Updated almost 6 years ago on . Most recent reply
Moving out from California
My family is considering to sell our house in California and move to a place that's landlord friendly and tax friendly as we want to go to a place to live and invest in the meantime ( Currently on the list are FL and Texas). We are still not sure what's the best time to move (should I wait for a year or so until the pandemic is over?) , and how in the practice can we make most cost-effective if not profitable ( e.g. the time lag of selling a property in west coast and waiting to buy from the east can cost quite a bit money)? Any suggestions? (Sorry if I'm asking basic questions here- first time home seller.
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When it comes to rentals, CA isn't as tax unfriendly as you might think, those other states may not have a state income tax but they also don't have prop 13, and property taxes, insurance and management are more expensive in TX and FL than they are in CA. If the sole purpose of the move is to better invest I'd take a really deep dive look at ALL the pros and cons, but if you just want out of CA because you have a high paying full time job that could be picked up elsewhere like a doctor, lawyer, online business etc. then go for it.