Has anyone done a 1031 exchange on mineral rights to an invest house? If so, was the process expensive or complicated?
Thanks, Lynne
Has anyone done a 1031 exchange on mineral rights to an invest house? If so, was the process expensive or complicated?
Thanks, Lynne
Have a look at Petroleum Strategies out of Midland TX. They’ve been doing this for nearly 30 years and carry a good reputation. I’d suspect they’ve seen every scenario in the book.
Lynne- It is neither expensive nor complicated. There are rules & time frames that must be followed. I’ve used MidlandIRA several times for different transactions.
you can do it- there are several rules though.
Cole, Thank you. That’s important information. I’ll need to research whether I should use a company to do this in ND or my state. I’m inclined to think that ND is would be better as they are more aquatinted with oil.
I believe what I’m intending to do would qualify as investment.
Good info.
I’ve personally used Petroleum Strategies several times on this very thing and every time it’s gone perfectly. They will make sure you’re compliant and inform you of all the ends and outs. Do yourself a favor and give them a call. Good luck