Nassau County Tax Liens Sale
Started by nyc10023
over 14 years ago
Posts: 7614
Member since: Nov 2008
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not sure it's useful to buy a tax lien
They can pretty high yields.
Typo - can have pretty high yields.
How does getting ahead of a bank in a priming pissing match not = useful.
I.e. if you are an unsecured creditor, you can jump ahead of the bank by buying the tax lien....
But WTF do I know?
W67: Just curious, looking at things that yield something higher than money market or munis. Nope, didn't buy Con Ed in time to get 10+% yield. Procedurally, it's not clear to me what happens. Say I buy a (typical) 5k tax liens in Nassau County, at 10%.
What do I do to procedurally force a sale? At the same, I'm assuming some bank rep will show up and at least bid the mtge amount, and pay off the taxes + 10%. If this happens over a 12-month timeframe, not too bad, right? If not, why do I care who gets it at foreclosure sale - I still get paid the tax lien amount + 10%.
NYC, imho... it's the scale that'll get you. Even if you own $1MM in tax liens earning 10% ($100K), if you get that one bad apple that takes $30K to lawyer up, then you are earning 7%... not worth the headache. Now if you have a out of work tax attorney as a friend/wife/husband/brother and he's "earning" his keep... it might make sense.
Yeh, I FKING kick myself in the ballz every time I look at CONED! I should've went ALL in... fk fkfk fkffkfkkk..... 100% up in 1yr and I just went in $20K.... WTF was I thinking? Even if I went in 1/10 my liquid I'd be up $100K now fkfkfkfkfkfkffkfkfkfffffkkfkfkfkfkfkkfkfkfkkfkfkfkffkkkkkkkkkk
That's ok, I take solace in the fact my 3bdrm is really starting to deflate very quickly.... :)
W67: Yes, I also kick myself for LOTS of stock-picking decisions. Mostly timidity. I did recognize that the market had a long way down to go in fall '08, but was too busy congratulating myself by saving $ by not sliding all the way down w/o picking up enough on the way up.
All in on Con Ed would have been great. Now I'm reduced to looking at Israeli cellphone providers :)
And how's this? Got out of AAPL at $100.