Bill and Janice Kincaid were referred to Atlas 1031 by Pam Purdy of Reliable Land Title for the 1031 exchange of their rental property in Navarre, Fla. They had owned the property for more than 10 years and actively rented. The property is located a good distance from their home and they wanted to exchange for replacement property closer to their home.
1031 Exchange Steps
Before initiating a 1031 exchange, Bill and Janice asked many questions and followed up with phone calls to revisit the 1031 exchange steps. A forward exchange strategy made sense for them where the old property is sold before acquiring the new properties. Funds were held by VIST Bank in Leesport, Pennsylvania utilizing a personal identification number (PIN) known only between the bank and the taxpayers. The PIN provides a level of security authorizing wire outs. Replacement property was identified within the 45-day requirement. They elected to purchase two replacement properties. Prior to the closing, their net proceeds and interest earned were wired to the closings.
Testimonial
Bill remarked how paranoid his wife was with not knowing much about Atlas 1031. Janice said it was a little scary having someone hold your hard earned money in a bank you don’t know. She was satisfied with the 1031 services as everything was explained and went well. “No complaints and Andy Gustafson, Altas’ managing member, is very professional,” Janice said. Bill continued that Andy did a whale of a job and did exactly what he said he would do. “Andy was always available for our phone calls. Though we have never met him, we highly recommend his 1031 exchange services.”
Bill and Janice Kincaid
Northport, Alabama
