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After being tantalized by ActiveRE, I went looking for some info on Amazon. I am working my way through the 16% solution, but I found something that was just published and does a very good job of explaining the lay of the land (including the motivations and actions of institutions in this space): "Profit By Investing In Real Estate Tax Liens" by Larry B. Loftis, Esq.

John: Have you bought liens in NJ? I am trying to find out as much as I can before I start diving into this. I understand the auction process, etc., but what I need to know is the sequence of events and what the investor has to do if the lien is not redeemed in the specified time period. Would a county clerk be a good source for this? I know in NJ each individual municipality holds its own lien sales.

Can you talk a little bit about discounted note investing? Where do you find investment oppportunities? What kinds of returns are we talking about? I assume that you evaluate these notes like any other debt instrument (i.e. borrower's ability to pay, amount and quality of collateral, etc.). Anything peculiar to discounted notes?
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