Advice on Next Steps (2018): 1031 out of CA to IN/OH - SF or APT
This is my first post. I am in my early 50's and look to retire from education in 8 years. My goal is to acquire $5000 in passive income from rentals in 8 to 10 years. I have 3 rentals in Southern CA purchased in 2011 which produce positive cash flow but more importantly they have double in value. Rental #1: Purchased 90K, Current Value 200K. Rental #2: Purchased 155K, Current Value 315K. Rental #3: Purchased 190K, Current Value 355K.
After listening to Clayton Morris and Bigger Pockets Podcasts over the last 6 months, I believe in order to reach my goal I will need to 1031 exchange to the Midwest, namely Northwest Indiana, Indianapolis, or Ohio, where the markets will allow greater passive income and I have family who live there.
I am open to turnkey property or to create a team to rehab a property for long term rental. It can be single family or Multi apt complex.
I would love to hear from you about my next steps.