Ive hit a fork in the road

[Bernice Monroe]

Good evening to all,I am a female from SW Florida and I am writing this post in hopes to maybe get some insight to continue on my road to financial freedom.I have been wanting to rent houses ever since I was a teenager but never felt that I had the knowledge or money to do so.Now that I have been researching and feel that I have some clue of where I am I feel as if Ive hit a wall.A financial wall. I have money set aside some funds and know some means as to getting more but am not sure what route I should take. Ive been reading on hard money lenders,private lenders,FHA loans,etc but is stuck at this fork in the road.Im not sure if I should quit my job and move where the cost of of living is cheaper or if I should start here.Can someone please give some kind of insight?

[Andy Eakes]

@Bernice Monroe Unfortunately, I dont have a direct answer for you. It seems like you are asking us to make a decision for you. I am not here to do that. What I can offer is this. There really is no "wrong" way to go. Sure, some markets pose better for certain strategies than others, but usually rentals work out in most markets because no matter where you go, people choose to rent. 

So it is going to be up to you to figure out what does a good rental property look like in your area. Do some research, contact a good agent, run some calculations, and figure out how much you would have to spend in your current area to land a good rental property. And remember, you don't need a homerun right off the bat. Usually if you can cash flow just a little bit, you have a good one. Where I am in San Diego, breaking even is considered finding a great deal. The cash flow will come over time. 

Once you got that number in mind, decide if you can afford it and if you can't, decide what you are going to do. If you love where you live, I would wait and save. Own your first rental somewhere you love, understand the market, and will take pride in it's success. And if after all of that, you feel moving is the best option for you, then you should do that. 

Good luck!