However, expect greater transparency and heightened consumer awareness that has come out of media attention and NAR settlement to impact the listing component of seller agency as well.

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

The Detailed Engineering Cost Estimate Approach is typically used for the purchase of used property.SURVEY OR LETTER APPROACHOnce a site inspection has been completed and all components of a property have been determined, your specialist will send a survey or letter to the contractors or subcontractors to request they provide the cost of each of the items.

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

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?

But during the buyer’s due diligence, several unexpected issues surfaced, each cutting deeper into the profit I had worked years to earn.The first issue was with the water lines.

.- So, you may want to consider locking in an interest rate via a 2nd mortgage.Do you have reserves for unexpected expenses?

I think new investors heavily overlook the skill component needed to successfully pull off a renovation to then rent out properly.

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.