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Updated over 3 years ago,

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1,888
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1,045
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Jack B.
  • Rental Property Investor
  • Seattle, WA
1,045
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1,888
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Moving to TN when you have rentals in WA

Jack B.
  • Rental Property Investor
  • Seattle, WA
Posted

I have a portfolio of rentals I could retire off. I would be retiring from my professional career, but want to move out of WA to a place like TN. Therein lies the problem. I'm burned out and would LIKE to retire next year at 40 years old, but I'm faced with a choice: sell and 1031 exchange the rentals to TN rentals which would require me to keep working for a while longer, maybe 2 to 3 years (they are mortgaged, some are recent purchases, others I refinanced recently so I need to let them fatten up before selling due to transaction costs, plus I expect to try TN for a year first to make sure I like it before selling my rentals in WA and moving them to TN. As such, I need to keep W2 income for a while or go with non traditional lenders).

This plan would require me to keep working since my rentals are mortgaged for tax advantages and I need W2 income in MOST cases unless going with non tr