This deal taught me the true meaning of “expect the unexpected” in real estate!

Here are a few lessons I learned during the renovation, many of which stemmed from the age of the house and unexpected hidden damages:1.Damaged Plumbing: Several plumbing pipes were ruptured or severely damaged, requiring replacement.2.Termite Infestation: I discovered termites, which led to additional costs for treatment and repairs.3.Rotted Wood: Significant sections of wood in the structure were rotted and had to be replaced.4.Lack of Insulation: There was no insulation in the att Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sounds like a box of unexpected surprises, I'd pass.

How do you handle challenges in a deal (unexpected costs, market shifts, etc.)?

Here are a few lessons I learned during the renovation, many of which stemmed from the age of the house and unexpected hidden damages:1.Damaged Plumbing: Several plumbing pipes were ruptured or severely damaged, requiring replacement.2.Termite Infestation: I discovered termites, which led to additional costs for treatment and repairs.3.Rotted Wood: Significant sections of wood in the structure were rotted and had to be replaced.4.Lack of Insulation: There was no insulation in the att Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

You need a reserve to handle unexpected costs, particularly during the first 1-2 years of ownership and learning how to manage the property. 

Focus on fundamentals: buy below market value, have strong cash flow (or a clear path to creating it), and maintain sufficient reserves to weather any unexpected challenges.If you’re strategic and stay patient, this market could create opportunities that lay the groundwork for long-term success.

Having a trusted team in place can make or break deals as you scale and face unexpected challenges. 

I was really excited to be a real estate investor but having 3 out of 4 tenants break leases and cause excessive property damage as well as unexpected turnover cost from excessive damage, is making want to get out.Thank you for your any input you would like to share. 

I'd be delighted to show you some examples of our investor clients achieving these outcomes with recent purchases.