Jerry M Feeney - e1031xchange.com, legit?
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?
Did you ever find out? I talked to them earlier this week and was wondering the same thing.
I would also like to know ...
I would also like to know if anyone has used them. If not who have you used and what was the cost? What was their level of speed & competence?
@Audrey X.
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 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 had a local bank provide a 1031 without fees. Could be an option in your area.
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.
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.