In preparation for an extensive reverse exchange, Josh Rothstein spoke for hours with Atlas 1031’s Andy Gustafson. Josh’s father also participated in the calls to discuss the steps of a multi property reverse exchange. Josh’s grandmother was selling an interest in a commercial property located in Los Angeles County, California. The replacement properties are single family homes needing repair and refurbishment in Texas.
Over the course of several weekends we discussed the steps of a reverse improvement exchange, how to acquire bank owned properties and once acquired, the weekly process of approving contractor invoices and making payments from the proceeds of the sale. One of Josh’s biggest challenges is to identify the multiple replacement properties along with an outline of intended improvements by the 45th calendar day post closing on the commercial property.
“Andy’s input was remarkable. He guided us through a maize of 1031 related regulations with clarity and confidence. We had so many questions that the final solution needed to be flexible to work for all parties. Often, I would have notes from our calls and come back with related questions for further clarification. When I do this again, I will engage Andy and Atlas 1031 Exchange as our Qualified Intermediary. Call Andy for my phone number and I will be happy to share why hands down, Atlas 1031 is your #1 accommodator solution.”
Joshua Rothstein
Los Angeles, California
