All Forum Posts by: Mark Gruetzmacher

Hey Brandon, I am in the RC market.  Been here most of my life.  It is sure changing up here in the recent years that's is for sure.  Not sure it is a good thing either.  I have a few real estate friends that are investors also and mainly like to deal with other investors.  Shoot me a message and we can chat a little more.

@Account Closed  I have talked to a title company and they do not contact the IRS for payoff.  They said it was too much work and takes a lot of their time.  They said that we would have to do it.  Truthfully if wouldn't be worth it at all either considering the house is worth 40-50k, and what is owed is WAY over that.  

@Ryan Seib  There is no money in the estate.  I have talked to an attorney but it seems confusing.  The last thing I want is the IRS coming back to me for something.  I have called the IRS multiple times but waiting on the phone over 1.5hr and still get no one to talk to.  I don't have all day to try to call them.  Very frustrating to say the least.  Thinking about quit claiming the property to someone else just to get it out of the estate so we can proceed further.  I then read the link you posted and it sounds like a lien gets set when a person dies and you have to release that.  Confusing, I email the attorney but haven't heard back.

@Davido Davido Thanks for your insight. I guess if we sold it we could sell it for about any price because of the lien just to get rid of it. It is not like we get a penny from it since the IRS wants it all. If I decide to somehow transfer it my name or my LLC's name, I wonder if it is just a simple quit claim from the heirs with no dollar amount involved. The attorney said something about creating an LLC with both of us kids as members or just me if my sister doesn't want to do anything. Not sure why the LLC creation vs just into names or even my rental LLC that I already have.

The house was my father's.  I am PR for the estate also.  I am totally sick of the whole situation with owing the IRS. Just can't understand how a person can do that, not pay the IRS that is.  Sorry kind of irradiated with the whole thing. Anyway there is 2 heirs, my sister and myself.  She is not local to me or the house and she is in Texas so her involvement is non existent.  We kind of just want to get rid of the house and be done with it. But selling is kind of out with him owing the IRS. We would get nothing for the efforts.  If we do nothing then it just sits there and I hate to see it sit.  There is a couple years of county taxes owed and I thought about buying the tax certificate and wait that out but that is another 1.5 yrs and more lien actions could appear since he owes more than the current lien.  The attorney said we could transfer it to the heirs or myself if my sister didn't want to mess with it.  By doing that then we would stop any further lien action if any would come about.  We could then rent it and and wait out the lien and then quit claim it.  But the IRS can renew the lien is my understanding then the cycle would start all over again.  I guess my original thought was just get rid of the headache. But now my thoughts are if in the end you could own the house for the cost of the taxes and quit claim would it be worth it?  I am thinking so.  Granted the house is not worth much because it is small and in a tiny town but rental income would be there.  Maybe $500-600/month.  I also have 2 other rentals in the town and it is close to me (15miles). It does need some work but not much.   

Already talked to one. Wasn't to much help either.  Your right kind of a sticky situation for sure.

Here is the situation.  Dad passed away and there is an IRS Lien on his name.  He owed a house that is worth 30-50K maybe.  Lien is in the upper 20k range.  The lien has been on file since 2103 so in 2023 the lien is no longer good unless they renew it.  Also keep in mind that he owes almost 3 times the lien amount to the IRS also.  They just haven't put anymore liens against him yet and might not since he is deceased and it's been almost a year.  The estate doesn't have any money either. 

What is everyone's thoughts on what to do with the property.  Can you sell it still obviously with the lien still there and then wait out the next 3 year until the lien ends then do quit title action?  Transfer the property to the kids and wait out the lien?  Talking to the IRS is about impossible.  You just can't give back the house to the IRS.  Thoughts

Oh ok.  That's a good reason at least to look.  Not sure that you will find much for deals in the area.  The prices have been going up over the last few years and it is tough to make the number work at all if you are seriously considering ALL expenses involved.  There might be some stuff but you really need to consider what part of town they are in.  If you have any questions feel free to message me and if I can help I sure will.

Why are you looking to invest in Rapid City?

@Christine Johnson-Sundby What kind of lender are you looking for?  Are you looking for a bank to loan you the money on a rental/investment property?  There is one credit union that does portfolio loans or used to.  I know of another that mainly does stuff in SDIRA's.  As for title companies.  Pennington Title and First American Title are in Rapid City.  Both seem fine.