People don’t always know how to use lock boxes, things break, the unexpected happens.

I would be delighted to connect if you have any questions or if you're considering exploring the Kansas City market.

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?

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. 

Handling Unforseen DelaysA clause should address unexpected events beyond human control, including weather-related delays, natural disasters, supply chain disruptions, or unforeseen structural issues.

If an employee calls out sick or quits unexpectedly, you will have to step in to handle the day to day of your business.The amount of work required from you as the owner will depend largely on what services your mat offers.

Prioritize properties with strong rental potential and set aside reserves to handle unexpected costs.Finally, familiarize yourself with tenant laws in your target market, especially in Portland, and consult a real estate-savvy CPA for tax efficiency and legal considerations.

Using a 401(k) loan reduces your emergency liquidity, which could make the investment riskier if unexpected costs arise.

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