And notice how the common expression is one of delight when they hear a "yes", because it is more rare in start-up. 

The investment game is all just math—if you do the math well (which includes accounting for the unexpected by low-balling your estimates) then your investment decisions don't have to be stressful emotional ones, they're just decisions that are either smart or not smart after you break them down on a calculator.Which extends to the last point that I've come to believe completely—your rental portfolio is a business.

This allows you to survive if something unexpected happens, or to invest again once you get some confidence and learn more.Trust your research, trust your calculations and ultimately trust yourself.  

The primary causes of being over budget were unexpected plumbing problems which then caused extra problems with the drywall and a decision to open up the house after the original budget was established.

I started doing some home flipping from 2001 - 2009, then got into buy and hold.I am at a cross roads, so I recently sold some properties, in an effort to have a portfolio of quality over quantity.Not exactly sure what my next move will be, the big challenge for me has been learning about tenant issues, and dealing with some unexpected repairs, both my wife and I took a course and are IPOANS CAM Certified (Certified Property managers).We only manage our own properties, plus have a couple of hired property managers to help with some out of town units, however, I have been studying tenancy rules, laws, and have become addicted to answering property management questions.What attracted me to join this site, is all the different types of real estate investment people are involved in.I look forward to participating in the forum.Michael P Currie

Unfortunately the property was in a flood zone which added about $100 a month unexpectedly to the cost of ownership for the first buyer who failed to qualify.  

The next property I used the credit on was also shut down because of other requirements that "pop up" unexpectedly in order for them not to lend.I have asked several times for a refund of my money and all they have offered was an additional year's subscription.

If you are using hard money you need to budget for the points and fees as well as traditional third party closing fees.Repairs: The money it is going to take you to rehab the property plus an extra 10% of estimated repair costs to account for unexpected repairs.Holdings Costs: Here is where a lot of investors get tripped up.

I've been able to cover my mortgage+HOA, but my margins are pretty thin to none due to the unexpected project cost.

We did have some unexpected items.