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Updated 10 months ago, 02/29/2024
Looking to 1031 my Seattle AREA properties to another state for cash flow and retire
In a state with no income tax, I'm getting killed by property taxes of 7K a year for each property. Some would be 10K if I had not sold those year ago.
I'm considering leaving this state, it's a dumpster fire, criminals and tenants have all the rights. We were the only state in the country that allowed people not to pay with no proof they lost their job during COVID, etc.
I noticed the other day that houses of similar size and quality in Fresno, CA sell for 250-300K and property taxes are MUUUCH cheaper. Rents are actually the same as my expensive properties here, which cost 3 times what a comparable house in Fresno costs. But CA has even friendlier tenant laws so they are out....
I'd like to find a state where I can 1031 the rentals and have more cash flow and less expenses, as well as laws that aren't outright theft of my property by the government for years at a time to give free housing to people at my expense...(luckily all my tenants paid, but I hear apartment owners got screwed by the bottom feeders. Apparently SFR has higher caliber tenants).
What cities and areas? Please no Memphis, etc. Florida is also out due to insurance costs. I have considered Nashville area...low taxes, more favorable laws, better cash flow and you still get some appreciation. Maybe not as much as WA, but...