighty]

They will be building Trenton up in the next 5-20 yrs. nj is one of the most densely populated states.

 

[Scholar]

That range .



I'm considering indulging this thread and buying a bank owner home off auction. com and letting ya know how it goes

 

[luciddreamer]

yeah, so the city destroyed the property, so its just vacant land right now, i got a tax bill for for $1300 a year now on land that is worth $5000, im not sure what to do next, i think they are charging me for the demolition of the house

so overall it was a bad idea, the reason why it was selling for next to nothing is that the city had already condemned the property, so the house was worthless. the land would be valuable if somebody wanted to build something there but i dont think is happening

Oh shyt, I haven't been in this thread in a min, damn sorry bruh.... at least you tried though, trying is better than what ifs.... but how can the city demolish something that's not city property?....

 

[theworldismine13]

Oh shyt, I haven't been in this thread in a min, damn sorry bruh.... at least you tried though, trying is better than what ifs.... but how can the city demolish something that's not city property?....

im sure its a process to it, but basically it was a safety hazard and to be honest it was a safety hazard from what I saw

 

[BornStar]

You probably spent $200 and now owe like $20,000 in back taxes for an uninhabitable property in the middle of the hood

 

[Responsible Allen Iverson]

Any updates?
@theworldismine13

 

[theworldismine13]

they hit me with a tax bill of a couple thousand so im letting it go