Welcome aboard Boris,
Its Great that you choose the Buy and Hold strategy especially that you are not currently in need of any additional income.
With regards to your question about partnering up, First be clear about why you would need a partner in the first place. Many people partner up due to-a specific need either start up capital or full funding. Many people would partner up per deal basis as it is in my case. And some don’t have the time to do it all on their own, so they need an active partner to look for deals analyze negotiate & operate them while they take a passive position.
By Looking at your own needs would answer most of your questions about partnering up with someone.
With regards to your 2nd Question about area, If I understand you correctly you don’t have issue with credit or funding only I guess, startup capital and that might be your mental barrier to investing in your area. I think your 2nd questions answers you first in some regard, here is where you might need a partner. Remember you’re not gonna buy a deal which makes no sense regardless if it’s in your area or elsewhere.
A deal that make sense for yor buy and hold strategy is which positively cash flow’s. And if the only block to investing in your area is start up capital there is where you might need a partner or borrow money from friends and family for your start up capital So you can invest in your area. I keep on stressing the point about your area because that’s where you know best or you think you know best, but you have a much better chance of learning it a whole lot faster than starting in a new area entirely.
With regards to your 3rd question about some other areas,this is something that you have to research on your own Based on solid real estate principles I.E where there is employment and there is a demand for Rentals.
Now employment could be near a hospital, school, even in a weaker area or town And if you have solid transportation go little farther in to the respective city since your prospective tenants will most likely travel back-and-forth. But you definitely need to have those factors 1) Employment and A need for rental.
If most people in the area owns their house, you have a much lesser chance Employing you’re buy& hold strategy in an area where most people are buying to live in it, as well as it will most likely be inflated and not make financial sense for you as an investor.
Interesting you mention in Cleveland Ohio I had two friends travel down there Recently And they mentioned to me that there’s a bunch of good rental income in the area for reasonable Rates compared to our neck of the woods like Long Island New York or Brooklyn New York.
I sincerely hope I was of some help,
Wishing you much success.
Joel Silberstein
