“All in all, the process was very simple, payments to contractors was very quick and painless. I am pretty happy with being able to use the proceeds to make the improvements. I would recommend Atlas 1031 and the 1031 deferred improvement exchange.”
Southern Escrow Title Company in Destin, Florida referred Jon to Atlas 1031 Exchange to discuss and accommodate a 1031 deferred improvement exchange. In this exchange the old or relinquished property was sold followed by the purchase of a replacement property to be improved with the remaining exchange proceeds. Improvements were extensive including a new kitchen, doors, woodwork, additional storage space, flooring, lighting, staircase, furniture, paint, wall and window coverings, appliances and electronics.
This is bit different from a reverse 1031 exchange where the new property is acquired before the old property is sold. The Exchange Accommodator Titleholder or EAT received title to the replacement property, paid the contractors once the invoice was approved and submitted by Jon. The improvements were completed within four months and the property was conveyed from the EAT to Jon and his wife.
Jon is the Managing Broker with GoToTheBeach Real Estate in Seagrove Beach, Florida.
Jon and Judy Miller
Santa Rosa Beach, Florida
