Investor · San Antonio, TX · Member since 2015 · 82 posts · 15 votes
Hello,
My family has 15,000 mineral acres in south texas as well as 5,000 surface acres. The last three generations have lived off of oil & gas well royalties and it is all going to **** if I am being honest. Selling land left and right, grandparents did not invest, etc.
How can I turn this around? Create my own foundation with the 200-300 acres I will inherit in 20 yrs? Convince my dads generation to allow me to inherit a few acres right now and I can maybe try to multiply that into more capital and create my own foundation?
I am at a loss for words. Any help and advice is appreciated.
Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
3y
@Tyler Sample This sounds like a big emotional problem for the family. If it is going south and money is drying up come up with a plan on what you would do with the 200-300 acres and how it would generate money for the family. And how you could cut cost or payout to the family to have it transferred to you now. Family dynamics will be the largest factor as sometimes people only like ideas when it is their own. You have to make it a win for them and hopefully not have to also make them "come up with the idea" as well.
@Tyler Sample This sounds like a big emotional problem for the family. If it is going south and money is drying up come up with a plan on what you would do with the 200-300 acres and how it would generate money for the family. And how you could cut cost or payout to the family to have it transferred to you now. Family dynamics will be the largest factor as sometimes people only like ideas when it is their own. You have to make it a win for them and hopefully not have to also make them "come up with the idea" as well.
Best of luck!
So new update after just now reading your comment here - I did just that. Identified family’s objections and issues and tried to overcome every one of them using myself to sacrifice time, etc for a solution…to be shut down. I’m pretty sure it’s partially lack of respect since I am not a “man” because I am still single at 28, plus there are about 16 different owners on few of the properties. Two to be exact, of which the last 12-24 months they have been just “waiting for someone” to deal with title clouds. I also looked into title issues this week. Their current title company does not want to physically leave their office and go two blocks down to ruffle through any papers to help us get clouds taken care of. Too much work they said it’s not their job. I really do not get some people. I even discussed and showed how I’ve sold my own investment property very recently and ran most title myself because I’ve been told that by same title company before. I need to just take a break from the drain it currently has on me and focus on other things I enjoy doing.
@Tyler Sample If you think that "You" are the issue for your family. They don't take you seriously, or dont respect you. Then maybe you can find a good friend or business partner that can approach the family (on your behalf, without letting them know he represents you.) Have him propose a deal which will make him a little money and give you ownership rights or whatever plan you have in mind.
Sometimes people dont listen for whatever reason. But hearing it from an "outsider" sometimes makes all the difference.