The reality is that insurance will cover your 16-year-old's accident.

@Jacques CaspiTo succeed in real estate investing, I’ve found it’s crucial to budget for unexpected expenses, focus on thorough tenant screening, and build strong relationships with contractors.

Lastly, having a reserve fund is key to offsetting unexpected costs, especially with reduced cash flow from the loan repayments.Hope this helps, and congrats on tackling creative financing!

It was a win-win, and it all stemmed from a relationship built on trust rather than mere profit.The Benefits of a Strong Network: Off-Market Opportunities and Creative FinancingAs I grew in the industry, the relationships I built began to pay off in unexpected ways.

For example, properties became available at the onset of COVID, during a snowstorm, a hurricane, a major holiday, or after some other unexpected event.

In my first attempted reply, I posted only your quote by accident, lol. 

Before taking out profits, make sure you have enough set aside for unexpected expenses like repairs, vacancies, or larger maintenance issues.

My bookkeeping firm provides me with a steady active income, which allows me to keep doing deals, cover unexpected expenses, and navigate the occasional black swan event.

There are some dogs that just have to be on the couch so these cut way down on dog hairs.We provide dog bowls for water and food along with an absorbent mat.Last up we have a small Bissel hand cleaner for accidents.

That being said, life happens, and the mortgage police are not going to come looking for you if something unexpected happens and you have to move out of the house before one year.