Small Multifamily Out of State Investing - Should I get a Partner
Hello Investors,
I have owned apartment units in the past and did well managing it myself. At the time, RE investing wasn't a long term goal. Now I am looking into Syracuse NY with focus on small MF units. What factors should I consider in terms of whether to go alone or with a partner? The issue isn't any kind of fear but certainly the lack of knowledge about the area which could impact decisions in the short term. Your thoughts and/or suggestions will be greatly appreciated.
I honestly would try to maybe find a mentor in that case, if its a matter of capital to invest, find private investors. Partners can be great but only if everything is spelled out in the beginning. Problem is always someone is always going to be the harder worker and feel as if they should be compensated more. Try attending local meetups and find someone who can maybe show you the ropes and take you on them to check out some deals that they may have in the works.
If you are going to invest here in Syracuse, I would make sure you build a good team around you: agent, attorney and property manager. You could get a partner locally as well, but like the response above that can turn out to be difficult.
I don't necessarily think a partner is the only way....A partner needs the highest level of trust, confidence, alignment on goals, etc. I suspect it would be way easier to find a good PM, real estate agent, or a network of other investors/landlords in the area to share expertise and advice. I would focus on those instead, as that may be a better way to achieve your goals.