Ray in Pa gas royalties
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Ray in Pa gas royalties (by NE [PA]) May 10, 2024 8:20 AM
       Ray in Pa gas royalties (by Ray-N-Pa [PA]) May 10, 2024 9:04 AM
       Ray in Pa gas royalties (by NE [PA]) May 10, 2024 9:17 AM
       Ray in Pa gas royalties (by S i d [MO]) May 10, 2024 10:33 AM
       Ray in Pa gas royalties (by NE [PA]) May 10, 2024 10:35 AM
       Ray in Pa gas royalties (by NE [PA]) May 10, 2024 10:37 AM
       Ray in Pa gas royalties (by ken [NY]) May 10, 2024 12:43 PM
       Ray in Pa gas royalties (by 6x6 [TN]) May 10, 2024 6:33 PM
       Ray in Pa gas royalties (by MAT [PA]) May 10, 2024 9:20 PM
       Ray in Pa gas royalties (by 6x6 [TN]) May 10, 2024 9:48 PM

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Ray in Pa gas royalties (by NE [PA]) Posted on: May 10, 2024 8:20 AM
Message:

Ray, I have some gas royalties that I stripped off of properties that I flipped through the years and are held in LLCs. Those LLCís arenít very active with RE anymore. I would like to close these LLCs down and move these royalties into a different entity.

Lawyer told me that there is a 2% transfer tax based on previous years royalties. I will wait until next year to do this, because last year was pretty substantial. Do you know if these can be put into a trust and possibly avoid the transfer tax? If so, do you have any contacts for lawyers who set up trust in PA for something like this? --174.249.xx.xx




Ray in Pa gas royalties (by Ray-N-Pa [PA]) Posted on: May 10, 2024 9:04 AM
Message:

I just called you and left a message.

The short answer is yes and yes.

Better yet though, if you have a template - and it is about 35 pages long, do you feel comfortable filling in the blanks? I think you could as you are a critical thinker. There are lots of nice twist you can do with this. If the state believes the LLC was not a sole member LLC though, they will try and tax you. That is when you bring in the attorney.

Are the wells preforming? If so, I might be interested in purchasing them off of you. --24.101.xxx.xxx




Ray in Pa gas royalties (by NE [PA]) Posted on: May 10, 2024 9:17 AM
Message:

You mustíve been the number I just hung up on and sent to voicemail! Haha, sorry about that. Blame Sid. Iíll program it into my phone now.

Iím interesting in moving these to something else and dissolving the old LLCís of possible.

Wells are performing, in 2022 some of the checks were jaw dropping. Some of them have paid more in royalties than I made flipping the house. Hoping to get more, not really looking to sell. Checks now probably cost more for the stamp to mail them than theyíre worth. --174.249.xx.xx




Ray in Pa gas royalties (by S i d [MO]) Posted on: May 10, 2024 10:33 AM
Message:

"All calls to voicemail" doesn't include known numbers. I'd always pick up for Ray or NE. *grins

NE, why do you want to move the gas rights for those properties from an LLC to a different entity, possibly a Trust? --184.4.xx.xx




Ray in Pa gas royalties (by NE [PA]) Posted on: May 10, 2024 10:35 AM
Message:

Because theyíre inactive with House flipping the last few years due to the market. So thereís no sense in me filing a separate return and the book keeping for these when I can just put the gas royalties into another active LLC. --24.152.xxx.xx




Ray in Pa gas royalties (by NE [PA]) Posted on: May 10, 2024 10:37 AM
Message:

Consolidation and reorganization. I guess you could Sid. I kind of see the market as stale right now or log jammed in a way. So I am re-organizing a bit. I sold one property and paid off another a few weeks ago. I plan on selling another one in the beginning of 2025 and paying off a couple more. Same cash flow, less overhead. --24.152.xxx.xx




Ray in Pa gas royalties (by ken [NY]) Posted on: May 10, 2024 12:43 PM
Message:

NE- you know as soon as you make changes the flipping deals will come back.I am not chasing the auctions like before as there are always other bidders there so now i am trying to get them before they go to the auction, i got one a couple weeks ago and working on another now --74.77.xx.xx




Ray in Pa gas royalties (by 6x6 [TN]) Posted on: May 10, 2024 6:33 PM
Message:

Oil and gas rights must be a big thing in PA. --76.129.xxx.xx




Ray in Pa gas royalties (by MAT [PA]) Posted on: May 10, 2024 9:20 PM
Message:

It can be enormous, 6x6. Some parcels are worth 25 times what they were 25 years ago, if you happened to be located in the right place. Itís a little bit like hitting the lottery though: most people get passed by and get nothing, but a few people hit it big.

A close friend works in the industry, and he says it could literally be the Saudi Arabia of natural gas - no exaggeration. But the political appetite for fossil fuel development and pipelines is not there, so itís severely stunted. --108.52.xxx.xxx




Ray in Pa gas royalties (by 6x6 [TN]) Posted on: May 10, 2024 9:48 PM
Message:

Thank you, MAT. --76.129.xxx.xx



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