Rental Property Investor · Atlanta, GA · Member since 2018 · 41 posts · 29 votes
Has anyone used e1031xchange owned by the law firm of Jerry M. Feeney in NY? The fee is a flat $495 for a one-one exchange. Pricing is great but are they legit?
I have not used the 1031 exchange service but I used him to close on a condo purchase several years ago in NYC.
He is not that great overall. Like a lot of attorneys out there, he sweet talks you to bring you in but after that he ghosts you. You deal primarily with his assistants and paralegal staff.
Also, I noticed his office has poor controls over sensitive data. His office sent everything via email without any password controls or anything of that sort.
Another issue I had with him was he did not priortize my needs at urgent times during my transaction with him. This was extremely frustrating since he charges a pretty penny for closings.
Based off my experience I would not recommend him for a 1031 transaction.
I have not used the 1031 exchange service but I used him to close on a condo purchase several years ago in NYC.
He is not that great overall. Like a lot of attorneys out there, he sweet talks you to bring you in but after that he ghosts you. You deal primarily with his assistants and paralegal staff.
Also, I noticed his office has poor controls over sensitive data. His office sent everything via email without any password controls or anything of that sort.
Another issue I had with him was he did not priortize my needs at urgent times during my transaction with him. This was extremely frustrating since he charges a pretty penny for closings.
Based off my experience I would not recommend him for a 1031 transaction.
Rental Property Investor · Atlanta, GA · Member since 2018 · 41 posts · 29 votes
5y
I ended up using a company called Atlas 1031. Very fast turn around. I had to remind them a few times of deadlines but they did a good job overall. They didn't run away with my $ so that's a plus. Lol. http://www.atlas1031.com/
I did some due diligent research on this company as I am also considering to use them due to low price but worried about scam. I could not find e1031xchange as a business entity in the State of New York (https://apps.dos.ny.gov/public...). Called up to them and they asked me to search for their lawyer name. I found an entity names "JERRY M. FEENEY PC" which was registered in 2017 but seems not renewed later. I was told they were doing this business since 2010. That makes me feel suspicious and my decision is to go to another one. Please share your thought and experience.
Financial Advisor · Member since 2020 · 69 posts · 35 votes
3y
I would say that your QI should be competitively priced, but the lowest price is not always the best. If your exchange is not done properly or your funds are not safe you are going to kick yourself for trying to save $500. IMHO.
I too was a little skeptical of sending a large cash payment to an unlicensed entity (1031 facilitators do not need a license). I just completed an exchange of a single family residence in Scottsdale to a single family residence in Durango, Colorado. The company was FANTASTIC. They were very organized and good communicators. My funds were wired on a timely basis with no fuss. I am a happy customer and would use this company again.
I too was a little skeptical of sending a large cash payment to an unlicensed entity (1031 facilitators do not need a license). I just completed an exchange of a single family residence in Scottsdale to a single family residence in Durango, Colorado. The company was FANTASTIC. They were very organized and good communicators. My funds were wired on a timely basis with no fuss. I am a happy customer and would use this company again.
Are you referring to the company e1031xchange? Thanks
I too was a little skeptical of sending a large cash payment to an unlicensed entity (1031 facilitators do not need a license). I just completed an exchange of a single family residence in Scottsdale to a single family residence in Durango, Colorado. The company was FANTASTIC. They were very organized and good communicators. My funds were wired on a timely basis with no fuss. I am a happy customer and would use this company again.
Are you referring to the company e1031xchange? Thanks.
I was about to use them for a 1031 exchange, but after reading this I am feeling a little nervous. Should I back out? The $395 definitely drew me in too!
Investor · San Francisco, CA · Member since 2017 · 303 posts · 327 votes
2y
(Interesting that I just came across this old post for the first time.)
I’ve used Jerry Feeney’s e1031xchange multiple times. I was initially drawn in by the low fee, which has since fluctuated, but may still be the lowest out there. Took my chance the first time in 2017 and never looked back.
My transaction was always one property into multiple. Never a problem. And I’d use them again.
Rental Property Investor · Member since 2022 · 3 posts · 3 votes
2y
I used them several times. I'm on a 6th exchange with them at the moment! They are on top of the deadlines, they even send reminders. If there was an issue, it was always with escrow company not following their directions.
Real Estate Broker · Wildwood, FL · Member since 2016 · 3 posts · 1 vote
2y
I just came to say that I used them recently. They were professional, prompt and great to work with. Our exchange didn't work out and they returned the proceeds via wire as soon as our 180 days were up.
I just came to say that I used them recently. They were professional, prompt and great to work with. Our exchange didn't work out and they returned the proceeds via wire as soon as our 180 days were up.
I not sure I am doing this correctly. I am not used to the BPockets UI....
I am trying to respond to Sankalp's Q and also wanted to say "Big Thanks" to everyone else who got back to me with a thumbs up on e1031x
- I recently completed a 1031 with e1031x. I would highly recommend them. I was very skeptical at first but now I would use them again in a heartbeat. No negative comments about them at all. No reason to spend $1000-$1200 on a typical 1031 QI