Rent back out, or 1031 exchange? Here or Florida?

[Jack B.]

I've done a few 1031 exchanges. I'm considering doing 2 more. Two of my rentals are becoming vacant in 1 and 2 months. They are my lowest performing properties appreciation wise, pretty good rent increases though. I'm considering selling them and repurchasing here in the greater Seattle area (not IN the city though) or out of state such as Tampa.

They are NOT currently located in Seattle, just outside in the burbs. Here I get better MUCH appreciation. In Florida I get more landlord friendly laws and I want to relocate there anyways. That said, I just cash out refinanced 4 of my rentals and am sitting on cash. I wanted to buy more but have not decided whether here or in Florida, and whether I want to move to Florida. Previously I had decided that I would keep properties here due to appreciation. Adding a property manager layer is expensive but helps asset protection wise. Here is a far higher return appreciation and cash flow wise. Another reason I have not bought NEW properties yet is because I'm waiting to see what the market looks like when forbearance ends and foreclosures begin...

So what to do?

A) Keep renting the properties out at a higher rent? (Rent went up a lot recently).

B) Sell and buy a higher performing property with each via 1031?

C) Sell and buy in Florida where I MAY want to move? Going on a trip there again soon to evaluate further...

D) What else?

Of course I'm still sitting on cash I had before the cash out refinances, not to mention cash from the refinances...waiting for 1) a small dip and 2) making up my mind about here or Florida.

I'm leaning to here, as I can make more money here NOW and am not decided on Florida and unlikely to move within 2 years. Even once I move I may keep the properties here at least temporarily to make sure Florida was not a mistake. Even then, I may keep them here for the better appreciation.

Thoughts?

[Chris Martin]

@Jack B. In 2015, we cashed out what we had in CA and moved to Lutz. We found the house online and got it under contract without ever seeing it. 2800 sq ft custom home on a acre with granite upgrades, etc. surrounded by other 1 AC custom homes. No HOA, no deed restrictions. Rural feel, but 10 minutes from Home Depot. Beautiful area and no one telling us what to do. $350k. One thing you'll notice if you move from Seattle, like we did from CA is how great you can live for so much less.

We bought a mobile home park in 2016 and have done significant value ad. We are in the process of finishing up a $400k flip. The opportunities are still here, but not the easy pickings we found in 2016. I became a realtor to help with my investments. There are a couple of well attended REIA's where you will find some good contacts. Just beware of finding a decent contractor. They are either a month out on schedules or the other 80% are at the beach and won't show up when they say. That's a real problem here. I've put together a pretty good team now, but it will take you some time to do that if you decide to invest here. Feel free to PM me if you want anything more specific.